Japanese Property Play

Nippon Building Fund

Market Cap: JP¥1.1t

NBF (Nippon Building Fund Inc.) is an office-focused J-REIT that invests in office buildings.

Japan Real Estate Investment

Market Cap: JP¥826.0b

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¥755.2b

Japan Urban Fund Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on September 14, 2001 under the Act on Investment Trusts and Investment Corporations (Act The Investment Corporation was established on September 14, 2001 under the Investment Trust Law (hereinafter referred to as the "Investment Trust Law") and became the first investment corporation in Japan to specialize in the management of commercial facilities.

Nomura Real Estate Master Fund

Market Cap: JP¥698.8b

Nomura Real Estate Master Fund, Inc. (NMF) is a wholly owned subsidiary of the former Nomura Real Estate Master Fund Corporation (hereinafter referred to as the "Former NMF") and Nomura Real Estate Office Fund Investment Corporation (hereinafter referred to as "NOF") and Nomura Real Estate Residential Investment Corporation (hereinafter referred to as "NRF") will be the dissolved corporations in the consolidation-type merger.

Nippon Prologis REIT

Market Cap: JP¥670.3b

Nippon Prologis REIT, Inc. (“NPR”) was established on November 7, 2012, based on the “Act on Investment Trusts and Investment Corporations” (hereinafter the “Investment Trust Law”) and was listed on the REIT Securities Market of the Tokyo Stock Exchange on February 14, 2013.

KDX Realty Investment

Market Cap: JP¥622.4b

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.

GLP J-REIT

Market Cap: JP¥619.4b

A real estate investment corporation (“J-REIT”) specializing in logistics facilities, and it primarily invests in modern logistics facilities.

Daiwa House REIT Investment

Market Cap: JP¥553.4b

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

ORIX JREIT

Market Cap: JP¥528.5b

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¥480.5b

United Urban Investment Corporation was established on November 4, 2003 in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Invincible Investment

Market Cap: JP¥475.6b

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

Advance Residence Investment

Market Cap: JP¥438.5b

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¥392.0b

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¥370.7b

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¥329.9b

Sekisui House Reit, Inc. ("SHR") was established on September 8, 2014 as an investment corporation investing primarily in commercial properties including office buildings, hotels and retail and other properties, sponsored by Sekisui House, Ltd.

Mitsui Fudosan Logistics Park

Market Cap: JP¥328.7b

Mitsui Fudosan Logistics Park Inc. (“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¥309.4b

IIF was established on March 26, 2007 based on “Act on Investment Trust and Investment Corporation” (hereinafter referred to as “Investment Trust Law”) and became listed on the J-REIT market of the Tokyo Stock Exchange on October 18, 2007 (ticker code: 3249).

Daiwa Office Investment

Market Cap: JP¥302.1b

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¥296.0b

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¥293.5b

API invests primarily in urban retail and Tokyo office properties.

AEON REIT Investment

Market Cap: JP¥263.9b

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¥258.5b

JLF is the first logistics properties focused J-REIT, with target areas of Tokyo Metropolitan area, Osaka, Nagoya and Fukuoka Area.

Mori Hills REIT Investment

Market Cap: JP¥256.6b

Mori Hills REIT Investment Corporation (“the Company”) was incorporated by Mori Building Investment Management Co., Ltd.

LaSalle LOGIPORT REIT

Market Cap: JP¥249.5b

With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015, pursuant to the Investment Trusts Act, and was listed on the J-REIT section of the Tokyo Stock Exchange (Securities Code: 3466) on February 17, 2016.

MORI TRUST REIT

Market Cap: JP¥246.4b

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¥234.9b

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

Hulic Reit

Market Cap: JP¥227.5b

Hulic Reit, Inc. (“Investment Corporation”) was established on November 7, 2013, with Hulic Reit Management Co., Ltd.

Comforia Residential REIT

Market Cap: JP¥226.1b

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.

Frontier Real Estate Investment

Market Cap: JP¥222.4b

Frontier Real Estate Investment Corporation (the “Investment Corporation”) was established pursuant to the Investment Trust and Investment Corporation Act of Japan (Act No.

Tokyu REIT

Market Cap: JP¥193.0b

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.

NTT UD REIT Investment

Market Cap: JP¥187.6b

NTT Urban Development REIT Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on May 2, 2002 in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the "Investment Trust Act"), and was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange (currently Tokyo Stock Exchange Inc.; hereinafter referred to as the "Tokyo Stock Exchange") on September 10, 2002 (stock code 8956).

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥178.5b

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).

Japan Excellent

Market Cap: JP¥177.9b

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.

Heiwa Real Estate REIT

Market Cap: JP¥170.4b

HEIWA REAL ESTATE REIT, Inc. (“HEIWA REAL ESTATE REIT”) was established on January 31, 2002 as an investment corporation under the Act on Investment Trusts and Investment Corporations (Act No.

NIPPON REIT Investment

Market Cap: JP¥158.8b

NIPPON REIT was established on September 8, 2010, by Polaris Investment Advisors K.K.

Star Asia Investment

Market Cap: JP¥154.2b

Star Asia Investment Corporation (SAR) was established as a diversified real estate investment trust on December 1, 2015, under the Act on Investment Trusts and Investment Corporations (Act No.