---
title: "Japan Real Estate Investment (JRE, J-REIT 8952)"
aliases:
  - "japan-real-estate-j-reit-8952"
  - "Japan Real Estate Investment"
  - "JRE"
  - "JRE 8952"
  - "ジャパンリアルエステイト投資法人"
  - "Mitsubishi Estate office J-REIT"
  - "Marunouchi J-REIT"
  - "JRE 8952 Marunouchi"
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, jre, mitsubishi-estate, office, marunouchi, 8952]
status: active
sources:
  - "https://www.j-re.co.jp/"
  - "https://www.j-re.co.jp/english/"
  - "https://www.j-re.co.jp/en_cms/about/index.html"
  - "https://www.j-re.co.jp/en_cms/portfolio/statement.html"
  - "https://www.j-re.co.jp/en_cms/finance/index.html"
  - "https://www.mec.co.jp/e/index.html"
  - "https://www.jpx.co.jp/english/markets/products/reit/index.html"
  - "https://www.ares.or.jp/en/"
  - "https://www.fsa.go.jp/en/"
---

# Japan Real Estate Investment (JRE, J-REIT 8952)

## TL;DR

**Japan Real Estate Investment Corporation (JRE, TSE J-REIT 8952)** is an office J-REIT whose asset manager is wholly owned by Mitsubishi Estate. JRE and [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]] were the two first-listed Japanese REITs in September 2001. Any current size or geographic ranking must be calculated from same-date issuer data. JRE's stated investment policy allocates at least 70% to the Tokyo metropolitan area, but actual exposure must be measured from the current property list and must not be treated as a proxy for Mitsubishi Estate's wider Marunouchi landbank.

JRE and NBF provide a useful sponsor-model comparison, but any valuation, ownership, pipeline or sub-market conclusion must be built from same-date issuer disclosures. Sponsor arrangements can differ, and neither sponsor's wider landbank is a substitute for the REIT's current property list.

## Wiki route

This entry sits under [[real-estate-finance/INDEX|real-estate-finance index]] as the **Mitsubishi Estate office J-REIT anchor**. Read it together with [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate financing model]] for the sponsor-side Marunouchi estate and asset-recycling layer, with [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]] for a same-vintage office-J-REIT comparison, and with [[real-estate-finance/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]] for cross-J-REIT positioning. The governance frame is [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]] and [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict]]. For diversified-portfolio contrast use [[real-estate-finance/nomura-real-estate-master-fund-nmf|Nomura Real Estate Master Fund]]; for logistics contrast use [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]] and [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT (3283)]].

## 1. Corporate identity

Table evidence (reviewed 2026-07-29): [JRE corporate overview](https://www.j-re.co.jp/en_cms/about/index.html), [JRE corporate/financial disclosures](https://www.j-re.co.jp/en_cms/finance/index.html), [JRE portfolio data](https://www.j-re.co.jp/en_cms/portfolio/statement.html), and the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html).

| Item | Detail |
|---|---|
| Ticker | TSE J-REIT **8952** |
| Investment corporation | Japan Real Estate Investment Corporation (ジャパンリアルエステイト投資法人) |
| Asset-management company | Japan Real Estate Asset Management Co., Ltd.; Mitsubishi Estate owns 100% of its shares |
| Sponsor | [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate]] (TSE Prime 8802) |
| Listing date | September 2001 (co-first-listed alongside NBF) |
| Investment scope | Office buildings; policy allocation is at least 70% to Tokyo/Kanagawa/Chiba/Saitama and no more than 30% to other major cities |
| Investment-corporation asset custodian | [[trust-banks/mitsubishi-ufj-trust-bank|Mitsubishi UFJ Trust and Banking Corporation]] |
| General administrator | Mitsubishi UFJ Trust and Banking Corporation for the investor list, general affairs and accounting |
| Property-level trust trustee | A separate asset-level role for property held through trust beneficial interests; identify it only from the applicable property/title disclosure |
| Rating | JCR **AA+**, R&I **AA**, S&P **A+** as of 2026-03-31 |
| Index inclusion | Verify current inclusion directly from each index provider's dated constituent list |

## 2. Portfolio composition

Table evidence (reviewed 2026-07-29; figures as of 2026-03-31): [JRE portfolio data](https://www.j-re.co.jp/en_cms/portfolio/statement.html). Occupancy was 98.9%, appraisal value ¥1,447.290 billion, book value ¥1,082.573 billion, and tenant count 1,674.

| Axis | JRE pattern |
|---|---|
| Asset class | Office buildings, as stated in JRE's investment scope |
| Geographic concentration | Policy: Tokyo metropolitan area at least 70%, other major cities no more than 30%; calculate the actual current mix separately |
| Tokyo sub-market focus | Calculate from the current property list using a stated denominator |
| Property size and tenant structure | Calculate from current property and tenant data; do not generalize every building as large or multi-tenant |
| Portfolio snapshot | 98.9% occupancy, ¥1,447.290 billion appraisal value, ¥1,082.573 billion book value, 1,674 tenants |
| Acquisition source | Classify each dated acquisition from its transaction disclosure; sponsor affiliation alone does not identify the seller or establish a committed pipeline |

Any sponsor-support right must be read from the current agreement and separated from completed transactions. Exposure must be measured from JRE's property-level portfolio rather than inferred from Mitsubishi Estate's broader Marunouchi ownership.

## 3. Capital and leverage

Table evidence (reviewed 2026-07-29; figures as of 2026-03-31): [JRE financial data](https://www.j-re.co.jp/en_cms/finance/index.html). Total assets were ¥1,122.234 billion, debt was ¥503.193 billion, LTV was 44.8%, and the disclosed ratings were JCR AA+, R&I AA and S&P A+.

| Item | JRE pattern |
|---|---|
| LTV snapshot | **44.8%** as of 2026-03-31 |
| Debt mix | Bank loans plus public investment-corporation bonds; lender and facility details must be read from the current debt schedule |
| Bond curve | Compare dated JRE bond terms with matched office-J-REIT issues; do not assume benchmark status |
| Sponsor support stake | Use JRE's dated major-unit-holder disclosure; do not substitute a typical sponsor percentage |
| Distribution policy | Fiscal periods end in March and September; tax deductibility is subject to statutory conduit conditions, including the applicable greater-than-90% distribution test |
| Foreign-investor share | Use JRE's dated unit-holder disclosure; market-wide investor-flow data is not an issuer ownership percentage |

## 4. Top-tenant exposure

| Tenant-concentration metric | JRE pattern |
|---|---|
| Sponsor as tenant | Check the current major-tenant and related-party disclosures; sponsor status alone does not establish rental exposure |
| Tenant industry mix | Use JRE's current tenant disclosure and property-level data rather than inferring the mix from a district label |
| Tenant lease structure | Contract- and property-specific; confirm from issuer disclosure where material |

## 5. JRE vs NBF — same-vintage office-J-REIT comparison

Table evidence (reviewed 2026-07-29): [JRE portfolio and finance disclosures](https://www.j-re.co.jp/en_cms/portfolio/statement.html), [NBF portfolio disclosures](https://www.nbf-m.com/nbf_e/), and [JPX listing data](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html). Qualitative sub-market labels are not a substitute for each issuer's property list.

| Axis | JRE (Mitsubishi Estate) | NBF (Mitsui Fudosan) |
|---|---|---|
| Ticker | 8952 | 8951 |
| Sponsor | [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate]] | [[real-estate-finance/mitsui-fudosan-financing-model|Mitsui Fudosan]] |
| Listing date | September 2001 (co-first) | September 2001 (co-first) |
| Geographic exposure | Calculate from the same-date property lists using the same denominator | Calculate from the same-date property lists using the same denominator |
| Acquisition source | Classify dated transactions and read the current sponsor-support agreement | Classify dated transactions and read the current sponsor-support agreement |
| AUM scale | Compare same-date issuer figures | Compare same-date issuer figures |
| LTV | Use the current issuer definition and date | Use the current issuer definition and date |
| DPU yield | Compare market price, DPU definition and date consistently | Compare market price, DPU definition and date consistently |
| Foreign-investor profile | Use dated JRE unit-holder disclosure | Use dated NBF unit-holder disclosure |
| Distinctive feature | Derive sub-market exposure from JRE's current property list | Derive sub-market exposure from NBF's current property list |

For a defensible comparison, align the reporting date, leverage definition, rating, debt maturity, property mix, market price, DPU and investor-ownership source. Sponsor affiliation is context, not proof of identical financing or valuation outcomes.

## 6. Why Marunouchi exposure matters

Marunouchi can matter only to the extent that JRE's dated portfolio has measurable exposure there. Mitsubishi Estate's broader district ownership and development plans do not automatically transmit to JRE.

- Identify JRE-owned properties from the current portfolio list and separate them from sponsor-owned buildings.
- Measure acquisition price, book value, appraisal value, NOI and occupancy for the identified properties where disclosed.
- Check tenant and lease disclosures rather than inferring retention or industry mix from address prestige.
- Treat sponsor redevelopment and any disclosed support rights as context only; verify the agreement and each transaction rather than treating them as JRE ownership or a committed acquisition.

Any claim that JRE is more sensitive to Marunouchi than another office J-REIT requires a same-date, property-level exposure comparison.

## Related

- [[real-estate-finance/INDEX|real-estate-finance index]]
- [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate financing model]]
- [[real-estate-finance/mitsui-fudosan-financing-model|Mitsui Fudosan financing model]]
- [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]]
- [[real-estate-finance/nomura-real-estate-master-fund-nmf|Nomura Real Estate Master Fund (NMF)]]
- [[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/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]]
- [[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/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT comparison]]
- [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]]
- [[megabanks/mufg-bank|MUFG Bank]]
- [[INDEX|FinWiki index]]

## Sources

- JRE — official site https://www.j-re.co.jp/, corporate overview, portfolio and financial disclosures.
- Mitsubishi Estate IR — https://www.mec.co.jp/e/index.html
- JPX — REIT Market English landing.
- ARES — English landing.
- FSA — investment-corporation framework.