Strong Financial Base and Equity Co-Investment by Sponsors

Financial Strategy

MIRAI aims to establish a strong financial base by maintaining a conservative LTV ratio and establishing a lender formation comprising mainly mega-bank groups.

As of June 15, 2021

LTV (Note 1) 48.6 Remaining maturity on debt 7.0years Credit ratings (Note 2) A+(Stable)
  • LTV (based on total assets) = Outstanding interest-bearing debt / Total assets
  • MIRAI obtained a long-term issuer rating ”A+ (Stable" from Japan Credit Rating Agency, Ltd. (JCR) and "A (stable)" from Rating and Investment Information, Inc. (R&I)

Initiative to align the interests of unitholders and sponsors

1.Equity Co-investments

MIRAI aims to align the interests of unitholders, sponsors and the Asset Manager and achieve medium and long-term improvement in unitholders’ value through Equity Co-investments adopted as a governance initiative.

Equity Co-investments by the two sponsors

MIRAI’s strong commitment to improving unitholders’ value

2.Asset management fee structure linked to unitholder profit

Asset management fee I
(based on AUM)
Up to 0.5% per year of total assets
Asset management fee II
(based on DPU)
Adjusted DPU (See Note) x NOI after depreciation x 0.001%(as an upper limit) Note: Adjusted DPU = Unappropriated retained earnings before deducting Assetmanagement fee 2 / Number of investment units outstanding
Acquisition fee Up to 1.0% of the acquisition price
Disposition fee Up to 1.0% of the disposition price
Merger fee Up to 1.0% of the appraisal value at the time of merger of real-state-related assets held by the counterparty of the merger at the time of merger
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