September 18, 2018
Mitsui Fudosan Logistics Park Inc. (MFLP-REIT)

Securities Code3471

Table of Contents
1. Basic Strategy of MFLP-REIT

4. Logistics Market Overview

1-1. Trajectory of Growth of Mitsui Fudosan’s
Logistics Facilities Business and Acquisition…… P3
of MFLP Tsukuba
1-2. Four Roadmaps to Stable Growth andTrajectory of Growth…… P4
1-3. Repetitive and Continuous Property
Acquisition and Steady Growth of Distribution …… P5

4-1. Logistics Market Overview

1-4. Property to be Acquired in 5th Fiscal Period…… P6

1-5. Basic Strategy of MFLP-REIT…… P7

2. Financial Summary
2-1. Financial Highlights…… P102-2. 4th Fiscal Period P/L…… P11

2-3. 5th Fiscal Period Earnings Forecast…… P12

……

P27

……

P32

……

P33

Fiscal Period

……

P34

• Initiatives for ESG

……

P35

……

P37

……

P38

P39

5. Appendix• Statement of Income and Balance Sheet• Individual Property Income Statementfor 4th Fiscal Period• Appraisal Summary for the End of 4th• Interest Rate Market Data/Status ofInterest-Bearing Debt
• Investment Unit Price Trends/Status ofUnitholders

3. Management Status of MFLP-REIT
3-1. Portfolio Status…… P14• Mitsui Fudosan’s

3-1-1. Location
3-1-2. Quality
3-1-3. Balance

……
……
……

Major Development/Operation Track Record ……

3-2. External Growth…… P193-3. Internal Growth…… P21

3-4. Financial Strategy…… P233-5. Unitholder Relations…… P25

P15
P17
P18

1

1. Basic Strategy of MFLP-REIT

2

1-1. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities
Business and Acquisition of MFLP Tsukuba
Image of growth of properties (to be)
developed/operated by Mitsui Fudosan
Cumulative total investment size as of May 2018

32 facilities 480.0 billion yen (*1)
Cumulative total investment size as of July 201728 facilities 400.0 billion yen (*1)
MFLPREIT IPO

Transition from Logistics
Properties Department to“Logistics Properties
Business Division”
at Mitsui Fudosan

Establishment of“Logistics Properties
Department”
in Retail Properties Divisionat Mitsui Fudosan

Fiscal平成24年度
2012

Fiscal2013
平成25年度Fiscal2014
平成26年度Fiscal2015
平成27年度Fiscal2016
平成28年度（予定）

Fiscal 2017平成29年度（予定）

Fiscal 2018
(planned)

平成30年度（予定）Property to be acquired in 5th fiscal period

Properties defined in “Right of first look and preferential negotiation agreement” *3(planned to be acquired on Dec. 3, 2018)

9 properties 770,000 m2 *4

Construction completed: 710,000 m2 *4
Partiallyacquired
一部取得済

MFLP Tsukuba (60%)

MFLP Sakai(80%)*5

Partially acquired

MFLP Hino(85%) *5

MFLP Inazawa

MFLP Atsugi II
To be partially acquired

Partially acquired

MFLP Prologis Park
Kawagoe (50%) *5

Planned acquisition price 5.2 billion yen
NOI yield *2

5.7%

Construction started:
66,000 m2 *4

MFIP Inzai(80%) *5

MFLP Fukuoka I(81%) *5

MFLP Ibaraki

Fiscal 2019(planned)

平成31年度（予定）

Fiscal 2020
(planned)

平成32年度（予定）

Expansion ofproperties defined in“Right of first look andpreferential negotiationagreement”

MFLP Tsukuba(40%) *5

* Unless otherwise specified, figures indicated in whole number are rounded down to the nearest specified unit and figures with a decimal point are rounded to the nearest indicated unit. The same shall apply hereinafter.
*1: “Cumulative total investment size” is based on materials released at each point in time by Mitsui Fudosan. For details, please refer to “About major properties developed/operated by Mitsui Fudosan” on p. 40.
*2: NOI yield is obtained by dividing appraisal-based NOI by acquisition price.
*3: For details of properties defined in “Right of first look and preferential negotiationagreement,” please refer to “About properties defined in ‘Right of first look andpreferential negotiation agreement’” on p. 40. The same shall apply hereinafter.

*4: The floor area subject to the “Right of first look and preferential negotiation agreement” (after taking into consideration
the quasi co-ownership interest).
*5: The percentage figure in parentheses is the percentage of quasi co-ownership interest subject to the “Right of firstlook and preferential negotiation agreement.”31-2. Four Roadmaps to Stable Growth and Trajectory of GrowthFiscal 2016

Fiscal 2018

Fiscal 2017

1st & 2nd fiscal periods

3rd fiscal period

4th fiscal period

5th fiscal period

Fiscal 2019
6th fiscal period

Fiscal 2020

7th fiscal period 8th fiscal period

Fiscal 2021 or after

9th fiscal period

10th fiscal period or after

Asset size
Acquisition with borrowed
funds, etc.

August 2017

First public offering

Acquisition with borrowed
funds, etc.

January 2018

December 201812 properties
10 properties

9 properties

75.5

78.7

billion yen

billion yen

Continuous acquisition of properties,
centering on properties defined in“Right of first look andpreferential negotiation agreement”

13 properties

98.3

103.5

billion yen

billion yen

200.0
billion yen
Fiscal 2020
target asset size

LTV
End of 1st
fiscal period

24.5%

End of 2nd
fiscal period

End of 3rd
fiscal period

End of 4th
fiscal period

21.6%

22.5%

23.9%

Distribution
per unit (DPU)
1st fiscal
period2nd fiscal
period5,198 yen

5,346 yen

3rd fiscal
period4th fiscal
period5,563 yen

5,832 yen

End of 3rd
fiscal period

End of 4th
fiscal period

84.4

billion yen

January 31, 2019(End of 5th FP
forecast)

July 31, 2019(End of 6th FP
reference)

27.2%

26.6%

5th fiscal
period(Forecast)

6th fiscal
period(Reference)

5,963 yenFund procurement and LTV
management optimal for the
expansion of acquired asset size

Continuous DPU growththrough leverage effects

Medium- tolong-term
stabilized LTV level

40% to 50% range

Growthpotential

6,065 yen

Market cap

End of 1st
fiscal period

End of 2nd
fiscal period

76.1

71.5

billion yen

billion yen

billion yen

Expansion of market cap throughpublic offerings, etc.

84.7

4

1-3. Repetitive and Continuous Property Acquisition and SteadyGrowth of Distribution
Maximization of Unitholder Value through Leverage Effects and Public Offering

MFLP Sakai (20%), etc.
Total of 9 properties

MFLP Komaki (40%)

Acquisition price:75.5 billion yen

Acquisition price:
3.2 billion yen

Borrowings

IPO

MFLP Hino (15%)
MFLP Komaki (60%)
MFLP Hiratsuka

Acquisition price:19.5 billion yen
Premium offering

Continuous acquisitionof properties, centering
on properties defined in“Right of first look andpreferential negotiationagreement”

MFLP Tsukuba (60%)+

Planned acquisition
price: 5.2 billion yen

Expansion ofasset size

Optimal fundprocurement andLTV management

Borrowings
Effect of acquisition of
MFLP Tsukuba (image)

6,200
5,963

DPU (yen)

5,832( ) EPU (yen)

5,700

5,833

LTV (%)(5,580)

5,493

5,486

5,198

6,065

Continuous
growth of DPU(5,575)(5,497)5,200(5,288)5,190 (5,142)

6,200

5,700

+

5,745

5,563
5,346

5,200

Offsetting of thedecrease accompanying
expensing of fixed asset
tax for properties
acquired in 4th FP

5,207(4,955)

4,700

4,700

4,794
27.2

4,200

24.5

Forecast*1

Actual

4,200

23.9
22.5

21.6

3,700

26.6

Forecast*2

ActualForecast*2

FP ended Jan. 2017
(1st FP)FP ended Jul. 2017
(2nd FP)*1 Announced on Jul. 25, 2016

*2 Announced on Mar. 16, 2017

Revisedforecast *3

ActualFP ended Jan. 2018
(3rd FP)

Forecast*3

Revised Actual
forecast *4

FP ended Jul. 2018
(4th FP)*3 Announced on Sep. 13, 2017

Forecast*4

Forecast*5

Reference*5

FP ending Jan. 2019
(5th FP)FP ending Jul. 2019
(6th FP)*4 Announced on Mar. 15, 2018

3,700

*5 Announced on Sep. 14, 20185

1-4. Property to be Acquired in 5th Fiscal Period A box type logistics facility comprised of two buildings: the existingbuilding (4-stories above ground) and the annex building (3-stories above
ground). The two buildings are connected by connecting corridors andcan be used as one. It is a leading-edge logistics facility with multiple
freight elevators, etc. securing high delivery convenience.

MFLP Tsukuba

 It is located approximately 4.8 km from the Yatabe IC on the Joban
Expressway and approximately 1.8 km from Miraidaira Station on the
Tsukuba Express, a prime location for a logistics facility. Surrounded byresidential areas, it also enjoys good employment environment.

Location

Tsukubamirai, Ibaraki

Total floor
area(Existing building) 37,027 m2(Annex building) 25,457 m2
Approx. 4.8 km from Yatabe IC of Joban
Expressway

AccessPlanned acquisition priceAppraisal value

5,268 million yen 6,000 million yen

NOI yield

Appraisal NOI yield *1

5.7%

5.0%

Nearest train
stationConstruction
completion

Miraidaira Station on Tsukuba Express(Existing building) June 2010
(Annex building) March 2018

Securement of flexible acquisition opportunities utilizing Mitsui Fudosan’s client network
Existing building

End user(for the company
itself)
ASICS• 2015: Sale
• Outsourcing of logistics to Marubeni Logistics

Annex building

Annex building

End user
ASICS
Tenant (3PL)
Marubeni Logistics

Owner: ASICS

Owner (Building owner)
Mitsui Fudosan

Existing building

Existing building
Acquisition inlump sum utilizing
warehousing of
the leasing
company

End user
ASICS
2018: Sale

Tenant (3PL)
Marubeni Logistics

Owner(Beneficiary)
MG Leasing*2*1 Appraisal NOI yield is obtained by dividing appraisal-based NOI by appraisal value.
*2 MG Leasing refers to MG Leasing Corporation funded by Sumitomo Mitsui Finance and Leasing Company, Limited and Marubeni Corporation.

Annex building

End user
ASICS
Sep. 14, 2018:
Conclusion of a sale andpurchase agreement
Dec. 3, 2018: Delivery(planned)

Tenant (3PL)
Marubeni Logistics

Owner(Beneficiary)
MFLP-REIT (60%) MG Leasing (40%)

61-5. Basic Strategy of MFLP-REIT
MFLP-REIT aims to maximize unitholder value by establishing a strategic
partnership with the Logistics Properties Business Division of Mitsui Fudosan.

Value creation process by
Mitsui Fudosan’s logistics
facilities business

Gaining ofbusiness
opportunities

Propertyacquisition
Holding

Development

Logistics Properties Business Division

Mitsui Fudosan Logistics Park Inc.

Enhancement ofasset value

Maximization ofunitholder value

Development

Strategic
partnership

Maximization of value by
utilizing the comprehensive
strengths of the GroupManagement

Asset
management

Property
management

Leasing

7

MEMO

8

2. Financial Summary(4th fiscal period: from February 1, 2018 to July 31, 2018)9

2-1. Financial Highlights
End of 4th fiscal period(Actual)Asset size
(total amount ofacquisition price)

Asset

Appraisal value(As of July 31,
2018)
Unrealized gain
Occupancy rate

*1

12 properties

98.3

billion yen

12 properties

120
120

13 properties
12 properties

103.5

111.1
105.1

billion yen

8080

13 properties

111.1
9.2
100%

End of 4th fiscal period(Actual)End of 5th fiscal period(Forecast)billion yen

Appraisal value (billion yen)

13 properties

105.1
8.5
100%

billion yen*2

5th fiscal period(After property acquisition)

9 properties

9 properties

75.5

9 properties

78.4

80.8

End of 1st
fiscal period

End of 2nd
fiscal period

84.9

billion yen
4040

billion yen

IPO

24.0 billion yen

28.0 billion yen

23.9%

27.2%

End of 3rd
fiscal period

Appraisal value
as of March 15, 2016

End of 4th
5th fiscal
fiscal period period (Afterpropertyacquisition)

LTV ratio
27.2%

28%

26.6%

23.9%

24.5%

Balance of interestbearing debt

10 properties

21.6%

22.5%

End of 2nd
fiscal period

End of 3rd
fiscal period

Debt
LTV ratio*320%

End of 1st
fiscal period

End of 4th
fiscal period

End of 5th
fiscal period(Forecast)End of 6th
fiscal period(Reference)

Distribution per unit (yen)Distribution per*4
unit

EquityNAV per unit

*5

4th fiscal period(Actual)5th fiscal period(Forecast)

5,832 yen

5,963 yen

End of 4th fiscal period(Actual)5th fiscal period(After property acquisition)

311,746 yen

314,529 yen

6,500
6,000
5,832

5,500
5,000

5,963

6,065

5,563
5,198

5,346

4,500
4,000

1st fiscal
period2nd fiscal
period3rd fiscal
period4th fiscal
period5th fiscal
6th fiscal
periodperiod(Forecast) (Reference)*For details of *1 - *5, please refer to “About financial highlights” on p. 40.

10

2-2. 4th Fiscal Period (Ended July 31, 2018) P/L
3rd period
Actual(a)

4th period
Forecast(Mar. 15,2018)

4th period
Actual(b)

Difference(b)-(a)Operating revenue

2,629

3,140

3,148

519

Operating expenses

1,390

1,673

1,650

260

595

744

744

149

(Unit: million yen)

Main breakdown of difference
Operating revenue

Of which, Depreciation

Increase due to newly-acquired MFLP Komaki,
Hino and Hiratsuka+512
Increase in photovoltaic power generation facilities rent
revenue (excluding newly acquired properties)+43
Decrease in other operating revenue-36

Operating expenses
Operating income

1,239

1,467

1,498

258

Non-operating income

0

-

0

0

Non-operating expenses

54

54

53

0

Ordinary income

1,185

1,413

1,445

260

Profit (Net income)

1,184

1,412

1,444

259

Distribution per unit (DPU) (yen)

5,563

5,745

5,832

269

Of which,
Distribution of earnings per unit (EPU) (yen)

5,288

5,373

5,497

209

Of which,
Distribution in excess of earnings per unit (yen)Distribution in excess of earnings
expressed as a percentage of depreciation

275
10.3%

372
13.1%

335
11.8%

* For details of the formula for distribution per unit based on FFO, please refer also to “Method of calculation of cash distribution based on FFO”
on p. 40 of this presentation material.

Increase due to newly-acquired MFLP Komaki,
Hino and Hiratsuka+201

Increase in other operating expenses+59<Reference>
Formula for distribution per unit based on FFO *FFO=Profit(Net income)60

Source offunds for
distribution

=

① FFO

-

Distribution
per unit=② Source offunds for
distribution+ Depreciation, etc. …①
×

70%

…②

Number ofunits÷ investment
issued andoutstanding112-3. 5th Fiscal Period (Ending January 31, 2019) Earnings Forecast(Unit: million yen)

Operating revenue
Operating expenses

4th period 5th period
ActualForecast Difference(a)(b)(b)-(a)
3,148

3,262

113

1,650

1,753

103

744

772

27

1,498

1,508

10

Non-operating income

0

-

0

Non-operating expenses

53

41

-12

1,445

1,467

21

Of which, Depreciation
Operating income

Ordinary income

Main breakdown of difference

Operating revenue
Increase due to newly-acquired
MFLP Tsukuba
Increase due to full-period operation of
MFLP Hiratsuka
Decrease in photovoltaic power
generation facilities rent revenue
Increase in other operating revenue<Reference>
6th period
Forecast
3,435

+58
*

+57
-48
+46

1,921
811
1,513

Operating expenses
Increase due to newly-acquired
MFLP Tsukuba
Increase due to full-period operation of
MFLP Hiratsuka
Increase in other operating expenses

+21
+10
+72

Non-operating expenses
Absence of investment unit issuancerelated expenses
Interest expenses

1,465
-15
+3

Profit (Net income)

1,444

1,466

21

1,465

Distribution per unit (DPU) (yen)

5,832

5,963

131

6,065

Of which,
Distribution of earnings per unit (EPU) (yen)

5,497

5,580

83

5,575

335

383

48

490

11.8%

13.0%

-

Of which,
Distribution in excess of earnings per unit (yen)Distribution in excess of earnings
expressed as a percentage of depreciation* Includes 80 million yen of fixed asset tax andcity planning tax for MFLP Komaki (60%),
Hino (15%), Hiratsuka and Tsukuba (60%).

15.9%

12

3. Management Status of MFLP-REIT
3-1. Portfolio Status
3-1-1. Location
3-1-2. Quality
3-1-3. Balance

3-2. External Growth3-3. Internal Growth3-4. Financial Strategy
3-5. Unitholder Relations13

3-1. Portfolio Status (List)(5th fiscal period (After property acquisition))

Stable portfolio with investment focused on MFLPs—leading-edge logistics facilities
developed by Mitsui Fudosan—of relatively young building age
Total acquired assets

Stabilized NOI yield *1

Average appraisal NOI yield

Average building age

Average occupancy rate

13 properties / 103.5 billion yen

5.2% (after depreciation: 3.7%)

4.7%

4.2 years

100%

Category

Logistics
facilities

Propertyno.

Property nameLocation

Appraisal value *2(million yen)Appraisal NOI
yield(million yen)

Building age *4(years)Occupancy
rate *5(%)

105,019(52,509)

4.7

100

Total floor area *3
(m2)

L-1

GLP/MFLP Ichikawa Shiohama(50% quasi co-ownership interest)

Ichikawa, Chiba

15,50016,7504.3

L-2

MFLP Kuki

Kuki, Saitama

12,50013,7004.8

73,153

4.2

100

L-3

MFLP Yokohama Daikoku(50% quasi co-ownership interest)

Yokohama,
Kanagawa

10,10010,5004.8

100,530(50,265)

9.4

100

L-4

MFLP Yashio

Yashio, Saitama

9,650

10,6004.7

40,728

4.5

100

L-5

MFLP Atsugi

Aiko, Kanagawa

7,810

8,680

4.8

40,942

3.5

100

L-6

MFLP Funabashi Nishiura

Funabashi, Chiba

6,970

7,520

4.8

30,947

3.6

100

L-7

MFLP Kashiwa

Kashiwa, Chiba

6,300

6,900

4.7

31,242

2.8

100

L-8

MFLP Sakai(20% quasi co-ownership interest)

Sakai, Osaka

4,500

4,910

4.8

125,127(25,025)

4.0

100

L-9

MFLP Komaki

Komaki, Aichi

8,260

8,520

4.7

40,597

1.6

100

L-10

MFLP Hino(15% quasi co-ownership interest)

Hino, Tokyo

7,520

7,570

4.3

205,200(30,780)

2.9

100

MFLP Hiratsuka

Hiratsuka,
Kanagawa

7,027

7,090

4.6

33,061

1.8

100

Tsukubamirai,
Ibaraki

37,027(22,216)

8.2

5,268

6,000

5.0
25,457(15,274)

0.5

L-11

To be acquired in 5th FP

L-12

MFLP Tsukuba(60% quasi co-ownershipinterest)

Existingbuilding
Annexbuilding

Subtotal or Average
Industrial realestateAcquisition price(million yen)

I-1

MFIP Inzai(20% quasi co-ownership interest)

Inzai, Chiba

Total or Average-

101,405

108,740

4.7

2,180

2,440

5.0

103,585

111,180

4.7

96,137102,740

4.6

98,317105,1804.7

100
889,036(486,745)
40,478(8,095)929,514(494,840)

4.2

100

4.5

Not disclosed

4.2

100

4.2

100

4.2

100

Reference: As of end of 4th fiscal period
Logistics facilities (Property no. L-1 to L-11)
Total (Property no. L-1 to L-11, and I-1)

Subtotal

826,551(449,254)
867,029(457,350)*1: “Stabilized NOI yield” is the figure arrived at when the NOI assumed in the earnings forecast for the 5th fiscal period, less the amount of fixed asset tax, city planning tax not expensed in the said earnings forecast (MFLP Komaki (60%)・
Hino (15%)・Hiratsuka・Tsukuba (60%)), while adjusting the number of days of asset management to 184 days for MFLP Tsukuba, is divided by acquisition price.
“Appraisal value” figures are the figures with July 31, 2018 (end of 4th fiscal period) set as the date of value.
“Total floor area” figures in parentheses are the figures after taking into consideration the ownership interest.
“Building age” is the building age from the date of new construction of the main building in the register to September 14, 2018, rounded to one decimal place. “Subtotal” and “Total” are the weighted averages based on acquisition price.
“Occupancy rate” is the occupancy rate on the basis of contracts entered as of September 14, 2018.

*2:
*3:
*4:
*5:

14

3-1-1. Location (1)Acquired assets
Rampway MFLP Facilities

Slope MFLP Facilities

Box MFLP Facilities

MFIP Facilities
Properties defined in “Right of first look andpreferential negotiation agreement”

Rampway MFLP Facilities
Slope MFLP Facilities

Box MFLP Facilities
Properties developed by
Mitsui Fudosan
Rampway MFLP Facilities

Slope MFLP Facilities

Box MFLP Facilities

MFIP

Access point

Mitsui Fudosan’s strategicarea* 5th fiscal period (After acquisition of properties to be acquired)15

3-1-1. Location (2)Geographically diversified portfolio
Location offering excellent access to transportation nodes
Location taking into consideration convenience in terms of commuting to work for employees
Investment area
Greater
Nagoya area Tokyo metropolitan
8.1%
area
Kansai area
87.4%

4.4%

Tokyo
metropolitan Shuto
Expressway
area and
Wangan Line
Kansai area 32.1%
Ken-O

Expressway

32.2%

91.9%
National
Route 16

13.6%

Access (distance) tonearest expressway interchange
5 km or more
8.1%

Within 5 km,
but 3 km or more
29.1%

Within 1 km
17.5%

Access (time) tonearest train station

By bus(30 min. or less,but more than 20 min.)
7.7%

Walking(25 min. or less,but more than 20 min.)
5.2%

Within walking
distance&
By bus(20 min. Or less)Within 5 km

91.9%

92.3%

Tokyo-Gaikan
Expressway

9.5%

Within 3 km,
but 1 km or more
45.3%

By bus(20 min. or less)
48.0%

Withinwalking distance(20 min. or less)
39.1%* The pie graphs above indicate figures after property acquisition in the 5th fiscal period, calculated on an acquisition price basis.

16

3-1-2. Quality
MFLP-REIT focuses investment in “leading-edge logistics facilities with Mitsui Fudosan quality”
realized by applying Mitsui Fudosan’s know-how as a comprehensive developer
Mitsui Fudosan quality
Basic specifications of leading-edge logistics facilities
Storage space

Large-sized
Largesite
sized site

Effective ceiling heightAt least 5.5 m[Total floor area]
At least 10,000 m2

Column spacing
At least 10 m
Floor load capacity
At least 1.5 tons/m2

MFLP SakaiHigh performance

Disaster prevention[Column spacing]
At least 10 m
[Effective ceiling height]
At least 5.5 m[Floor load capacity]
At least 1.5 tons/m2

Equipped with• Seismic isolation• Quake-resistance• Emergency
power generation…etc.

＆ Worker

Cafeteria, shops

Emergency power generator

MFLP Sakai

MFLP Kashiwa＆ Tenant

Parcel pickup
lockers

Bicycle rental

LaLaport
discount tickets＆ Community

Commuter shuttles

Car sharing

BCP measures

ICT LABO＆ Earth
Employees
working
at MFLPSpace for exchange

Adoption of seismic isolation

Promotionof useNeighborhood
storesDiscount
service etc.

Childcare facilities Promotion of use of nearby stores

Solar panels

LED lights* Photos are for illustrative purposes only. An MFLP facility or each portfolio asset is not necessarily equipped with all of the abovementioned standard specifications and features.
Some of the specific examples include also those of properties not held by MFLP-REIT.

17

3-1-3. Balance
Securing growth and stability by building a balanced portfolio through acquisitionof MFLPs developed in consideration of land characteristics and tenant needs
Investment ratio: 80% or more

Investment ratio: 20% or less

Logistics facilities

Industrial real estate

Logistics
needs

Shipping needs

Storage needs

Tenant typeMulti-tenant type

Single tenant type

Mainly long-term BTS typeBox MFLP(Mitsui Fudosan Industrial Park)

Rampway MFLP
MFLP Hino
Multi

Slope MFLP
MFLP Komaki

Data center
2.1%

Data center, etc.
MFIP

MFLP Hiratsuka
Other *1*1

SingleInvestment ratio
by property type
Rampway
36.3%

Box
34.0%

MFIP Inzai
BTS

Slope

27.6%
GLP/MFLP Ichikawa Shiohama
Multi

MFLP Kuki
Multi

MFLP Yashio
Multi* Acquisition price basis* 5th fiscal period(After acquisition of properties to be acquired)

Investment ratio
by tenant type
MFLP Sakai
Multi

MFLP Atsugi
SingleBTS Other
2.1% 6.8%

MFLP Funabashi NishiuraSingleMulti
57.7%
MFLP Yokohama Daikoku
Multi

MFLP Tsukuba *2
SingleSingle33.4%

MFLP Kashiwa
Single* Acquisition price basis* 5th fiscal period(After acquisition of properties to be acquired)*1 “Other” refers to a property for which the classification (multi or single) cannot be disclosed in this material as consent for disclosure has not been obtained from the lessee.
*2 The existing building does not fully satisfy functional standard specifications (column spacing of at least 10 m, ceiling height of at least 5.5 m and floor load capacity of at least 1.5 tons/m2) required forleading-edge logistics facilities, which are defined by MFLP-REIT. However, MFLP-REIT judged that it satisfies investment criteria after reviewing the property specifications in detail.

18

3-2. External Growth (1)Stable growth utilizing the growth potential and extensive pipeline of Mitsui Fudosan’s logistics facilities business
Various CRE needs of client firms
Re-establishment ofcorporate logistics

Utilization of idle land

Further development of
Mitsui Fudosan’s logistics
facilities business

Trimming down of balance sheet(Off-balancing)Global development(Establishment of overseas sites)

Development ofcorporate infrastructure

Proposal of
CRE strategies

Sale ofreal estate, etc.

Mitsui Fudosan’s major development/operation track record: 32 facilities 480.0 billion yen 2,700,000 m2 in total floor area *1
Construction completionin fiscal 2013 or before

Construction completionin fiscal 2014
Partially acquired
一部取得済

MFLP
Yokohama Daikoku

MFLP Sakai(80%)*3

Construction completionin fiscal 2015

Construction completionin fiscal 2016

Construction completionin fiscal 2017

Construction completionin fiscal 2018

MFLP Inazawa

MFLP Atsugi II

Construction completionin fiscal 2019

Construction completionin fiscal 2020 or after

MFLP Kawaguchi I

MFLP Osaka I

MFLP Atsugi III

Tokyo Rail Gate
EAST

MFIP Haneda

MFLP Funabashi III

Partially acquired

MFLP Hino(85%)*3

MFLP Fukuoka I(81%)*3

Partially acquired

GLP/MFLP
Ichikawa Shiohama

MFIP Inzai(80%)*3

MFLP Kashiwa

MFLP Hiratsuka

MFLP Ibaraki

MFLP Prologis Park
Kawagoe (50%)*3

To be partially acquired

MFLP Tsukuba
MFLP Yashio

MFLP Atsugi

MFLP Kuki

MFLP
Funabashi Nishiura

MFLP Komaki

MFLP Tsukuba(40%)*3

MFLP Funabashi I

MFLP Hiroshima I

MFLP Kawasaki I

MFLP Yokohama Kohoku

MFLP Funabashi II

MFLP Tachikawa
Tachihi

Other data centers (2 properties)* 5th fiscal period (After acquisition of properties to be acquired)*1: Based on materials released by Mitsui Fudosan as of May 21, 2018.
For details, please refer to “About major properties developed/operated by Mitsui Fudosan” on p. 40 of this presentation material.
*2: Properties with construction completion slated for fiscal 2018 or after are those planned and are subject to change without prior notice.
*3: The percentage figure in parentheses is the percentage of quasi co-ownership interest subject to the “Right of first look and preferential negotiation agreement.”

Properties held by MFLP-REIT

Properties defined in “Right of first lookand preferential negotiation agreement”

193-2. External Growth (2)Building a high-quality portfolio capitalizing on diversification of areas
Kansai area

Tokyo metropolitan area
MFLP Kuki

MFLP Ibaraki

Saitama Prefecture

MFLP Tsukuba

Osaka Prefecture
MFLP Osaka I

MFLP Kashiwa
MFLP Prologis
Park Kawagoe
MFLP Yashio

MFIP Inzai

MFLP Sakai
MFLP Kawaguchi I

Tokyo Prefecture

MFLP Funabashi Nishiura
MFLP Funabashi II

MFLP Tachikawa Tachihi
MFLP Hino

GLP•MFLP Ichikawa Shiohama

Chiba Prefecture

Greater Nagoya area
MFLP Komaki

MFLP Atsugi

Hiroshima area
MFLP Inazawa

Kyushu area

MFLP Hiroshima I
MFLP Fukuoka I

MFLP Funabashi III
MFLP Funabashi I

MFLP Kawasaki I

MFLP Rall Gate East
MFIP Haneda

MFLP Yokohama Kohoku
MFLP Yokohama Daikoku

Kanagawa Prefecture: Properties held by MFLP-REIT: Properties defined in “Right of first lookand preferential negotiation agreement”: Properties developed by Mitsui Fudosan

MFLP Atsugi II
MFLP Atsugi III
MFLP Hiratsuka* 5th fiscal period(After acquisition of properties to be acquired)

Properties defined in “Right of first look and preferential negotiation agreement”*(Total floor area)
9 properties 770,000 m2
MFLP-REIT’s asset size
13 properties 490,000 m2 (Total floor area) 103.5 billion yen

Further expansion of properties defined in “Right offirst look and preferential negotiation agreement”

Continuous external growth* The floor area subject to the “Right of first look and preferential negotiation agreement” (after taking into consideration the quasi co-ownership interest).

20

3-3. Internal Growth
Stable management utilizing the platform (business foundation) and client network of the Mitsui Fudosan Group
Effectively utilizing the Mitsui Fudosan Group’s client network in leasing
MFLP-REIT believes that it can stably manage its portfolio by utilizing the broad and strong network that the Mitsui Fudosan Group has developed.

Occupied by an abundant number of tenants that share a
relationship with Mitsui Fudosan

Value creation process by Mitsui Fudosan’slogistics facilities business

Lease
agreement

Gaining of business
opportunities

End user

Development
Creation of optimal concept

Based on proposal of CRE
strategies, not relying on bidding

Owner oflogistics facility

Logistics
agencyagreement

Lease
agreement

Logistics
firm

End user

Logistics Properties Business
Division(3PL operator, etc.)

Property management

Can directly approach logistics
firms and end users regardless ofcontract typeHigh quality facility operation
skills under the Group
collaboration

Maximization ofvalue by utilizing thecomprehensive
strengths of theGroup

Leasing
Strong leasing capability
capitalizing on broad client
network

Occupied by anumber of tenants
that share a
relationship with
Mitsui Fudosan

Logistics Properties Business
Division of Mitsui Fudosan

Fully leveraging the Mitsui Fudosan Group’s broad client network

Strategy Planning and
Administration Department

Office building
Retail facility businessbusiness
Client network:
Client network:
Approx. 2,300 firms *Approx. 3,000 firms *Strong relationships
with leading 3PL
operators

Logistics Properties Project
Planning Department

Acquisition ofdevelopment sites

Logistics Properties Development
Department

Planning/construction ofbuildings
Facility management

Logistics Properties Leasing andMarketing Department

Solicitation of tenants* Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended
March 31, 201821

3-3. Internal Growth
Steady internal growth through provision of solutions-based asset management andmaintaining relationships with tenants over the medium to long term
Status of tenant diversification

Key points of future asset management plans

NIPPON EXPRESSOther
Sun Toshi
Tatemono

H&M
Suzue Corporation
Sagawa Global Logistics

Tenantdiversification

Domestic 3PL②

Challenges facing logistics firms

Kimura Unity

Labor shortage

Addressing
BCP, etc.

Domestic 3PL①
Hitachi Transport
System Kanto

DAIWA Co.

End user

Rakuten

MFLP-REIT

E-LogiTKOKUBU
Hitachi Transport
System Metropolitan

Status of lease agreements

Increasing
the efficiency
of operations

Logistics firm
(3PL operator, etc.)

Sense offuture rises indelivery costs

Status of occupancy rates(%)

End user
Responding toautomation

100

Average lease
period6.1 years

Remaining lease
contract period

Average 3.4 years

98

Averageoccupancy rate

96

Specific examples ofsolutions-based asset managementby Mitsui Fudosan Group

100%

94
92
90
Aug. 31,2016

Status of staggering ofcontract expiration
periods
9.9%
4.5%

4.6%

Jan. 31,2017

Sep. 14,
2018

22.5%
18.8%

7.1%

6.1%

3.4%

6th FP
ending
2019/07

7th FP
ending2020/01

8th FP
ending2020/07

9th FP
ending2021/01

10th FP
ending2021/07

11th FP
ending2022/01

12th FP
ending2022/07

13th FP
ending2023/01～～

1.1%
5th FP
ending
2019/01

 Consulting support to help tenantcompanies secure staff
 Matching of 3PL operators and end
users

12.0%

10.2%

 Consulting service for leading-edge
ICT-related products for improving
efficiency, labor-saving, etc.

14th FP
ending2023/07

 Establishment of comfortableenvironment for those working within
facilities

17th FP or
after* The graphs and tables above are based on leased areas stated in concluded agreements as of September 14, 2018. “Average lease period” is weighted average. Please refer to “Calculation of average lease
period” on p. 40 for details. MFLP Tsukuba (60%) to be acquired in 5th fiscal period is not included.

ICT LABO

22

3-4. Financial Strategy (1)Financial management with an emphasis on stability
MFLP-REIT will aim to establish a stable bank formation centered on funding from major domestic financial institutions.
In addition, plans are to engage in debt financing with due consideration of such factors as lengthening of borrowing periods andstaggering of maturities.

Status ofdebt financing

Status of borrowings

Average time to maturity(long-term only)

Total interest-bearing debt

Average borrowing interest rate

Mitsui Sumitomo
Insurance

The Yamaguchi Bank

24.0 billion yen

5.8 years

0.29%

The Norinchukin Bank 2.5%

5,000Mizuho Trust &Banking

3,100

7.9%

3,000
2,000

1,900

2,000

8.8%
Development
Bank of Japan

1,900
1,500
1,000

700

12.5%

12.5%
MUFG Bank, Ltd.

900
Mizuho Bank

～
～

1,000

Total amount
Sumitomo Mitsui
for all 11 financial
Trust Bank
institutions
16.7
7.9
%
%
24.0 billion yen
The Bank of Fukuoka

4,600

3,000

17.9%

6.3%

(million yen)

3,400

Sumitomo Mitsui Banking
Corporation

Nippon Life Insurance
Company

Interest-bearing debt maturity ladder*

4,000

2.5%

4.6%

0
5th FP
ending
2019/01

12th FP
ending2022/07

13th FP
ending2023/01

14th FP
ending2023/07

15th FP
ending2024/01

16th FP
ending2024/07

17th FP
ending2025/01

18th FP
ending2025/07

19th FP
ending2026/01

20th FP
ending2026/07

21st FP
ending2027/01

22nd FP
ending2027/07

23rd FP
ending2028/01

Status of LTV
End of 4th fiscal period

End of 5th fiscal period (Forecast)End of 6th FP reference

Medium- to long-term stabilized level

23.9%

27.2%

26.6%

40% to 50% range

Credit rating assignment*
Credit rating agency

Rating details

Remarks

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating: AA-

Rating outlook: Stable* The graphs, tables and rating above are as of July 31, 2018.

23

3-4. Financial Strategy (2)Efficient cash management
Based on the characteristics of logistics facilities, such as the ratio of building value to land value being typically high, MFLP-REIT intends to makecash distributions, including distributions in excess of earnings, on an ongoing basis each term from a perspective of securing stable distribution
levels while managing cash efficiently.

Diagram of cash distribution based on FFO

Leasingbusiness
expenses,
SG&A, etc.

Key points of cash distribution in excess of earnings
Level of distribution

Pay distributions
based on a threshold of
70% of FFO

For the time being, we intend to pay distributions (including distributions in excess ofearnings) calculated at an amount equivalent to approximately 70% of FFO (excluding
gain or loss on sale of real estate, etc.) for the relevant fiscal period on an ongoing basis
each term, in principle.

FFO

Securing long-term building maintenance expenditures
Rentalrevenue

Depreciation

Distributions in excess of earnings will be paid to the extent that an amount can beretained that is more than double the six-month average of capital expenditures statedin the engineering report for each operating period.

Distributions
in excessof earnings

Profit *(Net Income)Distributionsof earnings

Targeted at
70%* Gain or loss on sale of real estate, etc. is not included in “Profit (Net income)” in the above chart.

Securing financial stability
Distributions in excess of earnings will not be made if appraisal LTV ratio* exceeds 60%
for each operating period.

* Appraisal LTV ratio =Interest-bearing debt ÷ (Total assets - Book value of portfolio real estate, etc. + Appraisal value)24

3-5. Unitholder Relations
Maximization of unitholder value through establishment of strong relationship of trust with unitholders

Asset management fee structure consistent with the interests of unitholders
The aim is to keep the interests of MFLP-REIT’s unitholders consistent with the interests of the Asset Management Company.

Asset
management
fee I

Total assets × 0.1% (maximum)

Asset
management
fee II

Operating income (before deduction of asset management fees and depreciation) × 5.5% (maximum)

Asset
management
fee III

Pre-tax earnings (before deduction of asset management fees) × Pre-tax EPU(before deduction of asset management fees) × 0.001% (maximum)

Same-boat investment in MFLP-REIT by Mitsui Fudosan
MFLP-REIT receives 11% investment in capital from Mitsui Fudosan. (As of July 31, 2018)
Receiving certain investment in capital leads to alignment of the interests of MFLP-REIT’s unitholders and Mitsui Fudosan and asset management that
pursues mutually greater interests.

11.0%

25

4. Logistics Market Overview

264-1. Logistics Market Overview (1)Supply-demand balance and vacancy rate
Greater Tokyo area

New supply

Net absorption

Greater Osaka area
Forecast(thousand m2)

Forecast

11%

7%

11%

1,500

3%

1,000

7%

-1%
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

500

3%

0

-1%
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

6%

7%
5%

500

3%
1%

0

-1%
2010

(year)(thousand m2)

900

9%
1,000

1%

(year)(thousand m2)

11%

1,500

5%

1%
0

13%

9%

5%
500

15%

2,000

13%

9%
1,000

Forecast(thousand m2)
15%

2,000

13%
1,500

Vacancy rate(logistics facilities 1 year old or older)Greater Nagoya area

(thousand m2)
15%

2,000

Vacancy rate

2011

2012

2013

2014

2015

2016

2017

2018

2019

(thousand m2)

750

16%

750

18%
16%

12.4% 14%
3.6%

600

14%

12%
4%

(year)

500

10%

7.7%

12%

500

8.3%

8%

10%
8%

1.3%

300

2%

6%

250

6%

250

4%

2.6%

2%
0

0%
Q1

Q2

2016

Q3

Q4

Q1

2017

Q2

Q3

Q4

2018

0%

0
Q3

Q4

2016

Q1

Q2

Q3

2017

Q4

Q1

Q2

2018

4%
2%
0%

0
Q3

Q4

2016

Q1

Q2

Q3

2017

Q4

Q1

Q2

2018

* Source: CBRE K.K. (including forecast figures), as of June 31, 2018
* The survey is of rental logistics facilities that are held by real estate investment companies, real estate development companies, etc. and have total floor area of 5,000 m2 or more.

27

4-1. Logistics Market Overview (2)Supply-demand balance and vacancy rate by submarket
Greater Tokyo
area

Greater
Osaka area
Osaka
inland area

Tohoku/Ken-O
Expwy area

Kan-Etsu/Ken-O
Expwy area

Other area

National Route 16 area

Osaka bay /Kobe area
Tokyo-Gaikan Expwy area

Narita area

Greater Nagoya area

Hachioji area

Chiba inland area
Greater
Nagoya area

Kanagawa inland area

: New supply in 2017 and first half (January to June) of 2018
Greater Tokyobay area: Net absorption in 2017 and first half (January to June) of 2018
= 100 thousand m2: Vacancy rate 0–5%

: Submarket areas: Vacancy rate 5–10%: Mitsui Fudosan’s strategicareas: Vacancy rate 10%–
* As of June 30, 2018
* Source: CBRE K.K. (numerical figures only)* The survey is of rental logistics facilities that are held by real estate investment companies, real estate development companies, etc. and have total floor area of 5,000 m2 or more.

28

4-1. Logistics Market Overview (3)Logistics facilities
40 years old or older
28.6%
Demand forrebuilding oldproperties in the
futureLeading-edge
logistics facilities
3.5%
Highly scarceleading-edge
logistics facilities(100 million m2)

Stock of logistics facilities in Japan
600

30%

500

25%

400

20%

300

15%

200

10%

100

5%

0

0%
2004 2005
2005 2006
2006 2007
2007 2008
2008 20092009 20102010 2011
2011 20122012 20132013 20142014 2015
2015 2016
2016
2004

Logistics facilities
less than 40 years
old 67.9%(As of 2016)

Estimate for logistics facilities
築40年未満の推計値
less than 40 years old

Over 40 years old

Share of logistics facilities
築40年以上のシェア
40 years old or older

Share of leading-edge logistics facilities
先進的物流施設シェア

Tenants / End users of logistics facilities
Manufacturing

Other

Other

4%

13%

Wholesale

Manufacturing9%15,00027%
Share bytenantbusiness type10,000Logistics

9%3%

20,000Share byend userbusiness type

Retail40%

Retail

5,000

13%
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

0

Leading-edge
先進的物流施設
logistics facilities* Estimates by CBRE K.K. based on “Building Starts” (Ministry of Land, Infrastructure, Transport and Tourism) and“Summary Report on Prices, etc. of Fixed Assets” (Ministry of Internal Affairs and Communications).
For details, please refer to “About analysis of Japan’s logistics facilities stock” on p. 41 of this presentation material.

Long-term data on building starts of logistics facilities (nationwide)(thousand m2)

Estimate for logistics facilities
築40年以上の推計値
40 years old or older

Source: CBRE K.K.

(year)* Figures calculated as the sum total of the floor area of structures with “warehouse” as the use category and “steelframed structure,” “reinforced concrete structure” or “steel-framed reinforced concrete structure” as the structure type.

Logistics

Wholesale

71%

15%

Source: CBRE K.K.
* Figures are rounded to the whole number.
* The survey is of rental logistics facilities that are held by real estate investment companies, real estate development
companies, etc. and have total floor area of 5,000 m2 or more as of the end of December 2017.

29

4-1. Logistics Market Overview (4)Mounting demand due to 3PL business ande-commerce market size expansion

Broader demand for leading-edge logistics facilities

3PL market with stable growth

Growth of convenience stores(100 million yen)

2.8 trillion yen

30,000Growth of drug stores(Number ofstores) (100 million yen)(100 million yen)

60,000120,000

Net sales(Number ofstores)65,00016,00060,00025,000100,000

50,00080,00040,00014,00055,00050,00020,00012,00045,00060,0002010

2011

15,0002012

2013

Gross sales

2014

2015

2016

2017

30,00040,000

2014

2015

2016

Gross sales

Number of stores2017

10,000

Number of storesSource: “Current Survey of Commerce” by the Ministry of Economy, Trade and Industry (Announced on March 14, 2018)

Attracting delivery bases of retail stores (convenience stores/drug stores)
10,000

2010

2011

2012

2013

2014

2015

2016

2017

* Figures compiled by CBRE K.K. based on the data of “Monthly Logistics Business (LOGI-BIZ)” (As of August 2018)

ConventionalStore

Manufacturer

Expanding e-commerce market scale

16.5 trillion yen (%)(100 million yen)

5.8%

180,000

Wholesaler

Manufacturer

Scale of E-commerce market

Wholesaler

Consolidation of scattered logistics bases into a delivery center

6%
After
consolidation

E-commerce ratio
150,000

Manufacturer

Delivery center

Store

Manufacturer

Integration of manufacturers’ logistics bases
Conventional

Transport

Assembly plant

Transport

Warehouse forend products

Consolidation of separately located warehousefor parts, assembly plant and warehousefor end products into one base

90,00060,000Warehouse for
parts

2010

2011

2012

2013

2014

2015

2016

2017

0%

After
consolidation

MFLP

Transport

Transport

Retail stores / Consumers

3%120,000

Source: “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry (Announced on April 25, 2018)* Amounts and percentages indicate the scale of B to C market in the e-commerce market.

30

5. Appendix

31

Statement of Income and Balance Sheet
Balance sheet

Statement of income(Unit: million yen)

(Unit: million yen)

Item

Operating revenue
Lease business revenue
Other lease business revenue
Operating expenses
Expenses related to rent business

3rd fiscal period

4th fiscal period(ended Jan. 31, 2018)(ended Jul. 31, 2018

ActualActual

2,629

Item

3,148

2,523

3,037

106

111

1,390

1,650

1,086

1,306

Asset management fee

232

278

Asset custody and administrative service fees

17

17

Directors’ compensations

5

5

Other operating expenses

47

42

1,239
0
54

1,498
0
53

Interest expenses

26

32

Investment unit issuance expenses
Other offering costs associated withissuance of investment units
Other

23

-

-

12

4

8

1,185
1,185
0
1,184
1,184

1,445
1,445
0
1,444
1,444

Operating income
Non-operating income
Non-operating expenses

Ordinary income
Profit before income taxes
Income taxes
Profit (Net Income)Unappropriated retained earnings

Current assets
Cash and deposits
Cash and deposits in trust
Consumption taxes receivable
Other current assets
Non-current assets
Property, plant and equipment
Investments and other assets
Total assets
Current liabilities
Operating accounts payable
Short-term borrowings
Accounts payable – other
Income taxes payable
Advances received
Other current liabilities
Non-current liabilities
Long-term borrowings
Tenant leasehold and security
deposits in trust
Total liabilities
Total unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Total net assets
Total liabilities and net assets

3rd fiscal period

4th fiscal period(ended Jan. 31, 2018)(ended Jul. 31, 2018

ActualActual

2,176

3,526

344
1,670
102
58

953
1,803
613
156

77,691

96,724

77,63358

96,66459

79,868100,250

888

1,655

164
317
0
404
1

92
700
322
0
538
1

19,54425,191

18,00023,300

1,544

1,891

20,43359,434

26,84673,40358,350-100
58,2501,184

72,120-161
71,9581,444

59,434
79,86873,403
100,25032

4th Fiscal Period Individual Property Income Statement(Unit: million yen)
GLP/MFLP
Ichikawa
Shiohama

MFLP
Kuki

MFLP
Yokohama
Daikoku

MFLP
YashioMFLP
Atsugi

MFLP
Funabashi
Nishiura

MFLP
Kashiwa

MFLP
Sakai

MFLP
Komaki

MFLP
Hino

MFLP
Hiratsuka

MFIP
Inzai

Portfolio
total

181 days

181 days

181 days

181 days

181 days

181 days

181 days

181 days

181 day *180 days

139 days

181 days-

Leasebusiness
revenue

458

444

332

160

204

3,037

Other
lease
business
revenue

28

33

17

9

11

111

Total

487

477

349

169

216

3,148

Outsourcing
expenses

36

32

24

Utilityexpenses

17

23

13

4

9

78

Repairexpenses

4

6

8

5

2

32

Propertyrelated taxes

37

43

39

17

0

257

Other
expenses

1

2

1

0

0

13

Total

97

108

88

-

-

-

-

42

-

29

-

-

561

Depreciation

79

107

85

62

63

50

49

43

88

52

42

18

744

Operating income (loss)
from real estate leasing

309

261

176

200

163

138

94

84

142

133

94

42

1,842

NOI from real estate leasing[Operating income (loss)
fromreal estate leasing +Depreciation])

389

368

261

263

227

188

144

127

230

186

136

61

2,587

Number of days ofasset management

Operatingrevenuefromreal estateleasing

Operatingexpensesfromreal estateleasingNot
disclosed *Notdisclosed *Notdisclosed *Notdisclosed *14

Not
disclosed *16

Not
disclosed *Notdisclosed *179* Not disclosed, because consent has not been obtained from the lessee.
* Acquisition of the 60% quasi co-ownership interest of MFLP Komaki was made on February 2, 2018, but the acquisition of the 40% was made on
August 4, 2017. Therefore, the number of days of asset management is indicated as 181 days.

33

Appraisal Summary for the End of 4th Fiscal Period(Unit: million yen)

Acquisitiondate

Acquisition
priceBook value at
end of 4th
fiscal period

End of
4th fiscal period(End of Jul. 2018) (b)End of
3rd fiscal period(End of Jan. 2018 (a)Appraisal
value

CR

Appraisal
value

*1

CR

*1

Change(b)-(a)Appraisalvalue

Main factors of change

CR

*1

CR

*1

Other

GLP/MFLP
Ichikawa Shiohama

2016/0915,50015,283

16,6504.2%

16,750

4.2%

+100

0

-

○

MFLP Kuki

2016/08

12,50012,151

13,5004.8%

13,700

4.7%

+200

-0.1

○

-

MFLP
Yokohama Daikoku

2016/08

10,1009,871

10,500

4.6%

10,500

4.6%

0

0

-

-

MFLP Yashio

2016/08

9,650

9,456

10,600

4.5%

10,600

4.5%

0

0

-

-

MFLP Atsugi

2016/08

7,810

7,615

8,620

4.6%

8,680

4.6%

+60

0

-

○

MFLP
Funabashi Nishiura

2016/08

6,970

6,807

7,490

4.6%

7,520

4.6%

+30

0

-

○

MFLP Kashiwa

2016/08

6,300

6,149

6,870

4.6%

6,900

4.6%

+30

0

-

○

MFLP Sakai

2016/08

4,500

4,374

4,930

4.7%

4,910

4.7%

-20

0

-

○

MFIP Inzai

2016/08

2,180

2,142

2,440

4.8%

2,440

4.8%

0

0

-

-

MFLP Komaki *2

2017/08

8,260

8,219

8,430

4.7%

8,520

4.6%

+90

-0.1

○

-

MFLP Hino *3

2018/02

7,520

7,543

7,570

4.2%

7,570

4.2%

0

0

-

-

MFLP Hiratsuka

2018/03

7,027

7,049

7,070

4.5%

7,090

4.5%

+20

0

-

○

Total or Average as ofthe end of 4th fiscal
period-98,317

96,664

104,670

4.5%

105,180

4.5%

+510

0

-

-

Amount of difference= Unrealized gain
9,246 million yen
-

6,000

4.9%

-

-

-

-

111,180

4.5%

-

-

-

-

Reference
MFLP Tsukuba *4

2018/12(planned)

5,268

5,268

Total or Average for 5th fiscal
period (After acquisition ofproperties to be acquired)-

103,585

101,933--*1 CR = Capitalization rate based on direct capitalization method (NCF basis)*2 For MFLP Komaki, appraisal value at end of 3rd fiscal period indicates a total of appraisal values of the 40% and 60% quasi co-ownership interests with January 31, 2018 and November 30,
2017 as the date of value, respectively; and CR at end of 3rd fiscal period indicates the weighted average of both.
Acquisition date of MFLP Komaki indicates the acquisition date of the 40% quasi co-ownership interest.
*3 For MFLP Hino and MFLP Hiratsuka, appraisal values at end of 3rd fiscal period indicate appraisal values with November 30, 2017 as the date of value.
*4 For MFLP Tsukuba, book value at the end of 4th fiscal period indicates the planned acquisition price; and appraisal value at the end of 4th fiscal period indicates appraisal value with July 31,
2018 as the date of value.

34

Initiatives for ESG– Environmental Principles and Initiatives for Environment/Society
Environmental policies of Mitsui Fudosan Group
Mitsui Fudosan Group seeks reduction of environmental load, diversified
collaboration/cooperation with various entities, improvement of peace of mind,
safety and comfort as well as securement of sustainability.

• Reduction of CO2(including supportinguse of low-carbon
transportation)• Aquatic conservation• Reduction of harmful
substances• Resource saving andreduction of wastematerial

A wide range of collaboration/
cooperation with various entities• Co-existence with local communities• Proactive action towards tenants andowners• Collaboration/cooperation with design,
construction, energy, manufacturing firms,
etc.
• Further collaboration/cooperation withlocal communities, government, andresearch institutes including universities

Initiatives for reducing environmental load
MFLP-REIT has put forth efforts
on reducing CO2 emissions
through energy saving while
promoting efficient use of energy
at its portfolio assets byintroducing LED lights, installing
solar panels on the roof and such.

Solar panels

LED lights

MFLP Sakai

MFLP Kashiwa

Eco-friendly green buildings
Reduction ofenvironmental
load

Improvement ofpeace of mind
and safety andsecurement ofsustainability• Improvement of peace of mind and safety• Conservation and utilization of naturalenvironment (conservation of biodiversity)• Conservation and utilization of landscapeand townscape• Improvement of health and comfort

MFLP-REIT has obtained CASBEE and DBJ Green Building
Certification for the following 10 properties. Furthermore,
MFLP Sakai has received the Osaka Eco-friendly
Construction Award. As such, MFLP-REIT proactively
incorporates environmentally conscious green buildings.

Initiatives for tenants and local communities
Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by
MFLP-REIT promote initiatives to offer healthy, pleasant and safe environment bygiving consideration to stakeholders such as occupying tenants, facility users,
surrounding environment and local communities.

Cafeteria, shops

Commuter shuttle

Property name
GLP/MFLP Ichikawa Shiohama

CASBEE (Real estate) Rank S
CASBEE (New construction) Rank A *1

MFLP Kuki

CASBEE (New construction) Rank A *1

MFLP Yashio

CASBEE (New construction) Rank A *1

MFLP Atsugi

CASBEE Kanagawa Rank A *2
DBJ Green Building Certification 4 Stars

MFLP Funabashi Nishiura

CASBEE (New construction) Rank A *1

MFLP Kashiwa

CASBEE (New construction) Rank A

MFLP Sakai

CASBEE (New construction) Rank S *1
FY2015 Osaka Eco-friendly Construction Award(Commerce, other category)

MFLP Yokohama Daikoku

DBJ Green Building Certification 5 Stars

MFLP Komaki

CASBEE Aichi Rank A *2

MFLP Hiratsuka

CASBEE Kanagawa Rank A *2

Implemented beautification activities (cleaning)

Designated as a tsunami evacuation building(MFLP Sakai)

Evaluation/Award history, etc.

*1: Certification has already expired as of September 14, 2018.
*2: CASBEE Kanagawa and Aichi is not certified by a third-party but an assessment based on self-reporting.

35

Initiatives for ESG– Initiatives for Governance with Consideration for Unitholders’ Interests
MFLP-REIT and the Asset Management Company are working to establish proper governance through the following measures in order to build a solid relationship oftrust that aligns interests of unitholders and interests of MFLP-REIT and the Asset Management Company while giving sufficient consideration to unitholders’ rights.

Rules concerning conflicts of interestin asset management
The acquisition and transfer of assets by MFLP-REIT from related partiesare decided by the Asset Management Company via a transparent
decision-making process.

*2

Asset management with emphasis placed onrelationship of trust with unitholders
Asset management fee structure
consistent with the interests of unitholders
The aim is to keep the interests of MFLP-REIT’s unitholders consistent with
the interests of the Asset Management Company.
Asset
management
fee I

Total assets × 0.1% (maximum)

Asset
management
fee II

Operating income (before deduction of asset management feesand depreciation) × 5.5% (maximum)

Asset
management
fee III

Pre-tax earnings (before deduction of asset management fees)
× Pre-tax EPU (before deduction of asset management fees)
× 0.001% (maximum)

Same-boat investment in MFLP-REIT by Mitsui Fudosan
MFLP-REIT receives 11.0% investment in capital from Mitsui Fudosan.
(As of July 31, 2018)
Receiving certain investment in capital leads to alignment of the interests of
MFLP-REIT’s unitholders and Mitsui Fudosan and asset management that
pursues mutually greater interests.

Timely and proper information disclosure andsecurement of transparency*1: The above chart shows the decision-making flow when a transaction involves a
related party, which requires the approval of MFLP-REIT’s Board of Directors
under Article 201-2 of the Act on Investment Trusts and Investment Corporations.
*2: If a transaction prescribed in Article 201-2 of the Act on Investment Trusts andInvestment Corporations falls under the criteria for insignificance, the approval of
MFLP-REIT’s Board of Directors shall be omitted.

MFLP-REIT strives to make timely and proper disclosure of informationnecessary for unitholders to make investment decisions. Upon disclosure,
MFLP-REIT promotes prompt and transparent information disclosure tosecure fairness and equality, and also promotes disclosure of not only
financial information but also non-financial information concerning ESG.

36

Interest Rate Market Data/Status of Interest-Bearing Debt

Short-term borrowings

10-year Japanese government bond yield and benchmark interest rate trends
Borrowings(%)
1.5

LenderSumitomo Mitsui Trust
Bank, Limited
The Bank of Fukuoka,
Ltd.
Total short-termborrowings

1

Sumitomo Mitsui
Banking Corporation

Sumitomo Mitsui Trust
Bank, Limited

0.5

Mizuho Bank, Ltd.
0-0.5
2014/07/31

2015/01/31

2015/07/31

2016/01/31

10-year Japanese
government bond yield

2016/07/31

2017/01/31

1-month Japanese yen
TIBOR

2017/07/31

2018/01/31

2018/07/31

10-year swap rate

Commitment lines(As of July 31, 2018)
LenderSumitomo Mitsui
Banking
Corporation
Sumitomo Mitsui
Trust Bank, Limited

Amount(million yen)

3,000

3,000

Balance ofborrowings

Contract
start date(million yen)00

2016/8/2

2016/9/1

Contract
deadline

Remarks

2021/8/2

Unsecured
Nonguaranteed

2021/8/31

Unsecured
Nonguaranteed

Long-term borrowings

MUFG Bank, Ltd.

Mizuho Trust &Banking Co., Ltd.

Development Bank ofJapan Inc.

Amount(million yen)

(As of July 31, 2018)

Interest rate

*1

Repayment date *2

Borrowing
period500

0.09818%

2018/9/18

2 months

200

0.10364%

2018/9/18

3 months

2,000

0.2713%2022/9/1

6 years

1,500

0.4213%2026/9/1

10 years

800

0.24%

2022/3/15

4 years

2,000

0.3050%2023/9/1

7 years

1,500

0.3813%2025/9/1

9 years400

0.1425%2022/8/2

6 years

1,700

0.2113%2024/8/2

8 years

900

0.48949%2027/9/15

9.5 years

2,200

0.1826%2023/3/1

6.5 years

800

0.24%

2022/3/31

4 years

600

0.3237%2024/3/1

7.5 years

700

0.3425%2024/9/2

8 years300

0.2188%2022/3/15

4 years300

0.2613%2023/3/15

5 years

2,100

0.3125%2026/8/3

10 years

The Bank of Fukuoka,
Ltd.

0.2169%2024/2/2

7.5 years

400

0.3563%2025/3/14

7 years

Nippon Life Insurance
Company

1,000

0.3125%2026/8/3

10 years

THE YAMAGUCHI BA
NK, Ltd.
Mitsui Sumitomo
Insurance Company,
LimitedTotal long-termborrowings

Unsecured
Nonguaranteed

700

1,300

The Norinchukin Bank

Remarks

500

0.2575%2022/8/4

5 years500

0.2575%2022/8/4

5 years

600

0.2613%2023/3/15

5 years600

0.3319%2024/9/13

6.5 years

600

0.3563%2025/3/14

7 years

Unsecured
Nonguaranteed

23,300*1: Long-term borrowings are all borrowings at fixed interest rates.
*2: Repayment methods are all bullet repayments.

37

Investment Unit Price Trends/Status of Unitholders
Investment unit price firm since IPO(yen)

Investment unit price (closing price)

TSE REIT Index (indexed)

390,000
370,000
350,000
330,000
310,000
290,000

IPO issue price: 270,000 yen
270,000
250,000
230,000

2016/7/31
2016/08/02

2016/10/31

2017/1/31

2017/4/30

2017/7/31

2017/10/31

2018/1/31

2018/4/30

2018/7/31* The starting point is the price of the first trade at IPO.
* The TSE REIT Index is indexed to the August 2, 2016 opening price.

Status of unitholders at end of 4th fiscal period (end of July 2018)
Number of unitholders and number of investment units
by type of unitholder

Major unitholders
Number ofinvestment
units

Number ofunitholders% of total

Number ofinvestment
units% of total

Individuals/Other

6,654

93.3%

24,851

9.5%

The Master Trust Bank of Japan, Ltd.
(trust account)

50,215

19.1%

Financial institutions

140

2.0%

158,954

60.5%

Japan Trustee Services Bank, Ltd. (trust
account)

33,401

12.7%

Other Japanese corporations

198

2.8%

34,822

13.3%

Mitsui Fudosan Co., Ltd.

28,90011.0%

Non-Japanese

124

1.7%

42,370

16.1%

The Nomura Trust and Banking Co., Ltd.
(Investment Account)

11,987

4.6%

Securities companies

19

0.3%

1,777

0.7%

Trust & Custody Services Bank, Ltd.
(securities investment trust account)

10,545

4.0%

Total

7,135

100.0%

262,774

100.0%

135,048

51.4%

Total

% of total

38

Mitsui Fudosan’s Major Development/Operation Track Record
Fiscal year of*2completion

FY2013

FY2014FY2016

Location

Total floor area

Yokohama, Kanagawa

100,530 m2● (50%)－

GLP/MFLP Ichikawa Shiohama

Ichikawa, Chiba

105,019 m2● (50%)－MFLP Yashio

Yashio, Saitama

40,728 m2●－

MFLP Kuki

Kuki, Saitama

73,153 m2●－

MFLP Sakai

Sakai, Osaka

125,127 m2● (20%)● (80%)MFLP Funabashi Nishiura

Funabashi, Chiba

30,947 m2●－

MFLP Atsugi

Aiko, Kanagawa

40,942 m2●－

MFIP Inzai

Inzai, Chiba

40,478 m2● (20%)● (80%)MFLP Hino

Hino, Tokyo

205,200 m2● (15%)● (85%)MFLP Kashiwa

Kashiwa, Chiba

31,242 m2●－

MFLP Funabashi I

Funabashi, Chiba

197,746 m2－－

MFLP Fukuoka I

Kasuya, Fukuoka

32,199 m2－● (81%)MFLP Hiratsuka

Hiratsuka, Kanagawa

33,061 m2●－

MFLP Komaki

Komaki, Aichi

40,597 m2●－

MFLP Inazawa

Inazawa, Aichi

72,883 m2－●

MFLP Ibaraki

Ibaraki, Osaka

230,435 m2－●● (60%)● (40%)●FY2020Fiscal 2021
or after
TBD

Existing building:
37,027 m2
Annex building:
25,457 m2

MFLP Tsukuba

Tsukubamirai, Ibaraki

MFLP Atsugi II

Isehara, Kanagawa

48,976 m2－

MFLP Prologis Park Kawagoe

Kawagoe, Saitama

131,298 m2－● (50%)

MFIP Haneda

Ota, Tokyo

Approx. 80,900 m2－－

MFLP Atsugi III

Hiratsuka, Kanagawa

Approx. 47,500 m2－－

MFLP Kawaguchi I

Kawaguchi, Saitama

Approx. 54,100 m2－－

MFLP Hiroshima I

Hiroshima, Hiroshima

Approx. 71,800 m2－－

Kawasaki, Kanagawa

A: Approx.34,000 m2
B: Approx.16,000 m2－－

MFLP Funabashi II

Funabashi, Chiba

Approx. 224,200 m2－－

MFLP Yokohama Kohoku

Yokohama, Kanagawa

Approx. 50,300 m2－－

MFLP Tachikawa Tachihi

Tachikawa, Tokyo

Approx. 67,000 m2－－

MFLP Kawasaki I

MFLP Osaka I

Osaka, Osaka

Approx. 48,300 m2－－

Tokyo Rail Gate EAST

Shinagawa, Tokyo

Approx. 161,400 m2－－

MFLP Funabashi III

Funabashi, Chiba

Approx. 270,000 m2－－(Tentative) Ichikawa Shiohama
Logistics Facility Development Project

Ichikawa, Chiba

Approx. 183,800 m2

Other data centers (2 properties)

－

－

－

－

*1: For details of Mitsui Fudosan’s major development/operation track record, please refer to p. 40.
*2: In the case of MFLP Yokohama Daikoku, it is the fiscal year in which the property began to be under its operation. The fiscal year of completion of the property is fiscal 2009.
The fiscal year of completion of the existing building of MFLP Tsukuba is fiscal 2010.
*3: The percentage figure in parentheses is the percentage of quasi co-ownership interest in the portfolio asset. MFLP-REIT plans to acquire MFLP Tsukuba on December 3, 2018.
*4: The percentage figure in parentheses is the percentage of quasi co-ownership interest subject to the “Right of first look and preferential negotiation agreement.”

Flow regarding provision ofright of first look information
Propertydeveloped/operatedby Mitsui Fudosan

Presentation of list of
properties defined in“Right of first look andpreferential negotiationagreement”

Prioritized provision of
information upon sale

Preferential negotiation
periodAcquisition of property
by MFLP-REIT

MFLP-REIT

FY2019Property defined in “Right of firstlook and preferential negotiationagreement” *4

MFLP Yokohama Daikoku

FY2017FY2018Acquisition by MFLP-REIT *3

Mitsui Fudosan

FY2015

Propertydeveloped/operated

39

Notes on Matters Stated in this Document[About financial highlights]*1 Appraisal value for properties held by MFLP-REIT as of the end of 4th fiscal period indicates a period-end book value, and that for properties to be acquired in the 5th
fiscal period indicates a figure obtained by subtracting the total of acquisition prices from appraisal value.
*2 Occupancy rate is the occupancy rate on a contract basis. The occupancy rate for 5th fiscal period (After property acquisition) is as of September 14 2018.
*3 LTV ratio = Balance of interest-bearing debt ÷ Total assets*4 Including distribution in excess of earnings. (Number of investment units issued and outstanding: 262,774 units at the end of 4th, 5th and 6th fiscal periods)*5 NAV per unit
End of 4th fiscal period (Actual): (Net assets + Unrealized gain on appraisal basis) (=NAV as of the end of 4th FP) / Number of investment units issued and outstanding(262,774 units)
5th fiscal period (After acquisition of properties to be acquired): (NAV as of the end of 4th FP + Unrealized gain based on the appraisal value of properties to be acquiredin the 5th FP) / Number of investment units issued and outstanding (262,774 units)[About major properties developed/operated by Mitsui Fudosan]
Descriptions of major properties developed/operated by Mitsui Fudosan in this document are based on materials released on May 21, 2018 by Mitsui Fudosan.
“32 facilities 480.0 billion yen 2,700,000 m2” includes properties under development or scheduled to be developed as of the date and their (planned) investment amounts.
Properties scheduled to be developed include those targeted or planned by the Mitsui Fudosan Group as of the release date, and are subject to change or cancellation.
Furthermore, there are no details concerning the timing of completion of the aforementioned investments that had been finalized as of the release date. Nor does MFLP-REIT
guarantee or promise that the plans be materialized. “Tokyo Rail Gate EAST” is included in “32 facilities 480.0 billion yen 2,700,000 m2” in terms of the number of facilities, but
not in term of the amount. Mitsui Fudosan has no plans to acquire the property as of the date of this document. “(Tentative) Ichikawa Shiohama Logistics Facility Development
Project” described on p. 39 is based on the material announced by Mitsui Fudosan on August 6, 2018.
[About properties defined in ‘Right of first look and preferential negotiation agreement]“Properties defined in ‘Right of first look and preferential negotiation agreement’” refers to properties on the list of right of first look and preferential negotiation properties
pertaining to real estate subject to provision of information, presented based on the right of first look and preferential negotiation agreement executed between the AssetManagement Company and Mitsui Fudosan upon the Asset Management Company managing MFLP-REIT’s assets. In this document, however, the 40% quasi co-ownershipinterest of MFLP Tsukuba, of which right of first refusal has been acquired by MFLP-REIT through an agreement between the quasi co-owners concluded with MG Leasing
Corporation, is included. “Real estate subject to provision of information” refers to, among real estate, etc. held by Mitsui Fudosan or a real estate fund which accepted
investment or monetary contribution of Mitsui Fudosan, those which are judged to have the possibility to be sold to MFLP-REIT at Mitsui Fudosan’s discretion.
[Calculation of average lease period]“Average lease period” is calculated by weighted averaging the lease periods stated in concluded lease agreements as of September 14, 2018 with leased areas. Concerning
the subject lease agreements, when a new lease agreement (“re-contract”) starting on the day immediately following the expiration date of the respective lease agreement isconcluded with the same lessee, lease period is deemed to be from the start of the initial lease agreement to the expiration date of the re-contract, and used in the calculation
as such.
[Method of calculation of cash distribution based on FFO]
1. Distribution of earnings is determined based on profit (net income) for the applicable operating period.
2. FFO for the applicable operating period is calculated by adding depreciation to profit (net income) (excluding gain or loss on sale of real estate, etc.) for the applicable
operating period.
3. The amount distributable including distribution in excess of earnings is calculated based on a threshold of an amount equivalent to 70% of FFO for the applicable
operating period.
4. The amount distributable in excess of earnings is calculated by deducting the amount of distribution of earnings (excluding gain or loss on sale of real estate, etc.) fromthe amount distributable including distribution in excess of earnings.
5. The amount of continuous distribution in excess of earnings is determined based on a comprehensive judgment on the basis of the amount distributable in excess ofearnings.
6. The distribution in excess of earnings determined in 5. above is to be continuously made each fiscal period in principle, in addition to the distribution of earnings
determined in 1. above.

40

Notes on Matters Stated in this Document[About analysis of Japan’s logistics facilities stock]*1: The “Analysis of Japan’s logistics facilities stock” graph is of estimates by CBRE K.K. based on the Policy Bureau of the Ministry of Land, Infrastructure, Transport andTourism’s “Building Starts” and the Ministry of Internal Affairs and Communications’ “Summary Report on Prices, etc. of Fixed Assets.”*2: In the “Analysis of Japan’s logistics facilities stock” graph, “Leading-edge logistics facilities” is the figure of each year’s sum total of the total floor area of leading-edge
logistics facilities (refers to rental logistics facilities that have total floor area of at least 10,000 m2 and, in principle, ceiling height of at least 5.5 m, floor load capacity of atleast 1.5 tons/m2 and column spacing of at least 10 m).
*3: In the “Analysis of Japan’s logistics facilities stock” graph, “Estimate for logistics facilities 40 years old or older” is the figure of each year’s overall stock estimate (asdefined in note 5; the same shall apply hereinafter) minus the sum total of the floor area of which construction was started within the past 40 years.
*4: “Estimate for logistics facilities less than 40 years old” is the figure of the overall stock estimate minus the floor area of “Estimate for logistics facilities 40 years old orolder” and “Leading-edge logistics facilities.”*5: The overall stock estimate is the sum total of “Estimate for logistics facilities 40 years old or older,” “Estimate for logistics facilities less than 40 years old” and “Leadingedge logistics facilities.”*6: In the “Analysis of Japan’s logistics facilities stock” graph, “Share of leading-edge logistics facilities” is each fiscal year’s “Leading-edge logistics facilities” expressed as apercentage of the overall stock estimate (total floor area basis).
*7: In the “Analysis of Japan’s logistics facilities stock” graph, “Share of logistics facilities 40 years old or older” is each fiscal year’s “Estimate for logistics facilities 40 years
old or older” expressed as a percentage of the overall stock estimate (total floor area basis).
*8: “Total floor area” is compiled based on data on construction starts. In addition, estimates are on the basis of the time of construction completion being that construction
is deemed to be completed after one year has elapsed from construction start. Accordingly, total floor area may not match the floor area on the building confirmation
certificate, construction completion drawing or register.

41

Disclaimer
This document is provided solely for informational purpose with regard to Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) and is not intended to serve as an
inducement or solicitation to trade in any product offered by MFLP-REIT.
Purchase, sale and such of MFLP’s investment units entail the risk of incurring a loss due to fluctuations of the investment unit price.
Please consult with a securities company regarding the purchase of MFLP-REIT’s investment units or investment corporation bonds. Information presented on
this document should not be interpreted, unless otherwise specified, as constituting disclosure documents or asset management report required under Financial
Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations.
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