Japanese Real Estate Undervalued over 20% based on DCF

Japan Real Estate Investment

Market Cap: JP¥832.5b

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

ORIX JREIT

Market Cap: JP¥530.5b

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.

United Urban Investment

Market Cap: JP¥519.0b

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

Invincible Investment

Market Cap: JP¥468.7b

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

Japan Hotel REIT Investment

Market Cap: JP¥452.2b

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

AEON REIT Investment

Market Cap: JP¥258.2b

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.

Comforia Residential REIT

Market Cap: JP¥246.2b

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

Mori Hills REIT Investment

Market Cap: JP¥244.3b

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

Hulic Reit

Market Cap: JP¥224.9b

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

Frontier Real Estate Investment

Market Cap: JP¥220.7b

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

NTT UD REIT Investment

Market Cap: JP¥194.2b

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.

Fukuoka REIT

Market Cap: JP¥148.3b

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

Hoshino Resorts REIT

Market Cap: JP¥141.0b

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

Hankyu Hanshin REIT

Market Cap: JP¥100.0b

An integrated real estate investment trust.

Samty Residential Investment

Market Cap: JP¥84.3b

Samty Residential Investment Corporation was established in accordance with the Act on Investment Trusts.

MIRAI

Market Cap: JP¥83.7b

MIRAI Corporation (hereinafter MIRAI) is diversified REIT.

Starts Proceed Investment

Market Cap: JP¥50.8b

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

Tokaido REIT

Market Cap: JP¥39.7b

Tokaido Reit, Inc. invests in industrial real estate properties.

Healthcare & Medical Investment

Market Cap: JP¥39.5b

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