Japanese Property Play

Star Asia Investment

Market Cap: JP¥160.1b

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.

Hoshino Resorts REIT

Market Cap: JP¥155.4b

Hoshino Resorts REIT, Inc. (hereinafter, “HRR”) invests in hotels, ryokans (Japanese-style inns) and ancillary facilities that serve at the core of the tourism industry and for which stable use is expected for the medium to long term.

Ichigo Office REIT Investment

Market Cap: JP¥149.7b

Ichigo Office (8975) is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential.

Global One Real Estate Investment

Market Cap: JP¥142.5b

Global One Real Estate Investment Corporation (“GOR”) is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 8958) with the ultimate goal of pursuing maximum returns for unitholders.

Hankyu Hanshin REIT

Market Cap: JP¥117.0b

Hankyu Hanshin REIT, Inc. (hereinafter “HHR”) is an integrated real estate investment trust that invests mainly in real estate properties for retail or office use throughout Japan with the purpose of securing stable income over the medium-to-long-term and achieving the best possible returns for unitholders.

CRE Logistics REIT

Market Cap: JP¥95.7b

CRE REIT leverages the comprehensive strength of the CRE Group, which boasts more than 50 years’ experience in the logistics real estate business, to invest in quality logistics-related facilities that satisfy tenant needs.

Samty Residential Investment

Market Cap: JP¥91.8b

Samty Residential was established in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

MIRAI

Market Cap: JP¥89.1b

MIRAI is diversified J-REIT. Based on the Act on Investment Trusts and Investment Corporations of Japan (Act No.

Takara Leben Real Estate Investment

Market Cap: JP¥87.2b

Takara Leben Real Estate Investment Corporation (TLR) was established on September 11, 2017, with MIRARTH Real Estate Investment Advisory Co., Ltd.

SOSiLA Logistics REIT

Market Cap: JP¥86.6b

A real estate investment trust company, engages in the real estate leasing business in Japan.

One REIT

Market Cap: JP¥73.5b

One REIT has Mizuho REIT Management Co., Ltd.

Tosei Reit Investment

Market Cap: JP¥54.4b

Targeting relatively small- and medium-sized office buildings, retail facilities, residential properties and logistics facilities as major marketable real estate and thus its investment properties from among the vast existing building stock(Note) in Japan’s real estate market, and leveraging the three major strengths representing the core competencies of Tosei Corporation (“Tosei”), the Asset Manager’s parent company, Tosei Reit Investment Corporation (“Tosei Reit”) assesses the potential of assets as rental properties with an emphasis on yield levels and stability, and invests in and manages them with an eye to the possibility for adding value as it aims to increase unitholder value.

Starts Proceed Investment

Market Cap: JP¥52.4b

Starts Proceed Investment Corporation (“SPI”) was established on May 2, 2005, with 150 million yen in capital (750 units) based on the Act on Investment Trusts and Investment Corporations (Act No.

ESCON JAPAN REIT Investment

Market Cap: JP¥45.7b

ESCON REIT was established on August 26, 2016, with ES-CON ASSET MANAGEMENT Ltd.

Ichigo Hotel REIT Investment

Market Cap: JP¥45.6b

Ichigo Hotel REIT Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on July 22, 2015 (investment amount: 300 million yen, number of issued shares: 3,000) in accordance with the Investment Trust and Investment Corporation Act (Act No.

SANKEI REAL ESTATE

Market Cap: JP¥45.0b

SANKEI REAL ESTATE was incorporated under the Act on Investment Trusts and Investment Corporations (Act No.

Healthcare & Medical Investment

Market Cap: JP¥42.3b

HCM was established under the Act on Investment Trusts and Investment Corporations (Act No.

Tokaido REIT

Market Cap: JP¥35.6b

Tokaido Reit, Inc. invests in industrial real estate properties.

Marimo Regional Revitalization REIT

Market Cap: JP¥32.3b

marimo REIT was incorporated under the Act on Investment Trusts and Investment Corporations (Act No.

XYMAX REIT Investment

Market Cap: JP¥29.9b

XYMAX REIT Investment Corporation (hereinafter, “XYMAX REIT”) was listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market on February 15, 2018.

Nippon Hotel & Residential Investment

Market Cap: JP¥24.8b

Nippon Hotel & Residential Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on March 29, 2016 (with capital investment of 200 million yen and 2,000 units issued) in accordance with the Act on Investment Trusts and Investment Corporations (Act No.