ARES J-REIT Property Index is one of the few real estate investment indices in Japan that is calculated using the return on real estate investment owned by J-REITs (Japan Real Estate Investment Trust). It is an index which represents the monthly return on real estate investment (value when converted to annual rate). It is comprised of (1) income return based on NOI (Net operating income), (2) capital return based on real estate prices and (3) total return, which is the total of income return and capital return. It is calculated according to a method that follows the calculation method of the NCREIF Property Index, which is an index used widely in the U.S. Please visit http://www.ncreif.com/ to see the NCREIF Property Index of the U.S. 　Total Return of the ARES J-REIT Property Index (National) ARES J-REIT Property Index is an index which represents the monthly return on real estate investment (value when converted to annual rate).   　Office 　Residential 　Commercial