Largest REITs listed on TSE in Japan 2024, by market capitalization

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.