12th Fiscal Period
Asset Management Report

Mitsui Fudosan Logistics Park Inc.
6-8-7 Ginza, Chuo-ku, Tokyo

From: February 1, 2022
To: July 31, 2022

I.

To Our Unitholders
Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) has ended its 12th fiscal period in July 2022 with smooth sailing, and sincelisting on the Tokyo Stock Exchange Real Estate Investment Trust (REIT) Market in August 2016, thanks to you, has achieved
increased revenue, increased profit, and increased distributions for 11 consecutive fiscal periods.
I would like to convey my sincere appreciation to you, our unitholders, for your continued support of MFLP-REIT.
The Japanese economy has been experiencing downward pressure from the rising prices of raw materials and slowdown in overseas
economies, but the effects from COVID-19 and supply bottlenecks have been subsiding, and receiving additional boosts from theaccommodative financial conditions and the government’s economic measures, it is expected to follow a path of recovery.
In the logistics market, while the supply of leading-edge logistics facilities is increasing in 2022 and 2023, the 3PL businessspecializing in outsourced logistics services continues to expand, and e-commerce demand is continually proceeding at high levels.
Moreover, there is also a move aimed at streamlining logistics operations among retailers such as convenience stores and drug
stores. As a result, the demand for leading-edge logistics facilities is expected to continue to increase and we consider that theleasing market is proceeding robustly. However, there are specific areas that may be impacted by the temporary increase in supply,and we will continue to pay close attention to the situation.
Going forward, MFLP-REIT will ensure appropriate and effective operation in order to boost unitholder value. I would like to ask
our unitholders for their continued support and cooperation.

-2-

II. Asset Management Report
1. Overview of Asset Management(1) Management and other performance highlights of the investment corporation
11th period
12th period
10th period
9th period
8th period(From August 1,(From February(From February (From August 1, (From February
2021
1, 2022 to July
1, 20212020 to January
1, 2020
to January 31,
31, 2022)
to July 31, 2021)
31, 2021)
to July 31, 2020)
2022)

Fiscal period(millions of yen)

10,607

9,502

9,267

8,139

6,363

(millions of yen)

[10,607][9,502][9,267][8,139][6,363](millions of yen)

6,148

5,531

5,332

4,353

3,482

(millions of yen)

[5,011][4,506][4,337][3,471][2,816]

Operating income(millions of yen)

4,459

3,971

3,935

3,786

2,881

Ordinary income(millions of yen)

4,166

3,742

3,708

3,580

2,735

Net income(millions of yen)

4,165

3,741

3,708

3,579

2,734

Total assets(millions of yen)

339,016

294,411

296,103285,205

208,243(%)[15.2][(0.6)][3.8][37.0][32.6](millions of yen)

204,837

187,013

187,508

187,747

139,026

(%)

[9.5]

[(0.3)][(0.1)][35.0][27.5](millions of yen)

123,900

97,40099,40088,30062,900(millions of yen)

200,671

183,272

183,800

184,168

136,292(units)576,000

542,000

542,000

542,000

441,000

Net assets per unit

(yen)355,619

345,043

345,956

346,398

315,253

Net income per unit (Note 3)

(yen)

7,233

6,902

6,841

7,074

6,215

Total amount of distributions(millions of yen)

4,811

4,279

4,236

3,947

3,076

(yen)

8,353

7,895

7,816

7,283

6,977

(yen)

[7,231][6,902][6,842][6,604][6,200](yen)[1,122]

[993]

[974]

[679]

[777]

(%)

1.3

1.3

1.3

1.5

1.5

[Annualized]

(%)

[2.7]

[2.5]

[2.6]

[2.9]

[3.0]

Return on equity (Note 4)

(%)

2.1

2.0

2.0

2.2

2.2

[Annualized]

(%)

[4.3]

[4.0]

[4.0]

[4.3]

[4.4]

Equity ratio at end of period(Note 4)

(%)

60.4

63.5

63.3

65.8

66.8

[(3.1)][0.2][(2.5)][(0.9)][(2.7)]

(%)

100.0

100.0

100.0

100.0

100.0

(days)

181

184

181

184

182

(properties)

24

21

21

20

18

(%)

99.9

100.0

100.0

100.0

100.0

(millions of yen)

2,708

2,372

2,344

2,059

1,661

(millions of yen)

128

338

110

178

77

(millions of yen)

8,304

7,369

7,274

6,727

5,208

(millions of yen)

6,873

6,113

6,052

5,639

4,395

(yen)

11,933

11,279

11,166

10,404

9,967

Operating revenues[Of which: Property leasing
business revenues]
Operating expenses[Of which: Property leasing
business expenses][Period-on-period change]
Net assets[Period-on-period change]
Interest-bearing debt
Unitholders’ capital, net(Note 2)
Total number of investment
units issued and outstanding

Distribution per unit
[Of which: Distribution of
earnings per unit][Of which: Distribution inexcess of retained earnings
per unit]
Ratio of ordinary income tototal assets (Note 4)[Period-on-period change]
Payout ratio (Note 4)
Other reference information
Number of days of asset
management during period
Numberofinvestment
properties at end of period
Occupancy rate at end of period(Note 5)
Depreciation and amortization(Note 6)
Capital expenditures
Net operating income (NOI)
from property leasing (Note 4)
Funds from operations (FFO)(Note 4)
FFO per unit (Note 4)-3-

Ratio of interest-bearing debt tototal assets at end of period(LTV ratio) (Note 4)

(%)

36.5

33.1

33.6

31.0

30.2

(Note 1) Unless otherwise specified, any numerical figures are rounded down to the nearest specified unit and percentage figures are rounded to the firstdecimal place.
(Note 2) “Unitholders’ capital, net” is the amount of “Unitholders’ capital” less “Deduction from unitholders’ capital.”(Note 3) “Net income per unit” is calculated by dividing net income by the daily weighted average number of investment units. Diluted net income perunit is not stated because there are no dilutive investment units.
(Note 4) The following formulas are used in calculations.
Ratio of ordinary income tototal assets

Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100

Return on equity

Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100

Equity ratio at end of period

Net assets at end of period ÷ Total assets at end of period × 100

Payout ratio

Distribution per unit (excluding distribution in excess of retained earnings) ÷ Net income per unit × 100(rounded to the first decimal place)
Payout ratios for the 8th fiscal period, the 9th fiscal period and the 12th fiscal period are calculated by thefollowing formula, because new investment units were issued.
Total amount of distribution (excluding distribution in excess of retained earnings) ÷ Net income × 100

Net operating income (NOI)
from property leasing

Property leasing business revenues − Property leasing business expenses + Depreciation and amortization

Funds from operations (FFO)

Net income + Depreciation and amortization of rental properties + Loss on retirement of non-current assets± Gain (Loss) on sales of real estate properties

FFO per unit

FFO ÷ Total number of investment units issued and outstanding

Ratio of interest-bearing debt tototal assets at end of period(LTV ratio)

Interest-bearing debt at end of period ÷ Total assets at end of period × 100(Note 5) “Occupancy rate at end of period” is leased area of the building expressed as a percentage of leasable area of the building of each real estate intrust on each lease agreement concluded for each property as at the end of the fiscal period, rounded to the first decimal place.
(Note 6) “Depreciation and amortization” is depreciation and amortization of investment and rental property.

-4-(2) Developments in management of assets in the fiscal period under reviewi) Brief history of the investment corporation
Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), a Japanese real estate investment corporation, was established on March 4,2016 under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, including subsequent
amendments; the “Investment Trust Act”), by Mitsui Fudosan Logistics REIT Management Co., Ltd. (the “Asset Management
Company”) as the organizer, and listed on the Real Estate Investment Trust Securities Market (J-REIT section) of Tokyo Stock
Exchange, Inc. (“Tokyo Stock Exchange”) on August 2, 2016 (Securities Code: 3471). MFLP-REIT held assets totaling 24
properties amounting to a total acquisition price of ¥342.2 billion as at the end of the fiscal period under review.
ii) Investment environment and management performance
The Japanese economy, despite being affected by the rising prices of raw materials, is on a recovering trend as the effects of thenovel coronavirus disease (COVID-19) attenuate. Capital investment has been improving except for weakness seen in certain
industries. The employment and income environments overall are gradually recovering despite weak trends observed in some parts.
Private consumption is on a moderate increase, mainly in the area of service consumption due to the subsiding impact of COVID19. In the logistics market, the 3PL business (Note) specializing in outsourced logistics services continues to expand, and ecommerce demand remains at high levels. There is also a move aimed at streamlining logistics operations among retailers such as
convenience stores and drug stores, and while it cannot be denied that the spread of COVID-19 may have a negative effect on the
future logistics market, the demand for leading-edge logistics facilities is expected to continue to increase.
Under such circumstances, upholding a basic policy of pursuing maximization of unitholder value by achieving sustainable growththrough formation of a strategic partnership in the logistics facilities business with Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”),
MFLP-REIT has conducted steady management of the 24 properties held as at the end of the fiscal period under review (totalacquisition price of ¥342.2 billion) to maintain an excellent occupancy rate of 99.9% for the entire portfolio as at the end of the
fiscal period under review.
MFLP-REIT is promoting initiatives for ESG. In the fiscal period under review, MFLP-REIT has released an ESG Reportintroducing ESG initiatives by MFLP-REIT and the Asset Management Company.
(Note)“3PL business” refers to the third-party logistics business (business of providing logistics services to client companies outsourcing part or all of
their supply chain management functions).

iii) Overview of financing
MFLP-REIT procured funds of ¥17,082 million through public offering with a payment date of February 1, 2022, and ¥854 million
through third-party allotment with a payment date of February 24, 2022. As a result, unitholders’ capital, net was ¥200,671 million
at the end of the fiscal period under review. In the fiscal period under review, MFLP-REIT executed debt financing of ¥28,600
million (short-term loans payable of ¥7,000 million; long-term loans payable of ¥21,600 million) in February 2022 to fund theacquisitions of MFLP Yachiyo Katsutadai, MFLP Osaka I and MFLP Hiratsuka II; ¥1,600 million (long-term loans payable) in
March 2022 to repay long-term loans payable; ¥4,600 million (short-term loans payable) in April 2022 to pay out distributions; and¥6,600 million (short-term loans payable) in May 2022, ¥3,000 million (short-term loans payable) in June 2022, and ¥2,600 million(short-term loans payable) in July 2022 to repay short-term loans payable, and executed repayments of a total of ¥20,500 million(short-term loans payable of ¥18,600 million; long-term loans payable of ¥1,900 million) using funds from part of short-term loans
payable procured in the fiscal period under review and internal reserve arising from depreciation, etc. As a result, at the end of the
fiscal period under review, the balance of interest-bearing debt was ¥123,900 million (short-term loans payable of ¥5,200 million;
current portion of long-term loans payable of ¥9,000 million; investment corporation bonds of ¥3,000 million; long-term loans
payable of ¥106,700 million) and the ratio of interest-bearing debt to total assets (LTV ratio) was 36.5%.
The following is the rating obtained by MFLP-REIT as at the end of the fiscal period under review.
Credit rating agency

Rating details

OutlookJapan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating: AA

Stable-5-iv) Summary of business performance and distributions
Through the management described above, business performance for the fiscal period under review resulted in operating revenuesof ¥10,607 million, operating income of ¥4,459 million, ordinary income of ¥4,166 million, and net income of ¥4,165 million.
In accordance with the distribution policy as defined in the Articles of Incorporation of MFLP-REIT, distributions for the fiscal
period under review shall be subject to application of special provisions for taxation of investment corporations (Article 67-15 of
the Act on Special Measures Concerning Taxation). Based on this, MFLP-REIT declared the distribution of ¥4,165,056,000, whichis the integral multiple of the total number of investment units issued and outstanding (576,000 units) of unappropriated retained
earnings. Accordingly, MFLP-REIT declared distribution of earnings per unit of ¥7,231.
In addition, in accordance with the distribution policy as defined in the Articles of Incorporation, MFLP-REIT shall execute
distributions of cash in excess of retained earnings each fiscal period on a continuous basis in principle (Note 1). Based on this,
MFLP-REIT declared the distribution of ¥646 million, which is the amount almost equivalent to the remaining amount after
subtracting the distribution of earnings of ¥4,165 million from ¥4,811 million or 70% of FFO (Note 2), as return of capital applicable
to distribution reducing unitholders’ capital for tax purposes. Accordingly, MFLP-REIT declared distribution in excess of retained
earnings per unit of ¥1,122.
(Note 1) In addition to the continuous distributions in excess of retained earnings, in cases where the distribution amount for distribution per unit is expected
to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., atemporary distribution in excess of retained earnings may be executed by MFLP-REIT in order to standardize the amount of the distribution per
unit.
However, from the perspective of continuing to maintain owned assets for a long period of time, in cases where the above distribution of cash is
executed, and where the amount equal to the equivalent of depreciation and amortization for the applicable operating period minus the amount of
the distribution in excess of retained earnings for the applicable operating period falls below the standard amount of capital for building maintenance(Note 3), the distribution in excess of retained earnings will be decreased by a maximum amount that the distribution amount does not fall below
the total equivalent of the distribution of earnings, and this may lead to cases where distribution in excess of retained earnings will not be executed.
In addition, from the perspective of continuing stable financial management, distributions in excess of retained earnings will not be executed incases where the appraisal LTV ratio (Note 4) exceeds 60% in the event that the above distribution of cash is executed.
(Note 2) “FFO” is an acronym for funds from operation and refers to the figure calculated by adding depreciation and amortization of rental properties forthe applicable operating period and loss on retirement of non-current assets to net income (excluding gain (loss) on sales of real estate properties,etc.).
(Note 3) “Standard amount of capital for building maintenance” refers to the amount that results by multiplying the six-month-equivalent amount of the 12year-average amount of the amount equivalent to the capital expenditure amount noted in the Building Condition Evaluation Report by two.
(Note 4) Appraisal LTV ratio (%) = A/B × 100 (%)
A = Total interest-bearing debt on the applicable accounts settlement date
B = Total assets on the balance sheets on the applicable accounts settlement date – Amount of book value after depreciation of owned real estateon the applicable accounts settlement date + Appraisal value of owned real estate on the applicable accounts settlement date-6-

(3) Status of capital increase, etc.
The following are the changes in the total number of investment units issued and outstanding and unitholders’ capital, net of MFLPREIT for the most recent five years.

Date

Description

Total number of investment units
issued and outstanding(units)Increase(Decrease)

BalanceUnitholders’ capital, net(Note 1)(millions of yen)
Increase(Decrease)

Remarks

Balance

Distribution of cash in
October 13, 2017 excess of retained earnings(return of capital)―

224,000(45)

58,250(Note 2)February 1, 2018

Capital increase throughpublic offering

38,000262,000

13,49571,745(Note 3)February 28, 2018

Capital increase throughthird-party allotment

774

262,774274

72,020(Note 4)

April 23, 2018

Distribution of cash inexcess of retained earnings(return of capital)―

262,774(61)

71,958(Note 5)Distribution of cash in
October 19, 2018 excess of retained earnings(return of capital)―

262,774(88)

71,870(Note 6)

February 1, 2019

Capital increase throughpublic offering

110,700

373,474

33,617

105,488(Note 7)

February 27, 2019

Capital increase throughthird-party allotment

5,526

379,000

1,678

107,166(Note 8)

April 23, 2019

Distribution of cash inexcess of retained earnings(return of capital)―

379,000(84)

107,081(Note 9)Distribution of cash in
October 15, 2019 excess of retained earnings(return of capital)―

379,000(259)

106,822 (Note 10)

February 3, 2020

Capital increase throughpublic offering

59,000438,000

28,289135,111 (Note 11)

February 27, 2020

Capital increase throughthird-party allotment

3,000

441,000

1,438

136,549 (Note 12)

April 23, 2020

Distribution of cash inexcess of retained earnings(return of capital)―

441,000(257)

136,292 (Note 13)

October 5, 2020

Capital increase throughpublic offering

96,190537,190

45,922

182,214 (Note 14)

October 19, 2020

Capital increase throughthird-party allotment

4,810

542,000

2,296

184,510 (Note 15)

Distribution of cash in
October 21, 2020 excess of retained earnings(return of capital)―

542,000(342)

184,168 (Note 16)

Distribution of cash inexcess of retained earnings(return of capital)―

542,000(368)

183,800 (Note 17)

Distribution of cash in
October 12, 2021 excess of retained earnings(return of capital)―

542,000(527)

183,272 (Note 18)

April 22, 2021

-7-

Date

Description

Total number of investment units
issued and outstanding(units)Increase(Decrease)

BalanceUnitholders’ capital, net(Note 1)(millions of yen)
Increase(Decrease)

Remarks

BalanceFebruary 1, 2022

Capital increase throughpublic offering

32,380574,380

17,082200,355 (Note 19)

February 24, 2022

Capital increase throughthird-party allotment

1,620

576,000854

201,209 (Note 20)

April 22, 2022

Distribution of cash inexcess of retained earnings(return of capital)―

576,000(538)

200,671 (Note 21)

Distribution of cash in
October 21, 2022 excess of retained earnings(return of capital)―

576,000(646)

200,025 (Note 22)(Note 1) “Unitholders’ capital, net” is the amount of “Unitholders’ capital” less “Deduction from unitholders’ capital.”(Note 2) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 13, 2017, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥204 per unit was declared as distribution of cash forthe 2nd fiscal period (fiscal period ended July 31, 2017), the payout of which commenced on October 13, 2017.
(Note 3) New investment units were issued through public offering at an issue price of ¥367,581 (paid-in amount of ¥355,139) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 4) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥355,139 per unit.
(Note 5) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 15, 2018, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥275 per unit was declared as distribution of cash forthe 3rd fiscal period (fiscal period ended January 31, 2018), the payout of which commenced on April 23, 2018.
(Note 6) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2018, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥335 per unit was declared as distribution of cash forthe 4th fiscal period (fiscal period ended July 31, 2018), the payout of which commenced on October 19, 2018.
(Note 7) New investment units were issued through public offering at an issue price of ¥313,986 (paid-in amount of ¥303,680) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 8) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥303,680 per unit.
(Note 9) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 15, 2019, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥322 per unit was declared as distribution of cash forthe 5th fiscal period (fiscal period ended January 31, 2019), the payout of which commenced on April 23, 2019.
(Note 10) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 13, 2019, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥685 per unit was declared as distribution of cash forthe 6th fiscal period (fiscal period ended July 31, 2019), the payout of which commenced on October 15, 2019.
(Note 11) New investment units were issued through public offering at an issue price of ¥495,747 (paid-in amount of ¥479,476) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 12) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥479,476 per unit.
(Note 13) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 13, 2020, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥679 per unit was declared as distribution of cash forthe 7th fiscal period (fiscal period ended January 31, 2020), the payout of which commenced on April 23, 2020.
(Note 14) New investment units were issued through public offering at an issue price of ¥493,350 (paid-in amount of ¥477,411) per unit mainly for the purposeof procuring funds for acquisition of new properties.
(Note 15) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥477,411 per unit.
(Note 16) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 16, 2020, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥777 per unit was declared as distribution of cash forthe 8th fiscal period (fiscal period ended July 31, 2020), the payout of which commenced on October 21, 2020.
(Note 17) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 12, 2021, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥679 per unit was declared as distribution of cash forthe 9th fiscal period (fiscal period ended January 31, 2021), the payout of which commenced on April 22, 2021.
(Note 18) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2021, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥974 per unit was declared as distribution of cash forthe 10th fiscal period (fiscal period ended July 31, 2021), the payout of which commenced on October 12, 2021.
(Note 19) New investment units were issued through public offering at an issue price of ¥545,190 (paid-in amount of ¥527,576) per unit mainly for the
purpose of procuring funds for acquisition of new properties.

-8-

(Note 20) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥527,576 per unit.
(Note 21) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 15, 2022, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥993 per unit was declared as distribution of cash forthe 11th fiscal period (fiscal period ended January 31, 2022), the payout of which commenced on April 22, 2022.
(Note 22) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2022, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥1,122 per unit was declared as distribution of cash forthe 12th fiscal period (fiscal period ended July 31, 2022), the payout of which commenced on October 21, 2022.

[Historical market price of investment securities]
The following are the highest and lowest prices (closing price) by fiscal period on the Tokyo Stock Exchange Real Estate Investment
Trust Securities Market on which MFLP-REIT investment securities are listed.

Fiscal period

12th period(From February 1,
2022
to July 31, 2022)

11th period(From August 1,
2021
to January 31,
2022)

10th period(From February 1,
2021
to July 31, 2021)

9th period(From August 1,
2020
to January 31,
2021)

8th period(From February 1,
2020
to July 31, 2020)

Highest (yen)590,000

652,000

627,000

596,000

577,000

Lowest (yen)487,500

560,000

467,000

478,500

336,000-9-

(4) Distribution
The following is the distribution, etc. performance up to the fiscal period under review.
12th period
11th period
10th period
9th period
8th period(From February (From August 1, (From February (From August 1, (From February
1, 20222021
1, 2021
2020
1, 2020
to July 31,
to January 31,
to July 31,
to January 31,
to July 31,
2022)
2022)
2021)
2021)
2020)

Fiscal period
Total amount of
unappropriated retained
earnings
Retained earnings
Total amount of distributionof cash[Distribution per unit]
Of which: Total amount of
distribution of earnings[Distribution of earnings perunit]
Of which: Total amount ofreturn of capital[Return of capital per unit]
Of total amount of return ofcapital: Total amount of
distribution from allowancefor temporary difference
adjustment[Of return of capital per unit:
Distribution from allowancefor temporary difference
adjustment per unit]
Of total amount of return ofcapital: Total amount of
distribution from distribution
reducing unitholders’ capitalfor tax purposes[Of return of capital per unit:
Distribution from distribution
reducing unitholders’ capitalfor tax purposes](Note)(thousandsof yen)4,165,308

3,741,033

3,708,373

3,579,722

2,734,419

252

149

9

354

219

4,811,328

4,279,090

4,236,272

3,947,386

3,076,857(yen)[8,353][7,895][7,816][7,283][6,977](thousandsof yen)4,165,056

3,740,884

3,708,364

3,579,368

2,734,200(yen)[7,231][6,902][6,842][6,604][6,200](thousandsof yen)646,272

538,206

527,908

368,018

342,657(yen)[1,122]

[993]

[974]

[679]

[777]

(thousandsof yen)

―

―

―

―

―

(yen)

―

―

―

―

―

(thousandsof yen)646,272

538,206

527,908

368,018

342,657(yen)[1,122]

[993]

[974]

[679]

[777]

(thousandsof yen)(thousandsof yen)For a summary of MFLP-REIT’s distribution policy and distributions for the fiscal period under review, please refer to “(2) Developments inmanagement of assets in the fiscal period under review; iv) Summary of business performance and distributions” presented earlier in this document.

- 10 -

(5) Future management policy and issues to be addressed
MFLP-REIT has established a strategic and collaborative partnership in the logistics facilities business with Mitsui Fudosan, underwhich it seeks to maximize unitholder value by focusing investments primarily in logistics facilities as a basic policy. Based on thispolicy, in addition to expansion of asset size for the purpose of further stabilizing the revenues base continuing into future periods,
MFLP-REIT will perform stable and efficient financial management by addressing changes in the external and internal environment
to maximize unitholder value.
i) External growth strategy“External growth based on the growth potential and extensive pipeline of Mitsui Fudosan’s logistics facilities business”
MFLP-REIT aims for continuous growth by focusing investments on MFLP facilities (leading-edge logistics facilities with Mitsui
Fudosan quality (Note 1)), utilizing the right of first look and preferential negotiation based on “Right of first look and preferential
negotiation agreement” that was concluded with Mitsui Fudosan, which boasts high growth in the logistics facilities business, and
the Asset Management Company.
(Note 1) Based on the principles of “harmonious coexistence” and “linking diverse values” set by the Mitsui Fudosan Group (Note 2), Mitsui Fudosan’slogistics facilities business keeps up efforts aimed at not only providing logistics facilities space but also creating value beyond conventionalboundaries. In order to achieve this, MFLP-REIT incorporates the highly-specialized and advanced management, operational know-how, etc.
accumulated in the office building business, retail properties business, etc. and the know-how, etc. accumulated through urban development as acomprehensive real estate company. It also captures the diverse needs that change with the times of the various stakeholders associated with logistics
facilities (tenants, people working at the logistics facilities, and local community). MFLP-REIT refers to the quality of logistics facilities realized
through these efforts by the name “Mitsui Fudosan quality.”(Note 2) “Mitsui Fudosan Group” refers to a corporate group comprising Mitsui Fudosan, Mitsui Fudosan’s consolidated subsidiaries and Mitsui Fudosan’s
associates accounted for using the equity method. The same shall apply hereinafter.

ii) Internal growth strategy“Stable management using the Platform (business foundation) and client network of the Mitsui Fudosan Group”
MFLP-REIT aims for stable management by utilizing the Platform (business foundation) and client network that the Mitsui FudosanGroup has developed over years as a comprehensive real estate company.
iii) Financial strategy“Financial and cash management with an emphasis on stability and efficiency”
MFLP-REIT will manage its finances stably, including funds raised through the issuance of new investment units and borrowings,
and at the same time it will aim to secure both stable distribution levels and efficient cash management for distributions throughcontinuous distributions in excess of retained earnings (return of capital) based on cash flow (FFO).
(6) Significant subsequent events
Not applicable.

- 11 -

2. Overview of the Investment Corporation(1) Status of investments in capital
12th period(July 31, 2022)

11th period(January 31,
2022)

10th period(July 31, 2021)

9th period(January 31,
2021)

8th period(July 31, 2020)(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Fiscal period
Total number ofinvestment units
authorized
Total number ofinvestment units issued
and outstanding
Unitholders’ capital, net(Note)(units)576,000

542,000

542,000

542,000

441,000(millions ofyen)

200,671

183,272

183,800

184,168

136,292

Number of unitholders(unitholders)

7,847

7,216

7,446

8,253

7,402

(Note)“Unitholders’ capital, net” is the amount of “Unitholders’ capital” less “Deduction from unitholders’ capital.”(2) Major unitholders
Of the unitholders as of July 31, 2022, the following are the top ten unitholders in terms of investment unit-holding ratio.
Number ofinvestment
units owned(units)Number of investment units owned
expressed as a percentage of total
number of investment units issued
and outstanding (%)(Note)

Custody Bank of Japan, Ltd. (trust account)

104,976

18.22

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

96,222

16.70

Mitsui Fudosan Co., Ltd.

28,9005.01

The Nomura Trust and Banking Co., Ltd. (investment trust account)

25,072

4.35

Stichting Pensioenfonds Zorg en Welzijn

11,9962.08

SSBTC Client Omnibus Account

9,344

1.62

The Bank of New York Mellon 140044

9,332

1.62

State Street Bank and Trust Company 505103

8,775

1.52

State Street Bank West Client - Treaty 505234

8,269

1.43

Government of Norway

7,564

1.31

310,450

53.89

Name

Total
(Note)“Number of investment units owned expressed as a percentage of total number of investment units issued and outstanding” is rounded down to thesecond decimal places.

- 12 -

(3) Matters concerning directors, etc.
i) Executive director, supervisory directors and independent auditor in the fiscal period under review

Position

Executive director

Name

Key concurrently-held position, etc.

Total amount ofcompensation byposition for theapplicable operating
period(thousands of yen)

Hiroshi Asai

―

3,000

Izuru Goto

Attorney, City-Yuwa Partners

1,800

Eiko Osawa

Representative, Osawa Certified Public Accountant
OfficeCertified Public Accountant

1,800

―

10,000Supervisory director

Independent auditor KPMG AZSA LLC(Note 1) As of July 31, 2022, Executive Director Hiroshi Asai owns six MFLP-REIT investment units in his own name. In addition, as of July 31, 2022,
Supervisory Directors Izuru Goto and Eiko Osawa do not own MFLP-REIT investment units in their own name or in the name of others.
(Note 2) Supervisory directors may be directors of other corporations other than those stated above, but none of them, including those above, have any
interest in MFLP-REIT.
(Note 3) The amount for the independent auditor represents the amount payable as compensation for the audit for the fiscal period under review, plus thecompensation for the audit of English financial statements (¥2,200 thousand).

ii) Policy for deciding on dismissal and refusal of reappointment of the independent auditor
Decisions are made at a meeting of the Board of Directors of MFLP-REIT by taking into account the various circumstances in acomprehensive manner.
iii) Matters concerning indemnity agreements between directors, etc. and MFLP-REIT
Not applicable.
(4) Matters concerning directors and officers liability insurance policy
MFLP-REIT has entered into a directors and officers liability insurance policy as follows.
Scope of insureds

Summary of insurance policy(Summary of insurance incidents covered)Pursuant to the provisions of Article 116-3, paragraph (1) of the Investment
Trust Act, MFLP-REIT has entered into a directors and officers liability
insurance policy with an insurance company. The insurance policy covers

All executive directors andcertain losses incurred by an insured due to the receipt of claims fordamages arising from the performance of duties as a director of MFLP-

supervisory directors of MFLPREITREIT.
(Portion of insurance premiums borne)
The full amount of the insurance premiums for the insurance policy is borneby MFLP-REIT.
(Measures to ensure that the proper performance of duties is not impaired)
The insurance policy contains coverage exclusions, such as damages
resulting from deliberate intent or gross negligence are not covered.

- 13 -

(5) Asset management company, custodian, and general administrators
The following are the asset management company, custodian and general administrators as of July 31, 2022.
Entrustment category

Name

Asset management company

Mitsui Fudosan Logistics REIT Management Co., Ltd.

Custodian

Sumitomo Mitsui Trust Bank, Limited

General administrator (transfer agent)

Sumitomo Mitsui Trust Bank, Limited

General administrator (institutional)

Sumitomo Mitsui Trust Bank, Limited

General administrator (administration related to
Sumitomo Mitsui Banking Corporation
investment corporation bonds)
General administrator (accounting)Reiwa Accounting Holdings Co., Ltd.

General administrator (tax payment)

Reiwakaikeisha Tax Corporation- 14 -

3. Status of Assets under Management of the Investment Corporation(1) Composition of assets of the investment corporation
12th period(As of July 31, 2022)
Type of asset

Use

Geographic classification(Note 1)

11th period(As of January 31, 2022)

Total amount held(millions of yen)
(Note 2)

As a percentage of
total assets (%)(Note 3)

Total amount held(millions of yen)
(Note 2)

As a percentage of
total assets (%)(Note 3)

Tokyo metropolitan area

166,71249.2

136,925

46.5

Kansai area

94,31627.8

81,004

27.5

Other areas

41,607

12.3

42,03014.3

Subtotal

302,637

89.3

259,960

88.3

Tokyo metropolitan area

26,465

7.8

26,6239.0

Kansai area

―

―

―

―

Other areas

―

―

―

―

Subtotal

26,465

7.8

26,623

9.0

Real estate in trust total

329,102

97.1

286,583

97.3

Deposits and other assets

9,913

2.9

7,827

2.7

Total assets

339,016100.0

294,411

100.0

Logistics
facilities

Real estate intrust(Note 4)(Note 5)
Industrial realestate(Note 6)(Note 1) “Tokyo metropolitan area” refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture, Saitama Prefecture and Ibaraki Prefecture.
“Kansai area” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture, Nara Prefecture and Shiga Prefecture.
(Note 2) “Total amount held” is based on the carrying amount (for real estate in trust, the book value after depreciation and amortization) as at the end ofeach accounting period, rounded down to the nearest million yen.
(Note 3) “As a percentage of total assets” is rounded to the first decimal place.
(Note 4) “Real estate in trust” refers to real estate of trust beneficiary interests that have mainly real estate in trust.
(Note 5) For real estate in trust, the amount does not include the amount of construction in progress in trust.
(Note 6) “Industrial real estate” refers to data centers, communications facilities, research facilities, factories, supply and treatment facilities, and other realestate serving as corporate bases. The same shall apply hereinafter.

- 15 -

(2) Major assets held
The following summarizes the assets held by MFLP-REIT as of July 31, 2022.

Book value
Name of real estate, etc.
(millions of yen)

As a percentage
Leasable area
Occupancy rate
Leased area (m²)
of total property(m²)(%)(Note 2)leasing business(Note 1)
(Note 3)revenues (%)

Main use

GLP/MFLP Ichikawa
Shiohama(Note 4)

14,68750,81350,813100.0

4.7

Logistics
facilities

MFLP Kuki

11,39667,92567,925100.0

4.5

Logistics
facilities

MFLP Yokohama
Daikoku(Note 4)

9,558

47,93947,939100.0

3.3

Logistics
facilities

MFLP Yashio

8,999

39,692

39,692100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Atsugi

7,114

40,95840,958100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Funabashi
Nishiura

6,412

31,03431,034100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Kashiwa

5,760

31,291

31,291100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Sakai

22,772

112,148

112,148

100.0

8.1

Logistics
facilities

MFLP Komaki

7,536

38,80638,806100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Hino(Note 4)

11,96646,80145,287

96.8

3.5

Logistics
facilities

MFLP Hiratsuka

6,646

33,05533,055100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Tsukuba

Existing
Existingbuilding: 37,938 building: 37,938
8,325
Annex building: Annex building:
25,60025,600100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Inazawa

15,13068,922

68,922100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Atsugi II

12,42348,03248,032100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Fukuoka I

4,930

32,21632,216100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Prologis Park
Kawagoe(Note 4)

14,39556,72356,723100.0

4.2

Logistics
facilities- 16 -

Book value
Name of real estate, etc.
(millions of yen)

As a percentage
Leasable area
Occupancy rate
Leased area (m²)
of total property(m²)(%)(Note 2)leasing business(Note 1)
(Note 3)revenues (%)

Main use

MFLP Hiroshima I

14,01066,66566,665100.0

4.8

Logistics
facilities

MFLP Ibaraki

57,608208,811

208,811

100.0

15.8

Logistics
facilities

MFLP Kawaguchi I

18,262

48,11948,119100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Yachiyo
Katsutadai

18,02869,83069,830100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Osaka I

13,93543,88043,880100.0

Not disclosed(Note 5)

Logistics
facilities

MFLP Hiratsuka II

12,734

46,52546,525100.0

Not disclosed(Note 5)

Logistics
facilities

MFIP Inzai

11,556

Not disclosed(Note 5)

Not disclosed(Note 5)

Not disclosed(Note 5)

Not disclosed(Note 5)

Industrial realestateMFIP Inzai II

14,90930,90630,906100.0

Not disclosed(Note 5)

Industrial realestateTotal

329,102

Not disclosed(Note 5)

Not disclosed(Note 5)

99.9

100.0

(Note 1) “Leasable area” is the total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable
based on the lease agreement (Excluding lease agreements concerning shops, vending machines, photovoltaic power generation facilities andparking lots. Lease agreements for said buildings hereinafter referred to as “Subject Lease Agreements” in (2) and (3) below. Note that if the Subject
Lease Agreements have been executed as of July 31, 2022, the buildings or rooms for lease that are vacant as of the said date are included in the
Subject Lease Agreements as being under lease even if the move-in or handover date has not occurred on the said date.) or floor plan, etc. for suchbuilding as of July 31, 2022, and does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities, parking lots, nursery centers and the like. The same shall apply hereinafter in (2).
(Note 2) “Leased area” is the total leased area rounded down to the nearest whole number presented in each Subject Lease Agreement for buildings in eachportfolio asset of MFLP-REIT as of July 31, 2022. If a master lease agreement has been executed for each portfolio asset held by MFLP-REIT asof July 31, 2022, the total leased area represents the sum total of the area that is actually leased based on the lease agreement signed with end-tenantrounded down to the nearest whole number. The same shall apply hereinafter in (2).
(Note 3) “Occupancy rate” is the share of the leased area of the buildings in the leasable area for said buildings for each property held by MFLP-REIT as ofJuly 31, 2022, rounded to the first decimal place. Occupancy rates for the total section are the share of the total leased area of the properties of thetotal leasable area of said properties, rounded to the first decimal place.
(Note 4) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino” and “MFLP Prologis Park Kawagoe,” leasable area and leased
area are the prorated figures equivalent to the quasi co-ownership interest in each property that MFLP-REIT holds as of July 31, 2022 (50%, 50%,
25% and 50%, respectively).
(Note 5) Not disclosed, because consent has not been obtained from the lessee.

- 17 -

(3) Real estate assets in portfolio
The following summarizes the assets held by MFLP-REIT as of July 31, 2022.

Name of real estate,
etc.

Location

Form of ownership

Leasable area(m²)
(Note 1)

Appraisal value at
end of period
Book value(millions of yen) (millions of yen)
(Note 2)

GLP/MFLP Ichikawa
Real estate trust
1-6-3 Shiohama, Ichikawabeneficiary
Shiohamashi, Chibainterests(Note 3)50,813

19,40014,687MFLP Kuki

1-10 Kiyokucho, Kuki-shi,
SaitamaReal estate trust
beneficiaryinterests

67,925

15,200

11,396MFLP Yokohama
Daikoku(Note 3)43-1 Daikokucho, Tsurumi- Real estate trustku, Yokohama-shi,
beneficiary
Kanagawa
interests

47,939

11,2009,558

MFLP Yashio

99-1 Tsubutakita,
Minamiushiroya, Yashioshi, Saitama

Real estate trust
beneficiaryinterests

39,692

12,0008,999

MFLP Atsugi

4021-1 Sakuradai, Nakatsu, Real estate trust
Aikawamachi, Aiko-gun,beneficiary
Kanagawa
interests

40,95810,0007,114

MFLP Funabashi
Nishiura

3-10-13 Nishiura,
Funabashi-shi, Chiba

Real estate trust
beneficiaryinterests

31,034

8,390

6,412

MFLP Kashiwa

259-1 Mukaiwari,
Aotashindentobichi,
Kashiwa-shi, Chiba

Real estate trust
beneficiaryinterests

31,291

7,810

5,760

MFLP Sakai

Real estate trust
1-171 Chikkoyawatamachi,
beneficiary
Sakai-ku, Sakai-shi, Osakainterests

112,148

27,50022,772

MFLP Komaki

Real estate trust
2020-1 Higashimae, Honjo,
beneficiary
Komaki-shi, Aichi
interests

38,806

8,930

7,536

MFLP Hino(Note 3)3-1-2 Asahigaoka, Hinoshi, Tokyo

Real estate trust
beneficiaryinterests

46,801

13,90011,966MFLP Hiratsuka

2-1544-5 Nishishindo,
Hiratsuka-shi, Kanagawa

Real estate trust
beneficiaryinterests

33,055

8,110

6,646

MFLP Tsukuba

3-35-2 and 3-35-3,
Real estate trust
Shihogaoka, Tsukubamirai- beneficiaryshi, Ibaraki
interests

Existing building:
37,938Annex building:
25,60011,0008,325

MFLP Inazawa

2-1 Okudaosawa-cho,Inazawa-shi, Aichi

Real estate trust
beneficiaryinterests

68,922

18,40015,130MFLP Atsugi II

84-1 Happongi, Ishida,
Real estate trust
Isehara-shi, Kanagawa, and beneficiary
other 3 lots of landinterests

48,032

15,00012,423

MFLP Fukuoka I

16-10 Butsudo, Shinbaru,
Sue-machi, Kasuya-gun,
Fukuoka, and other 4 lotsof land

Real estate trust
beneficiaryinterests

32,216

6,110

4,930

MFLP Prologis Park
Kawagoe(Note 3)

1-9-3 Minamidai,
Kawagoe-shi, Saitama

Real estate trust
beneficiaryinterests

56,723

17,05014,395- 18 -Name of real estate,
etc.

Location

Form of ownership

Leasable area(m²)
(Note 1)

Appraisal value at
end of period
Book value(millions of yen) (millions of yen)
(Note 2)

MFLP Hiroshima I

4-2876-26
Real estate trust
Kanonshinmachi, Nishi-ku, beneficiary
Hiroshima-shi, Hiroshima interests

66,66516,00014,010MFLP Ibaraki

4 Saito Akane, Ibaraki-shi,
Osaka

Real estate trust
beneficiaryinterests

208,811

67,10057,608MFLP Kawaguchi I

4-3342-1 Ryoke,
Kawaguchi-shi, Saitama,
and other 4 lots of land

Real estate trust
beneficiaryinterests

48,11920,10018,262

MFLP Yachiyo
Katsutadai

1807-13 Nakano,
Kamikoya, Yachiyo-shi,
Chiba, and 1 other lot of
landReal estate trust
beneficiaryinterests

69,83018,20018,028MFLP Osaka I

2-1-1 Kashima, Yodogawa- Real estate trustku, Osaka-shi, Osaka, and beneficiary
other 2 lots of landinterests

43,88014,20013,935MFLP Hiratsuka II

366-4 Tateashi, Okami,
Hiratsuka-shi, Kanagawa,and other

46,52513,00012,734

1,293,733

358,600

302,637

Real estate trust
beneficiaryinterests

Logistics facilities subtotal

MFIP Inzai

2-101-14 Izumino, Inzaishi, Chiba

Real estate trust
beneficiaryinterests

Not disclosed(Note 4)

13,60011,556MFIP Inzai II

2-101-11 Izumino, Inzaishi, Chiba, and other 2 lotsof land

Real estate trust
beneficiaryinterests

30,906

16,30014,909Industrial real estate subtotal

Not disclosed(Note 4)29,90026,465Total

Not disclosed(Note 4)

388,500

329,102(Note 1) “Leasable area” is the total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable
based on each Subject Lease Agreement or floor plan, etc. for such building as of July 31, 2022, and does not include the leased area indicated in
the lease agreements concerning shops, vending machines, photovoltaic power generation facilities, parking lots, nursery centers and the like.
(Note 2) “Appraisal value at end of period” is the appraisal value as of the valuation date of July 31, 2022 by real estate appraisers based on the asset
valuation methods and standards set forth in the Articles of Incorporation of MFLP-REIT and the rules and requirements imposed by The Investment
Trusts Association, Japan. The appraisal of each asset held is entrusted to Japan Real Estate Institute, The Tanizawa Sōgō Appraisal Co., Ltd., Daiwa
Real Estate Appraisal Co., Ltd. and CBRE K.K.
(Note 3) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino” and “MFLP Prologis Park Kawagoe,” leasable area, appraisal
value at end of period and book value at end of period are the prorated figures equivalent to the quasi co-ownership interest in each property that
MFLP-REIT holds as of July 31, 2022 (50%, 50%, 25% and 50%, respectively).
(Note 4) Not disclosed, because consent has not been obtained from the lessee.

- 19 -

The following is the status of leasing of real estate, etc. held by MFLP-REIT.
12th period(From February 1, 2022 to July 31, 2022)

Name of real estate, etc.

Total number of Occupancy ratetenants[at end of[at end of
period]period](%)(Note 1)
(Note 2)

11th period(From August 1, 2021 to January 31, 2022)

Property
Property
As a
As aleasingleasing
percentage of Total number of Occupancy rate
percentage ofbusinessbusiness
total property
tenants[at end of
total property
revenues
revenues
leasing[at end of
period]leasing[during[duringbusiness
period](%)
business
period]period]revenues(Note 1)
(Note 2)revenues(millions of(millions of
(%)
(%)
yen)
yen)

GLP/MFLP Ichikawa
Shiohama (Note 3)

5

100.0

494

4.7

5

100.0

490

5.2

MFLP Kuki

3

100.0

482

4.5

3

100.0

471

5.0

MFLP Yokohama Daikoku(Note 3)

5

100.0

353

3.3

5

100.0

334

3.5

MFLP Yashio

2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Atsugi

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Funabashi Nishiura

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Kashiwa

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Sakai

7

100.0

8.1

8

100.0

MFLP Komaki

2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

MFLP Hino(Note 3)

16

96.8

15

100.0

MFLP Hiratsuka

Not disclosed(Note 4)100.0

Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Tsukuba

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Inazawa

2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Atsugi II

2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Fukuoka I

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

MFLP Prologis Park
Kawagoe (Note 3)

10

100.0

449

4.2

10

100.0

451

4.7

MFLP Hiroshima I

4

100.0

507

4.8

4

100.0

519

5.5

MFLP Ibaraki

10

100.0

1,675

15.8

8

100.0

1,807

19.0

MFLP Kawaguchi I

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)1

100.0

MFLP Yachiyo Katsutadai

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

―

―

―

―

MFLP Osaka I

1

100.0

Not disclosed Not disclosed(Note 4)(Note 4)

―

―

―

―

856

374

- 20 -

3.5

834

8.8

Not disclosed Not disclosed(Note 4)(Note 4)392

4.1

Not disclosed Not disclosed(Note 4)(Note 4)12th period(From February 1, 2022 to July 31, 2022)

Name of real estate, etc.

Total number of Occupancy ratetenants[at end of[at end of
period]period](%)(Note 1)
(Note 2)

11th period(From August 1, 2021 to January 31, 2022)

Property
Property
As a
As aleasingleasing
percentage of Total number of Occupancy rate
percentage ofbusinessbusiness
total property
tenants[at end of
total property
revenues
revenues
leasing[at end of
period]leasing[during[duringbusiness
period](%)
business
period]period]revenues(Note 1)
(Note 2)revenues(millions of(millions of
(%)
(%)
yen)
yen)

2

100.0

Not disclosed Not disclosed(Note 4)(Note 4)――

Logistics facilities subtotal

Not disclosed(Note 4)99.9

Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)100.0

MFIP Inzai

Not disclosed(Note 4)

MFLP Hiratsuka II

MFIP Inzai II

1

Industrial real estate subtotal

Not disclosed(Note 4)Total

Not disclosed(Note 4)Not disclosed Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)(Note 4)100.0

Not disclosed Not disclosed(Note 4)(Note 4)

1

Not disclosed Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)(Note 4)99.9

10,607100.0

Not disclosed(Note 4)――Not disclosed Not disclosed(Note 4)(Note 4)Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)100.0

Not disclosed Not disclosed(Note 4)(Note 4)Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)
100.0

9,502

100.0

(Note 1) “Total number of tenants” is the total number of the Subject Lease Agreements for buildings in the portfolio assets held by MFLP-REIT as of eachaccounts settlement date. If a master lease agreement has been executed for each portfolio asset held by MFLP-REIT as of each accounts settlement
date, it is the total number of the end-tenants. However, if one lessee enters into a multiple number of the Subject Lease Agreements for the samebuilding of assets held by MFLP-REIT as of each accounts settlement date, the number of tenants is calculated on the assumption that such lessee
is one party.
(Note 2) “Occupancy rate” is the share of the leased area of the buildings in the leasable area for said buildings in the real estate in trust in the Subject Lease
Agreements concluded for each property held by MFLP-REIT as of each accounts settlement date, rounded to the first decimal place. Occupancy
rates for the total section are the share of the total leased area of the properties of the total leasable area of said properties, rounded to the firstdecimal place.
(Note 3) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino” and “MFLP Prologis Park Kawagoe,” property leasing
business revenues and figures expressed as a percentage of total property leasing business revenues are the prorated figures equivalent to the quasi
co-ownership interest in each property that MFLP-REIT holds as of each accounts settlement date (50%, 50%, 25% and 50%, respectively).
(Note 4) Not disclosed, because consent has not been obtained from the lessee.

(4) Schedule of renewable energy power generation facilities
Not applicable.
(5) Schedule of rights to operate public facilities, etc.
Not applicable.
(6) Status of other assets
Trust beneficiary interests that have real estate as the main assets in trust, etc. are listed all at once in “(3) Real estate assets in
portfolio” presented earlier in this document, and there are no main specified assets invested by MFLP-REIT other than those listed
there in the portfolio as of July 31, 2022.
i) Itemization of investment securities portfolio assets
Not applicable.
ii) Table of status of contract amount, etc. and fair value of specified transactions
Not applicable.
(7) Status of holding of assets by country and region
Not applicable, because there are none in countries and regions other than Japan.

- 21 -

4. Capital Expenditures of Real Estate Held(1) Schedule of capital expenditures
Of the capital expenditures accompanying renovations, etc. currently planned for real estate and real estate in trust of real estate
trust beneficiary interests held by MFLP-REIT, the following are the major planned amounts. There may be cases where the planned
construction amount ends up being in part expensed in accounting instead of being capitalized.
Planned construction amount(millions of yen)
(Note)Name of real estate,
etc.

Location

GLP/MFLP
Ichikawa Shiohama

Ichikawa, Chiba

Installation of LED
lighting

GLP/MFLP
Ichikawa Shiohama

Ichikawa, Chiba

MFLP Kuki

PurposeScheduled timeTotalamountAmountpaid
duringperiodTotalamountalready
paid

From December 2022
to February 2023

23

―

―

Upgrade of lighting
equipment

From March 2023
to May 2023

16

―

―

Kuki, Saitama

Installation of LED
lighting

From December 2022
to January 2023

15

―

―

MFLP Yokohama
Daikoku

Yokohama, Kanagawa

Exterior wall painting(Section 9)

From July 2022
to December 2022

49

―

―

MFLP Yokohama
Daikoku

Yokohama, Kanagawa

Upgrade of lighting
equipment

From October 2022
to December 2022

15

―

―

MFLP Yokohama
Daikoku

Yokohama, Kanagawa

Exterior wall painting(Section 10)

From January 2023
to June 2023

49

―

―

MFLP Sakai

Sakai, Osaka

Installation of
disconnect switch

In January 2023

13

―

―

MFLP Ibaraki

Ibaraki, Osaka

Work on power supply
equipment

From July 2022
to August 2022

24

―

―

MFLP Ibaraki

Ibaraki, Osaka

Replacement of fire
extinguishing system

From November 2022
to December 2022

17

―

―

MFLP Ibaraki

Ibaraki, Osaka

Replacement of
automatic fire alarms

From June 2023
to July 2023

13

―

―

MFLP Ibaraki

Ibaraki, Osaka

Updating of security
systems

From June 2023
to July 2023

11

―

―

(Note)For “GLP/MFLP Ichikawa Shiohama” and “MFLP Yokohama Daikoku,” planned construction amounts are the prorated figures equivalent to thequasi co-ownership interest in each property that MFLP-REIT holds (50% and 50%, respectively).

- 22 -

(2) Capital expenditures during period
The following summarizes the major construction work falling under capital expenditures conducted during the fiscal period underreview for real estate, etc. held by MFLP-REIT. Capital expenditures in the fiscal period under review amounted to ¥128 million
and, other than this, there was ¥126 million in repair expenses categorized as operating expenses in the fiscal period under review.
Name of real estate,etc.
GLP/MFLP
Ichikawa Shiohama
MFLP Kuki

Location

PurposeConstruction amount(millions of yen)
(Note)

Ichikawa, Chiba

Painting work on theupper and backsections of the vehicle
lane covers

From April 2022
to June 2022

13

Kuki, Saitama

Installation of LED
lighting

From February 2022
to March 2022

26

Other capital expenditures

88
Total

(Note)

Period128

For “GLP/MFLP Ichikawa Shiohama,” the construction amount is the prorated figure equivalent to the quasi co-ownership interest in the property
that MFLP-REIT held (50%) at the time the work was conducted.

(3) Cash reserves for long-term repair and maintenance plans
Not applicable.

- 23 -

5. Status of Expenses and Liabilities(1) Details of expenses related to asset management(Thousands of yen)Item

12th period(From February 1, 2022
to July 31, 2022)

Asset management fee (Note)

11th period(From August 1, 2021
to January 31, 2022)

1,023,034

911,627

Asset custody fee

14,72014,805Administrative service fees

20,051

19,959Directors’ compensations

6,600

6,000

Audit fee

10,00010,000

Other expenses

62,29162,733

1,136,697

1,025,125

Total(Note) Other than the amount stated above, there is an asset management fee associated with a property acquisition factored into the bookvalue of the properties (the 12th period: ¥111,500 thousand). There is no applicable fee other than the amount stated above for the
11th period.

- 24 -

Short-term loans (Note 1)

Category(2) Debt financing status
The following is the status of loans as of July 31, 2022.

LenderBorrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUse

Mizuho Bank, Ltd.

May 19,
2022

―

2,600

0.1023

Aug. 19,
2022

Bulletrepayment(Note 3)

Sumitomo Mitsui Trust
Bank, Limited

July 4,
2022

―

1,300

0.1318Aug. 4,2022

Bulletrepayment(Note 3)

The Bank of Fukuoka,
Ltd.

July 4,
2022

―

1,300

0.1318Aug. 4,2022

Bulletrepayment(Note 3)―

5,200

Sept. 1,
2016

2,000

2,000

0.2713

Sept. 1,
2022
(Note 4)

Bulletrepayment(Note 3)

Sept. 1,
2016

1,500

1,500

0.4213

Sept. 1,
2026

Bulletrepayment(Note 3)Mar. 15,
2018

800

―

0.2400Mar. 15,
2022

Bulletrepayment(Note 3)Feb. 4,
2019

1,000

1,000

0.2500Feb. 6,2023(Note 4)

Bulletrepayment(Note 3)Feb. 4,
2019

1,000

1,000

0.1475

Feb. 5,2024

Bulletrepayment(Note 3)Mar. 2,
2020

1,700

1,700

0.2000Mar. 4,2024

Bulletrepayment(Note 3)Mar. 2,
2020

1,700

1,700

0.3723Mar. 4,2030

Bulletrepayment(Note 3)Oct. 6,
2020

1,500

1,500

0.2829Oct. 6,2027

Bulletrepayment(Note 3)Oct. 6,
2020

1,500

1,500

0.4168Oct. 6,2029

Bulletrepayment(Note 3)Mar. 16,
2021

800

800

0.3743Mar. 16,
2028

Bulletrepayment(Note 3)Mar. 16,
2021

800

800

0.6325Mar. 16,2031

Bulletrepayment(Note 3)Feb. 2,
2022

―

700

0.3813Feb. 2,2029

Bulletrepayment(Note 3)Feb. 2,
2022

―

700

0.5538Aug. 4,2031

Bulletrepayment(Note 3)Mar. 15,
2022

―

800

0.5957

Sept. 16,2031

Bulletrepayment(Note 3)

Sept. 1,
2016

2,000

2,000

0.3050

Sept. 1,
2023

Bulletrepayment(Note 3)

Sept. 1,
2016

1,500

1,500

0.3813

Sept. 1,
2025

Bulletrepayment(Note 3)Feb. 4,
2019

1,500

1,500

0.1475

Feb. 5,2024

Bulletrepayment(Note 3)Mar. 2,
2020

800

800

0.1059Mar. 3,2025

Bulletrepayment(Note 3)Mar. 16,
2021

2,000

2,000

0.1950Mar. 16,2026

Bulletrepayment(Note 3)

SubtotalLong-term loans

Sumitomo Mitsui
Banking Corporation

Sumitomo Mitsui Trust
Bank, Limited- 25 -

Remarks

Unsecured
Nonguaranteed

Unsecured
NonguaranteedCategory

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUse

1,2000.2375

Feb. 2,2027

Bulletrepayment(Note 3)400

400

0.1425

Aug. 2,2022(Note 4)

Bulletrepayment(Note 3)

Aug. 2,
2016

1,700

1,700

0.2113

Aug. 2,2024

Bulletrepayment(Note 3)Mar. 15,
2018

900

900

0.4895

Sept. 15,
2027

Bulletrepayment(Note 3)Feb. 4,
2019

2,000

2,000

0.3687

Aug. 4,2028

Bulletrepayment(Note 3)Apr. 6,
2020

1,200

1,200

0.4942

Apr. 8,2030

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.4707

Oct. 7,2030

Bulletrepayment(Note 3)Mar. 16,
2021

1,600

1,600

0.6325Mar. 17,
2031

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 3)

Sept. 1,
2016

2,200

2,200

0.1826

Mar. 1,
2023(Note 4)

Bulletrepayment(Note 3)Mar. 15,
2018

800

―

0.2400Mar. 31,
2022

Bulletrepayment(Note 3)Feb. 4,
2019

1,000

1,000

0.2500Feb. 6,2023(Note 4)

Bulletrepayment(Note 3)Feb. 4,
2019

500

500

0.2313Feb. 4,2026

Bulletrepayment(Note 3)Feb. 5,
2020

800

800

0.2385

Feb. 5,2027

Bulletrepayment(Note 3)Feb. 5,
2020

800

800

0.4272Feb. 5,2030

Bulletrepayment(Note 3)Oct. 6,
2020

1,300

1,300

0.2829Oct. 6,2027

Bulletrepayment(Note 3)Oct. 6,
2020

1,200

1,200

0.4168Oct. 9,2029

Bulletrepayment(Note 3)Mar. 16,
2021

500

500

0.3743Mar. 16,
2028

Bulletrepayment(Note 3)Mar. 16,
2021

500

500

0.4408Mar. 16,
2029

Bulletrepayment(Note 3)Feb. 2,
2022

―

300

0.2025

Feb. 2,2026

Bulletrepayment(Note 3)Mar. 31,
2022

―

500

0.2975Mar. 31,2026

Bulletrepayment(Note 3)

Sept. 1,
2016

600

600

0.3237Mar. 1,
2024

Bulletrepayment(Note 3)

Sept. 1,
2016

700

700

0.3425

Sept. 2,2024

Bulletrepayment(Note 3)

LenderBorrowingdate

Sumitomo Mitsui Trust
Bank, Limited

Feb. 2,2022―

Aug. 2,
2016

Remarks

Long-term loans

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Mizuho Trust & Banking
Co., Ltd.

- 26 -

Unsecured
NonguaranteedCategory

LenderMizuho Trust & Banking
Co., Ltd.

Long-term loans

Development Bank ofJapan Inc.

The Bank of Fukuoka,
Ltd.

Nippon Life Insurance
Company

The Norinchukin Bank

Borrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUseMar. 15,
2018

300

―

0.2188Mar. 15,
2022

Bulletrepayment(Note 3)Mar. 15,
2018

300

300

0.2613Mar. 15,2023(Note 4)

Bulletrepayment(Note 3)Feb. 4,
2019

500

500

0.1163Feb. 6,2023(Note 4)

Bulletrepayment(Note 3)Feb. 4,
2019

500

500

0.1475

Feb. 5,2024

Bulletrepayment(Note 3)Apr. 6,
2020

500

500

0.4942

Apr. 8,2030

Bulletrepayment(Note 3)Oct. 6,
2020

2,000

2,000

0.3255Oct. 6,2028

Bulletrepayment(Note 3)Mar. 15,
2022

―

300

0.5957

Sept. 16,2031

Bulletrepayment(Note 3)

Aug. 2,
2016

2,100

2,100

0.3125

Aug. 3,2026

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.4851

Oct. 9,2029

Bulletrepayment(Note 3)

Aug. 2,
2016

1,300

1,300

0.2169Feb. 2,2024

Bulletrepayment(Note 3)Mar. 15,
2018

400

400

0.3563Mar. 14,2025

Bulletrepayment(Note 3)Feb. 4,
2019

2,000

2,000

0.3988Feb. 5,2029

Bulletrepayment(Note 3)Apr. 6,
2020

1,800

1,800

0.4942

Apr. 8,2030

Bulletrepayment(Note 3)Oct. 6,
2020

2,000

2,000

0.3255Oct. 6,2028

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 3)

Aug. 2,
2016

1,000

1,000

0.3125

Aug. 3,2026

Bulletrepayment(Note 3)

Aug. 4,
2017

500

500

0.2575

Aug. 4,2022(Note 4)

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 3)

Aug. 4,
2017

500

500

0.2575

Aug. 4,2022(Note 4)

Bulletrepayment(Note 3)Mar. 15,
2018

600

600

0.2613Mar. 15,2023(Note 4)

Bulletrepayment(Note 3)Feb. 4,
2019

1,000

1,000

0.2313Feb. 4,2026

Bulletrepayment(Note 3)Feb. 5,
2020

1,000

1,000

0.3360Feb. 7,2028

Bulletrepayment(Note 3)Oct. 6,
2020

1,500

1,500

0.3255Oct. 6,2028

Bulletrepayment(Note 3)- 27 -

Remarks

Unsecured
NonguaranteedCategory

LenderBorrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUseMar. 16,
2021

1,000

1,000

0.3464Mar. 16,
2028

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5263Feb. 3,2031

Bulletrepayment(Note 3)Mar. 15,
2018

600

600

0.3319Sept. 13,2024

Bulletrepayment(Note 3)Feb. 4,
2019

600

600

0.2313Feb. 4,2026

Bulletrepayment(Note 3)Mar. 2,
2020

900

900

0.3723Mar. 4,2030

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 3)Mar. 16,
2021

800

800

0.7140Mar. 16,2032

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.5538Aug. 4,2031

Bulletrepayment(Note 3)Mar. 15,
2018

600

600

0.3563Mar. 14,2025

Bulletrepayment(Note 3)Feb. 4,
2019

600

600

0.2087

Aug. 4,2025

Bulletrepayment(Note 3)Mar. 2,
2020

800

800

0.1836

Mar. 2,2027

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.2629Apr. 6,2027

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.3813Feb. 2,2029

Bulletrepayment(Note 3)

Dec. 3,
2018

2,000

2,000

0.2375

Dec. 1,
2023

Bulletrepayment(Note 3)Feb. 4,
2019

1,800

1,800

0.1863Feb. 4,2025

Bulletrepayment(Note 3)Feb. 5,
2020

1,600

1,600

0.3809Feb. 5,2029

Bulletrepayment(Note 3)Oct. 6,
2020

2,000

2,000

0.4168Oct. 9,2029

Bulletrepayment(Note 3)Mar. 16,
2021

1,200

1,200

0.5937

Sept. 17,2030

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5263Feb. 3,2031

Bulletrepayment(Note 3)

Dec. 3,
2018

1,000

1,000

0.3975

Dec. 3,2026

Bulletrepayment(Note 3)Mar. 2,
2020

800

800

0.2182Mar. 2,2028

Bulletrepayment(Note 3)Feb. 2,
2022

―

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 3)Feb. 4,
2019

1,000

1,000

0.2313Feb. 4,2026

Bulletrepayment(Note 3)

Remarks

The Norinchukin Bank

Long-term loans

The Yamaguchi Bank,Ltd.

Mitsui Sumitomo
Insurance Company,
LimitedShinkin Central Bank

Sumitomo Life
Insurance Company

The Chiba Bank, Ltd.

- 28 -

Unsecured
NonguaranteedCategory

LenderBorrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUseMar. 2,
2020

500

500

0.1836

Mar. 2,2027

Bulletrepayment(Note 3)Mar. 16,
2021

1,000

1,000

0.3464Mar. 16,
2028

Bulletrepayment(Note 3)Feb. 2,
2022

―

500

0.3813Feb. 2,2029

Bulletrepayment(Note 3)Feb. 5,
2020

800

800

0.3809Feb. 5,2029

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.4168Oct. 9,2029

Bulletrepayment(Note 3)Mar. 16,
2021

1,000

1,000

0.5937

Sept. 17,2030

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.5538Aug. 4,2031

Bulletrepayment(Note 3)Mar. 2,
2020

900

900

0.3723Mar. 4,2030

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 3)Mar. 16,
2021

800

800

0.6325Mar. 17,
2031

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.5538Aug. 4,2031

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.2829Oct. 6,2027

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.3813Feb. 2,2029

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.2829Oct. 6,2027

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.3305

Apr. 6,2027

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.5538Aug. 4,2031

Bulletrepayment(Note 3)Oct. 6,
2020

1,000

1,000

0.3305

Apr. 6,2027

Bulletrepayment(Note 3)Feb. 2,
2022

―

800

0.3813Feb. 2,2029

Bulletrepayment(Note 3)

The Bank of Kyoto, Ltd.

Oct. 6,
2020

500

500

0.4707

Oct. 7,2030

Bulletrepayment(Note 3)

Resona Bank, Limited

Feb. 2,
2022

―

1,400

0.5538Aug. 2,2031

Bulletrepayment(Note 3)

Momiji Bank, Ltd.

Feb. 2,
2022

―

1,000

0.5538Aug. 4,2031

Bulletrepayment(Note 3)

The Keiyo Bank, Ltd.

Feb. 2,
2022

―

1,000

0.5538Aug. 4,2031

Bulletrepayment(Note 3)

The Chiba Bank, Ltd.

Remarks

Shinsei Bank, Limited

Long-term loans

The 77 Bank, Ltd.

The Yamanashi Chuo
Bank, Ltd.

The Chugoku Bank,
LimitedThe Joyo Bank, Ltd.

The Hyakugo Bank, Ltd.

Daishi Hokuetsu Bank,Ltd.

- 29 -

Unsecured
NonguaranteedCategoryLong-term loans

LenderBorrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)

Average interest rate(%)

Maturity
date(Note 2)

Repayment
methodUse

The Iyo Bank, Ltd.

Feb. 2,
2022

―

1,000

0.5813Feb. 2,2032

Bulletrepayment(Note 3)

The Yamagata Bank,
Ltd.

Feb. 2,
2022

―

1,000

0.5813Feb. 2,2032

Bulletrepayment(Note 3)

94,400115,700

94,400120,900

Subtotal
Total

Remarks

Unsecured
Nonguaranteed(Note 1) As for short-term loans, the “Average interest rate” of each lending financial institution (weighted-average based on outstanding borrowings in the caseof multiple borrowings from the same lender) has been rounded to the fourth decimal places. Moreover, in the case of multiple borrowings from thesame lender, the “Borrowing date” and “Maturity date” are written as follows: (1) for borrowings with different borrowing dates, the oldest borrowing
date is displayed, and (2) for borrowings with different maturity dates, the earliest maturity date is displayed.
(Note 2) If the “Maturity date” is not a business day, it becomes the following business day.
(Note 3) “Use” of funds is for purchase of real estate or real estate trust beneficiary interests, refinancing of loans, working capital, etc.
(Note 4) The amounts are recorded as the current portion of long-term loans payable under current liabilities on the balance sheets at the end of the fiscal period.

(3) Status of investment corporation bonds
The following is the status of investment corporation bonds issued as of July 31, 2022.
Balance at Balance at
beginning of end ofInterest rate Maturity Redemption
Issue name
Issue dateperiodperiod(%)
datemethod(millions of (millions of
yen)
yen)
1st Unsecured Bonds(Sustainability Bonds)

February
12, 2021

3,000

3,000

0.500

February
12, 2031

Bulletrepayment(Note 1)Use

Remarks(Note 2)

Unsecured
Nonguaranteed(Note 3)(Note 1) Redemption by purchase may be carried out any time on and after the day following the payment date, unless otherwise determined by the depository.
(Note 2) Refinancing funds for the loan needed to acquire specified assets subject to sustainability finance (MFLP Ibaraki and MFLP Kawaguchi I).
“Sustainability finance” refers to certain fund-raising activities carried out through sustainability bonds or sustainability loans with the aim of allocating
funds towards the acquisition of specified assets that are “Eligible Green Assets” and “Eligible Sustainable Assets” (both of which are defined in
MFLP-REIT’s “Sustainability Finance Framework”) and towards refinancing new or existing loans and investment corporation bonds to acquire theseassets.
(Note 3) These include a negative pledge clause and special pari passu conditions among specified investment corporation bonds.

(4) Status of short-term investment corporation bonds
Not applicable.
(5) Status of investment unit acquisition rights
Not applicable.

- 30 -

6. Status of Sale and Purchase during Period(1) Status, etc. of sale and purchase of real estate, etc. and asset-backed securities, etc. and infrastructure assets, etc. andinfrastructure-related assets
Acquisition

Disposition

Acquisition date

Acquisition
price(millions ofyen) (Note)

MFLP Yachiyo
Katsutadai

February 2, 2022

MFLP Osaka I
MFLP Hiratsuka II

Name of real estate, etc.

Disposition date

Disposition
price(millions ofyen)Book value(millions ofyen)

Gain (Loss) on
sale(millions ofyen)

18,000――――February 2, 2022

13,900――――February 2, 2022

12,700

―

―

―

―

―

44,600

―

―

―

―

Total
(Note)“Acquisition price” is the purchase price of each trust beneficiary interest as set forth in each agreement for sale and purchase of trust beneficiaryinterest for the acquired assets (excluding the various costs required in the acquisition), rounded down to the nearest million yen.

(2) Status, etc. of sales and purchases of other assets
Other main assets are generally bank deposits or bank deposits within assets in trust.
(3) Investigation into value, etc. of specified assetsi) Real estate, etc.

TransactiondateAcquisition
price or
disposition
price(millions ofyen)(Note 2)

Appraisalvalue(millions ofyen)

Appraisal company

Date ofvaluation

MFLP Yachiyo
Katsutadai

February 2,
2022

18,00018,100Japan Real Estate
Institute

November 30,
2021

MFLP Osaka I

February 2,
2022

13,90013,900The Tanizawa Sōgō November 30,
Appraisal Co., Ltd.
2021

MFLP Hiratsuka II

February 2,
2022

12,70012,900Japan Real Estate
Institute

November 30,
2021

44,60044,900――Acquisition
Name of real estate,orType of asset
etc.
disposition

Real estate
trust
beneficiaryinterests
Real estate
trust
Acquisition
beneficiaryinterests
Real estate
trust
beneficiaryinterests

Total(Note 1) For transactions requiring appraisal of real estate, etc. of specified assets pursuant to Article 201, Paragraph 1 of the Investment Trust Act, Japan Real
Estate Institute and The Tanizawa Sōgō Appraisal Co., Ltd. have carried out the appraisal pursuant to “Real Estate Appraisal Standards; Particulars;
Chapter 3: Appraisal on Value of Real Estate Subject to Securitization” and MFLP-REIT has been notified of the appraisal findings.
(Note 2) “Acquisition price” does not include the various costs required in the acquisition of the real estate, etc., property tax and city planning tax.

ii) Other
Not applicable.

- 31 -

(4) Status of interested party transactions, etc.
i) Status of sale and purchase transactions with interested parties, etc.
Amount of purchase or sale, etc. (Note 2)
Category

Amount of purchase, etc.
(thousands of yen)

Total amountAmount of sale, etc.
(thousands of yen)

44,600,000―

Breakdown of status of transactions with interested parties, etc. (Note 1)
Mitsui Fudosan Co., Ltd.
Total

44,600,000 (100.0%)

―

(― %)

44,600,000 (100.0%)

―

(― %)

(Note 1) “Interested parties, etc.” refers to stakeholders, etc. of the asset management company with which MFLP-REIT has concluded an asset managementagreement as provided in Article 123 of the Order for Enforcement of the Act on Investment Trusts and Investment Corporations and Article 26,
Paragraph 1, Item 27 of the Rules on Management Reports, etc. of Investment Trusts and Investment Corporations of The Investment Trusts
Association, Japan.
(Note 2) “Amount of purchase or sale, etc.” does not include the various costs required in the acquisition of the real estate, etc., property tax and city planning
tax.

ii)

Amount of commission fee, etc.
Total amount ofcommission fee, etc.
Category(A)(thousands of yen)

Logistics management fee

339,054

Building management fee

391,766(Note)Breakdown of transactions with interested parties, etc.
Paid toAmount paid (B)(thousands of yen)

As a percentage
of total amount(B/A)

Mitsui Fudosan Co., Ltd.

316,544

93.4%

Mitsui Fudosan Facilities Co., Ltd.

178,938

45.7%

Mitsui Fudosan Facilities West Co., Ltd.

142,483

36.4%“Interested parties, etc.” refers to stakeholders, etc. of the asset management company with which MFLP-REIT has concluded an asset managementagreement as provided in Article 123 of the Order for Enforcement of the Act on Investment Trusts and Investment Corporations and Article 26, Paragraph
1, Item 27 of the Rules on Management Reports, etc. of Investment Trusts and Investment Corporations of The Investment Trusts Association, Japan.

iii) Other payments to interested parties, etc.
Other payments to interested parties, etc. are as follows:
Paid toCategory

Amount(thousands of yen)

Mitsui Fudosan Co., Ltd.

Repairs and related work, etc.

7,737

Mitsui Fudosan Building Management Co., Ltd.

Repairs and related work, etc.

34,202

Mitsui Fudosan Facilities Co., Ltd.

Repairs and related work, etc.

53,505

Mitsui Fudosan Facilities West Co., Ltd.

Repairs and related work, etc.

51,100Daiichi Engei Co., Ltd.

Repairs and related work, etc.

4,090iv) Leasing transaction, etc.
Leasing transactions with interested parties, etc. are as follows:
Name of lessee

Category

Mitsui Fudosan Co., Ltd.

Rent income, etc.

Rental revenues(thousands of yen)
250,395(5) Status, etc. of transactions with the asset management company pertaining to operations of concurrent business engaged
in by the asset management company
Not applicable, because the asset management company (Mitsui Fudosan Logistics REIT Management Co., Ltd.) does not engage
in any type I financial instruments business, type II financial instruments business, real estate brokerage or specified joint real estate
venture as a concurrent business.

- 32 -

7. Accounting(1) Status, etc. of assets, liabilities, principal, and income and loss
For the status, etc. of assets, liabilities, principal, and income and loss, please refer to “Balance Sheets,” “Statements of Income,”“Statements of Changes in Net Assets,” “Notes to Financial Statements” and “Statements of Cash Distributions” presented later inthis document.
The previous fiscal period’s information on the balance sheets, statements of income, statements of changes in net assets, notes tofinancial statements, and statements of cash distributions is for reference and is not subject to an audit of the independent auditor
for the fiscal period under review, pursuant to Article 130 of the Act on Investment Trusts and Investment Corporations of Japan.
(2) Change in method of calculation of depreciation and amortization
Not applicable.
(3) Change in method of valuation of real estate, etc. and infrastructure assets, etc.
Not applicable.
(4) Status, etc. of beneficiary certificates, etc. of investment trust established by itself
Not applicable.
8.

Other

(1) Noticei) General meeting of unitholders
Not applicable.
ii) Board of Directors of the investment corporation
Not applicable.
(2) Rounding of monetary and percentage figures
Unless otherwise specified, monetary figures are rounded down and percentage figures are rounded to the nearest specified unit inthis document.
(3) Disclosure pertaining to corporation holding overseas real estate
Not applicable.
(4) Disclosure pertaining to real estate of corporation holding overseas real estate
Not applicable.

- 33 -

Mitsui Fudosan Logistics Park Inc.
Balance Sheets

AssetsCurrent assets
Cash and deposits (Notes 3 and 4)
Cash and deposits in trust (Notes 3 and 4)
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property and equipment (Note 5)
Buildings in trust
Structures in trust
Machinery and equipment in trust
Vehicles and transport equipment in trust
Tools, furniture and fixtures in trust
Land in trust
Construction in progress in trust
Less: accumulated depreciation
Total property and equipment
Intangible assets
SoftwareTotal intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Deferred tax assets (Note 9)
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses (Note 2)
Investment corporation bond issuance costs (Note 2)
Total deferred assets
Total assets

12th period(As of July 31, 2022)(Thousands of yen)
11th period(As of January 31, 2022)

¥

¥

¥

- 34 -

686,037
6,894,168
276,536
50,1991,848,475
3,727
9,759,145

1,235,624
6,279,963
100,078
49,3095,055
7,670,031

171,546,526
5,431,090
4,227,700
4,021
83,733
164,824,737(17,014,876)
329,102,932

150,297,147
4,900,295
4,084,066
4,021
77,931
141,526,784
22,180(14,306,323)
286,606,104

1,164
1,164

1,338
1,338

10,000251
16
1,050
11,318329,115,415

10,00020,21020
1,050
31,280286,638,724

119,987
22,187142,174
339,016,735

79,064
23,475102,539
294,411,294¥

Mitsui Fudosan Logistics Park Inc.
Balance Sheets

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable (Notes 4 and 7)
Current portion of long-term loans payable (Notes 4 and 7)
Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds (Notes 4 and 7)
Long-term loans payable (Notes 4 and 7)
Tenant leasehold and security deposits in trust (Note 4)
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Units authorized: 8,000,000 units as of July 31, 2022 andJanuary 31, 2022
Units issued and outstanding: 576,000 units as of July 31, 2022
and 542,000 units as of January 31, 2022
Deduction from unitholders’ capital
Unitholders’ capital (net)
Retained earnings
Total unitholders’ equity
Total net assets (Notes 6 and 10)
Total liabilities and net assets
The accompanying notes are an integral part of these financial statements.

- 35 -

12th period(As of July 31, 2022)(Thousands of yen)
11th period(As of January 31, 2022)

¥

¥

¥

364,232
5,200,000
9,000,000
1,173,057
10,523950
1,829,470
3,660
17,581,895

599,3245,300,000
1,080,748
7,900
1,025
678,420
1,577,904
5,317
9,250,642

3,000,000
106,700,000
6,897,828
116,597,828
134,179,724

3,000,000
89,100,000
6,047,294
98,147,294
107,397,937

203,299,818

185,362,234(2,628,115)
200,671,702
4,165,308
204,837,011
204,837,011
339,016,735(2,089,909)
183,272,324
3,741,033
187,013,357
187,013,357
294,411,294¥

Mitsui Fudosan Logistics Park Inc.
Statements of Income

Operating revenues
Property-related revenues (Notes 8 and 14)
Other property-related revenues (Notes 8 and 14)
Total operating revenues
Operating expenses
Property-related expenses (Note 8)
Asset management fee
Asset custody fee
Administrative service fees
Directors’ compensations
Audit fee
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Insurance income
Interest on refund
Other
Total non-operating income
Non-operating expenses
Interest expense
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Offering costs associated with issuance of investment units
Borrowing related expenses
Other
Total non-operating expenses
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes (Note 9)
Net income (Note 10)
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss) (Note 6)

12th period(From February 1, 2022
to July 31, 2022)(Thousands of yen)
11th period(From August 1, 2021
to January 31, 2022)

¥

¥

¥
¥

10,054,397
553,416
10,607,814
5,011,762
1,023,034
14,72020,051
6,600
10,00062,291
6,148,460
4,459,354

4,506,123
911,627
14,805
19,9596,000
10,00062,7335,531,248
3,971,524

33
97
316
447

26
503
143
615
1,287

216,6137,438
1,287
43,834
16,6576,450
1,400
293,682
4,166,118
955
3
959
4,165,159
149
4,165,308

162,195
7,561
1,352
48,431
6,049
5,183
230,773
3,742,038
1,029
(15)
1,014
3,741,023
9
3,741,033

12th period(From February 1, 2022
to July 31, 2022)¥
7,233

Net income per unit (Note 10)

The accompanying notes are an integral part of these financial statements.

- 36 -

8,974,944
527,829
9,502,773

¥
¥

(Yen)
11th period(From August 1, 2021
to January 31, 2022)¥
6,902

Mitsui Fudosan Logistics Park Inc.
Statements of Changes in Net Assets

Number of units

Balance as of August 1, 2021
Distribution in excess ofretained earnings
Dividends of earnings

542,000

Net income
Balance as of January 31,
2022
Issuance of new units
through public offering asof February 1, 2022
Issuance of new units
through allocation to athird party as of February
24, 2022
Distribution in excess ofretained earnings
Dividends of earnings
Net income
Balance as of July 31, 2022

Unitholders’ capital
Retained(thousands of yen)
Total net assets
earnings(thousands of
Deduction from
Unitholders’
Unitholders’ (thousands ofyen)unitholders’yen)capitalcapital (net)capital¥185,362,234¥(1,562,001) ¥183,800,232 ¥ 3,708,373 ¥187,508,606--(527,908)(527,908)-(527,908)

-

-

-

-

(3,708,364)(3,708,364)

-

-

-

-

3,741,023

3,741,023

542,000¥185,362,234¥(2,089,909)¥183,272,324 ¥ 3,741,033¥187,013,357

32,38017,082,910-

17,082,910-

17,082,910

1,620

854,673-854,673-854,673--(538,206)(538,206)-(538,206)

-

-

-

-

(3,740,884)(3,740,884)

-

-

-

-

4,165,159

4,165,159

576,000¥203,299,818¥(2,628,115)¥200,671,702 ¥ 4,165,308¥ 204,837,011

The accompanying notes are an integral part of these financial statements.

- 37 -

Mitsui Fudosan Logistics Park Inc.
Statements of Cash Flows

12th period(From February 1, 2022
to July 31, 2022)
Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Interest expense
Insurance income
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Decrease (increase) in consumption taxes receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Other, net
SubtotalInterest income received
Interest expense paid
Insurance income received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property and equipment in trust
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Payments for investment corporation bond issuance costs
Proceeds from issuance of investment units
Payment of distribution of earnings
Payment of distribution in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 3)
The accompanying notes are an integral part of these financial statements.

- 38 -¥¥

4,166,118
2,708,728
1,287
43,834(33)
224,051(97)(176,369)(889)
19,958(1,848,475)(678,420)(303,620)
113,363251,566(329)
4,520,674
33(221,428)8(1,030)4,298,256(Thousands of yen)
11th period(From August 1, 2021
to January 31, 2022)¥

3,742,038
2,373,160
1,352
48,431(26)
169,757(503)
152,400(3,910)20,320348,249
678,420
331,713
25,919(35,976)
3,579
7,854,927
26(170,572)
503(712)
7,684,172(45,158,575)(307,009)
1,157,542(44,308,041)(320,318)(542,255)
302,542(560,031)

23,800,000(18,600,000)
23,200,000(1,900,000)
17,853,035(3,740,535)(538,097)
40,074,403
64,6187,515,587
7,580,206

3,000,000(5,000,000)(935)(3,709,264)(527,938)(6,238,138)
886,0036,629,584
7,515,587¥

Mitsui Fudosan Logistics Park Inc.
Notes to Financial Statements
1.

Organization and Basis of Presentationa. Organization
Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), a Japanese real estate investment corporation, was established on March
4, 2016 under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, including subsequent
amendments; the “Investment Trust Act”), by Mitsui Fudosan Logistics REIT Management Co., Ltd. (the “Asset Management
Company”) as the organizer with investments in capital of ¥300 million (600 investment units). Registration with the Kanto
Local Finance Bureau of the Ministry of Finance of Japan was completed on March 25, 2016. The investment units were listedon the Real Estate Investment Trust Securities Market (J-REIT section) of Tokyo Stock Exchange, Inc. on August 2, 2016
(Securities Code: 3471).
MFLP-REIT started acquisition of properties on August 2, 2016. With Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”) as a sponsor,
MFLP-REIT invests primarily in logistics facilities with a particular focus on MFLP facilities, that is, leading-edge logistics
facilities with Mitsui Fudosan quality. This focus has been chosen in light of MFLP-REIT’s goal of establishing a portfolio thatemphasizes location, quality and balance.
As of July 31, 2022, MFLP-REIT held 24 properties with the total acquisition price of ¥342.2 billion.
b. Basis of presentation
The accompanying financial statements of MFLP-REIT have been prepared in accordance with accounting principles generally
accepted in Japan (“Japanese GAAP”), including provisions set forth in the Financial Instruments and Exchange Act of Japan,
the Investment Trust Act and the related regulations, which are different in certain respects as to application and disclosure
requirements of the International Financial Reporting Standards.
The accompanying financial statements are based on the financial statements of MFLP-REIT, which were prepared in accordancewith Japanese GAAP and were presented in its Asset Management Report published for Japanese investors. In preparing theaccompanying financial statements, certain reclassifications and modifications have been made to the financial statements issued
domestically in order to present them in a format which is more familiar to readers outside Japan.
MFLP-REIT’s fiscal period is a six-month period, which ends at the end of January and July of each year.
MFLP-REIT does not prepare consolidated financial statements as it has no subsidiaries.
Unless otherwise specified, amounts have been rounded down to the nearest thousand yen in the accompanying financial
statements and the notes thereto, as permitted by the Financial Instruments and Exchange Act of Japan. As a result, the totals
shown in the financial statements and notes thereto do not necessarily agree with the sum of the individual amounts.

2.

Summary of Significant Accounting Policies
a. Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and cash in trust, readily-available bank deposits, readily-available bankdeposits in trust and short-term investments that are readily convertible to cash and realizable with a maturity of three months
or less when purchased and that are subject to an insignificant risk of changes in value.

- 39 -

b. Property and equipment
Property and equipment (including those in trust) are stated at cost, which includes the original purchase price and relatedacquisition costs and expenses. Depreciation of property and equipment is calculated using the straight-line method over theestimated useful lives. The useful lives of principal property and equipment are as follows:
Buildings:
Structures:

2 to 59 years
8 to 50 years

Machinery and equipment:
Vehicles:

14 to 17 years
4 to 7 years

Tools, furniture and fixtures:

3 to 15 years

c. Intangible assets
Intangible assets are stated at cost, which includes the original purchase price and related acquisition costs and expenses.
Amortization of intangible assets is calculated using the straight-line method over the estimated useful lives. Amortization ofsoftware for internal use is calculated using the straight-line method over the estimated useful lives of five years at MFLP-REIT.
d. Investment unit issuance expenses
Investment unit issuance expenses are amortized using the straight-line method over a three-year period.
e. Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized using the straight-line method over the period up to redemption.
f. Recognition standard for revenues
Details of the main performance obligations related to MFLP-REIT’s revenues from contracts with customers and the usual timeat which the performance obligations are fulfilled (the usual time at which revenues are recognized) are as follows.
(i) Utilities charges
For utilities charges, revenues are recognized based on the supply of electricity, water, and so forth to the lessee, who is thecustomer, in accordance with the lease contract for the real estate, etc. and the appended agreement details. Utilities charges areincluded in “other property-related revenues” in the statements of income and presented in the breakdown of “other propertyrelated revenues” in Note 8. “Property Leasing Business Revenues and Expenses.”g. Taxes on property and equipment
With respect to property taxes, city planning taxes and depreciable asset taxes imposed on real estate properties or trust
beneficiary interests in real estate, of the tax amount assessed and determined, the amount corresponding to the relevant fiscal
period is accounted for as property-related expenses.
Of the amounts paid for the acquisitions of real estate properties or trust beneficiary interests in real estate, the amount equivalent
to property-related taxes is capitalized as part of the acquisition cost of the relevant property instead of being charged as expenses.
No property-related taxes were capitalized for the 11th period. For the 12th period, the amount of ¥302,047 thousand wasincluded in acquisition costs of real estate properties as the equivalent of property-related taxes of a total of four properties,
including MFIP Inzai II, which was acquired in the fiscal period ended July 31, 2021 and finalized in the period ended July 31,
2022, and three properties acquired in the fiscal period ended July 31, 2022.
h. Trust beneficiary interests in real estate
As to trust beneficiary interests in real estate that have real estate properties as assets in trust, all accounts of assets and liabilities
within assets in trust as well as all income generated and expenses incurred from assets in trust are recorded in the relevantbalance sheet and statement of income account items.

- 40 -

The following material items of the assets in trust recorded in the relevant account items are separately presented in theaccompanying balance sheets.
(1) Cash and deposits in trust(2) Buildings in trust, structures in trust, machinery and equipment in trust, vehicles and transport equipment in trust, tools,
furniture and fixtures in trust and land in trust(3) Tenant leasehold and security deposits in trusti. Significant accounting estimates
Impairment of non-current assets(1) Amounts recorded on the accompanying financial statements(Thousands of yen)
12th period(As of July 31, 2022)
Property and equipment¥

329,102,932

11th period(As of January 31, 2022)¥

286,606,104(2) Information on the nature of significant accounting estimates for identified items
In accordance with the Accounting Standard for Impairment of Fixed Assets, MFLP-REIT reduces the book value of noncurrent assets to their recoverable amounts, when the invested amount may not be recoverable due to decrease inprofitability.
MFLP-REIT’s investment properties are grouped on an individual asset basis. MFLP-REIT reviews the investment
properties for impairment when consecutive operating losses, significant decline in the market price, deteriorated businessenvironment and other factors related to investment properties indicate that the carrying amount of an asset may not berecoverable.
Expected future cash flows are used for review for impairment of an asset. When MFLP-REIT determines that it isnecessary to recognize an impairment loss, the book value of the asset is reduced to the respective recoverable amountbased on the appraisal value estimated by an external real estate appraiser, and the difference between the book value andrecoverable amount is recorded as an impairment loss.
Future cash flows are determined by comprehensive judgement on estimates based on market trends on rental revenues,
occupancy rates, property-related expenses and other factors as well as transaction information of similar properties.
Operating results and market price of each investment property may be affected by trends in property leasing market andproperty trading market. It is possible to have impact on MFLP-REIT’s financial position and result of operations in thenext fiscal period if assumptions used in estimates change.

- 41 -

3.

Cash and Cash Equivalents
Reconciliation between cash and cash equivalents and accounts and amounts in the balance sheets is as follows:(Thousands of yen)

Cash and deposits

12th period(As of July 31, 2022)

11th period(As of January 31, 2022)¥

686,037¥

1,235,624¥

7,580,206¥

7,515,587

Cash and deposits in trust

6,894,168

Cash and cash equivalents
4.

6,279,963

Financial Instruments
a. Status of financial instruments(1) Policy for financial instruments
MFLP-REIT procures funds for acquisition of assets or repayment of debts mainly through issuance of investment units,loans or issuance of investment corporation bonds.
MFLP-REIT generally invests surplus funds in deposits considering safety of the investments although surplus funds
could be invested in securities and monetary claims as a matter of policy.
MFLP-REIT enters into derivative transactions to a limited extent for the purpose of avoiding the risk of interest rate
fluctuation and other risks. MFLP-REIT does not engage in speculative transactions.
(2) Financial instruments, their associated risks and risk management system
Deposits are used for investment of MFLP-REIT’s surplus funds, and are exposed to credit risk such as failure of thefinancial institutions holding the deposits. MFLP-REIT limits the credit risk by restricting the deposit periods to shortterms and selecting financial institutions that have high credit ratings.
Proceeds from loans and investment corporation bonds are used mainly to acquire real estate properties or refinanceexisting loans. While these loans are exposed to liquidity risk at the time of repayment, MFLP-REIT mitigates theliquidity risk by diversifying its means of fund procurement and lending financial institutions, dispersing repayment dates,
establishing commitment lines and securing liquidity on hand, and also controls the liquidity risk by preparing monthly
fund management plans.
In addition, loans with floating interest rates are exposed to the risk of interest rate rising. MFLP-REIT limits the impact
of interest rate rises on its operations by keeping the ratio of interest-bearing debt to total assets at a low level andmaintaining the ratio of fixed-rate long-term loans at a high level.
(3) Supplementary explanation regarding fair values of financial instruments
Since variable factors are reflected in estimating the fair value of financial instruments, different assumptions and factors
could result in a different value.

- 42 -

b. Estimated fair value of financial instruments
The carrying amounts, fair values and their differences as of July 31, 2022 and January 31, 2022 are as follows. Information on
cash and deposits, cash and deposits in trust and short-term loans payable is omitted because the fair value is approximately thesame as the book value since these are settled with cash and within a short period of time. Information on tenant leasehold andsecurity deposits in trust is also omitted due to its immateriality.
(Thousands of yen)
Carrying amount12th period (As of July 31, 2022)(1) Current portion of long-term loans payable¥

9,000,000(2) Investment corporation bonds

Fair value

Difference¥¥

8,986,033(13,966)

3,000,000

2,980,200(19,800)(3) Long-term loans payable

106,700,000

106,429,061(270,938)

Total liabilities¥ 118,700,000¥ 118,395,295¥ (304,704)(Thousands of yen)

Carrying amount11th period (As of January 31, 2022)(1) Current portion of long-term loans payable¥

5,300,000(2) Investment corporation bonds

Fair value

Difference¥¥

3,000,000

5,289,741(10,258)

2,991,300(8,700)(3) Long-term loans payable

89,100,000

88,645,490(454,509)

Total liabilities¥ 97,400,000¥ 96,926,531¥ (473,468)(Note 1) Methods to estimate fair values of financial instruments(1) Current portion of long-term loans payable and (3) Long-term loans payable
The fair value is determined based on the present value being calculated by discounting the sum of principal and interest by the assumed
interest rate which would be applied if a similar new loan were entered into.
(2) Investment corporation bonds
The fair value is determined based on the market price.
(Note 2) Repayment schedule for long-term loans and investment corporation bonds(Thousands of yen)
12th period(As of July 31,
2022)

Due within
one yearInvestment
corporation bonds

Due after one to
two years

Due after two to
three years

Due after three tofour years

Due after four tofive years

-

-

-

-

-

Due after
five years¥

3,000,000

Long-termloans payable¥

9,000,000¥

10,600,000¥

6,600,000¥

8,000,000¥

11,900,000

69,600,000

Total

¥

9,000,000¥

10,600,000¥

6,600,000¥

8,000,000¥

11,900,000¥ 72,600,000(Thousands of yen)
11th period(As of January 31,
2022)

Due within
one yearInvestment
corporation bonds

Due after one to
two years

Due after two to
three years

Due after three tofour years

Due after four tofive years

-

-

-

-

-

Due after
five years¥

3,000,000

Long-termloans payable¥

5,300,000¥

9,600,000¥

9,600,000¥

5,700,000¥

10,700,000

53,500,000

Total

¥

5,300,000¥

9,600,000¥

9,600,000¥

5,700,000¥

10,700,000¥ 56,500,000- 43 -

5.

Investment and Rental Properties
MFLP-REIT owns logistics facilities and industrial properties for the purpose of earning rental income. The carrying amount,net changes in the carrying amount during the periods and fair value of these investment and rental properties are as follows:(Thousands of yen)
12th period(From February 1, 2022
to July 31, 2022)

11th period(From August 1, 2021
to January 31, 2022)

Carrying amount¥

Balance at beginning of period

286,583,923¥

288,618,482

Changes during the period

42,519,009(2,034,558)

Balance at end of period

329,102,932

286,583,923

Fair value at the end of the period¥

388,500,000¥

333,560,000(Note 1) The carrying amount represents acquisition cost less accumulated depreciation.
(Note 2) Changes in the carrying amount during the 11th period consisted of the decrease mainly attributable to depreciation (¥2,372,589 thousand).
Changes in the carrying amount during the 12th period consisted of the increase mainly attributable to acquisition of trust beneficiary interests
in real estate for three properties (¥45,028,290 thousand), and the decrease mainly attributable to depreciation (¥2,708,553 thousand).
(Note 3) The fair value at the end of the period represents the appraisal value or surveyed value by external real estate appraisers.

Information about income and loss from investment and rental properties is stated in Note 8. “Property Leasing Business
Revenues and Expenses.”- 44 -

6.

Net Assets
a. Stated capital
MFLP-REIT issues only non-par value units in accordance with the Investment Trust Act of Japan and all of the issue prices of
new units are designated as stated capital. MFLP-REIT maintains at least ¥50,000 thousand as the minimum net assets as requiredby the Article 67, Paragraph 4 of the Investment Trust Act of Japan.
b. Distributions
Distributions related to the periods but declared after the balance sheet dates are summarized as follows:(Yen)
12th period(From February 1, 2022 to July 31, 2022)
Total

I. Unappropriated retained earnings

11th period(From August 1, 2021 to January 31, 2022)

Per unit

Total¥ 4,165,308,840¥ 3,741,033,140

646,272,000

538,206,000

Per unit

II. Distributions in excess of retained
earnings
Deduction from unitholders’capitalIII. Distributions

4,165,056,000

Distribution of earnings
Distribution in excess of retained

646,272,000

earnings
Total distributions
IV. Retained earnings carried forward¥¥ 4,811,328,000¥¥

252,840

7,231

3,740,884,000

1,122

538,206,000

8,353¥ 4,279,090,000
¥

¥

6,902
993

¥

7,895

149,140

In accordance with the distribution policy as defined in the Article 35, Paragraph 1 of the Articles of Incorporation of MFLP-REIT,
distributions shall be in excess of the amount equivalent to 90% of the amount of earnings available for dividends defined in the
Article 67-15 of the Act on Special Measures Concerning Taxation.
Based on this policy, for the fiscal periods ended July 31, 2022 and January 31, 2022, MFLP-REIT declared a distribution amount of¥4,165,056,000 and ¥3,740,884,000, respectively, which are the maximum value of the integral multiple of the total number ofinvestment units issued and outstanding at the end of each period in amounts not in excess of unappropriated retained earnings.
Furthermore, based on the distribution policy as defined in the Article 35, Paragraph 2 of the Articles of Incorporation, MFLP-REIT
executes the distribution of cash in excess of retained earnings (return of capital applicable to distribution reducing unitholders’ capitalfor tax purposes) each fiscal period on a continuous basis.
Based on this policy, for the fiscal period ended July 31, 2022, MFLP-REIT declared the distribution of ¥646,272,000, which is
calculated as being almost equivalent to the remaining amount after subtracting the distribution of earnings of ¥4,165,056,000 from
¥4,811,599,188 or 70% of FFO (funds from operation), as distribution of cash in excess of retained earnings (return of capital
applicable to distribution reducing unitholders’ capital for tax purposes).
Based on this policy, for the fiscal period ended January 31, 2022, MFLP-REIT declared the distribution of ¥538,206,000, which is
calculated as being almost equivalent to the remaining amount after subtracting the distribution of earnings of ¥3,740,884,000 from
¥4,279,529,265 or 70% of FFO (funds from operation), as distribution of cash in excess of retained earnings (return of capital
applicable to distribution reducing unitholders’ capital for tax purposes).
(Note)

MFLP-REIT may execute cash distribution in excess of distributable amount, in an amount it determines within a scope not to exceed the limit stipulated
in the rules and requirements imposed by The Investment Trusts Association, Japan, when MFLP-REIT considers it appropriate, given such factors as
economic environment, trends in the real estate market or leasing market, the situation surrounding owned assets and the financial condition.
In addition, in case that any cash distribution fails to meet the statutory requirements for special tax treatment for investment corporations, MFLP-REIT
may execute cash distribution in excess of distributable amount, in an amount it determines to meet the statutory requirements.

- 45 -

7.

Short-term and Long-term Loans Payable and Investment Corporation Bonds
Short-term and long-term loans payable mainly consisted of bank borrowings under loan agreements. The following tablesummarizes the short-term and long-term loans payable and investment corporation bonds as of July 31, 2022 and January 31,
2022.
(Thousands of yen)
12th period(As of July 31, 2022)
0.1023% unsecured short-term loans
0.1318% unsecured short-term loans¥

2,600,000
1,300,000
1,300,000-¥

5,200,000-¥

2,000,000

0.1318% unsecured short-term loans
Total short-term loans payable
0.2713% unsecured long-term loans due 2022

11th period(As of January 31, 2022)-¥

2,000,000

0.4213% unsecured long-term loans due 2026
0.2400% unsecured long-term loans due 2022

1,500,000-

1,500,000
1,600,000

0.2500% unsecured long-term loans due 2023
0.1475% unsecured long-term loans due 2024

2,000,000
3,000,000

2,000,000
3,000,000

0.2000% unsecured long-term loans due 2024
0.3723% unsecured long-term loans due 2030

1,700,000
3,500,000

1,700,000
3,500,000

0.2829% unsecured long-term loans due 2027
0.4168% unsecured long-term loans due 2029

4,800,000
5,700,000

4,800,000
5,700,000

0.3743% unsecured long-term loans due 2028
0.6325% unsecured long-term loans due 2031

1,300,000
3,200,000

1,300,000
3,200,000

0.3813% unsecured long-term loans due 2029
0.5538% unsecured long-term loans due 2031

3,600,000
7,300,000-

0.5957% unsecured long-term loans due 2031
0.3050% unsecured long-term loans due 2023

1,100,000
2,000,000

2,000,000

0.3813% unsecured long-term loans due 2025
0.1059% unsecured long-term loans due 2025

1,500,000
800,000

1,500,000
800,000

0.1950% unsecured long-term loans due 2026
0.2375% unsecured long-term loans due 2027

2,000,000
1,200,000

2,000,000-

0.1425% unsecured long-term loans due 2022
0.2113% unsecured long-term loans due 2024

400,000
1,700,000

400,000
1,700,000

0.4895% unsecured long-term loans due 2027
0.3687% unsecured long-term loans due 2028

900,000
2,000,000

900,000
2,000,000

0.4942% unsecured long-term loans due 2030
0.4707% unsecured long-term loans due 2030

3,500,000
1,500,000

3,500,000
1,500,000

0.5813% unsecured long-term loans due 2032
0.1826% unsecured long-term loans due 2023

6,800,000
2,200,000

2,200,000

0.2313% unsecured long-term loans due 2026
0.2385% unsecured long-term loans due 2027

3,100,000
800,000

3,100,000
800,000

0.4272% unsecured long-term loans due 2030
0.4408% unsecured long-term loans due 2029

800,000
500,000

800,000
500,000

0.2025% unsecured long-term loans due 2026
0.2975% unsecured long-term loans due 2026

300,000
500,000-

0.3237% unsecured long-term loans due 2024
0.3425% unsecured long-term loans due 2024

600,000
700,000

600,000
700,000

0.2188% unsecured long-term loans due 2022
0.2613% unsecured long-term loans due 2023

900,000

300,000
900,000

0.1163% unsecured long-term loans due 2023
0.3255% unsecured long-term loans due 2028

500,000
5,500,000

500,000
5,500,000

0.3125% unsecured long-term loans due 2026
0.4851% unsecured long-term loans due 2029

3,100,000
1,000,000

3,100,000
1,000,000

1,300,000

1,300,000

0.2169% unsecured long-term loans due 2024

- 46 -

12th period(As of July 31, 2022)

11th period(As of January 31, 2022)

0.3563% unsecured long-term loans due 2025
0.3988% unsecured long-term loans due 2029

1,000,000
2,000,000

1,000,000
2,000,000

0.2575% unsecured long-term loans due 2022
0.3360% unsecured long-term loans due 2028

1,000,000
1,000,000

1,000,000
1,000,000

0.3464% unsecured long-term loans due 2028
0.5263% unsecured long-term loans due 2031

2,000,000
2,400,000

2,000,000-

0.3319% unsecured long-term loans due 2024
0.5377% unsecured long-term loans due 2030

600,000
3,000,000

600,000
3,000,000

0.7140% unsecured long-term loans due 2032
0.2087% unsecured long-term loans due 2025

800,000
600,000

800,000
600,000

0.1836% unsecured long-term loans due 2027
0.2629% unsecured long-term loans due 2027

1,300,000
1,000,000

1,300,000
1,000,000

0.2375% unsecured long-term loans due 2023
0.1863% unsecured long-term loans due 2025

2,000,000
1,800,000

2,000,000
1,800,000

0.3809% unsecured long-term loans due 2029
0.5937% unsecured long-term loans due 2030

2,400,000
2,200,000

2,400,000
2,200,000

0.3975% unsecured long-term loans due 2026
0.2182% unsecured long-term loans due 2028

1,000,000
800,000

1,000,000
800,000

2,000,000

0.3305% unsecured long-term loans due 2027

2,000,000

Total long-term loans payable¥

115,700,000¥

94,400,000

0.5000% unsecured bonds due 2031¥

3,000,000¥

3,000,000¥

3,000,000¥

3,000,000

Total bonds(Note)The stated interest rates are the weighted average interest rates during the fiscal periods ended July 31, 2022 and January 31, 2022 androunded to the fourth decimal place.

The repayment schedule for loans and bonds is disclosed in Note 4. “Financial Instruments.”
MFLP-REIT had the commitment line contracts with two banks as of July 31, 2022 and January 31, 2022.
(Thousands of yen)
12th period(As of July 31, 2022)
Total amount of commitment line contracts¥

Loans executed

11th period(As of January 31, 2022)

8,000,000¥¥

Unused line of credit- 47 -

8,000,000

8,000,000-¥

8,000,000

8.

Property Leasing Business Revenues and Expenses
The following table summarizes the revenues and expenses generated from the property leasing business for the fiscal periods
ended July 31, 2022 and January 31, 2022.
(Thousands of yen)
12th period(From February 1, 2022
to July 31, 2022)

11th period(From August 1, 2021
to January 31, 2022)

A. Property leasing business revenues
Property-related revenues
Rental revenues¥

9,560,963¥

493,434

Common area charges
Total
Other property-related revenues
Utilities charges
Parking lots

442,445¥

10,054,397¥

8,974,944¥

415,035
47,585¥412,01342,979¥553,416¥

527,829¥

10,607,814¥

9,502,773¥

735,635¥

590,425

90,795

Others
Total
Total property leasing business revenues
B. Property leasing business expenses
Property-related expenses
Outsourcing service expenses

8,532,498

Utilities expenses
Repair expenses
Taxes and dues
Depreciation and amortization
Others72,836372,636
126,728

341,344
193,424

930,5902,708,553

872,1022,372,589

137,618

136,236

Total property leasing business expenses¥

5,011,762¥

4,506,123

C. Operating income from property leasing [A-B]¥

5,596,051¥

4,996,649- 48 -

9.

Income Taxes
MFLP-REIT is subject to Japanese corporate income taxes on its taxable income. The tax effects of temporary differences thatgive rise to a significant portion of the deferred tax assets and liabilities as of July 31, 2022 and January 31, 2022 are as
follows:(Thousands of yen)
12th period(As of July 31, 2022)

11th period(As of January 31, 2022)

Deferred tax assets:
Accrued enterprise tax

¥

16

¥

20

Total deferred tax assets

¥

16

¥

20

Net deferred tax assets

¥

16

¥

20

Reconciliations between the Japanese statutory tax rate and the effective income tax rate with respect to pre-tax income
reflected in the accompanying statements of income for the fiscal periods ended July 31, 2022 and January 31, 2022 are as
follows:
12th period(As of July 31, 2022)
Statutory tax rate
Adjustments:
Deductible distributions
Other
Effective income tax rate after application of tax-effectaccounting

11th period(As of January 31, 2022)

31.46%

31.46%(31.45)0.01(31.45)
0.02

0.02%

0.03%

10. Per Unit Information
The following table summarizes per unit information for the fiscal periods ended July 31, 2022 and January 31, 2022.
12th period(From February 1, 2022
to July 31, 2022)

11th period(From August 1, 2021
to January 31, 2022)

Earnings per unit:¥

Net income per unit (yen)Weighted average number of units outstanding (unit)

Net assets per unit (yen)

7,233

¥

6,902

575,794542,000

12th period(As of July 31, 2022)

11th period(As of January 31, 2022)¥

355,619¥

345,043

Net income per unit is calculated by dividing net income by the daily weighted average number of investment units outstanding
during the period. Diluted net income per unit is not stated because there are no dilutive investment units.

- 49 -

11. Leases
The future minimum rental revenues from tenants subsequent to July 31, 2022 and January 31, 2022 under non-cancelable
operating leases of properties are as follows:(Thousands of yen)
12th period(As of July 31, 2022)
Due within one year¥

Due after one year

18,044,300

11th period(As of January 31, 2022)¥

59,436,824

Total

¥

77,481,124

14,818,339
48,620,198¥

63,438,538

12. Transactions with Related Parties
There are no significant transactions and balances with related parties for the fiscal periods ended July 31, 2022 and January
31, 2022.
13. Segment and Related Information
For the fiscal periods ended July 31, 2022 and January 31, 2022
a. Segment information
Segment information has been omitted as MFLP-REIT engages in a single segment of the property leasing business.
b. Related information(1) Information by product and service
Disclosure of this information has been omitted as revenues from external customers in a single product and service
category exceed 90% of the total operating revenues on the statements of income.
(2) Information by geographical area(i) Operating revenues
Disclosure of this information has been omitted as revenues from external customers in Japan exceed 90% of the total
operating revenues on the statements of income.
(ii) Property and equipment
Disclosure of this information has been omitted as the amount of property and equipment located in Japan exceeds
90% of the total amount of property and equipment on the balance sheets.
(3) Information on major tenant
Disclosure of this information has been omitted because there is no tenant whose operating revenues make up 10% ormore of total operating revenues.
14. Revenue Recognition
For the fiscal periods ended July 31, 2022 and January 31, 2022
Information on disaggregation of revenues from contracts with customers
For information on disaggregation of revenues from contracts with customers, please refer to Note 8. “Property Leasing
Business Revenues and Expenses.”
Note that revenues based on ASBJ Statement No. 13 “Accounting Standard for Lease Transactions” are included in the tableof revenues and expenses generated from the property leasing business in Note 8. “Property Leasing Business Revenues andExpenses.” Revenues from contracts with customers are primarily “utilities charges.”
15. Significant Subsequent Events
Not applicable.

*

*

*

- 50 -**

Disclaimer
This document contains translations of selected information described in the Securities Report (Yuka shoken hokokusho) filed on
pursuant to the Financial Instruments and Exchange Act of Japan, and the Asset Management Report (Shisan unyou houkoku) for theperiod from February 1, 2022 to July 31, 2022, of Mitsui Fudosan Logistics Park Inc. prepared pursuant to the Investment Trust Act ofJapan.
This English-language document was prepared solely for the convenience of and reference by overseas investors, and is not intended
to be an offer for the sale, or solicitation of an offer to make a purchase, of any securities of Mitsui Fudosan Logistics Park Inc. Itneither corresponds to the original Japanese documents nor is intended to constitute a disclosure document. The Japanese-language
Securities Report and the Asset Management Report for the aforementioned period should always be referred to as originals of thisdocument.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of
the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financial statements, if there exist
any discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained
herein, the original Japanese documents will always govern the meaning and interpretation. None of Mitsui Fudosan Logistics Park
Inc., Mitsui Fudosan Logistics REIT Management Co., Ltd. or any of their respective directors, officers, employees, partners,
unitholders/shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or accuracy of English
translations or the selection of the portions of any documents translated into English. No person has been authorized to give any
information or make any representations other than as contained in this document in relation to the matters set out in this document,
and if given or made, such information or representation must not be relied upon as having been authorized by Mitsui Fudosan
Logistics Park Inc., Mitsui Fudosan Logistics REIT Management Co., Ltd. or any of their respective directors, officers, employees,
partners, unitholders/shareholders, agents or affiliates.
The financial statements of Mitsui Fudosan Logistics Park Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP), which may materially differ in certain respects from generally accepted accounting principles inother jurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs aswell as our assumptions based solely on certain limited information currently available to us.
The forward-looking statements in this document are based on assumptions about the business of Mitsui Fudosan Logistics Park Inc.
and are subject to various risks and uncertainties. Please be aware that actual financial conditions, operating results and businesses
may differ materially from such forward-looking statements. Mitsui Fudosan Logistics Park Inc. does not intend and disclaims any
duty or obligation to update or revise any forward-looking statements contained in this document to reflect new information, future
events or otherwise. Investors should not place undue reliance on the forward-looking statements contained in this document.
The information contained in this document is subject to change or repeal without prior notice.
Duplication or reproduction of any information contained in this document without the prior consent of Mitsui Fudosan Logistics Park
Inc. is strictly prohibited.