Japanese Real Estate Potentially Undervalued Companies

NIPPON REIT Investment

Market Cap: JP¥172.8b

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

LaSalle LOGIPORT REIT

Market Cap: JP¥261.3b

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.

Starts Proceed Investment

Market Cap: JP¥55.4b

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.

Invincible Investment

Market Cap: JP¥516.9b

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

Hulic Reit

Market Cap: JP¥244.9b

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

KDX Realty Investment

Market Cap: JP¥686.3b

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.

One REIT

Market Cap: JP¥72.2b

One REIT has Mizuho REIT Management Co., Ltd.

Ichigo Hotel REIT Investment

Market Cap: JP¥42.8b

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.

Samty Residential Investment

Market Cap: JP¥98.8b

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

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥184.2b

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).

Global One Real Estate Investment

Market Cap: JP¥145.4b

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.

AEON REIT Investment

Market Cap: JP¥275.9b

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.

Takara Leben Real Estate Investment

Market Cap: JP¥86.5b

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

Japan Prime Realty Investment

Market Cap: JP¥416.8b

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¥351.4b

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.

MORI TRUST REIT

Market Cap: JP¥273.1b

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¥267.8b

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

SOSiLA Logistics REIT

Market Cap: JP¥87.4b

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

MIRAI

Market Cap: JP¥92.8b

MIRAI Corporation (hereinafter “MIRAI”) is diversified REIT.