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 Nov. 30, 2021

Average Dividend Yield of All J-REITs (Day-on-Day) Total Equity Market Capitalization of All J-REITs (Day-on-Day)
3.61% (+0.04) 16,414,780million JPY (-158,334million JPY)

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

CodeREITPrice on Nov. 30
(JPY)
% changeDividend yield
(%)
NAV per unit
(JPY)
P/NAVMarket cap
(million JPY)
Trading volume
(units)
Settlement month Sector
8951 Nippon Building   News 700,000 -0.43% 3.43 568,491 1.23 1,156,750 13,631 Jun. & Dec. 1
8952 Japan Real Estate   News 655,000 -1.06% 3.50 568,868 1.15 907,313 9,661 Mar. & Sep. 1
8953 Japan Metropolitan   News 97,800 -0.20% 4.60 109,276 0.89 683,533 45,230 Feb. & Aug. 7
8954 ORIX JREIT   News 180,500 -0.72% 3.68 186,585 0.97 498,180 28,660 Feb. & Aug. 7
8955 Japan Prime Realty   News 404,500 -0.49% 3.73 373,566 1.08 387,612 4,735 Jun. & Dec. 7
8956 NTT UD REIT   News 150,200 -0.20% 4.46 135,385 1.11 209,919 8,806 Apr. & Oct. 8
8957 TOKYU REIT   News 186,400 -0.90% 4.16 197,534 0.94 182,225 3,926 Jan. & Jul. 7
8958 Global One   News 119,200 -0.67% 4.04 134,562 0.89 114,657 5,739 Mar. & Sep. 1
8960 United Urban   News 144,600 +6.48% 4.29 158,842 0.91 450,912 256,103 May & Nov. 7
8961 MORI TRUST   News 141,600 - 4.29 144,694 0.98 186,912 5,372 Mar. & Sep. 7
8964 Frontier   News 497,000 -1.97% 4.34 447,851 1.11 268,877 4,663 Jun. & Dec. 3
8966 HEIWA   News 150,700 -0.72% 3.78 130,780 1.15 159,099 5,571 May & Nov. 7
8967 Japan Logistics   News 314,000 -5.42% 3.10 272,497 1.15 284,193 4,755 Jan. & Jul. 5
8968 Fukuoka REIT   News 163,200 -0.79% 4.29 175,503 0.93 129,907 4,088 Feb. & Aug. 7
8972 Kenedix Office   News 689,000 -1.57% 3.96 732,855 0.94 295,243 3,765 Apr. & Oct. 1
8975 Ichigo Office REIT   News 85,600 -0.12% 4.94 84,628 1.01 129,544 7,254 Apr. & Oct. 1
8976 Daiwa Office   News 714,000 -1.79% 3.92 752,349 0.95 348,495 3,534 May & Nov. 1
8977 Hankyu Hanshin REIT   News 158,200 -0.44% 3.67 162,315 0.97 109,981 3,452 May & Nov. 7
8984 Daiwa House REIT   News 323,500 +0.15% 3.51 288,084 1.12 750,520 31,210 Feb. & Aug. 7
8985 Japan Hotel   News 58,600 +1.21% 0.20 75,109 0.78 261,767 70,306 Dec. 4
8986 Daiwa Securities Living    News 109,400 -1.17% 3.99 99,698 1.10 241,215 15,702 Mar. & Sep. 8
8987 Japan Excellent   News 132,800 -0.90% 4.22 156,657 0.85 179,678 9,547 Jun. & Dec. 1
8963 Invincible   News 38,050 - 0.08 50,346 0.76 231,985 74,022 Jun. & Dec. 4
3226 Nippon Accommodations   News 620,000 -2.36% 3.29 531,281 1.17 312,153 3,705 Feb. & Aug. 2
3234 MORI HILLS REIT   News 150,400 -1.57% 3.84 144,636 1.04 288,216 9,130 Jan. & Jul. 1
3249 Industrial & Infrastructure   News 202,800 -2.92% 3.02 124,204 1.63 419,799 10,411 Jan. & Jul. 8
3269 Advance Residence   News 348,500 -0.43% 3.21 285,412 1.22 482,673 7,634 Jan. & Jul. 2
8979 Starts Proceed   News 225,400 -1.96% 4.01 219,084 1.03 57,201 1,212 Apr. & Oct. 2
3278 Kenedix Residential   News 206,100 -3.60% 3.98 190,006 1.08 205,251 4,395 Jan. & Jul. 7
3279 Activia Properties   News 432,000 +0.82% 4.32 445,901 0.97 355,430 5,343 May & Nov. 7
3281 GLP J-REIT   News 180,300 -3.58% 3.02 136,602 1.32 809,614 35,660 Feb. & Aug. 5
3282 Comforia Residential   News 319,000 -2.30% 3.36 285,594 1.12 221,065 4,146 Jan. & Jul. 2
3283 Nippon Prologis   News 369,500 -2.89% 2.65 243,200 1.52 953,994 21,086 May & Nov. 5
3287 Hoshino Resorts   News 637,000 +0.31% 2.29 527,213 1.21 155,654 2,747 Apr. & Oct. 4
3290 ONE REIT   News 294,200 -0.07% 4.86 277,651 1.06 78,983 1,632 Feb. & Aug. 1
3292 AEON REIT   News 152,000 -0.52% 4.33 146,387 1.04 310,759 11,925 Jan. & Jul. 3
3295 Hulic Reit   News 166,700 -0.71% 4.38 175,879 0.95 240,048 8,355 Feb. & Aug. 7
3296 NIPPON REIT   News 421,500 +0.60% 4.84 386,012 1.09 189,645 2,882 Jun. & Dec. 7
3451 Tosei Reit   News 126,500 +0.08% 5.58 139,051 0.91 43,074 2,933 Apr. & Oct. 7
3309 Sekisui House Reit   News 82,500 -1.43% 4.10 84,777 0.97 365,159 28,409 Apr. & Oct. 7
3453 Kenedix Retail   News 280,100 - 4.84 255,692 1.10 163,068 4,392 Mar. & Sep. 7
3455 Healthcare & Medical   News 154,500 -2.95% 4.19 121,263 1.27 48,050 2,019 Jan. & Jul. 9
3459 Samty Residential   News 118,800 -1.08% 4.54 116,955 1.02 91,432 2,251 Jan. & Jul. 2
3462 Nomura Master   News 161,400 +0.25% 4.01 168,964 0.96 761,033 27,492 Feb. & Aug. 7
3463 Ichigo Hotel REIT   News 81,900 -1.33% 1.70 129,008 0.63 20,882 2,787 Jan. & Jul. 4
3466 LaSalle LOGIPORT REIT   News 187,200 -1.73% 3.28 146,394 1.28 334,152 9,625 Feb. & Aug. 5
3468 Star Asia   News 61,500 +1.15% 4.77 52,880 1.16 110,047 20,348 Jan. & Jul. 7
3470 Marimo Regional Revitalization   News 134,500 -0.74% 5.69 139,285 0.97 20,535 965 Jun. & Dec. 7
3471 Mitsui Fudosan Logistics   News 583,000 -3.00% 2.68 408,639 1.43 315,986 3,609 Jan. & Jul. 5
3472 Ooedo Onsen Reit   News 75,000 -1.19% 4.61 111,567 0.67 17,651 1,701 May & Nov. 4
3476 MIRAI Corporation   News 53,200 -1.12% 4.74 50,032 1.06 88,431 12,125 Apr. & Oct. 7
3478 MORI TRUST Hotel   News 126,700 -1.17% 3.81 136,176 0.93 63,350 924 Feb. & Aug. 4
3481 Mitsubishi Estate Logistics   News 473,000 -1.15% 2.96 343,821 1.38 185,007 2,720 Feb. & Aug. 5
3487 CRE Logistics    News 219,000 +0.23% 3.21 150,183 1.46 123,669 6,049 Jun. & Dec. 5
3488 XYMAX REIT    News 111,000 -0.89% 5.40 145,760 0.76 24,797 1,078 Feb. & Aug. 7
3492 Takara Leben REIT   News 111,300 -0.98% 5.39 109,258 1.02 63,998 10,783 Feb. & Aug. 7
3493 ITOCHU Advance Logistics   News 171,800 +1.12% 3.15 132,323 1.30 103,102 4,910 Jan. & Jul. 5
2971 ESCON JAPAN REIT   News 135,900 -1.09% 5.25 121,907 1.11 47,832 1,516 Jan. & Jul. 8
2972 SANKEI REAL ESTATE   News 124,100 -0.48% 4.56 121,216 1.02 57,967 3,037 Feb. & Aug. 1
2979 SOSiLA Logistics    News 160,000 -2.14% 3.16 113,812 1.41 97,870 8,579 May & Nov. 5
2989 Tokaido REIT   News 105,700 -0.66% 4.69 18,688 1,494 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)

ReitInfo.com

Property Acquisition Price Rankings

(Billions of yen)

1 Shinjuku Mitsui Bldg. 170
2 Roppongi Hills Mori Tower 115
3 Shiodome Building 107
4 Tokyo Shiodome Building 85
5 Kitanomaru Square 82
Unit Price Growth Rankings
1 United Urban +6.48%
2 Japan Hotel +1.21%
3 Star Asia +1.15%
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