Japanese Real Estate Top Dividend Payers

Japan Excellent

Market Cap: JP¥185.8b

Japan Excellent, Inc. (hereinafter, JEI) under the Law Concerning Investment Trusts and Investment Corporations of Japan, is a real estate investment corporation which primarily invests in office buildings.

Comforia Residential REIT

Market Cap: JP¥258.1b

Comforia Residential Investment Corporation (the Investment Corporation) an investment corporation under the Act on Investment Trusts and Investment Corporations (Act No.

Nippon Prologis REIT

Market Cap: JP¥748.3b

Nippon Prologis REIT, Inc. was listed on the REIT Securities Market of the Tokyo Stock Exchange on February 14, 2013.

Mori Hills REIT Investment

Market Cap: JP¥253.5b

Mori Hills REIT Investment Corporation was incorporated by Mori Building Investment Management Co., Ltd.

Daiwa House REIT Investment

Market Cap: JP¥576.1b

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

Global One Real Estate Investment

Market Cap: JP¥118.5b

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

Hankyu Hanshin REIT

Market Cap: JP¥104.3b

An integrated real estate investment trust.

Nomura Real Estate Master Fund

Market Cap: JP¥745.3b

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.

KDX Realty Investment

Market Cap: JP¥668.9b

KDX Realty Investment Corporation have established a solid portfolio investing in mid-sized office buildings primarily in the Tokyo Metropolitan Area, since listing on the Tokyo Stock Exchange in July 2005.

Daiwa Securities Living Investment

Market Cap: JP¥258.2b

Daiwa Securities Living Investment Corporation based on the provisions of the Act on Investment Trusts and Investment Corporations and listed as a housing-specific REIT on the Tokyo Stock Exchange Real Estate Investment Trust market on June 22, 2006.

Sekisui House Reit

Market Cap: JP¥389.1b

An investment corporation investing primarily in commercial properties including office buildings, hotels and retail and other properties, sponsored by Sekisui House, Ltd., a leading homebuilder representing Japan with an established development and management track record also in the property development business.

Heiwa Real Estate REIT

Market Cap: JP¥184.5b

An investment corporation.

Daiwa Office Investment

Market Cap: JP¥313.1b

Daiwa Office Investment Corporation (formerly DA Office Investment Corporation hereinafter referred to as the Investment Corporation) is an investment trust 11, 2005, pursuant to the Act on Investment Trusts and Investment Corporations, with Daiwa Real Estate Asset Management Co., Ltd.

Japan Metropolitan Fund Investment

Market Cap: JP¥845.2b

Japan Metropolitan Fund Investment Corporation was established under the Law Concerning Investment Trusts and Investment Corporations of Japan.

AEON REIT Investment

Market Cap: JP¥265.3b

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.

Nippon Building Fund

Market Cap: JP¥1.2t

An investment corporation under the Law Concerning Investment Trusts and Investment Corporations of Japan.

Activia Properties

Market Cap: JP¥335.1b

Activia Properties Inc invests primarily in urban retail and Tokyo office properties.

Starts Proceed Investment

Market Cap: JP¥54.7b

Starts Proceed Investment Corporation with 150 million yen in capital (750 units) based on the Act on Investment Trusts and Investment Corporations.

LaSalle LOGIPORT REIT

Market Cap: JP¥273.8b

LaSalle LOGIPORT REIT (LLR) 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.

Tokyu REIT

Market Cap: JP¥186.9b

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.

NIPPON REIT Investment

Market Cap: JP¥159.7b

NIPPON REIT Investment Corporation was established by Polaris Investment Advisors K.K.

Japan Logistics Fund

Market Cap: JP¥265.8b

Japan Logistics Fund, Inc. 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.

Mitsui Fudosan Accommodations Fund

Market Cap: JP¥331.8b

Mitsui Fudosan Accommodations Fund Inc. (MAF) is a J-REIT that invests in accommodation assets.

Japan Prime Realty Investment

Market Cap: JP¥402.4b

Japan Prime Realty Investment Corporation (JPR) under the Act on Investment Trusts and Investment Corporations (Act No.

Japan Real Estate Investment

Market Cap: JP¥853.7b

Japan Real Estate Investment Corporation pursuant to Japan’s Act on Investment Trusts and Investment Corporations (ITA).

Hoshino Resorts REIT

Market Cap: JP¥149.5b

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.

Frontier Real Estate Investment

Market Cap: JP¥234.8b

Frontier Real Estate Investment Corporation was established pursuant to the Investment Trust.

Hulic Reit

Market Cap: JP¥237.6b

Hulic Reit, Inc. with Hulic Reit Management Co., Ltd.

Fukuoka REIT

Market Cap: JP¥156.7b

Fukuoka REIT Corporation is Japan's first region-focused real estate investment trust.

Ichigo Hotel REIT Investment

Market Cap: JP¥38.2b

Ichigo Hotel REIT Investment Corporation (hereinafter referred to as Ichigo Investment Corporation).

NTT UD REIT Investment

Market Cap: JP¥205.8b

NTT UD REIT Investment Corporation (hereinafter referred to as the Investment Corporation) in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the Investment Trust Act) 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.

Industrial & Infrastructure Fund Investment

Market Cap: JP¥375.0b

Industrial & Infrastructure Fund Investment Corporation became listed on the J-REIT market of the Tokyo Stock Exchange on October 18, 2007.

Ichigo Office REIT Investment

Market Cap: JP¥141.9b

A specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential.

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥184.9b

Mitsubishi Estate Logistics REIT Investment Corporation under the (Act on Investment Trust and Investment Corporation) (Investment Trust Law).

United Urban Investment

Market Cap: JP¥546.1b

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

Japan Hotel REIT Investment

Market Cap: JP¥410.8b

Japan Hotel REIT Investment Corporation (JHR) was established under the Act on Investment Trusts and Investment Corporations.