Japanese Real Estate Big Green Snowflakes

Invincible Investment

Market Cap: JP¥443.5b

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

Frontier Real Estate Investment

Market Cap: JP¥217.5b

Frontier Real Estate Investment Corporation (“FRI”) is a REIT specializing in retail facilities and was listed on the Real Estate Investment Trust Market (the J-REIT market) of the Tokyo Stock Exchange in August 2004.

Daiwa Securities Living Investment

Market Cap: JP¥218.8b

Daiwa Securities Living Investment Corporation (hereinafter referred to as “the Investment Corporation”) is listed on the Tokyo Stock Exchange in June 2006 (stock code: 8986) and is located in the metropolitan area and major cities throughout Japan (Sapporo City, Sendai City) It is a rental apartment specialized REIT (REIT) that invests in rental apartments in Nagoya City, Osaka City, Fukuoka City, etc.

Japan Hotel REIT Investment

Market Cap: JP¥354.8b

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

LaSalle LOGIPORT REIT

Market Cap: JP¥253.1b

LLR is a logistics focused J-REIT sponsored by the LaSalle Investment Management group.

Industrial & Infrastructure Fund Investment

Market Cap: JP¥293.2b

Industrial & Infrastructure Fund Investment Corporation (“IIF”) is the first J-REIT focused on acquiring and operating both industrial and infrastructure properties in Japan-properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term.

Fukuoka REIT

Market Cap: JP¥128.4b

Fukuoka REIT Corporation (securities code: 8968) is the first region-specific REIT in Japan.

Ichigo Hotel REIT Investment

Market Cap: JP¥38.8b

Ichigo Hotel REIT Investment Corporation (the "Investment Corporation") was established on July 22, 2015 (with investment of 300 million yen and 3,000 issued units) in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Hoshino Resorts REIT

Market Cap: JP¥120.4b

Hoshino Resorts REIT, Inc. (HRR) was publicly listed in 2013 as one of the smallest listed real estate investment trusts (REIT) in the world.

Japan Prime Realty Investment

Market Cap: JP¥351.6b

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

KDX Realty Investment

Market Cap: JP¥602.6b

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.

Japan Metropolitan Fund Investment

Market Cap: JP¥693.4b

Japan Metropolitan Fund Investment Corporation (JMF) has been listed on the Real Estate Investment Trust (“REIT”) Section on the Tokyo Stock Exchange (Securities code: 8953) as Japan Retail Fund in March 2002.

United Urban Investment

Market Cap: JP¥454.5b

United Urban was listed in the real estate investment trust section of the Tokyo Stock Exchange (the J-REIT section) in December 2003 as a diversified J-REIT, investing in properties varied both in types of use and geographical location.

Tosei Reit Investment

Market Cap: JP¥48.6b

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

NIPPON REIT Investment

Market Cap: JP¥147.8b

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¥48.5b

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.

Japan Real Estate Investment

Market Cap: JP¥808.2b

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").

Sekisui House Reit

Market Cap: JP¥348.8b

A real estate investment trust externally managed by Sekisui House Asset Management, Ltd.

Nippon Prologis REIT

Market Cap: JP¥675.4b

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 Excellent

Market Cap: JP¥173.2b

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.

Japan Logistics Fund

Market Cap: JP¥256.6b

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.

ORIX JREIT

Market Cap: JP¥488.8b

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.

Daiwa Office Investment

Market Cap: JP¥286.3b

Daiwa Office Investment Corporation was established on July 11, 2005, in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Marimo Regional Revitalization REIT

Market Cap: JP¥28.9b

Marimo Regional Revitalization REIT, Inc.

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥176.0b

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¥119.6b

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¥265.1b

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.

Activia Properties

Market Cap: JP¥268.1b

Invests primarily in Urban Retail and Tokyo Office Properties.

MIRAI

Market Cap: JP¥80.5b

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

MORI TRUST REIT

Market Cap: JP¥223.6b

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.

One REIT

Market Cap: JP¥65.3b

Operates as a real estate investment trust.

Comforia Residential REIT

Market Cap: JP¥217.2b

Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporation that invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations” of Japan (Act No.

Star Asia Investment

Market Cap: JP¥145.1b

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

Heiwa Real Estate REIT

Market Cap: JP¥155.6b

HEIWA REAL ESTATE REIT, Inc. ("the Investment Corporation") raises funds from investors, investing said funds primarily in real estate, working toward growth for managed assets and stable medium- to long-term profits.

GLP J-REIT

Market Cap: JP¥588.2b

A Japanese real estate investment corporation specializing in modern logistics facilities in Japan.

Takara Leben Real Estate Investment

Market Cap: JP¥78.1b

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