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 Jun. 18, 2019

Average Dividend Yield of All J-REITs (Day-on-Day) Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.87% (0.00) 14,531,489million JPY (+16,399million JPY)

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

CodeREITPrice on Jun. 18
(JPY)
% changeDividend yield
(%)
NAV per unit
(JPY)
P/NAVMarket cap
(million JPY)
Trading volume
(units)
Settlement month Sector
8951 Nippon Building   News 756,000 -0.40% 2.79 540,358 1.40 1,067,472 3,402 Jun. & Dec. 1
8952 Japan Real Estate   News 657,000 - 3.02 534,651 1.23 910,083 3,442 Mar. & Sep. 1
8953 Japan Retail    News 216,500 -0.73% 4.12 219,212 0.99 566,801 6,806 Feb. & Aug. 3
8954 ORIX JREIT   News 198,000 +0.10% 3.60 174,844 1.13 546,480 6,951 Feb. & Aug. 7
8955 Japan Prime Realty   News 481,500 -0.62% 3.06 340,685 1.41 444,425 2,750 Jun. & Dec. 7
8956 Premier   News 136,100 -0.15% 3.88 113,720 1.20 179,243 6,307 Apr. & Oct. 8
8957 TOKYU REIT   News 186,900 -0.27% 3.12 173,460 1.08 182,713 3,521 Jan. & Jul. 7
8958 Global One   News 134,000 +0.30% 3.48 130,042 1.03 128,892 2,956 Mar. & Sep. 1
8960 United Urban   News 180,400 +0.11% 3.82 150,547 1.20 551,138 14,477 May & Nov. 7
8961 MORI TRUST   News 175,800 +0.23% 4.17 150,871 1.17 232,056 2,690 Mar. & Sep. 7
8964 Frontier   News 476,000 +0.42% 4.41 429,234 1.11 236,096 1,268 Jun. & Dec. 3
8966 HEIWA   News 125,400 -0.71% 3.83 117,339 1.07 127,262 1,358 May & Nov. 7
8967 Japan Logistics   News 248,700 +0.20% 3.79 249,225 1.00 225,092 2,918 Jan. & Jul. 5
8968 Fukuoka REIT   News 175,100 - 4.21 164,251 1.07 139,380 1,911 Feb. & Aug. 7
8972 Kenedix Office   News 775,000 +0.91% 3.49 648,787 1.19 332,095 1,521 Apr. & Oct. 1
8975 Ichigo Office REIT   News 101,700 +0.20% 4.16 78,199 1.30 155,834 4,639 Apr. & Oct. 1
8976 Daiwa Office   News 787,000 +1.55% 3.15 673,842 1.17 387,107 1,532 May & Nov. 1
8977 Hankyu Hanshin REIT   News 148,900 +0.13% 4.16 157,280 0.95 103,515 1,876 May & Nov. 7
8984 Daiwa House REIT   News 254,600 -0.66% 4.14 259,945 0.98 528,295 6,741 Feb. & Aug. 7
8985 Japan Hotel   News 87,600 +0.69% 4.21 76,050 1.15 390,902 12,558 Dec. 4
8986 Japan Rental Housing   News 84,000 +0.24% 4.76 89,848 0.93 137,765 7,632 Mar. & Sep. 2
8987 Japan Excellent   News 161,500 +0.12% 3.49 141,486 1.14 210,871 4,755 Jun. & Dec. 1
8963 Invincible   News 59,600 +0.34% 5.59 51,508 1.16 337,744 24,494 Jun. & Dec. 7
3226 Nippon Accommodations   News 593,000 +0.51% 3.28 435,176 1.36 287,322 1,011 Feb. & Aug. 2
3227 MCUBS MidCity   News 104,300 +0.58% 4.38 89,292 1.17 171,378 6,776 Jun. & Dec. 1
3234 MORI HILLS REIT   News 152,100 -0.39% 3.73 131,820 1.15 285,181 3,852 Jan. & Jul. 1
3249 Industrial & Infrastructure   News 134,500 +0.67% 4.47 105,041 1.28 240,690 7,863 Jan. & Jul. 8
3269 Advance Residence   News 315,000 +0.16% 3.41 235,072 1.34 425,250 1,813 Jan. & Jul. 2
8979 Starts Proceed   News 174,000 -0.23% 5.08 203,611 0.85 44,157 886 Apr. & Oct. 2
3278 Kenedix Residential   News 186,600 +0.92% 4.20 162,679 1.15 169,332 3,384 Jan. & Jul. 8
3279 Activia Properties   News 472,000 -0.53% 4.20 427,987 1.10 364,018 2,686 May & Nov. 7
3281 GLP J-REIT   News 121,500 -0.25% 4.36 113,516 1.07 465,761 8,159 Feb. & Aug. 5
3282 Comforia Residential   News 305,500 +0.16% 3.32 238,848 1.28 195,775 1,368 Jan. & Jul. 2
3283 Nippon Prologis   News 243,900 +0.58% 3.67 210,791 1.16 533,153 40,577 May & Nov. 5
3287 Hoshino Resorts   News 547,000 +0.55% 4.82 547,922 1.00 121,359 713 Apr. & Oct. 4
3290 ONE REIT   News 278,000 -0.14% 4.96 268,111 1.04 66,694 436 Feb. & Aug. 1
3292 AEON REIT   News 138,600 +1.32% 4.33 134,004 1.03 246,340 6,529 Jan. & Jul. 3
3295 Hulic Reit   News 183,800 -0.05% 3.71 169,416 1.08 229,934 2,866 Feb. & Aug. 7
3296 NIPPON REIT   News 431,500 +0.35% 4.20 342,075 1.26 194,145 1,540 Jun. & Dec. 7
3298 Invesco Office   News 17,770 +1.54% 4.27 15,596 1.14 158,140 46,403 Apr. & Oct. 1
3308 Nippon Healthcare   News 172,500 -1.03% 4.90 200,929 0.86 12,874 287 Apr. & Oct. 9
3451 Tosei Reit   News 116,700 -0.60% 5.96 125,142 0.93 33,028 1,143 Apr. & Oct. 7
3309 Sekisui House Reit   News 80,500 +0.88% 3.98 75,351 1.07 343,219 30,396 Apr. & Oct. 7
3453 Kenedix Retail   News 265,100 -0.08% 4.84 251,798 1.05 134,591 1,770 Mar. & Sep. 3
3455 Healthcare & Medical   News 122,300 -0.16% 5.61 114,349 1.07 38,035 973 Jan. & Jul. 9
3459 Samty Residential   News 107,600 -0.74% 5.94 97,076 1.11 54,241 1,378 Jan. & Jul. 2
3462 Nomura Master   News 165,400 - 3.88 156,090 1.06 752,123 9,181 Feb. & Aug. 7
3463 Ichigo Hotel REIT   News 126,100 -1.33% 5.01 145,727 0.87 32,152 962 Jan. & Jul. 4
3466 LaSalle LOGIPORT REIT   News 127,500 +0.24% 4.96 110,643 1.15 153,607 7,134 Feb. & Aug. 5
3468 Star Asia   News 115,900 -0.26% 5.41 112,385 1.03 62,682 976 Jan. & Jul. 7
3470 Marimo Regional Revitalization   News 119,200 -0.08% 5.75 122,579 0.97 15,775 537 Jun. & Dec. 7
3471 Mitsui Fudosan Logistics   News 362,000 +0.56% 3.57 311,299 1.16 137,198 1,811 Jan. & Jul. 5
3472 Ooedo Onsen Reit   News 83,900 -0.83% 5.67 102,411 0.82 19,746 1,042 May & Nov. 4
3473 SAKURA SOGO REIT   News 91,600 -0.33% 5.53 97,407 0.94 30,503 1,053 Jun. & Dec. 7
3476 MIRAI Corporation   News 49,050 -0.10% 5.81 46,276 1.06 77,579 6,899 Apr. & Oct. 7
3478 MORI TRUST Hotel   News 139,200 +0.07% 4.54 131,232 1.06 69,600 473 Feb. & Aug. 4
3481 Mitsubishi Estate Logistics   News 275,900 +0.80% 3.98 270,032 1.02 67,820 1,128 Feb. & Aug. 5
3487 CRE Logistics    News 119,300 -0.08% 4.93 117,321 1.02 27,576 411 Jun. & Dec. 5
3488 XYMAX REIT    News 125,300 +0.08% 4.67 140,505 0.89 27,992 462 Feb. & Aug. 7
3492 Takara Leben REIT   News 98,400 +0.72% 6.17 104,957 0.94 33,997 3,447 Feb. & Aug. 7
3493 ITOCHU Advance Logistics   News 100,400 +0.30% 4.59 110,123 0.91 35,857 699 Jan. & Jul. 5
2971 ESCON JAPAN REIT   News 106,000 -0.19% 5.93 25,122 1,371 Jan. & Jul. 8
2972 SANKEI REAL ESTATE   News 109,700 +0.37% 3.27 26,284 678 Feb. & Aug. 8

• 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

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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 Shiodome Building 72
Unit Price Growth Rankings
1 Daiwa Office +1.55%
2 Invesco Office +1.54%
3 AEON REIT +1.32%
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