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 Apr. 25, 2024

Average Dividend Yield of All J-REITs (Day-on-Day)	Total Equity Market Capitalization of All J-REITs (Day-on-Day)
4.46% (+0.01)	15,387,593million JPY (-22,118million JPY)

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

Code	REIT	Price on Apr. 25 (JPY)	% change	Dividend yield (%)	NAV per unit (JPY)	P/NAV	Market cap (million JPY)	Trading volume (units)	Settlement month	Sector
8951	Nippon Building	593,000	-1.33%	4.13	598,618	0.99	1,008,688	4,038	Jun. & Dec.	1
8952	Japan Real Estate	539,000	-0.19%	4.49	591,467	0.91	766,924	5,189	Mar. & Sep.	1
8953	Japan Metropolitan	94,300	-	4.79	110,755	0.85	659,071	20,892	Feb. & Aug.	7
8954	ORIX JREIT	167,000	-0.18%	4.48	201,841	0.83	460,920	4,051	Feb. & Aug.	7
8955	Japan Prime Realty	342,000	-0.29%	4.44	390,756	0.88	341,035	1,976	Jun. & Dec.	7
8956	NTT UD REIT	123,000	-0.57%	4.37	142,313	0.86	182,290	13,871	Apr. & Oct.	8
8957	TOKYU REIT	160,800	-0.99%	4.45	203,577	0.79	157,198	1,587	Jan. & Jul.	7
8958	Global One	106,000	-0.38%	4.53	135,866	0.78	108,420	2,327	Mar. & Sep.	1
8960	United Urban	151,400	+0.07%	4.82	161,133	0.94	469,127	5,115	May & Nov.	7
8961	MORI TRUST	72,100	-0.69%	4.69	74,544	0.97	256,676	3,810	Feb. & Aug.	7
8964	Frontier	456,000	-0.22%	4.78	456,812	1.00	246,696	867	Jun. & Dec.	3
8966	HEIWA	140,700	-0.71%	4.76	144,548	0.97	161,796	1,748	May & Nov.	7
8967	Japan Logistics	276,800	+0.44%	3.83	309,911	0.89	257,618	1,194	Jan. & Jul.	5
8968	Fukuoka REIT	166,600	-0.42%	4.32	185,198	0.90	132,614	1,283	Feb. & Aug.	7
8972	Kenedix REIT	157,700	-0.06%	4.82	174,735	0.90	653,335	44,811	Apr. & Oct.	7
8975	Ichigo Office REIT	81,200	+0.12%	5.01	89,689	0.91	122,885	6,497	Apr. & Oct.	1
8976	Daiwa Office	583,000	+0.52%	4.70	790,554	0.74	278,824	747	May & Nov.	1
8977	Hankyu Hanshin REIT	140,200	+0.50%	4.33	172,017	0.82	97,467	890	May & Nov.	7
8984	Daiwa House REIT	261,100	+0.08%	4.62	326,088	0.80	605,752	4,647	Feb. & Aug.	7
8985	Japan Hotel	81,500	+2.00%	4.57	76,467	1.07	377,916	17,847	Dec.	4
8986	Daiwa Securities Living	106,200	+0.38%	4.33	114,864	0.92	255,612	4,289	Mar. & Sep.	8
8987	Japan Excellent	127,300	-0.39%	4.21	163,023	0.78	170,276	3,018	Jun. & Dec.	1
8963	Invincible	69,400	+0.87%	5.05	59,985	1.16	467,556	22,335	Jun. & Dec.	4
3226	Nippon Accommodations	649,000	+0.93%	3.40	611,368	1.06	326,753	882	Feb. & Aug.	2
3234	MORI HILLS REIT	135,500	+0.07%	4.54	157,098	0.86	259,663	2,714	Jan. & Jul.	1
3249	Industrial & Infrastructure	130,600	-0.53%	5.19	132,055	0.99	331,230	8,172	Jan. & Jul.	8
3269	Advance Residence	333,000	-1.19%	3.55	329,843	1.01	477,189	2,446	Jan. & Jul.	2
8979	Starts Proceed	210,100	+0.43%	4.88	239,999	0.88	59,348	617	Apr. & Oct.	2
3279	Activia Properties	391,500	-0.13%	4.75	444,739	0.88	316,115	1,190	May & Nov.	7
3281	GLP J-REIT	130,600	+0.08%	4.25	151,814	0.86	639,644	18,684	Feb. & Aug.	5
3282	Comforia Residential	332,000	+0.15%	3.41	328,898	1.01	251,604	1,371	Jan. & Jul.	2
3283	Nippon Prologis	271,100	+1.01%	3.76	288,329	0.94	769,626	6,227	May & Nov.	5
3287	Hoshino Resorts	558,000	+1.09%	3.12	572,170	0.98	142,601	4,437	Apr. & Oct.	4
3290	ONE REIT	266,400	+0.60%	4.93	285,965	0.93	71,520	406	Feb. & Aug.	1
3292	AEON REIT	136,900	-0.36%	4.89	153,467	0.89	290,769	2,729	Jan. & Jul.	3
3295	Hulic Reit	150,800	-0.07%	4.68	184,958	0.82	217,152	2,207	Feb. & Aug.	7
3296	NIPPON REIT	352,500	+0.14%	4.96	425,892	0.83	158,600	710	Jun. & Dec.	7
3451	Tosei Reit	145,500	+0.28%	5.02	152,283	0.96	54,774	2,042	Apr. & Oct.	7
3309	Sekisui House Reit	81,600	-0.49%	4.62	87,297	0.93	357,529	30,446	Apr. & Oct.	7
3455	Healthcare & Medical	130,700	-0.61%	4.90	136,277	0.96	46,987	572	Jan. & Jul.	9
3459	Samty Residential	108,900	+0.83%	4.79	122,050	0.89	91,337	491	Jan. & Jul.	2
3462	Nomura Master	149,500	-1.84%	4.47	178,540	0.84	704,922	12,165	Feb. & Aug.	7
3463	Ichigo Hotel REIT	115,200	+0.44%	4.91	142,562	0.81	37,727	923	Jan. & Jul.	4
3466	LaSalle LOGIPORT REIT	157,300	-0.13%	4.57	161,222	0.98	293,836	2,323	Feb. & Aug.	5
3468	Star Asia	61,300	-1.13%	4.99	58,894	1.04	145,404	4,035	Jan. & Jul.	7
3470	Marimo Regional Revitalization	132,100	+0.08%	5.46	143,107	0.92	31,337	360	Jun. & Dec.	7
3471	Mitsui Fudosan Logistics	446,000	-0.34%	4.15	483,553	0.92	271,168	895	Jan. & Jul.	5
3472	Nippon Hotel & Residential	79,100	-0.13%	4.00	110,853	0.71	18,616	479	May & Nov.	4
3476	MIRAI Corporation	45,900	-0.86%	5.09	51,804	0.89	87,551	31,931	Apr. & Oct.	7
3481	Mitsubishi Estate Logistics	396,500	-	4.75	395,850	1.00	199,632	1,354	Feb. & Aug.	5
3487	CRE Logistics	149,500	-0.20%	4.86	178,246	0.84	93,841	1,694	Jun. & Dec.	5
3488	XYMAX REIT	120,100	-0.08%	5.25	145,780	0.82	29,983	516	Feb. & Aug.	7
3492	Takara Leben REIT	100,900	-0.30%	5.35	105,297	0.96	78,785	2,239	Feb. & Aug.	7
3493	Advance Logistics	120,700	-0.08%	4.67	155,662	0.78	81,400	1,516	Feb. & Aug.	5
2971	ESCON JAPAN REIT	125,800	-1.10%	5.01	117,674	1.07	44,277	508	Jan. & Jul.	8
2972	SANKEI REAL ESTATE	91,000	-0.55%	4.86	116,298	0.78	42,506	792	Feb. & Aug.	7
2979	SOSiLA Logistics	123,600	+0.24%	4.47	140,830	0.88	89,919	1,872	May & Nov.	5
2989	Tokaido REIT	127,700	+0.87%	5.20	113,206	1.13	35,552	444	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	Japan Hotel	+2.00%
2	Hoshino Resorts	+1.09%
3	Nippon Prologis	+1.01%