Japanese Real Estate Potentially Undervalued Companies

LaSalle LOGIPORT REIT

Market Cap: JP¥244.4b

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.

Invincible Investment

Market Cap: JP¥463.4b

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

MIRAI

Market Cap: JP¥82.1b

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

Industrial & Infrastructure Fund Investment

Market Cap: JP¥301.0b

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).

Global One Real Estate Investment

Market Cap: JP¥125.8b

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.

NIPPON REIT Investment

Market Cap: JP¥154.0b

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.

Starts Proceed Investment

Market Cap: JP¥47.7b

Starts Proceed Investment Corporation listed on the Jasdaq Securities Exchange (currently JASDAQ market in Osaka Securities Exchange) in November 2005 as a real estate investment trust (J-REIT) specializing in rental housing.

XYMAX REIT Investment

Market Cap: JP¥27.9b

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

Activia Properties

Market Cap: JP¥279.7b

API invests primarily in urban retail and Tokyo office properties.

Frontier Real Estate Investment

Market Cap: JP¥222.9b

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

Daiwa Securities Living Investment

Market Cap: JP¥225.5b

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

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥177.3b

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).

Nippon Prologis REIT

Market Cap: JP¥651.8b

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.

Healthcare & Medical Investment

Market Cap: JP¥40.1b

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

Tosei Reit Investment

Market Cap: JP¥48.8b

Tosei Reit Investment Corp. is a real estate investment trust externally managed by Tosei Asset Advisors, Inc.

Star Asia Investment

Market Cap: JP¥150.5b

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

AEON REIT Investment

Market Cap: JP¥263.2b

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.

ESCON JAPAN REIT Investment

Market Cap: JP¥41.8b

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

Takara Leben Real Estate Investment

Market Cap: JP¥80.2b

Takara Leben Real Estate Investment Corporation (TLR) was listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market on July 27, 2018.

MORI TRUST REIT

Market Cap: JP¥240.7b

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.

KDX Realty Investment

Market Cap: JP¥614.4b

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.

Ichigo Hotel REIT Investment

Market Cap: JP¥39.8b

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.

One REIT

Market Cap: JP¥66.3b

Operates as a real estate investment trust.