Comparison between J-REITs based on asset class or specified J-REITs.

Radar Chart Calculation Method
J-REITs can be rearranged according to the highest-scoring J-REIT for each of the following six categories. Rankings are sorted in order.
The price/NAV ratio and debt ratio appear in ascending order, while all other categories are shown in descending order.
A comparative assessment of the J-REIT is carried out based on its ranking in each category.

[Rank]:[Radar Chart Rankings]
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1st to 5th = 10
6th to 10th = 9
:　 　　　
41st to 45th = 2
46th to 50th = 1
Lower than 50th = 0
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Definition and Calculation Method of Radar Chart Categories
<Dividend Yield>
The dividend yield is the ratio of 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 from publicly released documents of J-REIT 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 investment unit price 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 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

<Annual Forecast Dividend>
J-REITs that have carried out an investment unit split adjust for the split by converting the annual forecast distribution to an investment amount of \500,000 per unit at the time of establishment.
Calculation method:
Annual forecast dividend after adjustment for the split
-Refer to the dividend yield category above for the annual forecast dividend
-The number of investment units after a split varies by J-REIT

<P/NAV>
The NAV scale factor is an indicator that shows the degree to which the price of an investment unit is undervalued compared to the NAV of a J-REIT’s real estate portfolio based on market value. This indicator is similar to the price-to-book-value ratio (PBR) used for stocks. The lower the price/NAV ratio, the greater degree to which the J-REIT is undervalued.
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 user guide on the list of yields for NAV per unit
Note: Not calculated for J-REITs that do not report earnings data after listing.


<NOI Yield>
Net operating income (NOI) is the net profit calculated by subtracting costs (excluding depreciation expense) from the rental income of a real estate portfolio. This website measures the profitability of the real estate portfolio by dividing NOI by the acquisition price of the properties.
Calculation method:
Annualized NOI / Total acquisition price of properties
-Data for annualized NOI and total acquisition price of properties are applied on the 15th of the following month after the release of each J-REIT’s earnings report (the next business day if the 15th is a holiday)
Note: Not calculated for J-REITs that do not report earnings data after listing.

<Loan to value>
The debt ratio provides a ratio of an investment corporation’s debts (borrowings and investment corporation bonds, etc.) and is an indicator that measures the stability of the J-REIT.
Calculation method:
This site uses interest-bearing debt (borrowings + investment corporation bonds) / Total assets
-Data for interest-bearing debt and total assets are applied on the 15th of the following month after the release of each J-REIT’s earnings report (the next business day if the 15th is a holiday)
Note: Not calculated for J-REITs that do not report earnings data after listing.

<Market Capitalization>
Calculation method:
Investment unit price x Number of investment units issued
-The investment unit price represents the daily closing price on the Tokyo Stock Exchange
-Data for the number of investment units issued are applied on the investment value date based on publicly released documents of the J-REIT

Definitions and Calculation Method of Other Comparisons
<Composition of Unitholders>
-Data are applied on the 15th of the following month after the release of each J-REIT’s earnings report (the next business day if the 15th is a holiday)

<Acquisition Price Ratio by Sector/Region>
-The total acquisition price of properties as of the end of the month based on disclosure documents of each J-REIT is applied from the 15th of the following month (the next business day if the 15th is a holiday)