Japanese Property Play

Nippon Building Fund

Market Cap: JP¥1.1t

NBF (Nippon Building Fund Inc.) is Japan's largest real estate investment trust (J-REIT) which invests in office buildings primarily in Tokyo as well as nationwide.

Japan Real Estate Investment

Market Cap: JP¥814.6b

Japan Real Estate Investment Corporation (the "Company") was established on May 11, 2001 pursuant to Japan's Act on Investment Trusts and Investment Corporations ("ITA").

Japan Metropolitan Fund Investment

Market Cap: JP¥697.0b

Japan Metropolitan Fund Investment Corporation (JMF) has been listed on the Real Estate Investment Trust (“REIT”) Section on the Tokyo Stock Exchange (Securities code: 8953) as Japan Retail Fund in March 2002.

Nomura Real Estate Master Fund

Market Cap: JP¥662.1b

Nomura Real Estate Master Fund, Inc. (NMF) is a real estate investment corporation formed to own and invest primarily in office buildings, retail facilities, logistics and residential facilities.

Nippon Prologis REIT

Market Cap: JP¥649.1b

NPR was established on Nov. 7, 2012 based on the Act on Investment Trust and Investment Corporation (investment trust law) and was listed on the REIT Securities Market (J-REIT Market) of the Tokyo Stock Exchange (“TSE”) on Feb.

GLP J-REIT

Market Cap: JP¥596.8b

A Japanese real estate investment corporation specializing in modern logistics facilities in Japan.

KDX Realty Investment

Market Cap: JP¥596.6b

Since listing on the Tokyo Stock Exchange in July 2005, we have established a solid portfolio investing in mid-sized office buildings primarily in the Tokyo Metropolitan Area.

Daiwa House REIT Investment

Market Cap: JP¥546.5b

DHR is a real estate investment trust (J-REIT) whose sponsor is Daiwa House Industry Co., Ltd.

ORIX JREIT

Market Cap: JP¥489.3b

OJR was established on September 10, 2001, and was listed and commenced trading on the Tokyo Stock Exchange on June 12, 2002 as the fourth Real Estate Investment Trust in Japan, or "JREIT," to be listed.

United Urban Investment

Market Cap: JP¥464.9b

United Urban was listed in the real estate investment trust section of the Tokyo Stock Exchange (the J-REIT section) in December 2003 as a diversified J-REIT, investing in properties varied both in types of use and geographical location.

Invincible Investment

Market Cap: JP¥458.8b

INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (Act No.

Advance Residence Investment

Market Cap: JP¥414.1b

Advance Residence Investment Corporation is the largest J-REIT specializing in residential properties and is managed by ITOCHU REIT Management Co., Ltd.

Japan Hotel REIT Investment

Market Cap: JP¥371.1b

Japan Hotel REIT Investment Corporation (JHR) was established under the Act on Investment Trusts and Investment Corporations (Act No.

Japan Prime Realty Investment

Market Cap: JP¥356.6b

Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the Act on Investment Trusts and Investment Corporations (Act No.

Sekisui House Reit

Market Cap: JP¥334.7b

A real estate investment trust externally managed by Sekisui House Asset Management, Ltd.

Mitsui Fudosan Logistics Park

Market Cap: JP¥321.0b

MFLP-REIT, a Japanese real estate investment corporation, was established on March 4, 2016 under the Act on Investment Trusts and Investment Corporations of Japan (Act No.

Industrial & Infrastructure Fund Investment

Market Cap: JP¥291.9b

Industrial & Infrastructure Fund Investment Corporation (“IIF”) is the first J-REIT focused on acquiring and operating both industrial and infrastructure properties in Japan-properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term.

Daiwa Office Investment

Market Cap: JP¥286.5b

Daiwa Office Investment Corporation (formerly DA Office Investment Corporation; hereinafter referred to as "the Investment Corporation") is an investment trust and the Investment Corporations Act (Act No.

Nippon Accommodations Fund

Market Cap: JP¥285.2b

NAF is a J-REIT that invests in "Accommodation Assets," which it defines as real estate that is mainly used/may be used for residence or hotels.

Activia Properties

Market Cap: JP¥276.4b

API invests primarily in urban retail and Tokyo office properties.

AEON REIT Investment

Market Cap: JP¥263.0b

AEON REIT Investment Corporation (hereinafter, “AEON REIT”) invests primarily in retail and related properties which, as an integral part of the communities in which they are located, form the backbone of communities and their retail business infrastructure.

Japan Logistics Fund

Market Cap: JP¥253.6b

JLF is the first J- REIT dedicated to “logistics properties” with real estate and other assets used for logistic facilities primarily in the Tokyo Metropolitan, Osaka, Nagoya and Fukuoka areas as investment targets.

Mori Hills REIT Investment

Market Cap: JP¥251.4b

The Company was incorporated by Mori Building Investment Management Co., Ltd.

LaSalle LOGIPORT REIT

Market Cap: JP¥244.1b

LLR is a logistics focused J-REIT sponsored by the LaSalle Investment Management group.

MORI TRUST REIT

Market Cap: JP¥230.7b

MORI TRUST Reit, Inc. ("MTR"), a Japanese real estate investment corporation, was incorporated on October 2, 2001 under the Law Concerning Investment Trusts and Investment Corporations of Japan, or the Investment Trust Law.

Daiwa Securities Living Investment

Market Cap: JP¥220.2b

The Investment Corporation was established on October 7, 2005, based on the provisions of the Act on Investment Trusts and Investment Corporations (Act No.

Frontier Real Estate Investment

Market Cap: JP¥219.1b

Frontier Real Estate Investment Corporation (“FRI”) is a REIT specializing in retail facilities and was listed on the Real Estate Investment Trust Market (the J-REIT market) of the Tokyo Stock Exchange in August 2004.

Comforia Residential REIT

Market Cap: JP¥217.3b

Comforia Residential Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on June 8, 2010 as an investment corporation that invests primarily in real estate used for residential purposes under the Act on Investment Trusts and Investment Corporations (Act No.

Hulic Reit

Market Cap: JP¥213.6b

Hulic Reit was successfully listed on the REIT section of the Tokyo Stock Exchange on February 7, 2014, and has gradually expanded its asset size.

NTT UD REIT Investment

Market Cap: JP¥190.9b

NTT UD REIT Investment Corporation (NUD) is a J-REIT managing compound portfolio of office buildings and residential properties, with NTT Urban Development serving as the sponsor.

Tokyu REIT

Market Cap: JP¥179.5b

TOKYU REIT, Inc. was incorporated to invest in real estate on June 20, 2003 under the Law Concerning Investment Trusts and Investment Corporations of Japan (Law No.

Japan Excellent

Market Cap: JP¥173.6b

Japan Excellent, Inc. (hereinafter, "JEI"), established on February 20, 2006 under the Law Concerning Investment Trusts and Investment Corporations of Japan (the "Investment Trust Law"), is a real estate investment corporation which primarily invests in office buildings.

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥172.8b

Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) was established on July 14, 2016 under the “Act on Investment Trust and Investment Corporation” (“Investment Trust Law”), and was listed on the REIT Securities Market of the Tokyo Stock Exchange on September 14, 2017 (securities code: 3481).

Heiwa Real Estate REIT

Market Cap: JP¥153.1b

HEIWA REAL ESTATE REIT, Inc. ("the Investment Corporation") raises funds from investors, investing said funds primarily in real estate, working toward growth for managed assets and stable medium- to long-term profits.

NIPPON REIT Investment

Market Cap: JP¥151.9b

Focuses on income growth and stability by making full use of the characteristics as a diversified REIT, and endeavors to maximize unitholder value through conducting dynamic and timely investments and acting in the best interests of unitholders.

Star Asia Investment

Market Cap: JP¥147.0b

Star Asia Investment Corporation was listed on the Tokyo Stock Exchange Real Estate Investment Trust Market on April 20, 2016.