Corporate Governance

Administration Fees

Administration fees the Investment Corporation pays are as follows;
  • Fees for Executive Directors and Supervisory Directors
The fees for each executive director is an amount no greater than 800,000 yen per month determined by the board of directors, and is paid by the final business day of each month. The fees for each of the supervisory director is an amount no greater than 500,000 yen per month determined by the board of directors, and is paid by the final business day of each month.
 

(Note)
If the executive director or the supervisory directors fail to perform their duties they will be liable for damages arising from such failure. However, if the executive director or the supervisory directors conducted the duties in good faith and there was no material negligence, under the Articles of Incorporation based on the provisions of the Investment Trust Law, the Investment Corporation may release the executive director or supervisory directors from such liability by resolution of the board of directors, within the limits provided by laws and ordinances, if it is judged particularly necessary in light of the circumstances, such as the facts that caused the liability and the state of performance of the duties by the executive director or supervisory directors.

  • Fees for Accounting Auditor
The fees for accounting auditor is an amount no greater than 20 million yen per accounting period subject to audit, determined by the board of directors, and is paid within 1 month of the receipt of all of the audit reports which are required under the investment Trust Act or other laws or regulations.
  • Fees for Asset Manager
Asset Management Fees
Under the asset management agreement as currently in effect, the Asset Manager receives an asset management fee for each calculation period, which is a three-month period that ends on the final day of February, May, August or November of each year, payable after the end of the second month following the end of such calculation period. The asset management fee is equal to 0.6%, annualized and prorated on the basis of a 365-day year, of the value of the “adjusted total assets” as of the end of each calculation period. Where the relevant calculation period ends in February or August, “adjusted total assets” equals our total assets as of the end of the fiscal period that ends concurrently with the calculation period. Where the relevant calculation period ends in May or November, “adjusted total assets” equals our total assets as of the end of the immediately preceding fiscal period, plus the aggregate acquisition price of the properties we acquire during the relevant calculation period, less the aggregate balance sheet value of the properties we dispose of during the relevant calculation period. However, if the aggregate acquisition price of the properties we acquire during the relevant calculation period is smaller than the aggregate balance sheet value of the properties we dispose of during the relevant calculation period, “adjusted total assets” equals our total assets as the end of the immediately preceding fiscal period, plus the aggregate sale price of such acquired properties, less the aggregate balance sheet value of such disposed properties. In addition, under the asset management agreement, the Asset Manager is entitled to reimbursement of certain administrative and other costs.
 
Acquisition Fees
For each new property we acquire, the Asset Manager receives an acquisition fee calculated at 0.8% of the purchase price, payable by the end of the month following the acquisition. 
 
JRF also pays fees for the General Administrator and the Custodian etc.

Please refer on the fees above to the division as below.
Mitsubishi Corp.-UBS Realty Inc.
Head of Retail Division
Tokyo Building, 7-3, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-6420, Japan
Tel: +81-3-5293-7081