Green Building Certification
Climate Change
Resource Recycling
(Water and Waste) Increasing Greenery and Biodiversity Environment Management System (EMS) Urban Site Investment Criteria Green Finance
(Water and Waste) Increasing Greenery and Biodiversity Environment Management System (EMS) Urban Site Investment Criteria Green Finance
Green Finance
Policy and Approach
MHR has a policy of raising investment funds for environmentally friendly projects through green finance in order to contribute to the realization of a sustainable society and maximize unitholders' value in the medium to long term.
For the raising funds through green finance, MHR has formulated a Green Finance Framework conforming to the Green Bond Principles and other principles and guidelines. MHR conducts management based on this framework.
Green Finance Framework
Use of Funds Procured
Funds procured of the green finance will be allocated to acquire the assets that meet the following eligibility criteria (Eligible Green Projects), to refinance existing loans or to redeem investment corporation bonds (including green bonds) already issued.
Eligibility Criteria
Any assets with the following valid certifications that have already been obtained or updated or are planned to be obtained or updated in the future, at green financing or at reporting:
- A or S Rank by CASBEE for Real Estate
- A or S Rank by CASBEE for Buildings
- Four or Five stars by DBJ Green Building
- Four or Five stars by BELS
- Gold or Platinum by LEED
Process for Project Evaluation and Selection
MIM’s Sustainability Committee selects projects that meet the eligibility criteria, and the President & CEO makes decisions. The Sustainability Committee is comprised of MIM’s President & CEO as Chairperson, all General Managers, and some members of planning department.
Management of Funds Procured
- MIM's Financial Department appropriates and manages the Funds Procured on its internal electronic files.
- When the total amount of the funds procured from green finance are not immediately allocated to Eligible Green Projects, the unappropriated amount will be specified and the equivalent amount will be managed in cash or cash equivalents until it is allocated to Eligible Green Projects.
- Unappropriated funds temporarily on hand will be managed as an asset under portfolio management, if Eligible Green Projects where the proceeds were supposed to be invested are sold, fall short of Eligible Green Projects requirements, etc. after all the proceeds are allocated. Portfolio management is a method of managing the balance of the green finance not to exceed Green Eligible Debt, which are calculated by multiplying the sum of the acquisition prices of Eligible Green Projects by the ratio of interest-bearing debt to the total assets (LTV) at the end of the preceding fiscal year. Should it exceed green debts, MIM will manage the amount equivalent to the unappropriated funds in cash or cash equivalents.
As of February 27, 2026
| Total Acquisition Price of Eligible Green Projects |
LTV (book value basis) |
Green Eligible Debt |
Balance of Green Finance |
|---|---|---|---|
| 381,327 million yen | 46.1% | 175,792 million yen | 48,794 million yen |
Reporting
1．Allocation Reporting
- As long as the green finance balance exists, total acquisition price of Eligible Green Projects, the appropriation amount, and the green finance balance will be annually disclosed on MHR's website.
- Even after the appropriation is completed, if there is a material change in the appropriation status, that will be disclosed on MHR's website.
Total Acquisition Price of Eligible Green Projects
As of February 27, 2026
| Property No. |
Property Name | Rank | Acquisition Price |
|
|---|---|---|---|---|
| CASBEE Real Estate Certification System |
DBJ Green Building Certification |
|||
| O-0 | Roppongi Hills Mori Tower | Rank S | ｰ | 115,380 million yen |
| O-1 | ARK Mori Building | Rank S | ｰ | 62,480 million yen |
| O-4 | Koraku Mori Building | Rank S | ｰ | 27,200 million yen |
| O-6 | Akasaka Tameike Tower (office) | Rank A | ｰ | 37,200 million yen |
| O-7 | Atago Green Hills MORI Tower | Rank S | ｰ | 29,798 million yen |
| O-8 | ARK Hills South Tower | ｰ | 5 Stars | 19,150 million yen |
| O-9 | Toranomon Hills Mori Tower | Rank S | ｰ | 73,789 million yen |
| O-10 | Holland Hills Mori Tower | Rank S | ｰ | 16,330 million yen |
| Total acquisition price | 381,327 million yen | |||
Green Finance Balance and Allocation Amount
As of February 27, 2026
| Bond/Lender | Amount | Allocated Amount |
Unallocated Amount |
Issuance/ Drawdown Date |
Maturity/ Repayment Date |
Target property (Property No.) |
|---|---|---|---|---|---|---|
| 21st Series Unsecured Investment Corporation Bond (Green Bond) |
2,000 million yen | 2,000 million yen | － | 2021/02/22 | 2031/02/21 | O-1 |
| 22nd Series Unsecured Investment Corporation Bond (Green Bond) |
1,800 million yen | 1,800 million yen | － | 2021/07/30 | 2031/07/30 | O-9 |
| 23rd Series Unsecured Investment Corporation Bond (Green Bond) |
1,500 million yen | 1,500 million yen | － | 2021/11/30 | 2031/11/28 | O-1 |
| Sumitomo Mitsui Trust Bank, Limited (Green Loan) |
2,400 million yen | 2,400 million yen | － | 2023/08/31 | 2028/08/31 | O-9 O-10 |
| 24th Series Unsecured Investment Corporation Bond (Green Bond) |
3,300 million yen | 3,300 million yen | － | 2023/11/29 | 2026/11/27 | O-1 O-4 |
| Sumitomo Mitsui Trust Bank, Limited (Green Loan) |
500 million yen | 500 million yen | － | 2023/11/30 | 2028/11/30 | O-1 O-4 |
| Mizuho Bank, Ltd. (Green Loan) |
500 million yen | 500 million yen | － | 2023/11/30 | 2032/11/30 | O-1 O-4 |
| SBI Shinsei Bank, Limited (Green Loan) |
1,500 million yen | 1,500 million yen | － | 2023/11/30 | 2032/11/30 | O-1 O-4 |
| Sumitomo Mitsui Trust Bank, Limited (Green Loan) |
600 million yen | 600 million yen | － | 2024/03/29 | 2029/03/31 | O-0 |
| MUFG Bank, Ltd. (Green Loan) |
2,100 million yen | 2,100 million yen | － | 2024/03/29 | 2031/03/31 | O-0 |
| Aozora Bank,Ltd. (Green Loan) |
1,000 million yen | 1,000 million yen | － | 2024/03/29 | 2032/03/31 | O-0 |
| Mizuho Bank, Ltd. (Green Loan) |
600 million yen | 600 million yen | － | 2024/03/29 | 2033/03/31 | O-0 |
| Sumitomo Mitsui Banking Corporation (Green Loan) |
800 million yen | 800 million yen | － | 2024/03/29 | 2033/03/31 | O-0 |
| The Bank of Fukuoka, Ltd. (Green Loan) |
1,000 million yen | 1,000 million yen | － | 2024/03/29 | 2033/03/31 | O-0 |
| Mizuho Bank, Ltd. (Green Loan) |
3,000 million yen | 3,000 million yen | － | 2024/08/30 | 2030/08/31 | O-9 O-10 |
| The Bank of Fukuoka, Ltd. (Green Loan) |
1,300 million yen | 1,300 million yen | － | 2024/08/30 | 2033/08/31 | O-0,O-9 O-10 |
| 25th Series Unsecured Investment Corporation Bond (Green Bond) |
2,000 million yen | 2,000 million yen | － | 2024/11/26 | 2029/11/26 | O-1 O-4 |
| The Nishi-Nippon City Bank, Ltd. (Green Loan) |
1,000 million yen | 1,000 million yen | － | 2024/11/29 | 2029/11/30 | O-1 O-4 |
| The Norinchukin Bank (Green Loan) |
2,400 million yen | 2,400 million yen | － | 2024/11/29 | 2032/11/30 | O-0,O-1,O-4 O-9,O-10 |
| Sumitomo Mitsui Trust Bank, Limited (Green Loan) |
2,400 million yen | 2,400 million yen | － | 2025/03/31 | 2030/03/31 | O-0 |
| 26th Series Unsecured Investment Corporation Bond (Green Bond) |
1,700 million yen | 1,700 million yen | － | 2025/05/26 | 2030/05/24 | O-1 O-4 |
| The Nishi-Nippon City Bank, Ltd. (Green Loan) |
500 million yen | 500 million yen | － | 2025/08/29 | 2028/08/31 | O-9 O-10 |
| Mizuho Bank, Ltd. (Green Loan) |
1,000 million yen | 1,000 million yen | － | 2025/08/29 | 2031/08/31 | O-1 O-6 |
| The Bank of Fukuoka, Ltd. (Green Loan) |
500 million yen | 500 million yen | － | 2025/08/29 | 2033/08/31 | O-9 O-10 |
| SBI Shinsei Bank, Limited (Green Loan) |
1,800 million yen | 1,800 million yen | － | 2025/08/29 | 2033/08/31 | O-0,O-9 O-10 |
| Mizuho Trust & Banking Co., Ltd. (Green Loan) |
2,800 million yen | 2,800 million yen | － | 2025/08/29 | 2034/08/31 | O-0,O-1,O-7 O-9,O-10 |
| 27th Series Unsecured Investment Corporation Bond (Green Bond) |
2,000 million yen | 2,000 million yen | ー | 2025/11/25 | 2030/11/25 | O-1 O-4 |
| Sumitomo Mitsui Trust Bank, Limited (Green Loan) |
1,794 million yen | 1,794 million yen | ー | 2025/11/28 | 2030/11/30 | O-0,O-1 O-6,O-8 |
| SBI Shinsei Bank, Limited (Green Loan) |
1,250 million yen | 1,250 million yen | ー | 2025/12/01 | 2034/11/30 | O-9 |
| Sumitomo Mitsui Banking Corporation (Green Loan) |
3,750 million yen | 3,750 million yen | － | 2026/02/27 | 2034/02/28 | O-1,O-7, O-9,O-10 |
| Total | 48,794 million yen |
48,794 million yen |
||||
２．Impact Reporting
To the extent that the green finance balance exists, the following indicators will be disclosed annually on MHR's website:(To the extent possible under practical operations in all cases)
- CO2 emissions (t-CO2) (Scope 1, Scope 2, Scope 3, and intensity )
- Energy consumption (GJ)
| Carbon Dioxide Emission | Energy Usage (GJ) | |||||||
|---|---|---|---|---|---|---|---|---|
| Scope 1 （t-CO2） |
Scope 2 （t-CO2） |
Scope 3 （t-CO2） |
Intensity （kg-CO2/㎡） |
Electricity | (Ref.)Renewable energy electricity |
DHC | City gas | |
| FY 2020 | 985 | 15,383 | 9,234 | 79.4 | 102,634 | － | 41,302 | 19,761 |
| FY 2021 | 918 | 15,025 | 9,911 | 75.6 | 102,502 | － | 40,318 | 18,423 |
| FY 2022 | 979 | 11,418 | 9,750 | 58.4 | 104,371 | 32,853 | 41,039 | 19,633 |
| FY 2023 | 921 | 2,254 | 8,246 | 15.0 | 104,528 | 104,528 | 42,380 | 20,147 |
| FY 2024 | 1,019 | 2,239 | 10,140 | 15.4 | 101,670 | 101,670 | 42,089 | 22,289 |
- Carbon dioxide emissions are calculated based on the "Manual for Calculating and Reporting Greenhouse Gas Emissions" by the Ministry of the Environment and the Ministry of Economy,Trade and Industry.
- Intensity is calculated by dividing the carbon dioxide emissions (Scope1・2) by the calculated total floor area.
- The energy usage of city gas is calculated by multiplying the amount of city gas used by the unit calorific value specified in the "Manual for Calculating and Reporting Greenhouse Gas Emissions" by the Ministry of the Environment and the Ministry of Economy, Trade and Industry.
Evaluation by External Organization
MHR acquired Green1 (F), the highest rating in “Green Finance Framework Evaluation” from Japan Credit Rating Agency, Ltd. (JCR) as a third-party evaluation of the eligibility of the framework.
For details of “Green Finance Framework Evaluation ”,please refer to the following.
