As of April 2024, Nippon Building Fund Inc. was the largest real estate investment trust (REIT) listed on the Tokyo Stock Exchange (TSE), with a market capitalization of about over one trillion Japanese yen. Nippon Prologis REIT, Inc. followed with a market capitalization of 773.8 billion yen.
What are REITs?
REITs are investment vehicles that own income-producing real estate and pay out the income generated from their properties to shareholders in the form of dividends. Japan’s public REIT market was established in 2001 and has since expanded to one of the largest in the world, with a market capitalization of 15.4 trillion Japanese yen in 2023.
REIT market in Japan
In 2023, there were 58 publicly traded REITs in Japan, also called J-REITs. They owned around 4.7 properties worth 22.8 trillion Japanese yen based on acquisition value. By comparison, around 54 privately placed REITs in Japan held properties worth six trillion yen. Assets under management of private REITs only made up a small share of the private real estate investment funds market in Japan, which was estimated at 35 trillion yen in 2023.
Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization
(in billion Japanese yen)
Characteristic
Market capitalization in billion Japanese yen
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Association for Real Estate Securitization. (May 24, 2024). Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization (in billion Japanese yen) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/
Association for Real Estate Securitization. "Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization (in billion Japanese yen)." Chart. May 24, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/
Association for Real Estate Securitization. (2024). Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization (in billion Japanese yen). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/
Association for Real Estate Securitization. "Largest Real Estate Investment Trusts (Reits) Listed on The Tokyo Stock Exchange in Japan as of April 2024, by Market Capitalization (in Billion Japanese Yen)." Statista, Statista Inc., 24 May 2024, https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/
Association for Real Estate Securitization, Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization (in billion Japanese yen) Statista, https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/ (last visited August 25, 2024)
Largest real estate investment trusts (REITs) listed on the Tokyo Stock Exchange in Japan as of April 2024, by market capitalization (in billion Japanese yen) [Graph], Association for Real Estate Securitization, May 24, 2024. [Online]. Available: https://www.statista.com/statistics/1249390/japan-leading-reits-listed-tse-by-market-capitalization/