---
title: "Top 10 J-REIT overview matrix"
aliases:
  - "Top 10 J-REIT overview"
  - "top 10 J-REIT by market cap"
  - "largest J-REIT comparison"
  - "Jリート 上位10 比較表"
  - "biggest Japanese REIT comparison"
  - "Nippon Building Fund Japan Real Estate NMF comparison"
  - "J-REIT sponsor matrix"
  - "top J-REIT AUM matrix"
domain: "real-estate-finance"
created: 2026-05-25
last_updated: 2026-05-25
last_tended: 2026-05-25
review_by: 2026-11-25
confidence: likely
tags: [real-estate-finance, j-reit, matrix, top-10, sponsor, asset-class, market-cap]
status: active
sources:
  - "https://www.jpx.co.jp/english/markets/products/reit/index.html"
  - "https://j-reit.jp/en/"
  - "https://www.ares.or.jp/en/"
  - "https://www.jpx.co.jp/english/markets/indices/tsereit/index.html"
---

# Top 10 J-REIT overview matrix

## TL;DR

Use this entry as the named-name matrix companion to [[real-estate-finance/j-reit-market-overview|J-REIT market overview]]. It maps the top 10 listed J-REIT by approximate market capitalization to their sponsor, asset class, asset-class concentration, AUM scale, LTV range, DPU yield zone, and foreign-investor relevance. Specific numeric ranks shift quarter-to-quarter; the goal of this matrix is to give a public-surface reference structure rather than a live league table. Always cross-check current numbers against JPX REIT segment data and individual [[real-estate-finance/INDEX|J-REIT IR]] materials.

The 10 representative names below are commonly cited in the J-REIT IR / sell-side coverage universe as the top-of-market by combined size and liquidity. Their sponsor structure is the structural feature analyzed in [[real-estate-finance/j-reit-sponsor-structure-conflict|sponsor structure and conflict of interest]].

## Wiki route

Start from [[real-estate-finance/INDEX|real-estate-finance domain]], then [[real-estate-finance/j-reit-market-overview|J-REIT market overview]] and [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|US/JP governance comparison]] before using this matrix. Follow the sponsor links into [[finance/japan-listed-financial-groups-investable-universe|Japan listed financial groups investable universe]] for the listed-developer-side IR cross-reference; the trustee column behind each J-REIT typically connects to [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]].

## 1. Representative top-of-market J-REIT (alphabetical)

| J-REIT (English) | Japanese name | Sponsor | Asset focus | Asset-management-company affiliation |
|---|---|---|---|---|
| Daiwa Office Investment | 大和証券オフィス投資法人 | Daiwa group | Office | Daiwa Real Estate Asset Management |
| Global One Real Estate Investment | グローバル・ワン不動産投資法人 | Mitsubishi UFJ Trust + Meiji Yasuda + Mizuho Trust + Nippon Life | Office | Global Alliance Realty |
| Industrial & Infrastructure Fund (IIF) | 産業ファンド投資法人 | KKR / Mitsubishi Corp-UBS combination (historical), now KJR | Logistics / industrial | Mitsubishi Corp-UBS Realty / KJR Management |
| Japan Real Estate Investment Corp (JRE) | ジャパンリアルエステイト投資法人 | Mitsubishi Estate | Office | Japan Real Estate Asset Management |
| Japan Retail Fund Investment Corp (now JMF) | ジャパンリテールファンド (JMF統合後) | Mitsubishi Corp-UBS / KJR | Retail / diversified | KJR Management |
| KDX Tokyo REIT (Kenedix) | ケネディクス系REIT (KDX) | Kenedix | Office / residential | Kenedix Real Estate Fund Management |
| Mori Hills REIT | 森ヒルズリート投資法人 | Mori Building | Office / urban redevelopment | Mori Building Investment Management |
| Nippon Building Fund (NBF) | 日本ビルファンド投資法人 | Mitsui Fudosan | Office | Nippon Building Fund Management |
| Nomura Real Estate Master Fund (NMF) | 野村不動産マスターファンド投資法人 | Nomura Real Estate | Diversified | Nomura Real Estate Asset Management |
| Orix JREIT | オリックス不動産投資法人 | Orix | Diversified | Orix Asset Management |

Specific ranking by market cap shifts; this list is a stable representative top-of-market group rather than an exact league table. Industry consolidation has merged some earlier separately-listed J-REIT into combined entities (for example Japan Retail Fund and MCUBS MidCity were consolidated into JMF), so the list of "top 10 by market cap" rotates over time.

### 2.1 Sponsor and asset focus

| J-REIT | Sponsor type | Asset class | Asset-class concentration |
|---|---|---|---|
| Nippon Building Fund (NBF) | Developer (Mitsui Fudosan) | Office | High Tokyo CBD office concentration |
| Japan Real Estate (JRE) | Developer (Mitsubishi Estate) | Office | High Marunouchi / Otemachi exposure |
| Nomura Real Estate Master Fund (NMF) | Developer (Nomura Real Estate) | Diversified | Diversified across office, retail, logistics, residential |
| Japan Retail Fund / JMF | Combined sponsor | Retail / diversified | Retail-anchored after merger reorganization |
| Daiwa Office Investment | Financial / developer | Office | Office-focused |
| Industrial & Infrastructure Fund (IIF) | Financial-anchored | Logistics / industrial | Logistics-heavy with industrial infrastructure |
| Mori Hills REIT | Developer (Mori Building) | Office / urban redevelopment | Roppongi / Toranomon area focus |
| Orix JREIT | Financial (Orix) | Diversified | Multi-asset class |
| KDX Tokyo REIT | Independent / financial (Kenedix) | Office | Tokyo office focus |
| Global One Real Estate | Multi-sponsor (Mitsubishi UFJ Trust + Meiji Yasuda + Mizuho Trust + Nippon Life) | Office | Office, prime asset focus |

### 2.2 Scale and leverage

| J-REIT | Approximate AUM scale | LTV range disclosed |
|---|---|---|
| NBF | Largest office J-REIT historically | Conservative LTV (low- to mid-40% zone) |
| JRE | Among largest office J-REIT | Conservative LTV |
| NMF | Among the largest diversified J-REIT | Mid-40% zone typical |
| JMF | Among the largest retail-anchored J-REIT | Mid-40% zone |
| Daiwa Office Investment | Mid-tier office J-REIT | Mid-40% zone |
| IIF | Logistics / industrial mid-tier | Mid-40% zone |
| Mori Hills REIT | Mid-tier office J-REIT | Mid-40% zone |
| Orix JREIT | Mid-tier diversified J-REIT | Mid-40% zone |
| KDX Tokyo REIT | Mid-tier office J-REIT | Mid-40% zone |
| Global One Real Estate | Smaller office J-REIT | Conservative LTV |

Exact AUM numbers are reported in each J-REIT's securities report and IR materials; treat the labels above as relative ordering rather than live numbers. LTV bands are policy bands disclosed in IR materials; actual LTV moves with acquisitions and refinancing.

### 2.3 DPU yield and foreign-investor relevance

| J-REIT | DPU yield zone (relative) | Foreign-investor relevance |
|---|---|---|
| NBF | Lower end (premium for sponsor + scale + Tokyo CBD office) | High; benchmark name |
| JRE | Lower end (premium for Marunouchi exposure) | High; benchmark name |
| NMF | Mid; diversified yield curve | High; one of largest diversified names |
| JMF | Mid; retail recovery dependent | Moderate to high |
| Daiwa Office Investment | Mid; mid-tier office | Moderate |
| IIF | Mid; logistics demand-driven | Moderate to high (logistics theme) |
| Mori Hills REIT | Mid; urban redevelopment | Moderate |
| Orix JREIT | Mid; diversified | Moderate |
| KDX Tokyo REIT | Mid; independent-sponsor; can carry conflict discount | Moderate |
| Global One Real Estate | Lower end; multi-sponsor prime asset | Moderate |

DPU yields are date-specific. The relative ordering reflects sponsor premium / discount patterns rather than exact numbers; always pull live numbers from current IR materials and JPX reference.

## 3. Trustee mapping — public-surface reference

| Trustee (typical role) | J-REIT examples (where disclosed) |
|---|---|
| [[trust-banks/mitsubishi-ufj-trust-bank\|Mitsubishi UFJ Trust Bank]] | Multiple — appears in many J-REIT trustee disclosures |
| [[trust-banks/sumitomo-mitsui-trust\|Sumitomo Mitsui Trust Bank (SMTB)]] | Multiple |
| [[trust-banks/mizuho-trust-bank\|Mizuho Trust Bank]] | Multiple |

The trustee role is a custody / asset-administration function separate from sponsor identity. The same trust bank can be trustee for many different sponsor groups. This is the same custody-operating-layer pattern covered in [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]].

## 4. Comparison reading guide

When reading this matrix, the more useful axes for analysis are:

1. **Sponsor type and pipeline credibility** — see [[real-estate-finance/j-reit-sponsor-structure-conflict|sponsor structure and conflict of interest]].
2. **Asset-class concentration vs diversification** — single-asset-class J-REIT (office, retail, logistics) have sharper sector-cycle exposure than diversified J-REIT (NMF, Orix JREIT).
3. **LTV policy band and refinancing posture** — see [[banking/INDEX|banking domain]] for commercial-real-estate bank-lending context.
4. **DPU yield zone and sponsor premium / discount** — premium for blue-chip sponsor + CBD office, discount for sponsor-conflict-heavy structures.
5. **Foreign-investor share of trading and float** — JPX trading-by-investor-type data lets you trace this.

## 5. Source-control checklist

| Question | Public surface |
|---|---|
| What is current market cap and ranking? | JPX REIT segment market statistics; ARES J-REIT statistics. |
| What is current AUM? | Each J-REIT's securities report and IR materials. |
| What is the LTV and leverage policy? | J-REIT IR + investment-corporation bond prospectus. |
| Who is sponsor and what is sponsor stake? | Asset-management-company website + J-REIT IR. |
| Who is trustee? | J-REIT securities report (有価証券報告書). |
| What is recent DPU yield? | JPX REIT page + J-REIT IR. |
| What is foreign-investor share of trading? | JPX trading by investor type. |

## Related

- [[real-estate-finance/INDEX|real-estate-finance index]]
- [[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 of interest]]
- [[real-estate-finance/private-reit-japan-vs-listed-j-reit-comparison|Private REIT Japan vs listed J-REIT comparison]]
- [[banking/INDEX|banking index]]
- [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]]
- [[finance/INDEX|finance index]]
- [[finance/japan-listed-financial-groups-investable-universe|Japan listed financial groups investable universe]]
- [[policy-finance/INDEX|policy-finance index]]
- [[insurance/INDEX|insurance index]]
- [[retail/aeon-group|AEON Group]]
- [[retail/seven-and-i-hd|Seven & i HD]]
- [[trust-banks/mitsubishi-ufj-trust-bank|Mitsubishi UFJ Trust Bank]]
- [[trust-banks/sumitomo-mitsui-trust|SMTB]]
- [[INDEX|FinWiki index]]

## Sources

- JPX, "REIT Market" English landing.
- JPX, "TSE REIT Index" English page.
- J-REIT.jp (ARES portal), English.
- ARES, "About ARES" English page.