Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

This TOB Does Not Question the Fundamental Issue of REIT Governance, but Will the Tactic Succeed?

What It Takes to Bring Back Overseas Investors once They Have Left ....

Aiming for REITs with Lower Downside Risk and Expectations of Higher Shareholder Returns?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>While offering non-serious TOB prices, knowing that the likelihood of TOBs by the activist fund is low, the aim to extract concessions from the REIT and sponsor companies was successful.</li>
<li>The governance problem is the composition of the company, which continues to manage off-balance sheet real estate through its subsidiary REIT asset management company.</li>
<li>So far, however, governance issues have not received much attention, only confirming the sponsor companies' willingness to continue REIT control and investors' benefit from higher REIT stock prices by TOBs.</li>
</ul>


While offering non-serious TOB prices, knowing that the likelihood of TOBs by the activist fund is low, the aim to extract concessions from the REIT and sponsor companies was successful.
The governance problem is the composition of the company, which continues to manage off-balance sheet real estate through its subsidiary REIT asset management company.
So far, however, governance issues have not received much attention, only confirming the sponsor companies' willingness to continue REIT control and investors' benefit from higher REIT stock prices by TOBs.


Governance Issues Were Not Highlighted and the Win-Win by REIT Sponsors and Investors Continues

TSE Tokyo Price Index TOPIX

Governance Issues Were Not Highlighted and the Win-Win by REIT Sponsors and Investors Continues