Calculation of the SMTRI J-REIT Index®
Ⅰ．SMTRI J-REIT Index® Components and Timing of Inclusion in the Index
1. Component Issues……………………………………………………………………………………1
2. Timing of Inclusion in the Index……………………………………………………………………2
Ⅱ．Calculation Method of SMTRI J-REIT Index®
1. Price return index (dividends not included) ………………………………………………………2
2. Total return index (dividends included) ……………………………………………………………3
3. Expected dividend yield……………………………………………………………………………..5※ “STBRI J-REIT Index®” changed its name to “SMTRI J-REIT Index®” since April 1, 2012.
※“SMTRI J-REIT Index®” is a registered trademark of Sumitomo Mitsui Trust Research Institute Co., Ltd.

Ⅰ．SMTRI J-REIT Index® Components and Timing of Inclusion in the Index
1. Component Issues• SMTRI J-REIT Composite Index includes all J-REIT issues listed in the domesticmarkets.
• SMTRI J-REIT Office Index includes those issues with a policy to invest primarily inoffice buildings.
• SMTRI J-REIT Residential Index includes those issues with a policy to invest primarily
in residential properties.
• SMTRI J-REIT Retail Index includes those issues with a policy to invest primarily inretail properties.
• SMTRI J-REIT Industrial Index includes those issues with a policy to invest primarily
in industrial properties.
• SMTRI J-REIT Hotel Index includes those issues with a policy to invest primarily inhotel properties.
• SMTRI J-REIT Health Care Index includes those issues with a policy to invest primarily
in healthcare properties.
• SMTRI J-REIT Diversified Index includes those issues with a policy to invest in
multiple properties.

3-33-1, Shiba Minato-ku, Tokyo 105-8574, Japanwww.smtri.jp

2. Timing of Inclusion in the Index• Newly listed issues are included in the index calculation as of the first business day
following the date of listing.
Note: With regard to the calculations of market capitalization and dividend yield data
available with the index, newly listed issues are included in such calculations as of thedate of listing. Meanwhile, SMTRI J-REIT Index® is calculated based on the daily stock
price earning ratio of the component issues, and the ratio is calculated using closing
prices. Therefore, newly listed issues are included in the index calculation after the closeof trading on the first business day following the date of listing, when the ratio calculation
becomes possible.
Ⅱ．SMTRI J-REIT Index® calculation methods
1. Price return index (dividends not included)(1) Today’s price return (dividends not included)
Today’s price return (dividends not included) is calculated as a weighted average based on
the market capitalization on the previous day, using the following formula.

∑ (MC × Pr )× 100%PR =∑ MCi ,t −1i ,titi ,t −1i

Where:= weighted average price return for all issues in period t
PRt
MCi ,t −1 = market capitalization of issue i at the end of period t - 1

Pri,t= price return of issue i in period t, given by
 Pi ,t= − 1 × 100% , where Pi ,t is the investment unit price Pi ,t −1
of issue i at the end of period t3-33-1, Shiba Minato-ku, Tokyo 105-8574, Japanwww.smtri.jp

(2) Price return index (dividends not included)
The price return index (dividends not included) is calculated by totaling the daily pricereturn, with the value of the index on the base date (September 10, 2001) set at 1000.
PI t = PI t −1 × (1 + PRt )Where:PI t = the value of price return index at the end of period t
2. Total return index (dividends included)(1) Today’s total return (dividends included)
Today’s total return (dividends included) is calculated as a weighted average based on themarket capitalization on the previous day, using the following formula.

∑ (MC × Tr )× 100%TR =∑ MCi ,t −1i ,titi ,t −1i

Where:
TRt = weighted average total return for all issues in period t
MCi ,t −1 = market capitalization of issue i at the end of period t - 1

Tri ,t = total return of issue i in period t, given by

 Pi ,t + Di',t + Di",t=− 1 × 100%
Pi ,t −1Di',t = expected dividend per investment unit of issue i at ex - date
Di",t = final dividend per investment unit − expected dividend per investment
unit of issue i at the next day of final settlement announcement

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<Adjustments for events>[ 1 ] In order to correct for fluctuations in the price per investment unit in connection withthe ex-dividend date, the total return is calculated by totaling the expected dividends on theex-dividend date.
[ 2 ] When the final declared dividends differ from the expected dividends, the total return iscalculated by adjusting for differences in the total dividend amounts, taking into accountchanges in investment-unit quantities due to capital increases and other factors on the day
following the date of announcement of the closing of accounts.

(2) Total return index (dividends included)
The total return index (dividends included) is calculated by totaling the daily total return,with the value of the index on the base date (September 10, 2001) set at 1000.
TI t = TI t −1 × (1 + TRt )Where:
TI t = the value of total return index at the end of period t

3-33-1, Shiba Minato-ku, Tokyo 105-8574, Japanwww.smtri.jp

3. Expected dividend yield
The expected dividend yield is calculated as a weighted average based on the market
capitalization on the previous day, using the following formula.

∑ (MC × Ey )× 100%EY =∑ MCi ,ti ,titi ,ti

Where:
EYt = weighted average expected dividend yield for all issues over the one - year
Ey i ,t = expected dividend yield of issue i over the one - year, given by=Di ,tMCi ,t, where Di ,t is the total amount of expected dividend ofissue i over the one - year at the end of period t

MCi ,t = market capitalization of issue i at the end of period t*The annual total of expected dividends is calculated based on announced dividend
amounts. When dividend amounts have been announced for the current semiannualperiod and the following semiannual period, the annual total of expected dividends
is equal to the expected dividends for this period + the expected dividends for thefollowing period. When the expected dividend amount has been announced for thecurrent semiannual period only, the annual total of expected dividends is equal tothe expected dividends for this period x 2.
<Adjustments for events>
When a revision of expected dividends has been announced, the revised expected dividend
amount shall be used for calculation purposes beginning on the day following theannouncement of the revision, regardless of whether such announcement is made during thefiscal period or at the time of the announcement of the settlement of accounts.

3-33-1, Shiba Minato-ku, Tokyo 105-8574, Japanwww.smtri.jp