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 Jul. 26, 2024

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.73% (-0.01)	14,690,474million JPY (+37,291million JPY)

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

Code	REIT	Price on Jul. 26 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	578,000	+0.52%	4.15	598,618	0.97	983,173	2,919	Jun. & Dec.	1
8952	Japan Real Estate	518,000	+0.39%	4.67	590,166	0.88	737,044	3,937	Mar. & Sep.	1
8953	Japan Metropolitan	89,500	+0.45%	5.05	114,163	0.78	624,577	15,134	Feb. & Aug.	7
8954	ORIX JREIT	155,000	-0.13%	4.83	204,267	0.76	427,800	6,415	Feb. & Aug.	7
8955	Japan Prime Realty	325,000	+0.15%	4.68	390,756	0.83	324,083	1,168	Jun. & Dec.	7
8956	NTT UD REIT	115,900	+0.26%	4.76	142,612	0.81	171,768	1,814	Apr. & Oct.	8
8957	TOKYU REIT	154,700	-0.06%	4.65	203,577	0.76	151,235	2,247	Jan. & Jul.	7
8958	Global One	100,500	+0.20%	4.78	140,692	0.71	102,794	2,888	Mar. & Sep.	1
8960	United Urban	141,500	+0.35%	5.31	161,133	0.88	438,451	5,805	May & Nov.	7
8961	MORI TRUST	69,600	+0.14%	4.85	74,806	0.93	247,776	3,330	Feb. & Aug.	7
8964	Frontier	431,500	-0.12%	5.07	456,812	0.94	233,442	879	Jun. & Dec.	3
8966	HEIWA	130,700	-0.08%	5.27	143,779	0.91	156,178	1,966	May & Nov.	7
8967	Japan Logistics	258,000	-0.46%	4.11	309,911	0.83	240,121	2,692	Jan. & Jul.	5
8968	Fukuoka REIT	157,100	-0.13%	4.58	189,441	0.83	125,052	850	Feb. & Aug.	7
8972	Kenedix REIT	153,300	+0.20%	5.13	176,424	0.87	625,358	7,982	Apr. & Oct.	7
8975	Ichigo Office REIT	82,500	+0.61%	5.80	92,011	0.90	128,282	2,867	Apr. & Oct.	1
8976	Daiwa Office	289,700	-0.52%	4.73	395,277	0.73	277,103	1,925	May & Nov.	1
8977	Hankyu Hanshin REIT	132,100	+0.69%	4.69	172,017	0.77	91,836	1,070	May & Nov.	7
8984	Daiwa House REIT	241,000	+0.12%	5.00	329,343	0.73	559,120	3,959	Feb. & Aug.	7
8985	Japan Hotel	76,100	+0.53%	4.95	76,174	1.00	387,246	13,017	Dec.	4
8986	Daiwa Securities Living	101,000	+0.50%	4.65	116,121	0.87	243,096	2,998	Mar. & Sep.	8
8987	Japan Excellent	119,200	+0.85%	4.36	163,481	0.73	157,536	2,163	Jun. & Dec.	1
8963	Invincible	65,000	+2.04%	5.66	59,985	1.08	437,913	95,190	Jun. & Dec.	4
3226	Nippon Accommodations	632,000	+0.16%	3.49	625,844	1.01	318,194	927	Feb. & Aug.	2
3234	MORI HILLS REIT	130,500	+0.08%	4.89	157,098	0.83	250,081	2,829	Jan. & Jul.	1
3249	Industrial & Infrastructure	123,700	-0.64%	5.48	132,055	0.94	313,730	12,265	Jan. & Jul.	8
3269	Advance Residence	313,500	-0.48%	3.77	329,843	0.95	449,246	1,975	Jan. & Jul.	2
8979	Starts Proceed	193,500	+0.16%	5.06	242,658	0.80	54,659	461	Apr. & Oct.	2
3279	Activia Properties	352,000	+0.43%	5.11	445,778	0.79	278,821	1,906	May & Nov.	7
3281	GLP J-REIT	130,500	+0.15%	4.25	152,654	0.85	639,154	6,765	Feb. & Aug.	5
3282	Comforia Residential	312,000	+0.48%	3.66	328,898	0.95	236,447	1,276	Jan. & Jul.	2
3283	Nippon Prologis	245,100	+0.62%	4.17	288,329	0.85	695,814	7,394	May & Nov.	5
3287	Hoshino Resorts	516,000	+0.78%	3.53	570,604	0.90	151,145	500	Apr. & Oct.	4
3290	ONE REIT	260,300	+0.89%	5.04	286,598	0.91	69,882	423	Feb. & Aug.	1
3292	AEON REIT	132,000	-0.45%	5.07	153,467	0.86	280,362	4,453	Jan. & Jul.	3
3295	Hulic Reit	143,500	+0.14%	4.92	185,486	0.77	206,640	2,387	Feb. & Aug.	7
3296	NIPPON REIT	330,500	+0.61%	5.25	425,892	0.78	148,702	992	Jun. & Dec.	7
3451	Tosei Reit	139,200	+0.29%	5.33	153,670	0.91	52,403	637	Apr. & Oct.	7
3309	Sekisui House Reit	79,800	-	5.01	86,977	0.92	349,642	7,357	Apr. & Oct.	7
3455	Healthcare & Medical	125,100	-0.32%	5.12	136,277	0.92	44,973	959	Jan. & Jul.	9
3459	Samty Residential	105,100	-1.04%	4.96	122,050	0.86	88,150	763	Jan. & Jul.	2
3462	Nomura Master	146,300	+0.55%	4.63	180,047	0.81	689,834	17,563	Feb. & Aug.	7
3463	Ichigo Hotel REIT	107,200	-0.09%	5.45	142,562	0.75	35,107	3,242	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	147,300	+0.27%	4.88	162,468	0.91	275,156	4,326	Feb. & Aug.	5
3468	Star Asia	57,100	-0.17%	5.36	58,894	0.97	135,441	8,509	Jan. & Jul.	7
3470	Marimo Regional Revitalization	126,100	+0.72%	5.72	143,107	0.88	29,914	585	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	422,500	-0.12%	4.39	483,553	0.87	256,880	1,335	Jan. & Jul.	5
3472	Nippon Hotel & Residential	76,800	+2.13%	4.99	110,853	0.69	18,075	667	May & Nov.	4
3476	MIRAI Corporation	44,350	+0.34%	5.40	52,226	0.85	84,595	1,815	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	379,000	+0.80%	4.97	398,321	0.95	190,821	1,387	Feb. & Aug.	5
3487	CRE Logistics	143,300	+0.21%	5.10	178,246	0.80	89,949	1,563	Jun. & Dec.	5
3488	XYMAX REIT	118,700	+0.17%	5.31	146,665	0.81	29,633	594	Feb. & Aug.	7
3492	Takara Leben REIT	98,700	+0.51%	5.47	105,934	0.93	77,067	1,440	Feb. & Aug.	7
3493	Advance Logistics	117,900	-0.84%	4.78	156,667	0.75	79,512	1,063	Feb. & Aug.	5
2971	ESCON JAPAN REIT	120,100	-0.74%	5.38	117,792	1.02	43,316	1,094	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	84,300	-0.59%	5.25	113,652	0.74	39,376	599	Feb. & Aug.	7
2979	SOSiLA Logistics	113,900	-0.09%	4.86	140,830	0.81	82,862	949	May & Nov.	5
2989	Tokaido REIT	121,800	-	5.45	113,206	1.08	33,909	1,056	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	Nippon Hotel & Residential	+2.13%
2	Invincible	+2.04%
3	ONE REIT	+0.89%