Japanese Real Estate Undervalued over 20% based on DCF

Japan Real Estate Investment

Market Cap: JP¥871.5b

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

ORIX JREIT

Market Cap: JP¥552.0b

A Japanese real estate investment corporation was established on September 10, 2001, 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¥534.7b

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¥479.4b

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

Japan Hotel REIT Investment

Market Cap: JP¥400.1b

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

MORI TRUST REIT

Market Cap: JP¥263.4b

MORI TRUST Reit, Inc., 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.

Daiwa Securities Living Investment

Market Cap: JP¥262.0b

Daiwa Securities Living Investment Corporation based on the provisions of the Act on Investment Trusts and Investment Corporations and listed as a housing-specific REIT on the Tokyo Stock Exchange Real Estate Investment Trust market on June 22, 2006.

Comforia Residential REIT

Market Cap: JP¥261.9b

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¥257.7b

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

Hulic Reit

Market Cap: JP¥237.6b

Hulic Reit, Inc. (“Investment Corporation”) was established on November 7, 2013, with Hulic Reit Management Co., Ltd.

Frontier Real Estate Investment

Market Cap: JP¥235.9b

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

Heiwa Real Estate REIT

Market Cap: JP¥185.0b

An investment corporation.

Star Asia Investment

Market Cap: JP¥153.2b

Star Asia Investment Corporation (SAR) was established as a diversified real estate investment trust on December 1, 2015, under the Act on Investment Trusts and Investment Corporations (Act No.

Hoshino Resorts REIT

Market Cap: JP¥151.0b

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.

Hankyu Hanshin REIT

Market Cap: JP¥104.1b

An integrated real estate investment trust.

MIRAI

Market Cap: JP¥93.2b

MIRAI Corporation (hereinafter MIRAI) is diversified REIT.

Samty Residential Investment

Market Cap: JP¥91.5b

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

Starts Proceed Investment

Market Cap: JP¥55.3b

Starts Proceed Investment Corporation with 150 million yen in capital (750 units) based on the Act on Investment Trusts and Investment Corporations (Act No.

Healthcare & Medical Investment

Market Cap: JP¥43.1b

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