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. 11, 2024

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.89% (+0.01)	14,730,537million JPY (-17,769million JPY)

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

Code	REIT	Price on Oct. 11 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	131,600	-0.38%	3.65	119,779	1.10	1,119,252	17,149	Jun. & Dec.	1
8952	Japan Real Estate	569,000	-0.35%	4.25	590,166	0.96	809,610	2,158	Mar. & Sep.	1
8953	Japan Metropolitan	94,000	-0.11%	5.79	113,526	0.83	675,165	13,435	Feb. & Aug.	7
8954	ORIX JREIT	151,300	+0.20%	4.97	204,267	0.74	417,588	5,217	Feb. & Aug.	7
8955	Japan Prime Realty	340,500	+0.44%	4.59	393,292	0.87	339,539	1,035	Jun. & Dec.	7
8956	NTT UD REIT	112,900	+0.18%	4.89	142,612	0.79	167,322	2,457	Apr. & Oct.	8
8957	TOKYU REIT	155,300	+0.13%	4.70	205,795	0.75	151,821	2,122	Jan. & Jul.	7
8958	Global One	100,400	+0.10%	6.37	141,460	0.71	100,715	2,529	Mar. & Sep.	1
8960	United Urban	137,900	+0.66%	5.45	165,834	0.83	427,296	6,255	May & Nov.	7
8961	MORI TRUST	63,400	-	5.36	74,806	0.85	225,704	2,946	Feb. & Aug.	7
8964	Frontier	416,500	-0.36%	5.17	495,047	0.84	225,327	761	Jun. & Dec.	3
8966	HEIWA	125,400	-0.16%	5.49	144,651	0.87	149,845	2,265	May & Nov.	7
8967	Japan Logistics	274,600	-0.15%	4.01	312,246	0.88	255,570	1,285	Jan. & Jul.	5
8968	Fukuoka REIT	144,800	+0.49%	5.39	184,771	0.78	126,266	1,903	Feb. & Aug.	7
8972	Kenedix REIT	150,100	-	5.24	176,424	0.85	612,304	7,254	Apr. & Oct.	7
8975	Ichigo Office REIT	82,200	+0.12%	6.05	92,011	0.89	127,816	2,204	Apr. & Oct.	1
8976	Daiwa Office	304,000	-	4.51	396,837	0.77	290,781	875	May & Nov.	1
8977	Hankyu Hanshin REIT	122,000	-0.08%	5.08	174,878	0.70	84,814	773	May & Nov.	7
8984	Daiwa House REIT	230,700	-0.04%	5.46	329,725	0.70	532,505	3,710	Feb. & Aug.	7
8985	Japan Hotel	70,100	-0.71%	5.44	76,169	0.92	357,300	9,815	Dec.	4
8986	Daiwa Securities Living	95,500	+0.10%	4.82	116,121	0.82	229,858	3,644	Mar. & Sep.	8
8987	Japan Excellent	119,700	-0.33%	4.70	163,262	0.73	158,197	1,695	Jun. & Dec.	1
8963	Invincible	61,400	-	6.01	64,276	0.96	469,492	16,793	Jun. & Dec.	4
3226	Nippon Accommodations	639,000	-0.31%	3.51	625,844	1.02	321,719	996	Feb. & Aug.	2
3234	MORI HILLS REIT	127,700	-0.47%	4.83	156,778	0.81	244,715	3,238	Jan. & Jul.	1
3249	Industrial & Infrastructure	116,000	-0.51%	5.94	137,515	0.84	294,201	12,143	Jan. & Jul.	8
3269	Advance Residence	322,500	+0.16%	3.68	333,643	0.97	462,143	1,691	Jan. & Jul.	2
8979	Starts Proceed	184,600	-0.22%	5.31	242,658	0.76	52,145	838	Apr. & Oct.	2
3279	Activia Properties	328,500	+0.46%	5.48	443,986	0.74	260,207	1,113	May & Nov.	7
3281	GLP J-REIT	129,000	-0.54%	4.89	152,654	0.85	631,807	7,961	Feb. & Aug.	5
3282	Comforia Residential	311,000	-0.32%	3.69	328,463	0.95	242,686	1,103	Jan. & Jul.	2
3283	Nippon Prologis	245,600	-0.41%	4.16	293,026	0.84	697,234	6,170	May & Nov.	5
3287	Hoshino Resorts	481,000	+0.63%	3.79	570,604	0.84	140,893	1,225	Apr. & Oct.	4
3290	ONE REIT	248,400	+0.20%	5.65	286,598	0.87	66,687	215	Feb. & Aug.	1
3292	AEON REIT	130,300	-	5.14	155,408	0.84	276,751	4,192	Jan. & Jul.	3
3295	Hulic Reit	134,100	-0.52%	5.19	185,486	0.72	193,104	2,908	Feb. & Aug.	7
3296	NIPPON REIT	321,000	-	5.75	427,692	0.75	144,428	933	Jun. & Dec.	7
3451	Tosei Reit	132,800	-	5.59	153,670	0.86	49,993	603	Apr. & Oct.	7
3309	Sekisui House Reit	75,000	-0.53%	5.43	86,977	0.86	328,611	10,400	Apr. & Oct.	7
3455	Healthcare & Medical	113,800	-0.26%	5.55	137,818	0.83	40,911	611	Jan. & Jul.	9
3459	Samty Residential	97,700	+1.45%	5.37	123,100	0.79	83,311	2,237	Jan. & Jul.	2
3462	Nomura Master	143,000	-0.56%	4.72	180,047	0.79	667,444	7,464	Feb. & Aug.	7
3463	Ichigo Hotel REIT	133,700	+0.75%	8.78	146,993	0.91	43,785	1,086	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	141,700	+0.57%	5.08	162,234	0.87	264,519	3,944	Feb. & Aug.	5
3468	Star Asia	52,000	-	5.94	59,655	0.87	139,724	5,437	Jan. & Jul.	7
3470	Marimo Regional Revitalization	113,200	-0.44%	6.10	137,767	0.82	31,865	982	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	412,000	-0.12%	4.65	491,759	0.84	250,496	1,109	Jan. & Jul.	5
3472	Nippon Hotel & Residential	71,300	+0.71%	5.38	111,499	0.64	16,780	444	May & Nov.	4
3476	MIRAI Corporation	42,600	+0.47%	5.62	52,226	0.82	81,257	3,366	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	358,500	-0.14%	5.27	398,321	0.90	180,499	1,703	Feb. & Aug.	5
3487	CRE Logistics	142,700	+0.35%	5.27	179,764	0.79	89,573	901	Jun. & Dec.	5
3488	XYMAX REIT	112,800	-0.27%	6.44	146,665	0.77	28,161	502	Feb. & Aug.	7
3492	Takara Leben REIT	85,400	-	6.32	102,814	0.83	77,784	4,594	Feb. & Aug.	7
3493	Advance Logistics	119,300	+0.08%	4.67	156,667	0.76	80,456	1,368	Feb. & Aug.	5
2971	ESCON JAPAN REIT	118,500	-0.25%	5.81	130,433	0.91	42,739	293	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	81,200	-0.61%	5.46	113,652	0.71	37,928	660	Feb. & Aug.	7
2979	SOSiLA Logistics	111,900	+0.09%	4.95	142,171	0.79	81,407	941	May & Nov.	5
2989	Tokaido REIT	109,500	-0.64%	6.09	113,626	0.96	30,485	640	Jan. & Jul.	7

• 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	Shinjuku Mitsui Bldg.	170
2	IIDABASHI GRAND BLOOM	139
3	Roppongi Hills Mori Tower	115
4	Shiodome Building	107
5	Tokyo Shiodome Building	83

Unit Price Growth Rankings

1	Samty Residential	+1.45%
2	Ichigo Hotel REIT	+0.75%
3	Nippon Hotel & Residential	+0.71%