SMBC日興証券アナリスト 鳥井裕史氏に聞く2022年のJ-REIT市場振り返りと2023年の見通し | Jリート・インフラファンドview 東京証券取引所

This page features an interview with Hiroshi Torii, an analyst at SMBC Nikko Securities, reviewing the 2022 J-REIT market and discussing 2023 outlook. The Tokyo Stock Exchange REIT Index fell 8.3% year-over-year to 1,894.06 points in December 2022, with a 4.8% total return decline including dividends. The decline was driven by rising interest rates and office market uncertainty. Performance varied by type: logistics focused indices fell 20.5%, while hotels and commercial facilities remained solid. Per-unit distribution remained flat. The year-end dividend yield was 4.0%, with a 3.6% spread over long-term rates, considered appropriate.