J-REIT REPORT September 2016
Overview
Tokyo Stock Exchange REIT Index
(MoM)
Price Return 1,825.53
Total Return 3,336.34
As of September 30, 2016, USD/JPY=101.33
TSE REIT Property Sector Index Series (MoM)
Office 1,789.21 (-0.7%)
Residential
2,540.80
(+2.5%)
Retail & Logistics, etc.
(+0.3%)
Total Returns (*annualized)
2,338.48
(+0.3%)
(+0.1%)
¥11,767.4 bn
Market Cap
(56 REITs)
($116.13 bn)
Average
Dividend Yield
3.53%
Property Transactions in Sep.
Index
1 month
3 months
6 months
1 year
2 years*
5 years*
10 years*
Acquisitions
Dispositions
TSE REIT
+ 0.3%
- 0.1%
- 2.2%
+ 12.5%
+ 8.0%
+ 19.1%
+ 5.6%
¥68.2 bn
¥1.0 bn
TOPIX
+ 0.3%
+ 7.1%
- 0.8%
- 4.2%
+ 1.9%
+ 14.0%
+ 0.0%
($674 m)
($10 m)
List of J-REITs
As of September 30, 2016/ In order of market capitalization
Price Return (%)
TSE
Code
REIT
Unit Price
(JPY)
1 month
1
8951
Nippon Building Fund
641,000
2
8952
Japan Real Estate
3
Asset Size* / Asset Type
1 year
Market Cap
(JPY billion)
+ 1.3
+ 10.7
905.1
1,104.0
Office
605,000
- 0.5
+ 9.8
792.1
923.6
Office
3462 Nomura Real Estate Master Fund
169,000
- 1.0
-
706.9
933.2
Office / Residential, etc.
4
8953
Japan Retail Fund
250,100
+ 7.7
+ 8.0
638.3
843.2
Retail
5
8960
United Urban
184,500
+ 0.1
+ 15.5
544.8
593.5
Office / Retail, etc.
6
3283
Nippon Prologis REIT
256,000
+ 3.1
+ 17.9
471.5
447.2
Logistics
7
8984
Daiwa House REIT
297,700
+ 2.0
+ 22.1
452.3
506.9
Residential / Logistics, etc.
8
8954
ORIX JREIT
177,800
- 1.7
+ 9.8
448.9
596.3
Office / Retail, etc.
9
8955
Japan Prime Realty
457,000
- 0.1
+ 17.6
399.0
408.1
Office / Retail
10 3269
Advance Residence
286,500
+ 3.8
+ 13.5
386.1
433.6
Residential
11 3281
GLP J-REIT
134,600
+ 4.8
+ 17.6
384.0
442.9
Logistics
12 3279
Activia Properties
537,000
+ 1.7
+ 7.2
322.0
352.9
Retail / Office
13 8976
Daiwa Office
621,000
+ 0.3
+ 7.4
309.2
467.7
Office
14 8985
Japan Hotel REIT
80,300
- 9.7
+ 5.2
302.1
286.8
Hotel
15 3234
Mori Hills REIT
151,600
- 3.1
+ 7.7
265.4
339.9
Office / Residential, etc.
16 8972
Kenedix Office
623,000
- 0.2
+ 9.5
252.2
398.4
Office
17 8964
Frontier Real Estate
505,000
- 0.2
+ 9.0
250.5
289.1
Retail
18 8961
MORI TRUST Sogo Reit
177,500
- 2.9
- 13.3
234.3
328.1
Office / Retail, etc.
19 3226
Nippon Accommodations Fund
474,000
+ 7.0
+ 18.9
229.7
298.7
Residential
20 8963
Invincible
56,400
- 15.2
- 15.3
207.3
266.6
Hotel / Residential, etc.
21 8967
Japan Logistics Fund
229,000
- 2.9
+ 6.5
201.5
212.6
Logistics
22 8987
Japan Excellent
145,900
+ 4.7
+ 10.7
190.5
287.0
Office
23 3249
Industrial & Infrastructure Fund
514,000
- 0.4
- 1.3
181.2
220.7
Industrial, Infrastructure
24 8956
Premier
134,100
- 4.4
+ 12.5
176.6
236.0
Office / Residential
25 3295
Hulic Reit
180,600
- 1.0
+ 14.3
172.8
214.8
Office / Retail, etc.
26 3292
AEON REIT
131,800
+ 2.4
+ 4.4
172.6
268.6
Retail
27 8968
Fukuoka REIT
189,700
+ 1.9
+ 7.2
141.7
175.8
Retail / Office, etc.
28 8986
Japan Rental Housing
84,900
+ 3.4
+ 8.7
139.2
220.2
Residential
29 3309
Sekisui House Reit
155,400
+ 6.5
+ 25.5
138.9
179.6
Office
30 8957
TOKYU REIT
135,900
- 4.2
- 11.9
132.9
223.6
Office / Retail
No.
*Total Acquisition Price (JPY billion)
The Association for Real Estate Securitization (ARES)
J-REIT REPORT September 2016
No.
TSE
Code
Unit Price Price Return (%)
(JPY)
1 month 1 year
REIT
Market Cap
(JPY billion)
Asset Size* / Asset Type
*Total Acquisition Price (JPY billion)
31 3282
Comforia Residential REIT
249,100
+ 4.6
+ 10.5
127.9
167.1
Residential
32 3466
LaSalle LOGIPORT REIT
107,500
+ 2.6
-
118.3
161.4
Logistics
33 8973
Sekisui House SI Residential
115,600
- 3.3
+ 12.9
117.7
199.2
Residential
34 8975
Ichigo Office REIT
74,300
- 3.6
- 10.0
113.8
191.0
Office
35 3287
Hoshino Resorts REIT
1,272,000
+ 3.2
+ 18.1
104.0
93.2
Hotel
36 3296
NIPPON REIT
259,600
+ 1.2
+ 0.8
101.7
204.9
Office / Residential, etc.
37 3453
Kenedix Retail REIT
240,200
- 7.1
+ 4.2
101.5
158.8
Retail
38 3278
Kenedix Residential
288,100
+ 1.0
- 6.8
100.6
153.2
Residential
39 8966
HEIWA REAL ESTATE REIT
83,300
- 2.7
- 5.0
84.5
164.7
Residential / Office, etc.
40 3227
MCUBS Midcity
313,500
- 10.0
+ 0.6
83.4
217.1
Office
41 8977
Hankyu REIT
137,300
- 3.0
+ 8.9
82.0
134.5
Retail / Office
42 8958
Global One Real Estate
386,500
- 1.9
+ 7.7
74.9
161.3
Office
43 3471
Mitsui Fudosan Logistics Park
333,000
+ 14.5
-
74.6
75.5
Logistics
44 3298
Invesco Office J-REIT
88,900
- 4.7
- 5.0
72.5
154.2
Office
45 3290
SIA REIT
381,000
- 4.3
- 13.6
35.8
89.4
Office / Retail
46 3463
Ichigo Hotel REIT
136,600
+ 4.3
-
35.2
47.7
Hotel
47 3468
Star Asia
87,400
- 1.1
-
30.1
61.5
Office / Logistics, etc.
48 8979
Starts Proceed
166,900
- 1.1
- 1.7
29.0
57.9
Residential
49 3473
SAKURA SOGO REIT
80,000
-
-
26.6
57.4
Office / Retail, etc.
50 3459
Samty Residential
82,000
+ 0.4
- 3.9
23.2
51.6
Residential
51 3451
Tosei Reit
111,900
- 0.5
- 5.7
18.0
30.8
Residential / Office, etc.
52 3472
Ooedo Onsen Reit
90,500
+ 8.3
-
15.9
26.8
Hotel
53 3308
Nippon Healthcare
178,000
+ 0.0
- 10.5
13.3
18.6
Healthcare
54 3455
Healthcare & Medical
108,200
+ 1.1
+ 3.9
13.0
25.0
Healthcare
55 3460
Japan Senior Living
146,200
- 1.7
- 5.0
12.4
28.0
Healthcare
56 3470
Marimo Regional Revitalization REIT
83,500
- 8.4
-
7.6
16.2
Residential / Retail, etc.
11,767.4
15,246.5
Source: TSE, Company websites
Total
[Disclaimer] This report is provided to inform readers about the J-REIT market and is not intended to solicit investments.
Information in this report is not necessarily up-to-date and ARES does not guarantee its correctness or completeness.
Information in this report is subject to change without prior notice.
[email protected]
The Association for Real Estate Securitization (ARES)
Market
Tokyo Stock Exchange REIT Index & TOPIX
Tokyo Stock Exchange REIT Index
3,500
2,200
TSE REIT
2,100
TOPIX
2,000
3,000
2,500
1,900
2,000
1,800
1,500
1,700
1,000
1,600
TSE REIT (Price Return)
TOPIX (Price Return)
Mar-16
Mar-15
Mar-14
Mar-13
Mar-12
Mar-11
Mar-10
Mar-09
Mar-08
Mar-07
Mar-06
Mar-05
Mar-04
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Mar-03
0
1,400
Source: Bloomberg
Note: Price Return Source: Bloomberg
Tokyo Stock Exchange REIT Property Sector Index Series
140
Tokyo Stock Exchange REIT Index & S&P Developed REIT Index
130
Office
Residential
Retail & Logistics, Others
120
110
110
100
100
90
90
80
80
70
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
120
Note: Price Return Source: Bloomberg
TSE REIT
S&P Developed REIT (ex-Japan, USD)
S&P Developed REIT (ex-Japan, JPY)
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
130
TSE REIT (Total Return)
TOPIX (Total Return)
500
1,500
Note: Price Return Source: Bloomberg
The Association for Real Estate Securitization (ARES)
Market
Dividend Yield
REITs
60
8%
J-REIT
10-year JGB
TSE 1st Sec.
Yield Spread
7%
6%
5%
Number / Market Cap / Assets of J-REITs
trillion yen
18
Assets (Acquisition Price)
Market Capitalization
Number of Listed REITs
Assets (Appraisal Value)
50
15
40
12
30
9
20
6
10
3
0
0
4%
3%
2%
0%
Apr-16
Oct-15
Apr-15
Oct-14
Apr-14
Apr-13
Oct-13
Apr-12
Oct-12
Oct-11
Apr-11
Oct-10
Apr-10
Apr-09
Oct-09
Apr-08
Oct-08
Oct-07
Apr-07
Oct-06
-1%
Sep-01
Mar-02
Sep-02
Mar-03
Sep-03
Mar-04
Sep-04
Mar-05
Sep-05
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
1%
Source: ARES, The Investment Trusts Association
Source: ARES, Japan Bond Trading, Tokyo Stock Exchange
Price / NAV Ratio
billion yen
Capital Flows into / out of J-REIT Funds
trillion yen
2.0
120
1.8
100
3.5
80
3.0
60
2.5
1.0
40
2.0
0.8
20
1.5
0
1.0
1.6
4.0
1.4
1.2
0.6
P/NAV
0.4
10-year Average
Net Inflows (left)
-20
0.2
0.5
Net Assets (right)
Apr-16
Oct-15
Apr-15
Oct-14
Oct-13
Apr-14
Apr-13
Oct-12
Apr-12
Oct-11
Oct-10
Apr-11
Apr-10
Oct-09
Apr-09
Oct-08
Oct-07
Apr-08
Apr-07
Oct-06
Source: ARES
0.0
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
-40
0.0
Source: The Investment Trusts Association
The Association for Real Estate Securitization (ARES)
billion yen
Cumulative Net Buying (Selling) by Investor Type
Net Buying (Selling) by Investor Type
Individuals
1 year: Sep. 2015 - Aug. 2016
Foreigners
Foreigners
¥201.4 bn
Foreigners
¥86.0 bn
Securities Cos.
Bank of Japan
¥81.9 bn
Bank of Japan
¥43.2 bn
Investment
Trusts
Business Cos.
Others (financial)
¥25.3 bn
Others (financial)
¥12.4 bn
Life ＆ Non Life
¥8.3 bn
Life ＆ Non Life
¥5.5 bn
Securities Cos.
¥2.6 bn
Securities Cos.
¥3.4 bn
Investment Trusts
(¥6.6 bn)
Others
(¥7.9 bn)
Bank of Japan
Banks (ex-BOJ)
(¥13.5 bn)
Banks (ex-BOJ)
(¥11.1 bn)
Life ＆ Non Life
Others
(¥15.6 bn)
Investment Trusts
(¥21.7 bn)
Business Cos.
(¥60.6 bn)
Business Cos.
(¥32.1 bn)
Individuals
(¥347.9 bn)
Individuals
(¥176.0 bn)
Others
Banks (ex-BOJ)
Note: Secondary market (Brokerage trading) only
Others
(financial)
Source: TSE, BOJ
Note: Secondary market (Brokerage trading) only
Trading Share by Investor Type
70%
Individuals
60
60%
Foreigners
50
50%
20%
Securities
Cos.
Investment
Trusts
Business
Cos.
Others
10%
Banks
40%
30%
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
0%
Note: Brokerage trading Source: TSE
6 months: Mar. 2016 - Aug. 2016
Life ＆ Non
Life
Others
(financial)
billion yen
Source: TSE, BOJ
Daily Average Trading Value
40
30
20
10
0
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
160
140
120
100
80
60
40
20
0
-20
-40
-60
-80
-100
-120
-140
-160
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Net Selling ←
→
Net Buying
Trading Data of J-REIT Units on Tokyo Stock Exchange
Source: Bloomberg
The Association for Real Estate Securitization (ARES)