About Mitsui Fudosan Private REIT Inc. | About Our Business

Overview of MFPR

As a comprehensive private REIT with a diversified portfolio that includes a wide range of asset types and is designed for institutional investors, MFPR's asset size is one of the largest in Japan.
Taking full advantage of the Mitsui Fudosan Group's comprehensive strengths, we will continue to attain the steady growth of our assets and stable medium-to long-term income and returns.

The diagram of the MFPR overview illustrates the structure and relationships within the investment corporation MFPR. Inside MFPR, the General Unitholders' Meeting, the Board of Trustees, and the accounting auditor, Limited Liability PricewaterhouseCoopers Aarata LLC, are included. MFPR entrusts asset management and general administrative operations (including refund operations, institutional management, and private offering operations) to Mitsui Fudosan Investment Advisors, Inc., as the asset management company and general administrative agent. It also entrusts asset custody and investor registry administration to Sumitomo Mitsui Trust Bank, Limited, as the asset custody company and investor registry administrator. Furthermore, MFPR entrusts accounting operations to Reiwa Accounting Holdings Co., Ltd., as the general administrative agent for accounting operations, and tax operations to Reiwa Tax Corporation, as the general administrative agent for tax operations. MFPR secures borrowings from financial institutions and repays the liabilities through principal and interest payments. It invests in real estate and other assets, earning income such as rent. Additionally, MFPR receives equity contributions from unitholders and distributes returns to them.

Note: The diagram shows MFPR's key stakeholders, as well as the main flow of funds and some of the contractual relationships among them.

Features of MFPR

Income-focused products for long-term stable management

Taking advantage of Mitsui Fudosan Group's well-developed expertise, we provide income-focused products for long-term stable management that serves to supplement conventional private real estate funds and listed REITs. By offering comprehensive products that can leverage Mitsui Fudosan Group's comprehensive strengths, we seek to achieve higher management stability and the expansion of external growth opportunities.

Features of private real estate fund products

Products can be customized for each investor.
Because they are fixed-term funds, they tend to be impacted by real estate and financial market conditions at the end of their terms.
Refinancing may be difficult in some cases depending on the debt ratio.

Features of listed REIT products

Appropriate governance and information disclosure frameworks have been established.
Because the products are listed, they are relatively liquid.
They may be impacted more by stock market conditions than by value fluctuations of the real estate properties themselves.

Products designed for institutional investors focusing on long-term stable management.

Utilizing investment corporations capable of establishing appropriate governance structures.
Reducing the market value fluctuation risk of investment units by evaluating them based on NAV calculations derived from property value assessments.
Reducing the impact of market fluctuations on asset sales by not setting a fixed term for the investment period.
Reducing refinancing risks and minimizing fluctuations in equity value by maintaining low leverage.
Ensuring a certain level of liquidity through refunds from investment corporations (open-end) or the transfer of investment units (matching).

Taking advantage of the Mitsui Fudosan Group

MFPR takes full and active advantage of the comprehensive strengths of Mitsui Fudosan Group companies including those listed below. Specifically, it will harness their capabilities in the areas of information gathering, development, and management and operation to achieve MFPR's internal and external growth.

The diagram illustrating MFPR's utilization of the Mitsui Fudosan Group shows its collaborative framework. MFPR leverages Mitsui Fudosan Co., Ltd., Mitsui Fudosan Residential Co., Ltd., and Mitsui Fudosan Realty Co., Ltd. for property supply and the utilization of networks for property acquisition and sales. MFPR entrusts asset management operations and institutional management operations to Mitsui Fudosan Investment Advisors, Inc. Additionally, it entrusts property management and leasing operations to Mitsui Fudosan Co., Ltd., Mitsui Fudosan Building Management Co., Ltd., Mitsui Fudosan Retail Management Co., Ltd., Mitsui Fudosan Hotel Management Co., Ltd., and Mitsui Fudosan Residential Lease Co., Ltd.

Asset composition and investor composition charts

Fund data

（As of June 30,2024）

Assets	Approximately ¥399.1 billion (based on the acquisition price)
Properties	55 properties
Asset classes	Commercial office buildings, Residential, Retail, Logistics
Investors	174 companies
Loan-to-Value ratio	Approximately 41.8%