Japanese Real Estate Top Dividend Payers

Mori Hills REIT Investment

Market Cap: JP¥281.0b

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

Nippon Prologis REIT

Market Cap: JP¥774.3b

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.

Japan Metropolitan Fund Investment

Market Cap: JP¥888.3b

Japan Metropolitan Fund Investment Corporation (“JMF”) was established under the Law Concerning Investment Trusts and Investment Corporations of Japan (Law No.

Daiwa House REIT Investment

Market Cap: JP¥631.6b

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

Global One Real Estate Investment

Market Cap: JP¥142.1b

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.

Japan Real Estate Investment

Market Cap: JP¥920.6b

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 Prime Realty Investment

Market Cap: JP¥416.4b

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

Hulic Reit

Market Cap: JP¥252.3b

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

Daiwa Securities Living Investment

Market Cap: JP¥275.5b

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

KDX Realty Investment

Market Cap: JP¥711.3b

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.

Nomura Real Estate Master Fund

Market Cap: JP¥780.1b

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.

Sekisui House Reit

Market Cap: JP¥347.8b

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.

Industrial & Infrastructure Fund Investment

Market Cap: JP¥379.7b

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).

Heiwa Real Estate REIT

Market Cap: JP¥198.6b

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.

Japan Hotel REIT Investment

Market Cap: JP¥465.9b

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

Japan Excellent

Market Cap: JP¥191.6b

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.

Tosei Reit Investment

Market Cap: JP¥56.1b

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.

Japan Logistics Fund

Market Cap: JP¥281.8b

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.

NIPPON REIT Investment

Market Cap: JP¥178.4b

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

Starts Proceed Investment

Market Cap: JP¥55.6b

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.

Tokyu REIT

Market Cap: JP¥195.6b

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.

Frontier Real Estate Investment

Market Cap: JP¥249.7b

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

NTT UD REIT Investment

Market Cap: JP¥204.4b

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).

Daiwa Office Investment

Market Cap: JP¥362.6b

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.

Ichigo Office REIT Investment

Market Cap: JP¥149.2b

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.

United Urban Investment

Market Cap: JP¥579.1b

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

Comforia Residential REIT

Market Cap: JP¥257.5b

Comforia Residential Investment Corporation (the "Investment Corporation") was established on June 8, 2010, as an investment corporation under the Act on Investment Trusts and Investment Corporations (Act No.

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥190.5b

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).

Nippon Building Fund

Market Cap: JP¥1.3t

Nippon Building Fund Inc. (hereinafter "NBF") was formed on March 16, 2001 as an investment corporation under the Law Concerning Investment Trusts and Investment Corporations of Japan (hereinafter the Investment Trust Law of Japan) with Mitsui Fudosan Co., Ltd., Sumitomo Mitsui Trust Bank, Limited.

AEON REIT Investment

Market Cap: JP¥281.3b

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.

LaSalle LOGIPORT REIT

Market Cap: JP¥276.0b

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.

ORIX JREIT

Market Cap: JP¥594.0b

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.

Activia Properties

Market Cap: JP¥343.4b

API invests primarily in urban retail and Tokyo office properties.

XYMAX REIT Investment

Market Cap: JP¥29.2b

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

Hoshino Resorts REIT

Market Cap: JP¥153.7b

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.

Mitsui Fudosan Accommodations Fund

Market Cap: JP¥334.6b

Mitsui Fudosan Accommodations Fund Inc. (MAF) 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.