Japanese Commercial Real Estate

Nippon Building Fund

Market Cap: JP¥1.1t

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

Japan Real Estate Investment

Market Cap: JP¥821.6b

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

Japan Metropolitan Fund Investment

Market Cap: JP¥801.3b

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

ORIX JREIT

Market Cap: JP¥529.4b

A Japanese real estate investment corporation with 200 yen 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¥462.6b

Invincible Investment Corporation in accordance with the Investment Trust and Investment Corporation Act (Act No.

Japan Hotel REIT Investment

Market Cap: JP¥446.9b

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

Japan Prime Realty Investment

Market Cap: JP¥380.5b

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

Daiwa Office Investment

Market Cap: JP¥299.1b

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.

AEON REIT Investment

Market Cap: JP¥257.6b

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¥243.9b

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

Frontier Real Estate Investment

Market Cap: JP¥222.1b

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

Tokyu REIT

Market Cap: JP¥179.7b

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¥179.0b

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.

NIPPON REIT Investment

Market Cap: JP¥156.5b

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

Fukuoka REIT

Market Cap: JP¥148.8b

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

Hoshino Resorts REIT

Market Cap: JP¥142.1b

Hoshino Resorts REIT, Inc. (hereinafter, HRR) invests in hotels, ryokans (Japanese-style inns) and ancillary facilities.

Ichigo Office REIT Investment

Market Cap: JP¥132.1b

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¥125.0b

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.

One REIT

Market Cap: JP¥74.1b

Owns Mizuho REIT Management Co., Ltd.

SANKEI REAL ESTATE

Market Cap: JP¥56.3b

SANKEI REAL ESTATE Inc. was incorporated under the Act on Investment Trusts and Investment Corporations.

Healthcare & Medical Investment

Market Cap: JP¥39.6b

Healthcare & Medical Investment Corporation was established under the Act on Investment Trusts and Investment Corporations (Act No.

Ichigo Hotel REIT Investment

Market Cap: JP¥37.0b

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

Nippon Hotel & Residential Investment

Market Cap: JP¥29.4b

A real estate investment trust (with capital investment of 200 million yen and 2,000 units issued).

Kasumigaseki Hotel REIT Investment

Market Cap: JP¥27.9b

Kasumigaseki Hotel REIT is Japan's first publicly listed REIT focused exclusively on hotels, sponsored by real estate developer Kasumigaseki Capital Co., Ltd.