Japanese Commercial Real Estate

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.

Japan Real Estate Investment

Market Cap: JP¥906.4b

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 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.

ORIX JREIT

Market Cap: JP¥582.4b

ORIX JREIT Inc. (“OJR”), a Japanese real estate investment corporation, was established on September 10, 2001, with ¥200 million of capital contribution by ORIX Corporation, under the Law Concerning Investment Trusts and Investment Corporations of Japan, or the Investment Trust Law.

Invincible Investment

Market Cap: JP¥519.2b

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

Japan Hotel REIT Investment

Market Cap: JP¥439.4b

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

Japan Prime Realty Investment

Market Cap: JP¥421.1b

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

Daiwa Office Investment

Market Cap: JP¥346.8b

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.

AEON REIT Investment

Market Cap: JP¥286.8b

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.

Mori Hills REIT Investment

Market Cap: JP¥279.7b

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

Frontier Real Estate Investment

Market Cap: JP¥250.5b

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

Tokyu REIT

Market Cap: JP¥203.0b

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.

Japan Excellent

Market Cap: JP¥195.3b

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.

Fukuoka REIT

Market Cap: JP¥162.4b

The Investment Corporation was established on July 2, 2004 as Japan's first region-focused real estate investment trust in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Hoshino Resorts REIT

Market Cap: JP¥153.2b

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.

Ichigo Office REIT Investment

Market Cap: JP¥152.1b

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.

Global One Real Estate Investment

Market Cap: JP¥135.9b

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.

One REIT

Market Cap: JP¥73.5b

One REIT has Mizuho REIT Management Co., Ltd.

Nippon Hotel & Residential Investment

Market Cap: JP¥61.4b

Nippon Hotel & Residential Investment Corporation (hereinafter referred to as the Investment Corporation) is an investment trust and investment corporation of 200 million yen and 2,000 issued shares) in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

SANKEI REAL ESTATE

Market Cap: JP¥60.7b

SANKEI REAL ESTATE was incorporated under the Act on Investment Trusts and Investment Corporations (Act No.

Healthcare & Medical Investment

Market Cap: JP¥45.5b

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

Ichigo Hotel REIT Investment

Market Cap: JP¥40.5b

Ichigo Hotel REIT Investment Corporation (hereinafter referred to as “Ichigo Investment Corporation”) Based on the Act (Act No.

Kasumigaseki Hotel REIT Investment

Market Cap: JP¥30.3b

A hotel-specialized REIT sponsored by Kasumigaseki Capital.