Sustainability Management
- Top Message
- Basic Policy on ESG
- ESG Promotion System (ESG Leadership)
- Materiality
- External Certifications
- Initiatives based on TCFD Recommendations
Top Message
Healthcare & Medical Investment Corporation
Executive Director
Yuji Fujise
Healthcare Asset Management Co., Ltd.
President & CEO
Hisatoshi Ishiwara
Healthcare & Medical Investment Corporation (hereinafter, “HCM”) and Healthcare Asset Management Co., Ltd. (hereinafter, “HAM”), the Asset Management Company, aim to serve as a conduit between the nursing care and medical service industries in which social needs are expected to increase and the capital markets, based on the environmental awareness that upgrading and expansion of healthcare facilities is further required in order to respond to the growing demand for medical and nursing care services. In other words, HCM and HAM aim to realize a society where all people can live vibrantly and with peace of mind as well as secure stable revenue and achieve steady growth of assets under management by promoting appropriate maintenance and management and new supply of healthcare facilities through stable investment and ownership of healthcare facilities with the keywords of “nursing care," “medical service” and “health."
Basic Policy on ESG
Basic Philosophy
In order to realize a “society where all people can live vibrantly and with peace of mind," which is the investment philosophy of HCM, HAM aims to contribute to the aged society and maximize unitholder value over the medium to long term through the promotion of provision of healthcare facilities as social infrastructure and construction of a portfolio specializing in healthcare facilities.
HAM will collaborate with various in-house/outside stakeholders including operators, hospital personnel, the sponsors and executives and employees of HAM in order to practice asset management in consideration of ESG including the reduction of environmental burden, efforts toward resolution of social issues in an aged society and establishment of governance system.
Reducing the Environmental Burden
HCM strives for energy conservation and reduction of CO2 emissions by improving energy efficiency at its properties and introducing facilities that contribute to energy saving. Also, HCM aims for resource conservation and waste reduction with regard to capital expenditure of its properties and in the formulation and implementation of their repair plans.
Initiatives for Solving the Challenges of an Aged Society
HAM believes that HCM’s continuous investment in healthcare facilities and its stable management of assets will help towards solving the social challenges of an aged society. Therefore, HAM has cooperated with various internal and external stakeholders including unitholders, operators, hospital personnel, the sponsors, executives and employees.
(1) Initiatives in Collaboration with Operators and Hospital Personnel
HAM establishes intimate relationships of trust with operators of healthcare facilities and hospital personnel through dialogue, strives to grasp the operating conditions of HCM’s healthcare facilities and conducts asset management which is considerate towards the safety and security of users as well as the environment.
Additionally, in light of the heightened social awareness of the working environment of healthcare facility employees and healthcare professionals, HCM announces its efforts of improvement for operators of its healthcare facilities and hospital personnel in a way that is easy to understand, thereby deepening the understanding of unitholders.
(2) Initiatives in Collaboration with the Sponsors
HAM collaborates with its sponsors which have sophisticated expertise in nursing care/medical service, fund management and finance as it works to solve the challenges of an aged society and increase unitholder value through HCM’s stable management of assets and the medium- to long-term growth of its portfolio.
(3) Initiatives in Collaboration with Executives and Employees
HAM will strive to provide a healthy and comfortable work environment for our executives and employees so that they can maximize their potential, and HAM will proactively work to develop human resources through specialized education and training support. In addition, in order to implement the Basic Policy, HAM will continue to provide training on ESG to our executives and employees to raise their ESG awareness.
(4) Initiatives in Collaboration with Outsourcing Contractors and Other Business Partners
HAM seeks the understanding and cooperation of outsourcing contractors and other business partners with regard to ESG initiatives and promotes measures in line with the Basic Policy.
(5) Contribution to Local Communities
Through HCM’s asset management HAM will contribute to the improvement in the sufficiency rate of healthcare facilities in local communities and the realization of a regional healthcare vision.
Establishing a Governance Framework
HAM endeavors to put in place in-house structures, company regulations, etc. in order to promote the establishment of an autonomous compliance framework and governance framework.
(1) Establishment of an Autonomous Compliance Framework
In order to establish an autonomous compliance framework for executives and employees, HAM holds internal and external trainings on a continued basis in order to deepen understanding of laws required for operations and other rules.
(2) Establishment of a Governance Framework
For the strengthening of governance as well as accomplishing appropriate risk management, HAM puts in place in-house structures such as the establishment of various council bodies and formulation of company regulations, thereby securing transparency of decision making, avoiding conflict of interest and reducing a variety of risks.
Disclosure of Information to Unitholders and Other Stakeholders
HAM actively discloses information concerning the reduction of the environmental burden, initiatives for the resolution of social challenges of an aged society and the establishment of governance frameworks to its stakeholders and others, thereby contributing to the sustainable growth of HCM through deepening the understanding of unitholders and other stakeholders.
ESG Promotion System (ESG Leadership)
HAM recognizes energy conservation and CO2 emission reduction in "Basic Policy on ESG", as important environmental issues for properties owned by HCM, and commits to addressing these issues. In addition, recognizing that natural disasters, such as those caused by climate change, can have a significant impact on the residents and users of facilities, HAM has established a policy for ensuring resilience.
HAM has established the "Regulations for Sustainability Promotion System" in order to take a company-wide view of these issues and to set specific targets and measures. The Regulations stipulate internal systems, information disclosure, and other matters to ensure a sustainability promotion system as follows.
- President & CEO is designated as the "Chief Officer of Sustainability (hereinafter "Chief Officer")" and Head of the Asset Management Department and Head of Finance & Administration Department are designated as the "Executive Officer of Sustainability (hereinafter "Executive Officers")". The "Chief Officer" and "Executive Officers" oversee the planning, formulation, and implementation of specific measures to address important issues, including climate change-related risks.
Chief Officer of Sustainability |
President & CEO |
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Executive Officer of Sustainability Performance |
Head of Asset Management Department |
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Executive Officer of Sustainability Management |
Head of Finance & Administration Department |
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- HAM has formulated an "EMS (Environmental Management System) Operation Manual," which stipulates details for operating "Basic Policy on ESG", "Regulations for Sustainability Promotion System", and each policy, and is used to establish, operate, and maintain an EMS based on the PDCA cycle.
HAM Website / Basic Policy on ESG
https://www.hcam.co.jp/pdf/esg.pdf
Furthermore, HAM has established an ESG Committee which deliberates and drafts various policies, targets and measures regarding sustainability.
Organization Chart (as of March 2024)
ESG Committee
Chairperson | Either a full-time director, the Executive Officer of Performance or the Executive Officer of Management, designated by the Chief Officer |
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Members | (1) Director (2) Executive Officer of Performance (3) Executive Officer of Management (4) Member of Asset Management Department (5) Member of Investment Department (6) Member of Finance & Administration Department (7) Member of Healthcare Business Promotion Department (8) Compliance Officer (9) Other person appointed by the Chairperson |
Frequency of meeting | At least once a month in principle |
- The Committee reports to the Chief Officer of Sustainability and Executive Officer of Sustainability Management with regard to various policies, targets, measures, etc. at least once every three months.
- The committee reports to the Board of Directors at least once a year on various policies, targets and measures.
Promotion Process (PDCA Cycle)
Reporting Process to Management
- In principle, the ESG Committee will hold a meeting at least once a month. ESG Committee reports to the Chief Officer at least once every three months and to the Board of Directors at least once a year on various policies, targets and measures.
- Whenever Investment Department acquires a new property, it will report to the "ESG Committee" on the resilience assurance for the property.
Number of Meetings by the ESG Committee
Fiscal 2021 | Fiscal 2022 | Fiscal 2023 (first half of the fiscal year) |
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Number of ESG Committee held | 3 times | 16 times | 15 times |
Number of Management review | Once | Once | 4 times |
Number of reports to the Board of Directors | Once | 4 times | 4 times |
Number of in house ESG training held /Participation rate | Twice/100% | For all executives and employees: Once/100% For ESG Committee Member: Twice/100% |
3 times/95.5% |
ESG External training
TAKENAKA CORPORATION
As part of the training on ESG, the participants visited the Takenaka Research & Development Institute of TAKENAKA CORPORATION to observe the latest research and initiatives on ESG through building and construction.(2023)

HASEKO Corporation
As part of training related to the healthcare industry, HAM invited Naoko Yoshimura, Director and Operating Officer of HASEKO Corporation (and Director and Chief Researcher, Haseko Research Institute Inc.) to a study session on "Current Status and Future Prospects of the Senior Housing and Facility Business".(2023)

ANA Business Solutions Co.,Ltd.
Workshop with outside instructors to deepen understanding of DEI (Diversity, Equity, and Inclusion) and to promote diversity in the workplace.(2023)
Materiality
HCM and HAM aim to realize the investment philosophy and enhance unitholder value over the medium to long term by practicing asset management that is considerate of ESG (Environment, Social and Governance).
Issues that need to be solved | Highly relevant SDGs | |
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Environment |
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Social |
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Governance |
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(Source) | Excerpt from the United Nations Information Centre's "SDGs Posters, Logos, Icons and Guidelines" |
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Initiatives / External Certifications
Third-party assurance of environmental performance data
Environmental performance data (CO2 emissions and water consumption) for FY2021 and FY2022 have been third-party assured by Sustainability Accounting Co., Ltd.
GRESB Real Estate Assessment
In the 2024 GRESB Real Estate Assessment, HCM received a“1 Star” in GRESB Rating, which is based on GRESB Overall Score and its quintile position relative to global participants. It also won a “Green Star” designation for two years in a row by achieving high performance both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and “Performance Component” that assesses environmental performance and tenant engagement of properties owned.

BELS Evaluation
BELS (Building-housing Energy-efficiency Labeling System) is a third-party certification program to rate houses and buildings in accordance with the Building Energy Efficiency Act's requirement of effort to label energy efficiency. The rating is based on the BEI (Building Energy Index) value calculated from primary energy consumption based on national building energy consumption standards.
Evaluation and labeling are performed by registered housing evaluation agencies, designated inspection agencies or registered building survey agencies that are members of The Association for Evaluating and Labeling Housing Performance and have filed to perform BELS services, and the evaluation results are indicated on a five-star scale (one to five stars).
The following HCM properties have been rated.
Property name | Evaluation | Date of being rated |
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![]() NOAH GARDEN L Grace |
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December 6, 2022 |
![]() NOAH GARDEN Season Bell |
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December 6, 2022 |
CASBEE
Comprehensive Assessment System for Built Environment Efficiency (CASBEE) is a method for evaluating and rating the environmental performance of buildings and the built environment. It is a comprehensive assessment of the quality of a building, evaluating features such as interior comfort and scenic aesthetics, in consideration of environment practices that include using materials and equipment that save energy or achieve smaller environmental loads. The CASBEE assessment is ranked in five grades: Superior (S), Very Good (A), Good (B+), Slightly Poor (B-) and Poor (C).
HCM acquired CASBEE certified properties in the 19th fiscal period. (PD House Higashi-Osaka)
Initiatives based on TCFD Recommendations
Supporting the TCFD Recommendations and participation in the TCFD Consortium
In March 2023, HCM and HAM announced their support for TCFD(Task Force on Climate-related Financial Disclosures) and participated in the TCFD Consortium, an organization of domestic companies that support TCFD.
TCFD
TCFD is a task force established by the Financial Stability Board (FSB) at the request of the G20 to examine how climate-related disclosures and financial institutions should be addressed. TCFD encourages companies to disclose their "governance," "strategy," "risk management," and "indicators and targets" related to climate change-related risks and opportunities.
TCFD Consortium
Through a series of dialogues companies and financial institutions, TCFD Consortium aims to further discussion on effective and efficient corporate disclosure of climate-related information and their investment by financial institutions.
Addressing Climate Change Issues and Information Disclosure
HCM and HAM aim to realize a sustainable society by addressing climate change issues in cooperation with various internal and external stakeholders, including operators, hospital personnel, sponsors, executives and employees, while also focusing on climate change-related risks and opportunities specific to the healthcare facilities in which HCM invest, as well as realizing their basic philosophy.
In addition, information on addressing climate change-related risks and opportunities will be disclosed about the contents of TCFD recommendations and guidance, as represented by scenario analysis.
Scenario Analysis
In response to the global focus on climate change and extreme weather events, and the growing public demand for countermeasures, HAM conducts scenario analyses of the actual and potential impacts on HCM and HAM's business, strategic, and financial planning of the various risks and opportunities posed by climate change issues. The following process is used to analyze scenarios.
The analysis covers all real estate properties owned by HCM, as well as the overall business of real estate investment management. HAM also aims to analyze the medium-term (2030) and long-term (2050) impacts.
Scenario Analysis Process
Step.1:Understanding the characteristics of healthcare facilities
Since healthcare facilities owned by HCM may have certain restrictions on the physical freedom of residents and customers, it is important to carefully consider the risks and opportunities for natural disasters brought about by climate change, including the safety of the facility itself and evacuation response.
Various risks due to climate change have a significant impact on the operator business that operates the facilities, and the good or bad operating conditions of the facilities also have a significant impact on HCM's business.
Therefore, HCM and HAM will broadly consider the risks and opportunities from climate change from a comprehensive perspective, including the perspectives of not only investors but also residents/customers and operators.
Step.2:Setting climate-related scenarios
Recognizing that HCM's business could be significantly affected by climate change, as described in Step 1, the following two climate-related scenarios have been established.
Transition risk refers to the risk of changes in climate change policies, regulations, technological developments, market trends, and market valuations. Physical risk refers to the acute or chronic damage caused by disasters and other events resulting from climate change.
Climate-related scenarios
Setting Scenario | 1.5°C scenario | 4°C scenario | |
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Reference scenario |
Transition risk |
IEA(International Energy Agency) NZE2050 |
IEA(International Energy Agency) World Energy Outlook 2020 STEPS |
Physical risk |
IPCC (Intergovernmental Panel on Climate Change) Fifth Assessment Report RCP2.6 |
IPCC (Intergovernmental Panel on Climate Change) Fifth Assessment Report RCP8.5 |
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Scenario overview |
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Step.3:Establishment of factors affecting business
Taking into account the characteristics of the facility in Step 1, the following scenario worldviews were organized by establishing the key factors that would affect HCM's business in each of the scenarios in Step 2.
Scenario worldview
Scenario worldview | |||
Setting Scenario | 1.5°C scenario | 4°C scenario | |
Transition Risks and opportunities |
Policy ・ Legal |
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Technology Development |
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Market Trends |
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Market Reputation |
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Physical risks and opportunities |
Acute |
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Chronic |
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Step.4:Assessment of impact on business, strategic, and financial planning
The climate change risks and opportunities affecting HAM‘s business under the scenario worldview established in Step 3 were evaluated as follows. Note that the large, medium, and small values in the evaluation results represent HAM’s qualitative judgment of the respective impact levels. In the future, HCM and HAM aim to quantitatively evaluate each impact level.
Risks and opportunities of the 1.5°C scenario
This table can scroll to the left or right.
1.5°C scenario | ||||||
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Risk Classifications |
Middle Classification |
Factors (Worldview) | Classification | Financial Impact | Assessment Results | |
Transition Risks and Opportunities |
Policy ・ Legal |
Strengthen energy conservation standards (Strengthened environmental performance standards, Mandatory reporting of renewable energy use and GHG emissions, Mandatory ZEB/ZEH compliance, etc.) |
Risk | Development costs to achieve standards, impact on yield levels | Middle |
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Risk | Relative decline in environmental performance of owned properties | Large |
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Opportunities | Expansion of subsidies and other public assistance programs for environmental investments |
Large |
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Strengthen introduction of carbon tax | Risk | Impact on costs associated with legal compliance (carbon tax, non-fossil certificate acquisition costs, etc.) |
Middle |
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Technology Development |
Advanced energy-saving and renewable energy technologies (Lower installation costs and higher efficiency through technological innovation) |
Risk | Cost implications of new technologies | Small |
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Opportunities | Reduction of water and utility costs through improved energy efficiency | Middle |
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Market Trends |
Changes in Evaluation Standards (Investors and financial institutions closely monitor environmental performance and certification of properties under management) |
Risk | Low evaluation of environmental performance and certification by investors and financial institutions |
Large |
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Opportunities | High evaluation of environmental performance and certification by investors and financial institutions |
Middle |
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Market Reputation |
Tenant/Resident behavior change (Environmental performance of properties is becoming more important due to regulatory compliance, changing orientation, etc.) |
Risk | Low evaluation of the property's environmental performance by residents and tenants |
Large |
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Opportunities | High evaluation of the property's environmental performance by residents and tenants |
Large |
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Acute | Increase in wind and flood damage (Climate change will increase wind and flood damage to some extent, but not significantly) |
Risk | Disaster recovery response | Middle |
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Risk | Prolonged recovery period | Middle |
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Physical Risks and Opportunities |
Chronic | Temperature rise/sea level rise (Average temperature rises about 1.5°C, sea level rises 0.2-0.5 m) |
Risk | A certain degree of increase in air conditioning equipment operation due to rising temperatures |
Middle |
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Risk | Property falls within hazard area due to sea level rise | Small |
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Risks and opportunities of the 4°C scenario
This table can scroll to the left or right.
4°C scenario | ||||||
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Risk Classifications |
Middle Classification |
Factors (Worldview) | Classification | Financial Impact | Assessment Results | |
Transition Risks and Opportunities |
Policy ・ Legal |
Strengthening regulations for the purpose of natural disaster prevention (Expansion of hazard areas and tightening of development regulations) |
Risk | Existing properties fall within the hazard area | Large |
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Risk | Impact on property acquisition prices due to revision of property acquisition standards and store opening standards |
Large |
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Market Trends |
Changes in Evaluation Standards (Investors and financial institutions emphasize resilience of properties under management) |
Risk | Low evaluation of environmental performance and certification by investors and financial institutions |
Large |
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Opportunities | High evaluation of environmental performance and certification by investors and financial institutions |
Middle |
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Market Reputation |
Tenant/Resident behavior change (Increasing number of natural disasters has led to an emphasis on disaster prevention aspects of properties.) |
Risk | Low evaluation of the property's environmental performance by residents and tenants |
Large |
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Opportunities | High evaluation of the property's environmental performance by residents and tenants |
Large |
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Physical Risks and Opportunities |
Acute | Severe wind and flood damage (Increased frequency of property damage due to more severe wind and flood damage) |
Risk | Human damage to residents and operators caused by the disaster | Large |
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Risk | Disaster recovery response | Large |
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Risk | Prolonged recovery period | Large |
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Chronic | Temperature rise/sea level rise (Average temperature rises about 4°C, sea level rises 0.4-0.8 m) |
Risk | Significant increase in air conditioning equipment operation and renewal frequency due to rising temperatures | Large |
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Risk | Property falls within hazard area due to sea level rise | Large |
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