Japanese Real Estate Undervalued over 20% based on DCF

Invincible Investment

Market Cap: JP¥513.8b

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

AEON REIT Investment

Market Cap: JP¥271.2b

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.

LaSalle LOGIPORT REIT

Market Cap: JP¥264.0b

With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015, 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.

Japan Logistics Fund

Market Cap: JP¥259.9b

JLF is the first logistics properties focused J-REIT, with target areas of Tokyo Metropolitan area, Osaka, Nagoya and Fukuoka Area.

Frontier Real Estate Investment

Market Cap: JP¥234.0b

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

NTT UD REIT Investment

Market Cap: JP¥191.3b

NTT Urban Development REIT Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on May 2, 2002 in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the "Investment Trust Act"), and 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 (stock code 8956).

MIRAI

Market Cap: JP¥88.2b

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

One REIT

Market Cap: JP¥72.4b

One REIT has Mizuho REIT Management Co., Ltd.

Healthcare & Medical Investment

Market Cap: JP¥41.4b

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

XYMAX REIT Investment

Market Cap: JP¥29.1b

XYMAX REIT Investment Corporation (hereinafter, “XYMAX REIT”) was listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market on February 15, 2018.