└ This section lists STBRI J-REIT index data (daily and monthly) and calculation methods etc.
Comparison of the performance of public real-estate investment markets in Japan, the United States, and Australia [end of July 2010] 
└ Comparison of J-REIT market size and performance with the overseas REIT market.
STBRI J-REIT Index® is an investment performance benchmark for Japanese Real Estate Investment Trusts (J-REIT). It consists of Composite index that include all listed J-REIT, and sub-indices classified by property types since September 10 2001, the date of the first listing of J-REIT issues on Tokyo Stock Exchange. STBRI J-REIT Index® is calculated by accumulating daily weighted average returns, the similar calculation methods used by the FTSE NAREIT US Real Estate Index, which is the best-known REIT benchmark in the United States. As the component of STBRI J-REIT Index® is similar to that of the FTSE NAREIT US Real Estate Index, which provides price return, total return, as well as the expected dividend yield, it enables easily to compare J-REIT performance with U. S. REIT.
Since October 2004, the data and figures of STBRI J-REIT Index® have been uploaded on STB Research Institute website.
[ released September 1, 2010 ]
Updated data (index values from September 10, 2001 until the end of the month two months ago) is released at the beginning of each month.
In addition to the Composite Index, which covers all J-REIT issues listed on the exchange, subindexes are also calculated for individual sectors such as office and residential properties. This makes it easy to analyze the optimal allocation of a real-estate investment portfolio and to assess performance. These can be used as benchmarks suited to diversification of the investment strategies used by institutional investors.
Index figures and calculation methods are covered below.
STBRI Composite J-REIT Index : 37 issues listed on Tokyo, Fukuoka and JASDAQ stock exchanges
STBRI Office J-REIT Index : 7 issues specializing in office properties
STBRI Residential J-REIT Index : 5 issues specializing in residential properties
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Index graphs [end of July 2010] (PDF:478KB) |
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Index data [end of July 2010] (EXCEL:759KB)
<All issues> STBRI Composite J-REIT Index |
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Index Constituents [end of July 2010] (PDF:101KB) |
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Calculation methods (PDF:127KB) |
[ released September 1, 2010 ]
* Real-estate investment trusts in Japan, the U.S. and Australia are referred to as "REIT" below.
data as of July 30, 2010
| Japan (J-REIT) | US (US-REIT) | Australia (A-REIT) | |
|---|---|---|---|
| REIT market size (USD bil.) |
34.6 | 320.6 | 68.3 |
| Share of stock-market capitalization |
1.0% | 2.4% | 5.8% |
| Notes : |
"REIT market size" refers to the market capitalization of all listed REIT issues.
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| REIT market | Japan (J-REIT) | US (US-REIT) | Australia (A-REIT) |
|---|---|---|---|
| Total return over most recent year* | -0.7% | 52.6% | 18.9% |
| Total return since listing of J-REITs(converted to annual rates)** | 4.3% | 9.7% | 1.7% |
* August 1, 2009 - July 30, 2010 ** Sep.10, 2001- July 30, 2010
| Notes : |
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(converted to annual rates) |
Correlation between monthly total returns (end of September 2001 - end of July 2010)
| J-REIT | US-REIT | A-REIT | |
|---|---|---|---|
| J-REIT | 1.00 | ||
| US-REIT | 0.46 | 1.00 | |
| A-REIT | 0.54 | 0.59 | 1.00 |
Notes : J-REIT figures were calculated using STBRI Composite J-REIT Total Return Index.
US-REIT figures were calculated using FTSE NAREIT Equity REITs Total Return Index.
A-REIT figures were calculated using S&P/ASX 300 A-REIT Accumulation Index.
Notes on usage
- STBRI J-REIT Index is a J-REIT index developed independently by STB Research Institute. It is the intellectual property of STB Research Institute, and all rights related to matters such as STBRI J-REIT Index calculation, release of figures, and use belong to STB Research Institute.
- STBRI J-REIT Index® is a brand name officially registered by STB Research Institute Co.,Ltd.
- Before using STBRI J-REIT Index for purposes such as the provision of information or the composition of financial instruments, please direct any inquiries concerning consent procedures and other matters to the department in charge indicated below. When STBRI J-REIT Index is used strictly for one's own research purposes, without indicating or providing such information to third parties, such inquiry is not necessary.
- The intention of STB Research Institute is to provide STBRI J-REIT Index information only to users of this information. This information is not provided for purposes such as application for, inducement of, or intermediation in sales or other transactions involving products, services, or rights, including financial instruments.
- Based on its own judgment, STB Research Institute may update, make additions to, revise or delete in whole or in part, or otherwise modify the content of this information without providing advance notice thereof to users of the information.
- STB Research Institute may suspend or terminate the calculation or provision of STBRI J-REIT Index, without providing advance notice thereof to users of this information, in cases such as the following: when the content of this information is updated, additions are made to it, or it is revised or deleted in whole or in part; when system maintenance or inspection is conducted; when equipment, cables, etc. are damaged or their service is suspended; or when such suspension or termination is unavoidable as a result of power outages, natural disasters, or other factors.
- STB Research Institute shall not be responsible for any losses or damages incurred by users of this information for reasons such as the updating of, the making of additions to, or the revision or deletion in whole or in part of the content of this information, or the suspension or termination of the provision of this information.
- Under no circumstances does STB Research Institute guarantee the accuracy of STBRI J-REIT Index information, and STB Research Institute shall not be liable for any errors in the figures used in the calculation of STBRI J-REIT Index.
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