or other countries, the typical aspects of the existing J-REITs are that they adopt an external management structure and that they remain the passive vehicles. J-REITs are Corporation-type closed-end funds listed on the stock exchange, where their investment units are publicly traded. As of the end of December 2016, 57 J-REITs have been listed in Japan, and the total market capitalization has reached ¥12.1 trillion (US$103.5 billion): the second largest REIT market in the world next to the US-REITs’. After the second half of 2012, the J-REIT market has been on a rising trend again. However, due to the global financial crisis in 2007 and the Great East Japan Earthquake in 2011, the J-REIT market faced with a downturn and endured a stagnation phase. Since then, the number of J-REITs has gradually increased and the J-REIT market had expanded significantly until 2007. The first two J-REITs were listed on the Tokyo Stock Exchange (TSE) in September 2001, sponsored by two of the largest real estate corporations in Japan. To date, all of the J-REITs have been formed as investment corporations (toshi hojin). This Act permits two types of investment vehicles, namely ‘investment trusts’ and ‘investment corporations’. In Japan, REITs were introduced with the amendment to the Act on Investment Trusts and Investment Corporations (Investment Trust Act) in November 2000.
On this Website (J-REIT.jp), J-REIT represents a Public REIT. When referring to 'J-REIT’, it commonly means the former in Japan. There are two kinds of Real Estate Investment Trusts (REITs) in Japan, one is a Public REIT which is listed on the stock exchange, and the other is a Private REIT.
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