INDUSTRIES

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MARKETSRealestateinvestmentinJapanCHAPTER

01OverviewTotalreturnindexofpropertiesownedbycorerealestateinvestmentfundsinJapanfrom2013to2022TotalreturnindexofpropertiesownedbycorerealestatefundsinJapan2013-20223,3003,1002,9002,7002,5003,147.622,974.812,822.32,703.012,538.932,378.582,227.482,3002,1001,9001,7001,5002,071.231,904.0320141,765.352013201520162017201820192020202120224Description:InDecember2022,themonthlytotalreturnindexofpropertiesownedbycorerealestatefundsinJapanstoodat3,147.62points.Thetotalindexreturnisbasedonweightedaverageincomereturnsandcapitalreturns.

ReadmoreNote(s):Japan;2013to2022;monthlyfiguresasofDecembereachyear;December31,2001=1,000pointsSource(s):AssociationforRealEstateSecuritizationAnnualreturnsofpropertiesownedbycorerealestateinvestmentfundsinJapanfrom2013to2022AnnualreturnsofpropertiesownedbycorerealestatefundsinJapan2013-20229.5%8.62%8.5%7.73%7.43%7.5%6.5%5.5%4.5%3.5%6.7%6.66%6.39%6.19%5.75%5.36%20214.41%2020201320142015201620172018201920225Description:InDecember2022,theannualreturnsofpropertiesownedbycorerealestatefundsinJapanstoodat5.75percent.Thefiguresincreasedfrom5.36percentinthepreviousyear.

ReadmoreNote(s):Japan;2013to2022;monthlyfiguresasofDecembereachyearSource(s):AssociationforRealEstateSecuritizationMonthlydevelopmentoftheTokyoStockExchangeREITIndexinJapanfromApril2019toApril2024MonthlyTSEREITIndexperformanceJapan2019-20242,3002,2002,1002,0001,9001,8001,7001,6001,500Apr

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Apr20192019201920192019202020202020202020202020202120212021202120212021202220222022202220222022202320232023202320232023202420246Description:InApril2024,theTokyoStockExchange(TSE)REITIndexclosedwith1,808.73indexpoints.TheTSEREITIndexisafree-floatadjustedmarketcapitalization-weightedindexthatrepresentsthedevelopmentoftheJapaneserealestateinvestmenttrust(J-REIT)market.ReadmoreNote(s):Japan;April2019toApril2024;closingpricesasoftheendofeachmonthSource(s):MinkabuCapitalizationrateofpropertiesownedbyJapaneserealestateinvestmenttrusts(REITs)fromJanuary2019toAugust2023,bypropertytypeMonthlycapitalizationrateofpropertiesofJ-REITsinJapan2019-2023,bytypeOfficeResidentialRetail(urban)Retail(suburban)HotelLogisticsfacility6.0%5.5%5.0%4.5%4.0%3.5%3.0%2.5%2.0%1.5%1.0%Jan

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20237Description:InAugust2023,themonthlycapitalizationrateofretailpropertiesinsuburbanareasownedbyJapaneserealestateinvestmenttrusts(REITs)stoodat5.32percent.Thecaprateofhotelpropertiesreached5.07percent,upfrom3.69percentinthesamemonthofthepreviousyear.ReadmoreNote(s):Japan;January2019toAugust2023;figuresonappraisalbasis;publiclylistedREITs;*Quasi-finalfigures.ReadmoreSource(s):AssociationforRealEstateSecuritizationLargestrealestateinvestmenttrusts(REITs)listedontheTokyoStockExchangeinJapanasofApril2024,bymarketcapitalization(inbillionJapaneseyen)LargestREITslistedonTSEinJapan2024,bymarketcapitalizationMarketcapitalizationinbillionJapaneseyen02004006008001,0001,200NipponBuildingFundInc.NipponPrologisREIT,Inc.1,025.6773.8762.6JapanRealEstateInvestmentCorporationNomuraRealEstateMasterFund711666.7635.9629.3615JapanMetropolitanFundInvestmentCorporationKDXRealtyInvestmentCorporationGLPJ-REITDaiwaHouseREITInvestmentCorporationAdvanceResidenceInvestmentCorporationInvincibleInvestmentCorporation489.3476.98Description:AsofApril2024,NipponBuildingFundInc.wasthelargestrealestateinvestmenttrust(REIT)listedontheTokyoStockExchange(TSE),withamarketcapitalizationofaboutoveronetrillionJapaneseyen.NipponPrologisREIT,Inc.followedwithamarketcapitalizationof773.8billionyen.ReadmoreNote(s):Japan;April2024;asoftheendofthemonthSource(s):AssociationforRealEstateSecuritization;QuickRealestateinvestmentprospectsintheAsia-Pacificregionin2024,bycityRealestateinvestmentprospectsAPAC2024,bycityIndexscore01234567TokyoSydney6.626.32Osaka6.035.95SingaporeMelbourneSeoul5.795.77NewDelhiHoChiMinhCityMumbai4.954.884.87BangkokShenzhenShanghai4.674.644.554.53KualaLumpur9/statistics/1286778/apac-real-estate-investment-prospects-by-cityAccordingtoasurveyamongrealestateinvestorsin2023,TokyowouldhavethebestinvestmentprospectsamongAsia-Pacificcitiesin2024withanindexscoreof6.62.Sydneywasselectedtohavesecondhighestinvestmentprospectsin2024.

ReadmoreNote(s):Asia,APAC;2023;203respondentsSource(s):PwC;UrbanLandInstituteCHAPTER

02PropertypricedevelopmentNationalaverageannualgrowthrateoftheofficiallandpriceinJapanfrom2015to2024NationalannualchangeinlandpriceinJapan2015-20242.5%2.0%1.5%1.0%2.3%1.6%1.4%1.2%0.7%0.6%0.4%0.5%0.0%0.1%2016-0.3%2015-0.5%-1.0%-0.5%2021201720182019202020222023202411Description:In2024,officiallandpricesinJapanincreasedby2.3percentcomparedtothepreviousyear.Theofficiallandpriceencompasses?residential,commercial,andindustrialland,amongothers.

ReadmoreNote(s):Japan;2015to2024;asofJanuary1eachyearSource(s):MLIT(Japan)RealhousepriceindexinJapanfrom1stquarter2014to4thquarter2023QuarterlyrealhousepriceindexinJapan2014-20231251201151101051009512Description:Inthefourthquarterof2023,therealhousepriceindexinJapanstoodat119.4,representinganincreaseof0.9indexpointscomparedtothepreviousquarter.Therealhousepriceindexrepresentsthedevelopmentofdeflatednominalhousepricesusingtheprivateconsumptiondeflator.ReadmoreNote(s):Japan;Q12014toQ42023;thesourceuses2015asbaseyearwithanindexof100;seasonallyadjustedfiguresSource(s):OECDMonthlyresidentialpropertypriceindexinJapanfromJanuary2019toJanuary2024MonthlyresidentialpropertypriceindexinJapan2019-202414514013513012512011511010513Description:InJanuary2024,thepreliminaryresidentialpropertypriceindexinJapanstoodat138.8.Afterdecliningto111.6pointsinJuly2020followingtheoutbreakofthecoronavirus(COVID-19)pandemic,theindexrecoveredandreachedapeakinJanuary2024.Theresidentialpropertypriceindexcomprises?residentialland,detachedhouses,andcondominiums.ReadmoreNote(s):Japan;January2019toJanuary2024;2010asbaseyearwithanindexof100;seasonallyadjustedfigures;*Preliminaryfigures.

Residentialpropertyincludesresidentialland,detachedhouses,andcondominiums.

Theindexiscalculated[...]

ReadmoreSource(s):MLIT(Japan)QuarterlycommercialpropertypriceindexinJapanfrom1stquarter2019to4thquarter2023QuarterlycommercialpropertypriceindexinJapanQ12019-Q42023140135138.7138.7138.2136.4134.5131.9130.4130.2130125.9125.7125.3124.8124.4125120115123.6122.4122.4120Q4119.7Q4118.2Q2118Q3Q1Q2Q3Q1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019

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202314Description:Inthefourthquarterof2023,thecommercialpropertypriceindexinJapanstoodat138.7,upfrom138.2indexpointsinthepreviousquarter.Thecommercialpropertypriceindexcomprisesoffices,warehouses,factories,apartmentbuildings,andcommercialandindustrialland.ReadmoreNote(s):Japan;Q12019toQ42023;2010asbaseyearwithanindexof100;seasonallyadjustedfiguresSource(s):MLIT(Japan)CHAPTER

03RealestatesecuritizationMarketsizeofrealestatesecuritizationinJapanfromfiscalyear2015to2022(intrillionJapaneseyen)RealestatesecuritizationmarketsizeinJapan2015-2022605053.346.84440.74036.933.832.329.930201002015201620172018201920202021202216Description:Inthefiscalyear2022,therealestatesecuritizationmarketinJapanwasestimatedat53.3trillionJapaneseyen.Theestimatedvalueofsecuritizedrealestateincreasedfrom46.8trillionyeninthepreviousyear.

ReadmoreNote(s):Japan;fiscalyears2015to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;estimates;basedonvalueofassetsSource(s):AssociationforRealEstateSecuritization;MLIT(Japan);SumitomoMitsuiTrustResearchInstituteValueofpropertyacquisitionsbyrealestateinvestmentvehiclesinJapaninfiscalyears2013to2022(inbillionJapaneseyen)ValueofrealestateacquiredforsecuritizationinJapanFY2013-20223,0002,4792,5002,0001,5001,0005002,3812,3172,2142,2032,1012,0361,9902,0041,8990201320142015201620172018201920202021202217Description:Inthefiscalyear2022,acquisitionsofsecuritizedrealestateamountedtoapproximatelytwotrillionJapaneseyen.Officepropertiesaccountedforthelargestshareofacquisitionsinthesameyear.

ReadmoreNote(s):Japan;fiscalyears2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyearSource(s):MLIT(Japan)ValueofpropertyacquisitionsbyrealestateinvestmentvehiclesinJapaninfiscalyears2013to2022,byvehicle(inbillionJapaneseyen)ValueofrealestateacquiredforsecuritizationinJapanFY2013-2022,byschemeJointventureREITs(inlcudingprivateREITs)3,0002,5002,0001,5001,0005002,3192,1612,2372,0802,0661,6941,6991,8332,0091,71829131020218122013413716079201392201802014201520162017201920202021202218Description:Inthefiscalyear2022,thevalueofsecuritizedrealestateacquiredbyrealestateinvestmenttrusts(REITs)inJapanamountedtoapproximately1.7trillionJapaneseyen.Realestatespecifiedjointenterprisesacquiredpropertieswortharound310billionyen.ReadmoreNote(s):Japan;fiscalyears2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyearSource(s):MLIT(Japan)DistributionofpropertiesacquiredbyrealestateinvestmentvehiclesinJapaninfiscalyears2013to2022,byassetclassBreakdownofsecuritizedrealestateacquisitionsJapanFY2013-2022,byassetclassOfficeResidentialRetailLogisticsHotelHealthcareMixed-useOthers120%100%80%60%40%20%0%201320142015201620172018201920202021202219Description:Inthefiscalyear2022,officerealestateaccountedfor26.1percentofsecuritizedrealestateacquisitionsinJapan.Logisticspropertiesmadeup21percentofthevalueofpropertiesacquiredbyREITsorrealestatespecifiedjointenterprises.

ReadmoreNote(s):Japan;fiscalyears2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;basedonassetvalueSource(s):MLIT(Japan)DistributionofpropertiesacquiredbyrealestateinvestmentvehiclesinJapaninfiscalyear2022,byprefectureBreakdownofsecuritizedrealestateacquisitionsinJapanFY2022,byprefectureShareofpropertyacquisitions20%

25%0%5%10%15%30%35%40%45%TokyoOsaka38.83%9.02%KanagawaAichi8.11%6.84%5.38%4.47%4.01%2.83%2.46%2.01%0.64%0.27%SaitamaChibaFukuokaHokkaidoHyogoKyotoMiyagiHiroshimaOthers15.13%20Description:Inthefiscalyear2022,securitizedrealestateacquisitionsinTokyoPrefectureaccountedforaround38.8percentofthetotalnumberofacquisitions.TokyowasfollowedbyOsakawhichaccountedforoverninepercentofpropertiesacquiredbyREITsorrealestatespecifiedjointenterprises.ReadmoreNote(s):Japan;fiscalyear2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;basedonnumberofpropertiesacquiredSource(s):MLIT(Japan)Valueofassetsheldbyrealestateinvestmenttrusts(REITs)inJapanasofMarch2024,byassettype(intrillionJapaneseyen)AssetvalueofREITsinJapan2024,byassetclassValueofassetsintrillionJapaneseyenJ-REITsPrivateREITs602481012OfficeLogisticsfacilitiesRentalresidentialCommercialfacilitiesHotelOthers21Description:AsofMarch2024,theacquisitionvalueofofficepropertiesheldbyprivatelyplacedandpublicrealestateinvestmenttrusts(REITs)inJapanamountedtoaround11.3trillionJapaneseyen.Thetotalvalueofassetsbasedonacquisitionpricesexceeded29trillionyen.ReadmoreNote(s):Japan;March2024;basedontheacquisitionpricesofpropertiesheldbylistedandunlistedREITsSource(s):AssociationforRealEstateSecuritizationCHAPTER

04J-REITmarketMarketcapitalizationoftherealestateinvestmenttrust(REIT)marketinJapanfrom2015to2023(intrillionJapaneseyen)MarketcapitalizationoftheREITmarketinJapan2015-2023181716.4415.8415.411614.41412.9712.1211.481210810.56642020152016201720182019202020212022202323Description:Asoftheendof2023,themarketcapitalizationoftheJapaneserealestateinvestmenttrust(J-REIT)marketamountedtoaround15.4trillionJapaneseyen.Thefiguredecreasedfrom15.8trillionyeninthepreviousyear.

ReadmoreNote(s):2015to2023;asofDecembereachyearSource(s):AssociationforRealEstateSecuritizationNumberofpubliclyofferedrealestateinvestmenttrusts(REITs)inJapanfrom2014to2023Numberofrealestateinvestmenttrusts(REITs)inJapan2014-202370646261616159586050403020100575249201420152016201720182019202020212022202324Description:Asoftheendof2023,therewere58publiclyofferedrealestateinvestmenttrusts(REITs)inJapan.Figuresreachedapeakin2019,with64REITslisted.TheJapaneserealestateinvestmenttrust(J-REIT)marketwasestablishedin2001andisoneofthelargestintheworld.ReadmoreNote(s):Japan;2014to2023;asoftheendofeachyearSource(s):InvestmentTrustsAssociationJapanValueofpropertiesoflistedJapaneserealestateinvestmenttrusts(J-REITs)inJapanfrom2018to2023(intrillionJapaneseyen)ValueofpropertiesofJ-REITsinJapan2018-20232522.7921.8721.2420.291998020182019202020212022202325Description:ThevalueofpropertiesheldbyJapaneserealestateinvestmenttrusts(J-REITs)reached22.8trillionJapaneseyeninDecember2023.ThenumberofpropertiesownedbyJ-REITsincreasedtoalmost4.7thousand.

ReadmoreNote(s):Japan;2018to2023;asofDecembereachyear;basedonacquisitionpriceSource(s):AssociationforRealEstateSecuritizationDistributionofpropertiesheldbyJapaneserealestateinvestmenttrusts(J-REITs)asofApril2024,byassetclassPropertyportfoliobreakdownofJ-REITsinJapan2024,byassetclassHealthcarefacilities1.5%Others1.3%Hotels8.1%Residentialbuildings15%Offices38.3%Retailfacilities15.1%Logisticsfacilities20.7%26Description:AsofApril2024,officepropertiesweretheleadingassetclassownedbyrealestateinvestmenttrusts(REITs)inJapan,accountingforabout38.3percentofthetotalvalueofpropertiesbasedontheacquisitionprice.Logisticsfacilitiesfollowed,accountingforashareof20.7percentintheportfolioofREITs.ReadmoreNote(s):Japan;April2024;basedonacquisitionprice;listedREITsSource(s):AssociationforRealEstateSecuritizationValueofpropertyacquisitionsbylistedrealestateinvestmenttrusts(REITs)inJapanfrom2017to2023(intrillionJapaneseyen)ValueofpropertyacquisitionsbyREITsinJapan2017-20232.01.781.81.61.41.21.00.80.60.40.20.01.61.421.391.341.10.88201720182019202020212022202327Description:In2023,propertyacquisitionsbyJapaneserealestatetrusts(J-REITs)inJapanamountedto1.1trillionJapaneseyen.ThenumberofpropertiesacquiredbyREITsincreasedyearonyear.TheJapaneseREITmarketwasestablishedin2001.

ReadmoreNote(s):Japan;2017to2023Source(s):AssociationforRealEstateSecuritizationNumberofrealestateinvestmenttrusts(REITs)inJapanasofApril2024,byloan-to-value(LTV)ratioNumberofREITsinJapan2024,byLTVratio30252015252410545000Upto35percent35percentormore40percentormore45percentormore50percentormore55percentormore28Description:Around25realestateinvestmenttrusts(REITs)inJapanhadaloan-to-value(LTV)ratioof40tolessthan45percentasofApril2024.TheaverageLTVratioofREITswas44.9percent.

ReadmoreNote(s):Japan;April2024Source(s):AssociationforRealEstateSecuritizationCHAPTER

05PrivateREITmarketEstimatedmarketsizeofprivatelyplacedrealestateinvestmentfundsinJapanfrom2014to2023,bytype(intrillionJapaneseyen)Marketsizeofprivaterealestatefunds2014-2023,bytypeFundsspecializedonJapanPrivateREITsGlobalfunds(valueofassetsinJapan)4035302520151053.662.952.22.43.94.417.520212.13.42.72.91.421.71.7122.425.41.421.816.214.712.412.112.211.711.6020142015201620172018201920202022202330Description:AsofDecember2023,theprivaterealestatefundmarketinJapanwasestimatedat35trillionJapaneseyen.Theestimatedamountofassetsundermanagementofprivatefunds,includingprivatelyplacedREITs,increasedfrom29.7trillionyeninthepreviousyear.ReadmoreNote(s):Japan;2014to2023;asofDecemebereachyear;estimatesbasedonsurveys,interviews,andpubliclydisclosedinformationSource(s):AssociationforRealEstateSecuritization;SumitomoMitsuiTrustResearchInstituteNumberofprivatelyplacedrealestateinvestmenttrusts(REITs)inJapanfrom2014to2023Numberofprivaterealestateinvestmenttrusts(REITs)inJapan2014-2023605040305444393732282320201001510201420152016201720182019202020212022202331Description:AsofDecember2023,therewerearound54privatelyplacedrealestateinvestmenttrusts(REITs)inJapan.ThevalueofassetsheldbyprivateREITsinJapanreachedalmostsixtrillionJapaneseyen.

ReadmoreNote(s):Japan;2014to2023;asofDecembereachyearSource(s):AssociationforRealEstateSecuritizationAssetsofprivatelyplacedrealestateinvestmenttrusts(REITs)inJapanfrom2014to2023(intrillionJapaneseyen)Assetsofprivaterealestateinvestmenttrusts(REITs)inJapan2014-20237655.974.994.373.9243.392.8832102.442.021.410.96201420152016201720182019202020212022202332Description:AsofDecember2023,thevalueofpropertiesheldbyprivatelyplacedrealestateinvestmenttrusts(REITs)inJapanreached5.97trillionJapaneseyen.Thevalueofassetsincreasedfrom4.99trillionyeninthepreviousyear.

ReadmoreNote(s):Japan;2014to2023;asofDecembereachyear;thevalueofassetsisthetotalofacquisitionpricesofpropertiesheld;excludingsharesorinvestmentsofothercorporationsSource(s):AssociationforRealEstateSecuritizationDistributionofassetsofprivatelyplacedrealestateinvestmenttrusts(REITs)inJapanasofMarch2024,byassettypeAssetdistributionofprivateREITsinJapan2024,byassetclassHotel4.4%Others1.8%Commercialfacilities15.6%Office38.1%Logisticsfacilities19.0%Rentalhousing20.6%33Description:AsofMarch2024,theofficesegmentaccountedfor38.1percentoftheassetsofprivatelyplacedrealestateinvestmenttrusts(REITs)inJapan.Thetotalvalueofassetsbasedonacquisitionpricesreachedalmost6.4trillionyen.

ReadmoreNote(s):Japan;March2024;basedontheacquisitionpricesof1,724propertiesheldSource(s):AssociationforRealEstateSecuritizationDistributionofinvestmentinprivatelyplacedrealestateinvestmenttrusts(REITs)inJapanasofMarch2024,byinvestortypeDistributionofinvestmentinprivateREITsinJapan2024,byinvestortypeCorporations,etc.18%Localfinancialinstitutions33.2%Pensionfunds20.7%Nationalfinancialcorporations28.1%34Description:AsofMarch2024,localfinancialinstitutions,suchasregionalbanksandShinkinbanks,accountedfor33.2percentoftheinvestmentinprivatelyplacedrealestateinvestmenttrusts(REITs)inJapan.Nationalfinancialcorporationsfollowedwithashareof28.1percent.ReadmoreNote(s):Japan;March2024Source(s):AssociationforRealEstateSecuritizationCHAPTER

06InvestorinsightsValueofrealestateinvestmenttrust(REIT)holdingsinJapanasofAugust2023,byinvestortype(intrillionJapaneseyen)Valuerealestateinvestmenttrust(REIT)holdingsinJapan2023,byinvestortypeValueofholdingsintrillionJapaneseyen012345678910FinancialinstitutionsForeigninvestorsBusinesscorporationsIndividuals8.993.811.381.21Securitiescompanies0.6736Description:AsofAugust2023,financialinstitutionsheldrealestateinvestmenttrustswortharoundninetrillionJapaneseyeninJapan.TheREITholdingsofforeigninvestorsamountedto3.8trillionyen.TheJapaneserealestateinvestmenttrust(J-REIT)marketwasestablishedin2001andisoneofthelargestintheworld.ReadmoreNote(s):Japan;August31,2023Source(s):JPXDistributionofrealestateinvestmenttrust(REIT)holdersinJapanasofAugust2023,byinvestortypeBreakdownofrealestateinvestmenttrustholdersinJapan2023,byinvestortypeHoldingratio20%0%5%10%15%25%30%35%40%45%45.2%50%TrustbanksForeigninvestors23.7%BusinesscompaniesIndividuals8.6%7.5%City®ionalbanksOtherfinancialinstitutionsSecuritiescompaniesLifeinsurancecompanies4.6%4.6%4.2%1.5%Non-lifeinsurancecompanies

0.1%37Description:AsofAugust2023,trustbanksheld45.2percentofrealestateinvestmenttrusts(REITs)inJapan.Foreigninvestorsfollowedwithaholdingratioof23.7percent.TheJapaneserealestateinvestmenttrust(J-REIT)marketwasestablishedin2001andisoneofthelargestintheworld.ReadmoreNote(s):Japan;August31,2023;basedontheamountofREITsheldSource(s):JPXPropertytypesprivaterealestatefundmanagersintendtoconcentrateoninthefutureinJapanasofFebruary2024PropertytypesprivaterealestatefundmanagersintendtofocusoninJapan2024Shareofrespondents0%5%10%15%20%25%ResidentialOffice22%18%Logistics16%Hotel14%Commercial12%LandwithleaseholdinterestDatacenters7%6%Facilitiesfortheelderly/hospitals3%38Description:InasurveyconductedinJapanbetweenJanuaryandFebruary2024,around22percentofrealestatefundmanagerssurveyedstatedtheywanttofocusonresidentialpropertiesinthefuture.Atthesametime,18percentintendedtoconcentrateonofficeproperties.ReadmoreNote(s):Japan;JanuarytoFebruary2024;81companies*;multipleanswerspossible;distributionisbasedon273responses;*Amongrealestatemanagementcompaniesthatcreateandmanageprivaterealestatefundstargetingdomesticreal[...]

ReadmoreSource(s):AssociationforRealEstateSecuritization;SumitomoMitsuiTrustResearchInstituteStateofrealestateinvestmentamongpensionfundsinJapanasofJanuary2024,bytypeofinvestmentShareofpensionfundsinvestinginrealestateinJapan2024,bytypeHavealreadyinvestedConsideringinvestmentInterestedininvestmentNotinterestedininvestment120%100%80%60%40%20%0%33%45%72%15%77%19%2%85%89%9%96%14%5%46%36%13%4%4%9%9%2%6%2%0%2%0%2%4%Domesticprivate

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privatefunds,etc.ActualpropertyListedJ-REITsDomesticrealestateprivatefunds,etc.39/statistics/1468847/japan-real-estate-investment-of-pension-funds-by-typeInasurveyconductedbetweenNovember2023andJanuary2024,around46percentofpensionfundsinJapanreportedhavinginvestedindomesticprivateREITs.About36percentofrespondentshadinvestedinoverseasrealestateprivatefunds.

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