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HISTORYHISTORY

  • 2000
  • NOV The amendment of the Investment Trust Act enables the creation of J-REITs.

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  • 2001
  • JAN George W. Bush is inaugurated as the 43rd President of the U.S.

    SEP 9/11 Attacks.

  • MAR Tokyo Stock Exchange (TSE) creates the J-REIT market.

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  • SEP The first two J-REITs, Nippon Building Fund Inc. and Japan Real Estate Investment Corporation, are listed on the TSE.

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  • 2002
  • JAN Euro banknotes and coins are introduced.

    MAR Toshihiko Fukui assumes the position of the 29th Governor of the Bank of Japan (BOJ).

  • MAR The first retail REIT, Japan Retail Fund Investment Corporation, is listed.

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  • JUN The first diversified REIT, ORIX JREIT, Inc. is listed.

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  • JUN QUICK REIT Index is launched.

  • DEC Association for Real Estate Securitization (ARES) is established.

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  • 2003
  • MAR Iraq War begins.

  • APR TSE REIT Index is launched.

  • MAY J-REIT is incorporated into MSCI Japan Index constituents for the first time.

  • JUL The Investment Trusts Association Japan changes its rule, which enables the creation of J-REIT funds.

  • DEC Osaka Securities Exchange creates a J-REIT market.

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  • 2004
  • OCT Niigata Chuetsu Earthquake occurs.

  • FEB J-REIT market capitalization reaches 1 trillion yen.

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  • MAR The first residential REIT, Nippon Residential Investment Corporation (present name: Advance Residence Investment Corporation), is listed.

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  • AUG Fukuoka Stock Exchange creates a J-REIT market.

  • DEC JASDAQ creates a J-REIT market.

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  • 2005
  • MAR Expo is held in Aichi Prefecture.

    OCT Postal service privatization bills are enacted.

  • MAY The first logistics REIT, Japan Logistics Fund, Inc., is listed.

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  • JUN The first region-specific REIT, Fukuoka REIT Corporation, is listed.

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  • 2006
  • FEB Ben Bernanke assumes the position of the Chairman of the Federal Reserve Board (FRB).

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  • FEB The first hotel REIT, Japan Hotel and Resort Investment Corporation (present name: Japan Hotel REIT Investment Corporation), is listed.

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    J-REIT 5th Anniversary

    SEP ARES holds the commemorative seminar.

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  • 2007
  • JAN J-REIT market capitalization reaches 5 trillion yen.

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  • MAY TSE REIT Index (excluding dividend payment) sets a record high of 2612.98 on May 31.

  • SEP Financial Instruments and Exchange Act is implemented.

  • OCT The first industrial REIT, Industrial & Infrastructure Fund Investment Corporation, is listed.

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  • 2008
  • APR Masaaki Shirakawa assumes the position of the 30th Governor of the BOJ.

  • MAY TSE changes listing requirements on J-REITs, granting them permission to invest in overseas property.

  • SEP The first TSE REIT Index ETF is listed.

  • SEP The collapse of Lehman Brothers triggered a global financial crisis (GFC). The impact spreads to the J-REIT market.

  • OCT The first and only case of delisting after filing for civil rehabilitation proceedings occurs in J-REITs.

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  • OCT TSE REIT Index (excluding dividend payment) falls to a record low of 704.46 on October 28.

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  • 2009
  • JAN Barack Obama is inaugurated as the 44th President of the U.S.

    SEP Regime changes from the Liberal Democratic Party to the Democratic Party of Japan and a new cabinet is formed led by Yukio Hatoyama.

  • JAN Legislation for J-REITs mergers is prepared including the legal changes regarding negative goodwill and delivered money due to merger.

  • MAR ARES holds the 1st J-REITs Fair for Individual Investors.

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  • SEP The Real Estate Market Stabilization Fund is established to secure funding for the J-REIT market.

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  • 2010
  • ・Greece's debt crisis spreads across Europe (European Debt Crisis).

  • FEB The first merger between J-REITs is completed; TGR Investment, Inc. merged with LCP Investment Corporation and changed name to Invincible Investment Corporation. More mergers continue this year for a total of 7 cases.

  • OCT BOJ establishes the Asset Purchase Program for purchasing J-REITs.

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  • 2011
  • MAR Great East Japan Earthquake occurs.

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    J-REIT 10th Anniversary

    SEP ARES holds the commemorative symposium.

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  • 2012
  • DEC Liberal Democratic Party recaptures the political regime and the Second Abe Cabinet is inaugurated.

  • APR The first J-REIT IPO since GFC is made by Kenedix Residential Investment Corporation.

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  • DEC Daiwa House Residential Investment Corp. (present name: Daiwa House REIT Investment Corporation) announces the split of investment units. It is the first case for J-REITs not associated with a merger.

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  • 2013
  • MAR Haruhiko Kuroda assumes the position of the 31st Governor of the BOJ.

    DEC Foreign visitors to Japan reach 10 million people for the first time.

  • Logistics REITs are listed in succession this year, which account for approximately 10% of total assets of J-REITs. The proportion of offices drops to less than 50% reflecting the trend of diversified portfolio.

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  • 2014
  • JAN NISA, a new type of tax exemption program for small investments, is introduced.
    FEB Janet Yellen assumes the position of the Chairman of the FRB.
    APR Consumption tax rate is raised from 5% to 8%.

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  • APR Government Pension Investment Fund (GPIF) starts investing in J-REITs.

  • JUN AEON REIT Investment Corporation becomes the first J-REIT which acquires an overseas property.

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  • JUN Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announces the Guideline for Utilizing Healthcare REIT for Senior Housings, etc.

  • NOV The first healthcare REIT, Nippon Healthcare Investment Corporation, is listed.

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  • NOV J-REIT market capitalization reaches 10 trillion yen.

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  • NOV TSE REIT Index (including dividend payment) exceeds the highest record of 2007.

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  • 2015
  • MAR J-REIT market grows to the world's second-largest REIT market by market capitalization.

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  • APR Allowance for Temporary difference Adjustment (ATA) is introduced in order to avoid double taxation caused by the tax-accounting mismatch in investment corporations.

  • JUN MLIT announces the Guideline for Utilizing Healthcare REIT for Hospitals' Real Estate Assets.

  • OCT The first case of merger between 3 J-REITs is completed: Nomura Real Estate Master Fund Inc., Nomura Real Estate Office Fund, Inc., and Nomura Real Estate Residential Fund, Inc.

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  • 2016
  • APR Kumamoto Earthquake occurs.

    JUN EU referendum takes place and the people of the UK voted to leave the EU.

    OCT Foreign visitors to Japan reach 20 million people for the first time.

  • JAN BOJ introduces "Quantitative and Qualitative Monetary Easing with a Negative Interest Rate." It gives a momentum to the J-REIT market.

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  • MAY BOJ first submits a large sharing report on J-REITs.

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  • Diversification of J-REIT sectors evolves further by new listed J-REITs focusing on logistics, hotels, hot springs, and regional revitalization, etc.

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    J-REIT 15th Anniversary

    OCT ARES holds the commemorative symposium.

    OCT Foreign visitors to Japan reach 20 million people for the first time.

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  • 2017
  • JAN Donald Trump is inaugurated as the 45rd President of the U.S.

    JUL GPIF starts ESG investing (passive investment tracking the selected ESG indices).

  • JUN An ”Investment Corporation's Acquisition of Its Own Investment Equity” which was enabled by the law amendment in 2013 is practiced for the first time. During 2017, it is conducted by 4 J-REITs.

  • MAY Bank of Tokyo Mitsubishi UFJ (present name: MUFG Bank) securitizes loan to J-REITs.

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  • NOV Healthcare & Medical Investment Corporation acquires a hospital real estate for the first time among J-REITs.

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  • 2018
  • FEB Jerome Powell assumes the position of the Chairman of the FRB.

  • MAR TSE REIT Core Index is launched.

  • FEB Jerome Powell assumes the position of the Chairman of the FRB.

  • MAY Japan Retail Fund Investment Corporation issue the first green bonds as a J-REIT.

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  • MAY Net assets of ETFs tracking the TSE REIT indecies reaches 1 trillion yen.

  • SEP Japan Excellent, Inc. and United Urban Investment Corporation secure debt financing by green loan, which is the first case for J-REITs.

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  • 2019
  • MAY Era name changes to REIWA from HEISEI.

  • JUL J-REIT market capitalization reaches 15 trillion yen.

  • MAY Era name changes to REIWA from HEISEI.

  • JUL TSE REIT Index (excluding dividend payment) returns to a record of 2,000 after 11 years and 7 months since December, 2007.

  • OCT The consumption tax rate increases to 10%.

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  • 2019

*The data is as of the end of each year

The J-REIT market has achieved a significant growth since its inception going through difficulties such as the Global Financial Crisis and the Great East Japan Earthquake in 2011. J-REITs have provided investors with new investment opportunities as financial products and have played a social role by contributing to the urban regeneration, local revitalization and the individual’s asset formation. The J-REIT market is expected to develop further to make a greater contribution to the society.