Distributions

Distributions

Actual:Jun. 2020 (28th) Fiscal Period

Distribution Per Unit JPY 2,049
Distribution payment Date Sep. 30, 2020
  • Only unitholders on the register as of the end of June 2020 are eligible to receive distribution.

Forecast:Feb. 2021 (29th) Fiscal Period

 Payment upon the merger per unit(Forecast) JPY 3,014
  • The Investment Corporation and Japan Retail Fund Investment Corporation (hereinafter referred to as "JRF" and collectively referred to as “Both Investment Corporations” together with the Investment Corporation) decided at the board of directors meeting of the Both Investment Corporations held on August 28, 2020 to conduct an absorption-type merger (“Merger”) effective from March 1, 2021, whereby JRF is the surviving corporation and the Investment Corporation is the dissolving corporation, and concluded a merger agreement as of August 28, 2020. In relation to this, the Investment Corporation intends to submit a proposal to its general meeting of unitholders, which is scheduled to be held on October 22, 2020, regarding an amendment of its articles of incorporation to change the ends of its fiscal period end dates from the last days of June and December to the last days of February and August, respectively. Subject to the approval of the proposal of such amendment of the articles of incorporation is approved at the general meeting of unitholders, the Investment Corporation’s final fiscal period prior to the effective date of the Merger is scheduled to be the eight-month period from July 1, 2020 to February 28, 2021.
  • Instead of cash distributions of the Investment Corporation for the fiscal period ended February 28, 2021 (prior to the effective date of the Merger), JRF will distribute payment upon the Merger because the Investment Corporation will be resolved by the Merger.
  • With respect to the forecast of operating results and cash distributions for the six months ending August 31, 2021 (from March 1, 2021 to August 31, 2021) of JRF, the surviving corporation after the Merger, please refer to “Notice Concerning the Forecast for Operating Results and Distributions Subsequent to the Merger of Japan Retail Fund Investment Corporation and MCUBS MidCity Investment Corporation for August 2021 (39th) Fiscal Period” otherwise disclosed on August 28, 2020.

Historical Distribution per unit

MCUBS MidCity implemented a five-for-one split of the investment units of MCUBS MidCity as of the record date of December 31, 2017 (Effective date: January 1, 2018). Figures for distribution per unit for 1st (Dec. 2016) to 23th (Dec. 2017) fiscal periods indicated below are one-fifth of the actual distribution per unit (rounded down).

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(Yen)

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Fiscal Period Ended Distribution per unit (JPY)
Jun. 2020(28th) 2,049
Dec. 2019(27th) 1,955
Jun. 2019(26th) 2,751
Dec. 2018(25th) 2,545
Jun. 2018(24th) 1,684
Dec. 2017(23rd) 1,622
Jun. 2017(22nd) 1,580
Dec. 2016(21st) 1,486
Jun. 2016(20th) 1,420
Dec. 2015(19th) 1,456
Jun. 2015(18th) 1,288
Dec. 2014(17th) 1,191
Jun. 2014(16th) 1,263
Dec. 2013(15th) 1,280
Jun. 2013(14th) 113
Dec. 2012(13th) 1,442
Jun. 2012(12th) 1,568
Dec. 2011(11th) 1,543
Jun. 2011(10th) 1,521
Dec. 2010(9th) 1,506
Jun. 2010(8th) 1,653
Dec. 2009(7th) 1,904
Jun. 2009(6th) 2,261
Dec. 2008(5th) 2,422
Jun. 2008(4th) 3,643
Dec. 2007(3rd) 2,608
Jun. 2007(2nd) 2,904
Dec. 2006(1st) 1,990
 

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Distributions Policy

Of the total cash amount to be distributed to unitholders, the amount of earnings (the amount arrived at when the sum total amount of unitholders’ capital, capital surplus and valuation and translation adjustments is deducted from the amount of net assets as stated on the balance sheets of MCUBS MidCity as stipulated in the ITL; the same hereafter) shall be calculated in accordance with generally accepted corporate accounting principles and practices.

In cases where distribution of cash totaling no more than the amount of earnings is to be made, distribution shall be conducted at an amount determined by MCUBS MidCity that is in excess of an amount equivalent to 90% of MCUBS MidCity’s amount of earnings available for distribution as stipulated in laws and regulations (hereafter, the “earnings available for distribution”) (provided, however, that it shall be the content or percentage after the change in cases where the content or percentage of earnings available for distribution changes as a result of revision of laws and regulations, etc.). Furthermore, MCUBS MidCity shall be able to set aside a reserve for long-term repairs, reserve for payments, reserve for dividends and other similar reserves, etc. as recognized to be necessary in maintaining or enhancing the value of assets.

Of the amount of earnings, the amount not allocated for distribution but reserved shall be managed in accordance with MCUBS MidCity’s Asset Management Target and Policy.

Limitation of Cash Distribution

MCUBS MidCity is relieved of its duty to pay any cash distributions to a unitholder if three full years have passed from the day of commencing payments without paying to the unitholder. No interest will accumulate on any unpaid cash distributions.