---
title: "J-REIT 20-name reference matrix"
aliases:
  - "j-reit-top-20-detailed-matrix"
  - "Top 20 J-REIT comparison matrix"
  - "J-REIT top 20 by market cap"
  - "J-REIT 上位20 比較"
  - "J-REIT detailed reference matrix"
  - "J-REIT sponsor LTV yield matrix"
  - "J-REIT 2026 league table"
  - "J-REIT NAV DPU trend 2024 2025"
  - "top 20 listed J-REIT detailed"
domain: real-estate-finance
created: 2026-05-25
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2027-01-29
confidence: likely
tags: [real-estate-finance, j-reit, matrix, reference-set, sponsor, asset-class, issuer-research]
status: active
sources:
  - "https://www.jpx.co.jp/english/equities/products/reits/issues/index.html"
  - "https://www.jpx.co.jp/english/markets/indices/tsereit/index.html"
  - "https://j-reit.jp/en/"
  - "https://www.ares.or.jp/en/"
  - "https://www.fsa.go.jp/en/"
  - "https://www.nbf-m.com/nbf_e/"
  - "https://www.j-re.co.jp/en_cms/"
  - "https://www.nre-mf.co.jp/en/"
  - "https://www.glpjreit.com/en/"
  - "https://www.prologis-reit.co.jp/en/"
  - "https://www.daiwa-office.co.jp/en/"
  - "https://www.naf-r.jp/english/"
  - "https://www.jlf-reit.com/english/"
  - "https://sekisuihouse-reit.co.jp/en/"
  - "https://www.orixjreit.com/en/"
  - "https://www.morihills-reit.co.jp/en/"
  - "https://www.mt-reit.jp/en/"
  - "https://www.iif-reit.com/en/"
  - "https://www.activia-reit.co.jp/en/"
  - "https://www.frontier-reit.co.jp/en/"
  - "https://www.pic-reit.co.jp/en/"
  - "https://www.kdx-reit.com/eng/"
  - "https://www.hulic-reit.co.jp/en/"
  - "https://www.mflp-reit.co.jp/en/"
  - "https://www.aeon-jreit.co.jp/en/"
  - "https://www.jcr.co.jp/en/"
  - "https://www.r-i.co.jp/en/"
---

# J-REIT 20-name reference matrix

## TL;DR

This page is a **20-name editorial reference set**, not a current top-20 ranking, market-cap league table, or investable screen. It preserves a cross-sector issuer sample while routing every row to official issuer evidence. Live market capitalization, AUM, LTV, distribution per unit (DPU), NAV per unit, occupancy, tenants, and sponsor holdings must be refreshed from the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html) and each issuer's latest disclosure.

The reference set includes domestic-developer, financial-group, trading-house, global logistics-platform, and asset-manager relationships. Sponsor classifications can change through mergers and asset-manager ownership transactions, so current legal names and relationships take priority over the historical labels preserved in older commentary. See [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict of interest]].

For sector context, pair the matrix with [[real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT asset-class comparison]]; for the US comparison frame, use [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]].

## Wiki route

This entry sits under [[real-estate-finance/INDEX|real-estate-finance index]] as a **named-issuer reference matrix**. It is not a continuation of the shorter [[real-estate-finance/top-10-j-reit-overview-matrix|top 10 J-REIT overview matrix]] and does not claim that the same names rank highest today. Read it against the per-REIT pages where they exist: [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]], [[real-estate-finance/japan-real-estate-j-reit-8952|Japan Real Estate (JRE, 8952)]], [[real-estate-finance/nomura-real-estate-master-fund-nmf|Nomura Real Estate Master Fund (NMF, 3462)]], [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]], [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT (3283)]]. System frame: [[real-estate-finance/j-reit-market-overview|J-REIT market overview]], [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]], [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict]], [[real-estate-finance/j-reit-foreign-investor-ownership|J-REIT foreign-investor ownership]], [[real-estate-finance/j-reit-dividend-yield-vs-jgb-spread|J-REIT dividend yield vs JGB spread]], [[real-estate-finance/real-estate-cap-rate-compression-2026|cap-rate compression 2026]].

Sponsor-side developer entries: [[real-estate-finance/mitsui-fudosan-financing-model|Mitsui Fudosan financing model]], [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate financing model]], [[real-estate-finance/aeon-mall-financing-and-securitization|AEON Mall financing and securitization]]. Role context: [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]] for separately identifying an investment corporation's asset custodian / administrators and any property-level trust trustee; no single trustee layer is assumed behind every J-REIT.

## 1. The 20-name reference set

Row evidence (reviewed 2026-07-29): every REIT name links directly to its official IR portal; current codes and legal names are cross-checked against the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html). The row number is an editorial reference number, not a ranking.

| Ref | J-REIT | Code | Sponsor / asset-manager relationship | Broad asset focus | Refresh rule |
|---|---|---|---|---|---|
| 1 | [Nippon Building Fund](https://www.nbf-m.com/nbf_e/) | 8951 | Mitsui Fudosan-related asset manager | Office | Use latest issuer portfolio and financial data |
| 2 | [Japan Real Estate Investment Corporation](https://www.j-re.co.jp/en_cms/) | 8952 | Mitsubishi Estate-related asset manager | Office | Use latest issuer portfolio and financial data |
| 3 | [Nomura Real Estate Master Fund](https://www.nre-mf.co.jp/en/) | 3462 | Asset manager wholly owned by Nomura Real Estate Holdings; Nomura Real Estate Development is a disclosed information provider | Diversified | Do not infer a Nomura Holdings parent relationship |
| 4 | [GLP J-REIT](https://www.glpjreit.com/en/) | 3281 | GLP-related asset manager | Logistics | Use latest issuer portfolio and financial data |
| 5 | [Nippon Prologis REIT](https://www.prologis-reit.co.jp/en/) | 3283 | Prologis-related asset manager | Logistics | Use latest issuer portfolio and financial data |
| 6 | [Daiwa Office Investment Corporation](https://www.daiwa-office.co.jp/en/) | 8976 | Daiwa Securities Group-related asset manager | Office | Use latest issuer portfolio and financial data |
| 7 | [Nippon Accommodations Fund](https://www.naf-r.jp/english/) | 3226 | Mitsui Fudosan-related asset manager | Residential | Use latest issuer portfolio and financial data |
| 8 | [Japan Logistics Fund](https://www.jlf-reit.com/english/) | 8967 | Mitsui & Co.-related asset manager | Logistics | Use latest issuer portfolio and financial data |
| 9 | [Sekisui House REIT](https://sekisuihouse-reit.co.jp/en/) | 3309 | Sekisui House-related asset manager | Diversified | Use latest issuer portfolio and financial data |
| 10 | [ORIX JREIT](https://www.orixjreit.com/en/) | 8954 | ORIX-related asset manager | Diversified | Use latest issuer portfolio and financial data |
| 11 | [Mori Hills REIT](https://www.morihills-reit.co.jp/en/) | 3234 | Mori Building-related asset manager | Office / mixed-use | Use latest issuer portfolio and financial data |
| 12 | [MORI TRUST REIT](https://www.mt-reit.jp/en/) | 8961 | Mori Trust-related asset manager | Diversified | Current code / name replace historical pre-merger labels |
| 13 | [Industrial & Infrastructure Fund](https://www.iif-reit.com/en/) | 3249 | KJR Management / KKR-linked asset-management platform | Logistics + industrial infrastructure | Use current asset-manager ownership disclosure |
| 14 | [Activia Properties](https://www.activia-reit.co.jp/en/) | 3279 | Tokyu Land-related asset manager | Urban retail + office | Use latest issuer portfolio and financial data |
| 15 | [Mitsui Fudosan Retail Fund Investment Corporation](https://www.frontier-reit.co.jp/en/) | 8964 | Mitsui Fudosan-related asset manager | Retail | Current legal name replaces Frontier Real Estate label |
| 16 | [NTT UD REIT Investment Corporation](https://www.pic-reit.co.jp/en/) | 8956 | NTT Urban Development-related asset manager | Diversified | Current legal name replaces Premier Investment label |
| 17 | [KDX Realty Investment Corporation](https://www.kdx-reit.com/eng/) | 8972 | Kenedix-related asset manager | Diversified | Current consolidated vehicle replaces Kenedix Office label |
| 18 | [Hulic Reit](https://www.hulic-reit.co.jp/en/) | 3295 | Hulic-related asset manager | Diversified | Use latest issuer portfolio and financial data |
| 19 | [Mitsui Fudosan Logistics Park](https://www.mflp-reit.co.jp/en/) | 3471 | Mitsui Fudosan-related asset manager | Logistics | Use latest issuer portfolio and financial data |
| 20 | [AEON REIT](https://www.aeon-jreit.co.jp/en/) | 3292 | AEON-related asset manager | Retail | Use latest issuer portfolio and financial data |

The matrix deliberately omits approximate AUM, market-cap bands, LTV zones, yield zones, and directional NAV / DPU labels. Those fields are date-sensitive and cannot be reproduced reliably from a static, unsourced league-table snapshot.

## 2. Asset-class mix inside this reference set

Table evidence (reviewed 2026-07-29): this is a deterministic re-cut of the broad-focus field in the row-linked master table above. Counts describe only this selected set and say nothing about the full JPX universe or current market-cap weights.

| Broad bucket | Reference-set names | Count |
|---|---|---:|
| Office / office-led mixed | NBF (8951), JRE (8952), Daiwa Office (8976), Mori Hills (3234) | 4 |
| Diversified | NMF (3462), Sekisui House REIT (3309), ORIX JREIT (8954), MORI TRUST REIT (8961), NTT UD REIT (8956), KDX Realty (8972), Hulic Reit (3295) | 7 |
| Logistics / logistics + infrastructure | GLP (3281), Nippon Prologis (3283), Japan Logistics Fund (8967), IIF (3249), MFLP (3471) | 5 |
| Retail / urban retail mixed | Activia (3279), Mitsui Fudosan Retail Fund (8964), AEON REIT (3292) | 3 |
| Residential | Nippon Accommodations Fund (3226) | 1 |

## 3. Sponsor / asset-manager relationship matrix

Table evidence (reviewed 2026-07-29): relationship labels are derived from the official issuer portals linked in the master table. “Related” does not by itself specify ownership percentage, pipeline rights, or the current sponsor stake.

| Relationship lens | Reference-set examples | Required follow-up |
|---|---|---|
| Domestic developer-related | NBF, JRE, NMF, NAF, Sekisui House REIT, Mori Hills, MORI TRUST REIT, Activia, Mitsui Fudosan Retail Fund, Hulic Reit, MFLP | Read current asset-manager ownership and support agreements |
| Retail-group-related | AEON REIT | Separate AEON Co.'s sponsor role, the asset manager and the named support companies |
| Financial-group-related | Daiwa Office, ORIX JREIT | Verify the current group and asset-manager disclosure |
| Trading-company-related | Japan Logistics Fund | Verify the current group and asset-manager disclosure |
| Corporate-group-related | NTT UD REIT | Verify NTT Urban Development and asset-manager relationships rather than classifying it as a financial or trading group |
| Global logistics-platform-related | GLP J-REIT, Nippon Prologis REIT | Verify current sponsor and pipeline terms |
| Asset-manager ownership transaction relevant | IIF, KDX Realty | Check current asset-manager ownership and merger history |

This classification is descriptive and non-exclusive; it is not a sponsor-quality score.

## 4. LTV comparison protocol

Table evidence (reviewed 2026-07-29): the master-table issuer links are the source route for current LTV disclosures. No static “typical” band is assigned here.

| Field | Reproducible treatment |
|---|---|
| Reported LTV | Record the issuer's value, definition, and balance-sheet date |
| Policy ceiling / target | Quote only when the current issuer material states it |
| Numerator / denominator | Confirm whether the issuer uses interest-bearing debt, total assets, appraisal value, or another definition |
| Cross-issuer comparison | Normalize definitions and dates before ranking |
| Acquisition capacity | Treat as an analytical inference, not a value stated by the table |

## 5. Tenant-concentration protocol

Table evidence (reviewed 2026-07-29): tenant concentration must be rebuilt from each issuer's portfolio and major-tenant disclosures linked in the master table.

| Question | Evidence to capture |
|---|---|
| Largest-tenant exposure | Percentage of rent, leased area, or another clearly labeled denominator |
| Single-tenant property risk | Property-level tenant count and lease-expiry schedule |
| Multi-tenant diversification | Number of tenants alone is insufficient; capture rent / area concentration |
| Master-lease structure | Identify master lessee, end-tenant transparency, and expiry terms |
| Comparability | Keep measurement date and denominator consistent |

Asset class is not a substitute for issuer evidence: logistics properties may be single- or multi-tenant, and office / retail portfolios can still have material tenant concentration.

## 6. Sponsor geography and ownership

Row evidence (reviewed 2026-07-29): [GLP J-REIT](https://www.glpjreit.com/en/), [Nippon Prologis REIT](https://www.prologis-reit.co.jp/en/), [IIF](https://www.iif-reit.com/en/), and [KDX Realty](https://www.kdx-reit.com/eng/) illustrate why a binary “foreign versus domestic” count can be misleading after asset-manager ownership transactions.

| Analytical question | Treatment |
|---|---|
| Sponsor headquarters | Record from the current sponsor's own disclosure |
| Asset-manager legal entity | Record the Japan entity named by the issuer |
| Ultimate control | Check current ownership; do not carry forward a pre-transaction label |
| Unit-holder ownership | Keep separate from sponsor nationality and use issuer / ARES evidence |
| Pipeline geography | Establish from the current support agreement, not from sponsor branding |

## 7. Trustee verification

Table evidence (reviewed 2026-07-29): the [FSA regulatory overview](https://www.fsa.go.jp/en/refer/legislation/20130416/02.pdf) and [JPX J-REIT Guidebook](https://www.jpx.co.jp/english/equities/products/reits/guidebook/b5b4pj000003984r-att/REIT.pdf) explain the institutional framework. Corporation-level appointments and property-level trust roles must be taken from the applicable current disclosure.

| Field | Verification rule |
|---|---|
| Investment-corporation asset custodian | Capture the current legal entity from the issuer's structure page or securities report |
| General administrator | Capture function and entity; do not assume it is the asset custodian |
| Property-level trust trustee | Capture asset by asset where the property is held through a trust beneficiary interest; do not substitute it for the corporation-level custodian |
| Sponsor relationship | Analyze separately; trustee identity does not prove sponsor alignment |
| Market share | Do not state a ranking without a complete, dated issuer census |

See [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]] for the functional framework.

## 8. NAV and DPU refresh protocol

Table evidence (reviewed 2026-07-29): current values come from the official issuer portals in the master table; market price and current listing status should be checked through [JPX](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html).

| Metric | Minimum capture |
|---|---|
| NAV per unit | Definition, valuation date, units outstanding, and source period |
| DPU | Actual or forecast label, fiscal period, and treatment of one-off gains |
| Distribution yield | Price timestamp and annualization convention |
| Trend | At least two comparable periods using the same definition |
| Narrative driver | Cite issuer explanation; distinguish it from analyst inference |

The former static 2024-2025 direction labels were removed because they mixed periods, definitions, and unsupported sector generalizations.

## 9. Sub-cluster examples

Table evidence (reviewed 2026-07-29): names and relationships are derived from the row-linked issuer portals. These are research groupings, not recommendations or correlation claims.

| Research grouping | Reference-set examples | Comparison fields |
|---|---|---|
| Mitsui Fudosan-related | NBF (8951), NAF (3226), Mitsui Fudosan Retail Fund (8964), MFLP (3471) | Asset class, related-party controls, current sponsor stake |
| Mitsubishi Estate-related | JRE (8952) | Office portfolio, support agreement, current balance sheet |
| Global logistics-platform-related | GLP J-REIT (3281), Nippon Prologis REIT (3283) | Portfolio, lease expiry, tenant concentration, sponsor pipeline |
| Office-focused | NBF (8951), JRE (8952), Daiwa Office (8976) | Location mix, occupancy, rents, cap rates, LTV |
| Diversified | NMF (3462), ORIX JREIT (8954), KDX Realty (8972), Hulic Reit (3295) | Segment weights and cross-sector concentration |
| Retail-related | Activia (3279), Mitsui Fudosan Retail Fund (8964), AEON REIT (3292) | Property format, master leases, tenant concentration |

## Reading the matrix

Use sponsor / asset-manager relationships as one governance lens, then verify current ownership and related-party rules. Use asset class as an exposure label, not as evidence of cap rates, occupancy, lease duration, or tenant concentration. LTV, DPU, NAV, and yield comparisons require aligned dates and definitions.

JPX investor-type statistics measure aggregate J-REIT trading flow and do not identify beneficial ownership or prove rotation between office and logistics names. A sector-flow claim needs issuer-level market data or disclosed fund holdings. Rate and cap-rate context should likewise be drawn from dated series; see [[real-estate-finance/j-reit-dividend-yield-vs-jgb-spread|J-REIT dividend yield vs JGB spread]] and [[real-estate-finance/real-estate-cap-rate-compression-2026|real estate cap-rate compression 2026]].

### What this matrix does not tell you

- **Live ranking by market cap**: use current JPX / ARES data.
- **Exact AUM, LTV, DPU, NAV per unit, occupancy, or tenant exposure**: use each issuer's latest disclosure.
- **Sponsor or asset-manager quality**: this requires issuer-specific governance and performance review.
- **Future performance or portfolio construction**: the reference number and grouping carry no recommendation.

## 10. Source-control checklist

Table evidence (reviewed 2026-07-29): [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html), [ARES J-REIT statistics](https://www.ares.or.jp/action/jreit/), [JPX investor-type statistics](https://www.jpx.co.jp/english/markets/statistics-equities/investor-type/index.html), [JCR](https://www.jcr.co.jp/en/), [R&I](https://www.r-i.co.jp/en/), and the row-linked issuer portals above.

| Question | Public surface |
|---|---|
| Current legal name, code, listing status | JPX listed-REIT directory |
| Current market cap / price | Dated JPX market data; record timestamp |
| AUM, LTV, DPU, NAV, occupancy, tenant exposure | Latest issuer IR / securities report |
| Sponsor, asset-manager ownership, support agreement | Current issuer and asset-manager disclosure |
| Sponsor stake / major unit holders | Current issuer major-holder disclosure |
| Investment-corporation asset custodian / administrator | Current issuer structure page and securities report |
| Property-level trust trustee | Applicable property/title and transaction disclosure |
| Aggregate holder categories | Dated ARES unitholder survey |
| Aggregate investor-type trading | JPX investor-type statistics; do not treat as ownership |
| Rating actions | JCR / R&I issuer announcements |

This checklist supports reproducible J-REIT analysis from public sources only.

## Related

- [[real-estate-finance/INDEX|real-estate-finance index]]
- [[real-estate-finance/j-reit-market-overview|J-REIT market overview]]
- [[real-estate-finance/top-10-j-reit-overview-matrix|top 10 J-REIT overview matrix]]
- [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]]
- [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict of interest]]
- [[real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT asset-class comparison]]
- [[real-estate-finance/j-reit-foreign-investor-ownership|J-REIT foreign-investor ownership]]
- [[real-estate-finance/j-reit-dividend-yield-vs-jgb-spread|J-REIT dividend yield vs JGB spread]]
- [[real-estate-finance/private-reit-japan-vs-listed-j-reit-comparison|Private REIT Japan vs listed J-REIT comparison]]
- [[real-estate-finance/real-estate-cap-rate-compression-2026|real estate cap-rate compression 2026]]
- [[real-estate-finance/japan-real-estate-appraisal-methodology|Japan real estate appraisal methodology]]
- [[real-estate-finance/jpx-real-estate-index-derivatives|JPX TSE REIT Index derivatives]]
- [[real-estate-finance/jrei-foreign-investment-tax-treatment|JREI foreign investment tax treatment]]
- [[real-estate-finance/mitsui-fudosan-financing-model|Mitsui Fudosan financing model]]
- [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate financing model]]
- [[real-estate-finance/aeon-mall-financing-and-securitization|AEON Mall financing and securitization]]
- [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]]
- [[real-estate-finance/japan-real-estate-j-reit-8952|Japan Real Estate (JRE, 8952)]]
- [[real-estate-finance/nomura-real-estate-master-fund-nmf|Nomura Real Estate Master Fund (NMF, 3462)]]
- [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]]
- [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT (3283)]]
- [[real-estate-finance/bank-commercial-real-estate-lending-japan|bank commercial real estate lending Japan]]
- [[banking/INDEX|banking index]]
- [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]]
- [[leasing-firms/orix-corp|Orix]]
- [[securities-firms/daiwa-sg|Daiwa Securities Group]]
- [[securities-firms/nomura-hd|Nomura HD]]
- [[trust-banks/mitsubishi-ufj-trust-bank|Mitsubishi UFJ Trust Bank]]
- [[trust-banks/sumitomo-mitsui-trust|SMTB]]
- [[retail/aeon-group|AEON Group]]
- [[finance/japan-listed-financial-groups-investable-universe|Japan listed financial groups investable universe]]
- [[INDEX|FinWiki index]]

## Sources

- JPX, "REIT Market" English landing.
- JPX, "TSE REIT Index" English page.
- J-REIT.jp (ARES portal), English.
- ARES (Association for Real Estate Securitization), English.
- FSA, English landing for investment-corporation framework.
- Each reference-set J-REIT's IR portal (English) — listed in `sources` frontmatter.
- JCR, R&I — public rating-action announcements on listed J-REITs.