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 Jan. 23, 2025

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
5.18% (+0.01)	14,154,033million JPY (-21,417million JPY)

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

Code	REIT	Price on Jan. 23 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	118,700	+0.51%	4.04	119,779	0.99	1,009,538	22,049	Jun. & Dec.	1
8952	Japan Real Estate	102,700	-0.19%	4.72	119,870	0.86	730,641	18,842	Mar. & Sep.	1
8953	Japan Metropolitan	88,300	-	6.21	115,142	0.77	635,125	14,998	Feb. & Aug.	7
8954	ORIX JREIT	161,600	+0.19%	4.85	207,077	0.78	446,016	4,125	Feb. & Aug.	7
8955	Japan Prime Realty	321,000	-0.31%	4.94	393,292	0.82	320,094	1,323	Jun. & Dec.	7
8956	NTT UD REIT	118,000	+0.08%	5.19	144,611	0.82	174,880	4,112	Apr. & Oct.	8
8957	TOKYU REIT	155,000	-0.32%	4.71	205,795	0.75	151,528	1,706	Jan. & Jul.	7
8958	Global One	100,800	-	6.05	141,004	0.71	101,116	2,573	Mar. & Sep.	1
8960	United Urban	144,700	-0.55%	5.29	166,026	0.87	445,127	7,456	May & Nov.	7
8961	MORI TRUST	61,400	-0.49%	5.55	75,574	0.81	218,584	3,332	Feb. & Aug.	7
8964	Frontier	78,800	-0.38%	5.38	99,009	0.80	213,154	3,546	Jun. & Dec.	3
8966	HEIWA	125,100	+0.08%	6.08	144,651	0.86	149,486	3,234	May & Nov.	7
8967	Japan Logistics	263,900	+0.34%	4.53	312,246	0.85	245,612	1,698	Jan. & Jul.	5
8968	Fukuoka REIT	142,500	-0.42%	5.47	189,542	0.75	124,260	2,344	Feb. & Aug.	7
8972	Kenedix REIT	146,500	+0.07%	5.37	177,685	0.82	597,619	6,043	Apr. & Oct.	7
8975	Ichigo Office REIT	80,800	-	5.56	93,653	0.86	125,639	3,101	Apr. & Oct.	1
8976	Daiwa Office	273,500	-4.70%	5.06	397,893	0.69	258,851	5,552	May & Nov.	1
8977	Hankyu Hanshin REIT	123,800	+0.65%	5.01	174,878	0.71	86,066	2,146	May & Nov.	7
8984	Daiwa House REIT	229,700	+0.13%	5.22	333,606	0.69	527,216	3,867	Feb. & Aug.	7
8985	Japan Hotel	69,700	-0.43%	5.58	76,169	0.92	355,261	18,263	Dec.	4
8986	Daiwa Securities Living	87,200	+0.11%	5.73	116,292	0.75	209,881	5,248	Mar. & Sep.	8
8987	Japan Excellent	118,300	+0.25%	4.82	163,262	0.72	156,347	2,099	Jun. & Dec.	1
8963	Invincible	66,800	+0.15%	5.91	64,276	1.04	510,783	20,866	Jun. & Dec.	4
3226	Nippon Accommodations	572,000	-0.35%	3.89	644,314	0.89	287,986	930	Feb. & Aug.	2
3234	MORI HILLS REIT	122,900	-0.16%	5.02	156,778	0.78	235,517	2,867	Jan. & Jul.	1
3249	Industrial & Infrastructure	115,300	-0.17%	5.98	137,515	0.84	292,426	5,976	Jan. & Jul.	8
3269	Advance Residence	285,500	-0.28%	4.16	333,643	0.86	409,122	2,983	Jan. & Jul.	2
8979	Starts Proceed	173,100	+0.23%	5.42	245,242	0.71	48,897	691	Apr. & Oct.	2
3279	Activia Properties	323,000	-0.31%	5.41	443,986	0.73	255,850	1,686	May & Nov.	7
3281	GLP J-REIT	122,500	+0.08%	4.91	154,329	0.79	599,972	13,240	Feb. & Aug.	5
3282	Comforia Residential	269,800	-0.37%	4.26	328,463	0.82	210,536	2,289	Jan. & Jul.	2
3283	Nippon Prologis	227,300	-0.35%	4.93	293,026	0.78	645,282	6,359	May & Nov.	5
3287	Hoshino Resorts	203,900	-0.63%	4.71	293,635	0.69	119,452	3,245	Apr. & Oct.	4
3290	ONE REIT	235,200	-0.04%	6.23	286,673	0.82	63,144	530	Feb. & Aug.	1
3292	AEON REIT	123,500	+0.08%	5.43	155,627	0.79	262,308	3,026	Jan. & Jul.	3
3295	Hulic Reit	136,300	-0.07%	5.87	187,172	0.73	196,272	1,448	Feb. & Aug.	7
3296	NIPPON REIT	77,400	+0.52%	5.87	107,404	0.72	136,873	2,788	Jun. & Dec.	7
3451	Tosei Reit	125,800	+0.32%	5.90	155,269	0.81	47,358	354	Apr. & Oct.	7
3309	Sekisui House Reit	77,000	-0.52%	5.87	86,742	0.89	337,374	7,261	Apr. & Oct.	7
3455	Healthcare & Medical	105,400	-0.57%	5.99	137,818	0.76	37,891	656	Jan. & Jul.	9
3459	Samty Residential	94,100	-	6.08	123,100	0.76	80,242	1,117	Jan. & Jul.	2
3462	Nomura Master	139,900	-	4.97	190,118	0.74	652,975	5,247	Feb. & Aug.	7
3463	Ichigo Hotel REIT	139,900	+0.07%	9.46	146,993	0.95	45,816	3,713	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	140,500	-0.07%	5.43	164,708	0.85	262,279	3,259	Feb. & Aug.	5
3468	Star Asia	51,600	-0.58%	5.99	59,642	0.87	138,649	7,329	Jan. & Jul.	7
3470	Marimo Regional Revitalization	106,300	-0.19%	6.20	137,767	0.77	29,923	602	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	98,100	-0.41%	4.99	122,788	0.80	315,852	7,366	Jan. & Jul.	5
3472	Nippon Hotel & Residential	65,100	+0.46%	6.04	99,516	0.65	20,248	3,301	May & Nov.	8
3476	MIRAI Corporation	40,300	-	6.00	52,427	0.77	76,870	3,184	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	345,500	+0.58%	5.11	403,139	0.86	173,954	1,178	Feb. & Aug.	5
3487	CRE Logistics	141,200	+0.36%	5.36	179,265	0.79	88,129	2,028	Jun. & Dec.	5
3488	XYMAX REIT	114,300	-0.35%	5.95	148,600	0.77	28,535	643	Feb. & Aug.	7
3492	Takara Leben REIT	86,300	-0.12%	6.26	104,555	0.83	78,604	2,118	Feb. & Aug.	7
2971	ESCON JAPAN REIT	112,600	-0.35%	6.11	130,433	0.86	40,611	366	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	76,500	+0.53%	5.95	115,739	0.66	35,733	1,088	Feb. & Aug.	7
2979	SOSiLA Logistics	106,100	-0.28%	5.66	142,171	0.75	77,188	1,624	May & Nov.	5
2989	Tokaido REIT	105,400	-0.19%	6.29	113,626	0.93	29,343	2,679	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	Hankyu Hanshin REIT	+0.65%
2	Mitsubishi Estate Logistics	+0.58%
3	SANKEI REAL ESTATE	+0.53%