10th Fiscal Period（Fiscal Period Ended July 31, 2021）

Investor Presentation
Material
Mitsui Fudosan Logistics Park Inc.
(MFLP-REIT)
September 15, 2021

Securities Code 3471 0

MEMO

1

Table of Contents
4. Appendix

1. Highlights……

P04•Our Portfolio…… P39

1-1 External Growth

……

P05

•Individual Property Income Statement…… P41

1-2 Internal Growth

……

P07

for 10th Fiscal Period

1-3 Financial Strategy

……

P08

1-4 Initiatives for ESG

……

P09

•Appraisal Summary for the End of 10th Fiscal
Period

1-5 DPU Growth

……

P10

•Statement of Income and Balance Sheet…… P431-6 10th Fiscal Period (Ended July 2021) P/L

……

P11

•Efficient Cash Management…… P44

Operating Highlights•MFLP-REIT’s Asset Size, Credit Rating andStatus of Inclusion in Indices2. Growth Strategy of MFLP-REIT
Basic Strategy and Four Roadmaps
2-1 External Growth Strategy

……

P15

……

P17

(Expansion of Asset Size)
2-2 Internal Growth Strategy

……

P24

2-3 Financial Strategy

……

P26

2-4 Initiatives for ESG

……

P27

2-5 DPU Growth

……

P31

…… P45•Investment Unit Price Trends/Status ofUnitholders…… P46• Mitsui Fudosan’s Major Development /…… P47

Operation Track Record

Notes on Matters Stated in This Document
Disclaimer

3. Market Overview
3-1 Market Overview…… P42……

P33
2

1. Highlights

3

1

Operating Highlights

Accelerating steady growth through strategic partnership with Mitsui Fudosan
1-1 External Growth

1-3 Financial Strategy• Asset size rose to approx. 300.0bn yen on acquisitionof MFIP Inzai II (15.15bn yen). Further enhanced
portfolio stability with inclusion of 2 data centers• After acquiring MFIP Inzai II with debt, 10th FP LTV*
was 33.6%, lowest of all J-REITs. Continue tomaintain high acquisition capability• Secure continued opportunities for external growth: of
11 properties (1.1M m²) defined under Right of first
look*, construction complete on 9 properties (0.92M
m²)• Increase commitment line to 8bn yen, enhancing
financial soundness

1-2 Internal Growth• Demand for logistics facilities’ floor space rising on
expansion of e-commerce market• 10th FP avg. occupancy*¹ maintained at 100%
• 100% of leases expiring in 10th period signed.
80.9% of floor space for leases expiring in 11th FP
already signed or spoken for• Credit rating improved 1 notch from AA- to AA

1-4 ESG Initiatives• As a result of new acquisition of green building
certifications, 95.9%*² of logistics facilities certified• ZEB certification* also at high level, with 51.9%*²
certified• Issued 3bn yen Sustainability Bond in Feb. 2021

1-5 DPU* Growth
10th fiscal period DPU (Actual) 7,816 yen（vs. 8th FP +12.0%）11th fiscal period DPU (Forecast) 7,830 yen（vs. 9th FP +7.5%）* For further details, please refer to [Properties defined in “Right of first look and preferential negotiation rights agreement”] [Highlights] [ZEB certification] in the Notes on Matters Stated in this Document on p.48-49*1 Simple average of occupancy rates at the end of each month during the fiscal period in question*2 Calculated based on total floor space (excluding MFIP)

4

1-1. External Growth [1] ーProperty acquired in 10th FPー

Virtually achieved mid-term target of 300.0 billion yen through acquisition ofdata center MFIP Inzai II

MFIP Inzai II

Data center■ Rack forecasts for high power

Overview of the property
Location

Inzai-shi, Chiba

Completion*1

December 2020

Gross floor area*1

27,268㎡

Acquisition date

March 16, 2021

density data centers

Characteristics of the property

Appraisal value*

Building age*

15.15 billion yen 15.5 billion yen

1.2 years

Location(2020~2025）（units）

26.0%

150,000*1 Completion date is date that inspection completion certificate is issued

Acquisition priceAvg. annual
growth rate

120,000

90,000Built on solid ground (diluvial upland). Excellent
access from central Tokyo (1hr. by car). Locatedin proximity to power substation, advantageous
for receiving special high voltage power

60,00030,000

Seismic performance Seismic isolation structure
Appraisal NOI /Appraisal value*

4.7％

Adjusted forecast
NOI yield*

4.8％

Occupancy rate*

100％

Investment structure

MFLP only owns real estate (land/physical shell),for which it receives rent payments based onlease agreement

Largely achieve asset size of 300.0 billion yen

Ownership of 2 data centers improving portfolio stability
Appraisal value（unrealized gains*）

Average building age*

326.3 billion yen (37.6 billion)

5.3 yearsof which, No. of data centers / Asset size (share in the portfolio)

Adjusted forecast NOI yield

Occupancy rate

2 properties / 27.3 billion yen（9.2％ acquisition price basis）

5.0％ (after depreciation 3.4%)100％

No. of properties / Asset size
End of 10th FP(July 31, 2021)

0
2019
2020
2021
2022
2023
2024
2025 (year)
Source: Fuji Chimera Research Institute, Inc.
‘Overview of Data Center Business Market Research 2021(Market section)’*2020 is prospective data point; all data points for 2021 and beyond areforecasts

21 properties / 297.6 billion yen* For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.48-49

5

1-1. External Growth [2]Continue to secure external growth opportunities through robust pipeline
Properties definedin “Right of firstlook andpreferential
negotiation rights
agreement”＊

LeasedMFLP Osaka I

MFLP Hino (75%)
Leased1,100,000 m

Further expansionof properties
defined in “Right offirst look andpreferential
negotiation rights
agreement”

MFLP Yachiyo Katsutadai

MFLP Ichikawa
Shiohama II (60%)
MFLP Hiratsuka II
LeasedMFLP船橋Ⅲ

MFLP Yokohama Kohoku

MFLP Osaka Katano

MFLP Funabashi III
LeasedConstruction completed
9 properties 920,000 ㎡

2

MFLP Funabashi II

MFLP Tokorozawa

Furtheracquisitions

MFLP-REIT’s
asset size

MFLP Hino

MFLP Inazawa

MFLP Fukuoka I

21 properties
297.6 billion yen

MFLP Hiratsuka

MFLP Atsugi II

MFIP Inzai

1,260,000 m

Under construction
2 properties 180,000 ㎡

LeasedMFLP Tosu
Leased11 properties

LeasedLeasedMFLP Sakai

MFLP Prologis Park Kawagoe

MFLP Hiroshima I

2

MFIP Inzai II

MFLP Ibaraki

Medium-term
asset size target
500.0 billion yen

MFLP Kawaguchi I

20properties

21
properties

282.4

297.6

18
properties
MFLP Tsukuba

MFLP Komaki

16
properties
12
properties

9
properties

9
properties

10
properties

75.5

75.5

78.7

billion yen

billion yen

billion yen

billion yen

End of 1stFP

End of 2ndFP

End of 3rdFP

End of 4th
FP

98.3

16
properties

13
properties

103.5

billion yen

billion yen

End of 9thFP

End of 10thFP

Continuous
external growth

205.0
156.7

156.7

billion yen

billion yen

End of 6thFP

End of 7thFPbillion yen

billion yen

End of 5thFP

End of 8thFP

End of 11thFP

End of 12thFP

*For further details, please refer to [Properties defined in “Right of first look and preferential negotiation rights agreement”] in the Notes on Matters Stated in this Document on p.48-49.

Medium-term

6

1-2. Internal Growth

Despite the pandemic, occupancy remained at 100%, supported by a strong market
Demand for logistics facilities’ floor space up on e-commerce market growth■ Greater Tokyo: Supply-demand and vacancy rates
thousand ㎡
3,000■ Greater Osaka: Supply-demand and vacancy rates
thousand ㎡

Forecast

30%

2,500

25%

2,000

20%

1,500

15%

Forecast

1,500

25%
1,000

20%
15%

1.2%
1,000

10%

500

10%
0.9%

500

5%

5%

0
Q1

Q2

2021

0%

0

0%
Q4

Q3

2022

New demand

New supply

Q4

Q1

2020

2021

2020

■ Avg. occupancy rate during the period*
End of 9th Fiscal Period(January 31, 2021)

100%

End of 10th Fiscal Period(July 31, 2021)

100%

End of 11th FP (forecast)(January 31, 2022)

99.8%

End of 12th FP (forecast)(July 31, 2022)

100%

1.2%

0.4%

Q3

30%

Occupancy rate trends andstatus of lease signings

Vacancy rate

Q2

2021

2022

2021

* Simple average of the occupancy rates as of the end ofeach month in each fiscal period

Vacancy rate（ properties completed more than 1 year ago ）Source: CBRE K.K. (including forecasts) as of 30 June, 2021.
* Survey of rental logistics facilities with total floor areas of greater than 5,000㎡ held by real estate investment companies, real estate developers, etc.

■ Expanding e-commerce Market（hundred million yen）
210,000

180,000

by EC companies

19.3 （%）
Scale of e-commerce trillion yen
marketE-commerce ratio■ Pre-leasing for new properties■ Avg. floor space leased
9
8.1%（tsubo）
6,000

4,000

Signed leases

Approx.

1.4x

3,000

100%

pre-leased

4,000

Renewals

150,000

92.8%

59.2％

2,000
1,000

90,00060,000

1,000

2015

2016

2017

2018

Rising EC penetration

20192020 0（year）

0overall average

EC company

EC companies’ requirements forlarger floor space

Source: “E-Commerce Market Survey” by the Ministry of Economy,
Trade and Industry (Announced on July 30, 2021)* Amounts and percentages indicate the scale of B to C market in
the e-commerce market. e-commerce ratio calculation is derived
only from sales of merchandise

Source: CBRE K.K.
* Based on average lease floor area for largescale multi-tenant facilities in the Greater
Metropolitan area in 2019

0

7.2%

New leases

2,000

3,000
120,000
3■ Status of lease signings
Leases expired in 10th FP*(floor space: 52,527m²)（thousand ㎡ ）to be leased
5,000

6

under development

49.8％
as of June 30, 2019

7.2%

*Leasable floor space figure based on leases in force
as of January 31, 2021

Leases expiring in 11th FP*(floor space:60.4%
276,504m²)
as of June 30, 2021

Unsigned

Spoken for

Signed
60.4%

20.5%

19.1%

Pre-leasing up at new properties
New leases

Renewals
Source: CBRE K.K.
* Graph by Mitsui Fudosan Logistics REIT Management,
based on data provided by CBRE. Expected floor area supply
for the 12-month period following the dates shown and preleasing levels for the Greater Metropolitan and Kansai areas

71.4%*Leasable floor space figure based on leases in force
as of July 31, 2021

28.6%

7

1 -3. Financial Strategy
Maintain lowest LTV amongst J-REITs and high acquisition capacity
Credit rating upgraded to AA through stable financial management
Stable financial management
Lowest LTV amongst J-REITs and high acquisition capacity
End of 9th
Fiscal Period

1st Investment
Corporation Bond（sustainability bond）

MFIP InzaiⅡ
Acquired

End of 10th
Fiscal Period

End of 11th
Fiscal Period (forecast)

Total interest-bearing debt
(of which, short-term)

88.3 billion yen(5.9 billion yen)

3.0 billion yen

15.5 billion yen(3.5 billion yen)

99.4 billion yen（2.0billion yen)

97.4 billion yen

Average time to maturity(long-term only)

7.7 years

10 years

8.2 years

7.8 years

7.8 years

Average interest rate

0.31%

0.50%

0.40%

0.34%

0.34%

LTV

31.0%

ー

ー

33.6%

33.1%

Acquisition capacity*（with LTV at 50%)

109.0 billion yen

ーー

97.0 billion yen

99.0 billion yen

Improved credit rating （Sep.2021）

Increase of commitment line（Feb. 2021)
Before January 25, 2021

After February 26, 2021

Sumitomo Mitsui
3.0 billion yen
Banking Corporation

Sumitomo Mitsui Banking
3.0 billion yen
Corporation

Sumitomo Mitsui
3.0 billion yen
Trust Bank, Limited

Syndicate with Sumitomo
Mitsui Trust Bank, Limited 5.0 billion yen
as arranger

Total

6.0 billion yen

Total

8.0 billion yen*For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.48-49

Before September 14,
2021

After September 15,
2021

Credit rating
agencyJCR

JCRLong-term Issuer
RatingAA－

AA

OutlookPositive

Stable8

1-4. Initiatives for ESG

Enhancing ESG Initiatives
Newly acquired Green Building certifications
Newly acquired BELS certification for 8 properties, of which 6
acquired BELS certification (ZEB Ready), a reflection of highenergy efficiency designated ZEB (Zero Energy Building).
Also newly acquired DBJ Green Building Certification for 9
properties, raising the green building certification ratio forlogistics facilities to 95.9%*1 and contributing to enhancing
the portfolio from an ESG perspective.

GLP・MFLP Ichikawa Shiohama

MFLP Yokohama Daikoku

MFLP Inazawa

MFLP Hiroshima I

MFLP Hino

MFLP Ibaraki

Track record for ZEB Ready certification
End of March 2021

End of July 2021

35.8 ％*1

51.9 ％*1*1 Based on total floor area (excluding MFIP)

Issuance of Sustainability Bonds
Issued 1st Sustainability Bond on February 12, 2021, with strong demand from investors proactively focused on ESG
Overview
Name

1st Unsecured Bonds（Sustainability Bonds）

Total issue
amount3.0 billion yen

Term

10 yearsInterest rate
JCR rating

Eligible assets for investment
Eligible Green
Project Criteria

Eligible Social
Project Criteria

Eligible Green Project Criteria

Declaring investors（Japanese syllabary order）
・Aoi Mori Shinkin Bank

・Chugoku Labour Bank・The Kita Osaka Shinkin Bank・Tokio Marine Asset Management Co., Ltd.

・GUNMAMIRAI Shinkumi Bank・Nagano Shinkin Bank・The SAGAMI Shinkin Bank・Manulife General AccountInvestments (Singapore) Pte. Ltd.

0.50%

・The Sawayaka Shinkin Bank・Shizuoka Yaizu Shinkin Bank・The Yokohama Shinkin Bank

SU1

・The TAKAMATSU SHINKIN BANKMFLP Kawaguchi I

MFLP Ibaraki* For further details, please refer to [ZEB certification] in the Notes on Matters Stated in this Document on p.48-49.

Total 12 investors

91-5. DPU Growth

Strong DPU growth maintained on initiatives in 10th fiscal period, continue to aim
for further DPU growth
Achieve high DPU growth as a resultof the acquisitions of MFLP Ibaraki,
MFLP Kawaguchi I and MFIP Inzai II,
and continued stable operations

Expect continuous DPU growth on
full-term contributions from MFLP
Ibaraki, MFLP Kawaguchi I and MFIP
Inzai II, as well as ongoing focus on
stable operations

Expect a decline inrevenue as a result ofgranting 3 months’ FR
to some prospective
tenants in 12th FP

Seasonal impact
on solar power,
expensing ofproperty tax on
MFIP Inzai II, etc

Aim for upside basedon larger
asset scale

Other factors+7.5%

One-off factor+12.0%
DPU
DPU

7,830yenDPU

7,784yen

7,816yenDPU7,283yen
DPU

Continuous acquisition
focused on properties
defined in “Right offirst look andpreferential negotiationrights agreement”

6,977yen

No. ofproperties

MFLP Ibaraki
MFLP Kawaguchi I
Acquisition price77.4 billion yen

MFIP Inzai II
Acquisition price15.15 billion yen

4th PO

Borrowings＋

Optimal fundprocurement andLTV management

8th fiscal period
第8期実績
Actual9th fiscal period
第9期実績
Actual10th fiscal period
第10期実績
Actual11th fiscal period
第11期予想Forecast

18
properties

20
properties

21
properties

21
properties

12th fiscal period

第12期予想 Forecast
第12期予想21
21
properties Properties +X

10

1

-6.

10th Fiscal Period (Ended July 2021) P/Lthth

9 fiscalperiod Actual(a)(Unit: million yen)

Operating revenue
Operating expenses

8,139

10 fiscal
periodForecast(Mar. 12, 2021)

9,356

10th fiscal
periodActual(b)

Difference(b)-(a)

9,267

1,128

Main breakdown of difference
Operating revenue

4,353

5,455

5,332

979

2,059

2,348

2,344

284

3,786

3,900

3,935

148

Non-operating income

12

-

3

-8

Non-operating expenses

217

230

229

11

Ordinary income

3,580

3,670

3,708

128

Profit (Net income)

3,579

3,669

3,708

128

Increase due to properties acquired in the 10th FP(MFIP Inzai II)+289

Increase due to full-period operation of properties acquired in
the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I)+866

Increase in photovoltaic power generation facilities rent revenue

Of which, depreciation(those related to properties only)

Operating income+59(excluding properties acquired in the 9th FP)

Decrease in utilities charges(excluding

properties acquired in the 9th and 10th FP)-37

Decrease in other operating revenue-49

Operating expenses
Increase due to properties acquired in the 10th FP+116(MFIP Inzai II)

Increase due to full-period operation of properties acquiredin the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I)
Expensing of fixed asset tax and city planning tax forproperties acquired in the 8th and 9th FP (MFLP Sakai (80%), MFLP

+316
＋384

Prologis Park Kawagoe (50%), MFLP Hiroshima I, MFLP Ibaraki, MFLP Kawaguchi I)

Decrease in utilities expenses

Distribution per unit
(DPU) (yen)

7,283

7,772

7,816

533

(excluding properties acquired in the 9th and 10th FP)-26

Increase in repair expenses+49(excluding properties acquired in the 9th and 10th FP)

Increase in asset management fees
Increase in other operating expenses

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

6,604

6,771

6,842

238

Of which,
Distribution in excess of earnings per unit (yen)

679

1,001

974

295

Distribution in excess of earnings expressed
as a percentage of depreciation

17.9%

Average occupancy rate during the period*1

100%

+101
+36

Non-operating expenses
Interest expenses
Absence of offering costs associated with issuance of investment
units

23.1%

22.5%

-

Amortization of investment unit issuance expenses
Other non-operating expenses*1 Simple average of the occupancy rates as of the end of each month in each fiscal period

100%

100%

+40
-44
＋4
+10

-

11

1

-6.

11th Fiscal Period (Ending January 2022) Earnings Forecastth(Unit: million yen)

10 fiscal
period(Actual)(a)th

11 fiscal
period(Forecast)
(b)

9,267

9,477

209

Operating expenses

5,332

5,565

232

2,344

2,377

33

3,935

3,912

-22

（those related to properties only)

Operating income
Non-operating income
Non-operating expenses

3
229

‐
225

-3
-4

+128

9,221

Decrease in photovoltaic power generation facilities rent
revenue-71

5,375 *2

Increase in utilities charges (excluding properties acquired in the 10th FP)

+72
+79

2,385

Increase due to full-period operation of properties acquired in
the 10th FP (MFIP Inzai II)

Decrease in other operating revenue

3,845

Operating expenses

3,708

3,686

-22

+25

Increase in utilities expenses (excluding properties acquired in the 10th FP)

+37
+41
+5
+122

3,643

+9
-13

7,784

Increase in asset management fees
Increase in other operating expenses

Profit (Net income)

3,708

3,685

-

Increase due to full-period operation of properties acquired in
the 10th FP (MFIP Inzai II)
Increase in repair expenses (excluding properties acquired in the 10th FP)

Ordinary income

12th period
Forecast

Operating revenue

Operating revenue

Of which, depreciation

Main breakdown of difference

Difference(b)-(a)

-22

202

3,642

Non-operating expenses
Distribution per unit
(DPU) (yen)Of which,
Distribution of earnings per unit (EPU) (yen)Of which,
Distribution in excess of earnings per unit (yen)Interest expenses

7,816

7,830

14

6,842

6,800

-42

974

1,030

56

Other non-operating expenses<Reference>
Formula for distribution per unit based on FFO*
FFO＝

Profit (Net income)＋Source of funds for
distribution

＝

① FFO

Distribution per unit

Distribution in excess of earnings expressed
as a percentage of depreciation

22.5%

23.5%

‐

Average occupancy rate during the period*1

100%

99.8%

-

＝

②Source of funds for
distribution

6,721

Depreciation, etc.

…①

×

70%

…②

÷

Number of investment
units issued andoutstanding*1 Simple average of the occupancy rates as of the end of each month ineach fiscal period.
*2 The fixed asset tax and city planning tax (28 million yen) for the properties
acquired in the 10th FP (MFIP Inzai II) are included.
* For further details, please refer to [Method of calculation of cash
distribution based on FFO] in the Notes on Matters Stated in this Document
on p.48-49.

1,063
24.2%

100%

12

MEMO

13

2.Growth Strategy of MFLP-REIT

15
14

2

Our Basic Strategy and Four Roadmaps

Maximize unitholder value through a strategic partnership with Mitsui Fudosan

Mitsui Fudosan
Logistics Park Inc.

External Growth

Own

Develop

Strategic
Partnership
Internal Growth

Strong development capabilities as
a comprehensive developer
Superior land sourcing ability
enabled by CRE strategies

Superior leasing capability
leveraging Group’s network

ManageStable Management

Maximize unitholder value

Evolutional solutions-based
asset management

Expansion of logistics
facilities business15

2

Basic Strategy and Four Roadmaps

Achieve solid DPU growth driven primarily by asset scale growthFiscal 2016 - Fiscal 2020

Fiscal 2021
10th fiscal
period

1st – 9th fiscal periods

Acquisition with borrowed funds, etc.
March 2021
September 2020
20 properties 21 properties

Asset size

4th follow-on offering

755億円
9 properties

75.5
billion yen

11th fiscal
period18 properties

205.0

・・・・・

282.4

billion yen

Fiscal 2022 and after
12th fiscal period

13th fiscal period and after

Aim to acquire properties ina continuous manner,
focused on high-quality
properties covered by “Right offirst look and preferential
negotiation rights agreement”

297.6
billion yen

billion yen

Aim forfurtherbillion yen
expansion ofMedium-term
asset size
asset size target

500.0

Average annual growth rate since listing +31.6%
MFIP Inzai II

LTV
End of 7th
fiscal period

End of 1st
fiscal period

・・・・・

24.5％

27.3％

End of 9th
fiscal period

End of 10th FP(July 31, 2021)(forecast)(January 31, 2022)

30.2％

31.0％

33.6 ％

33.1 ％

Acquisition capacity* 71.0billion yen 82.0billion yen 109.0 billion yen 97.0 billion yen

Distribution per unit (DPU)
7th fiscal
period
1st fiscal
period

5,198

・・・・・

6,584

8th fiscal
period9th fiscal
period

7,283
6,977

10th fiscal
period

7,816
yen

yen

(forecast)(July 31, 2022)

40% to 50%
range

32.8 ％

Medium- to longterm stabilized
LTV level

End of 12th FP

End of 11th FP

End of 8th
fiscal period

Fund procurement andLTV management optimal forsize of acquired assets

99.0 billion yen

100.0 billion yen

11th FP(forecast)

12th FP(forecast)

7,830
yen

7,784
Continuous DPU growththrough leverage effects, etc.

yen

Growthpotential

yen

yen

yen

Annual average growth rate +9.5％

Market cap*
End of 7th
fiscal period
End of 1st
fiscal period

76.1
billion yen
273,318 yen
Trends for NAV
per unit*

End of 8th
fiscal period

・・・・・

End of 10th
fiscal period

332.7
254.4

198.9

End of 9th
fiscal periodbillion yen

284.0

billion yen

billion yen

Expansion of market cap
through public offerings, etc.
Inclusion in major indicesbillion yen
326,618 yen

352,401 yen

389,732 yen

Enhancementof investment
liquidity

407,663 yen

Average annual growth rate +9.3%* For further details, please refer to [Basic Strategy and Four Roadmaps] in the Notes on Matters Stated in this Document on p.48-49.

16

2-1. External Growth Strategy (Expansion of Asset Size) 1

Mitsui Fudosan expanding development of properties with excellent locations andquality through its CRE strategies
Ability to secure development sites through its corporate real estate (CRE) strategy
Various CRE needs of client firms
Rebuilding ofcorporate logistics
capabilities

Utilization of idle land

Trimming balance sheet(Asset disposal)

Development of corporate
infrastructure

Propose CRE strategies

Global development(Establishment of overseas sites)

Examples of Mitsui Fudosan properties withsuperior locations and quality

Sale of real estate, etc.

Growth image for properties (to be)
developed/operated by Mitsui Fudosan*■ MFLP Funabashi

Cumulative total investment size as of June 2021

• Industry’s largest neighborhood creation-type logistics facility with total floor space of approx.
700,000㎡. Aim to coexist in harmony with the local community and environment. This is aneighborhood creation-type logistics facility that lives up to Mitsui Fudosan’s objective tocreate neighborhoods that improve with age• Provide a pleasant workplace, with lounge, outdoor terrace and other common area features• Contribute to creating vibrant communities by developing green space, a childcare facility andhosting events in partnership with the neighboring retail facility (LaLaport)＆GATE

Cumulative total investment sizeas of November 201940 facilities 570.0 billion yen*

MFLP-REITIPOMFLP Funabashi・＆ PARK

MFLP Funabashi・＆ GATEMFLP Funabashi
Ⅲ
MFLP

LaLaport
TOKYO-BAY Funab
ashi I
parking

MFLP Funabashi I

46 facilities 610.0 billion yen*

& PARK

Skate rink

MFLP Funabashi II

MFLP Funabashi III

Transition to“Logistics Properties
Business Division”
at Mitsui Fudosan

MFLP Funabashi
Ⅱ■ MFLP EbinaⅠ• Industry’s first green energy logistics facility• Effectively achieve Zero CO² emissions througha combination of energy saving/creating initiatives• A rainwater reservoir and greenbelt will be establishedin order to harmonize with the surrounding environment.

Mitsui Fudosan
established the
Logistics
Properties
Department

Fiscal
2012

Fiscal
2013

Fiscal2014* For further details, please refer to [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in this Document on p.48-49.

Fiscal2015

Fiscal2016

Fiscal2017

Fiscal2018

Fiscal
2019

Fiscal
2020

Fiscal2021(Plan)

Fiscal2022
or after(Plan)

17

2 -1. External Growth Strategy (Expansion of Asset Size) 2
Stable growth leveraging the growth potential and extensive pipeline of Mitsui
Fudosan’s logistics facilities business
Mitsui Fudosan’s major development/operation track record* : 46 facilities 610.0 billion yen 3,900,000 m2 in total floor area
Properties held by MFLP-REIT

Properties defined in “Right of firstlook and preferential negotiation rights
agreement” *21 properties 1,260,000m2 297.6 billion yen

11 properties 1,100,000m2 *Leased Completed

Properties developed/operatedby Mitsui Fudosan(includes properties in development)
Construction completionin fiscal 2022

Construction completionin fiscal 2023

Leased CompletedLeased Completed

Construction completionin fiscal 2016

MFLP Funabashi II

MFLP Yachiyo
Katsutadai

MFLP Funabashi I

Leased CompletedLeased Completed

Construction completionin fiscal 2019

Construction completionin fiscal 2022

Construction completionin fiscal 2023

MFLP Hiratsuka II

MFLP Tosu

MFIP Haneda

MFLP Ebina I

MFLP Hiratsuka III

Leased Completed

Completed

Construction completionin fiscal 2019

Construction completionin fiscal 2022

Construction completionin fiscal 2024

MFLP Yokohama
KohokuMFLP Funabashi III

MFLP Kawasaki I

SG Realty MFLP
Fukuoka Kasuya

MFLP Ebina Minami

Leased Completed

Construction completionin fiscal 2020

Construction completionin fiscal 2022

75%

MFLP Yokohama
Daikoku

GLP/MFLP Ichikawa
Shiohama

MFLP Atsugi

MFLP Kashiwa

MFLP Inazawa

MFLP Tsukuba

MFLP Hiroshima I

MFLP Hino

MFLP Ibaraki

Tokyo Rail Gate EAST MFLP Shinkiba II

Construction
Completed
920,000m2
MFLP Yashio

MFLP Fukuoka I

MFLP Atsugi II

MFLP Kawaguchi I

Leased Completed

MFLP Kuki

MFLP Hiratsuka

MFLP Sakai

MFLP Osaka I

MFIP Inzai

MFLP Tokorozawa

ConstructionnotCompleted
180,000m2
MFLP Funabashi
Nishiura

MFLP Komaki

MFLP Prologis Park
Kawagoe

MFIP Inzai II

Overseas
1 property

MFLP Tachikawa
Tachihi

MFLP Yatomi Kisosaki

Construction completionin fiscal 2022

Construction completionin fiscal 2022

MFLP Tomei Ayase

MFLP Shinkiba I…

Property acquired in the10th FP

Anotherdata center1 property

60%

MFLP Osaka Katano

MFLP Ichikawa
Shiohama II* For further details, please refer to [Mitsui Fudosan’s Major Development/Operation Track Record], [Properties defined in Right of first look and preferential negotiation rights agreement] in the Notes on Matters Stated in thisDocument on p.48-49.

18

2-1. External Growth Strategy (Expansion of Asset Size) 3 Emphasis on location

1

3

Build a high quality portfolio by taking advantage of area diversification
Greater Tokyo Area

LegendLogistics facilities
properties held by
MFLP-REIT
L-XX

Logistics facilities NO.

Industrial real estate*properties held by
MFLP-REIT
I-XX

Industrial real estate NO.

Properties definedin “Right of first lookand preferential
negotiation rights
agreement”*
Properties developedby Mitsui Fudosan
Mitsui Fudosan’s
strategic area

* For further details, please refer to [Industrial real estate] [Properties defined in Right of first look and preferential negotiation rights agreement] in the Notes on Matters Stated in this Document on p.48-49.

19

2-1. External Growth Strategy (Expansion of Asset Size) 3 Emphasis on location

2

3

Build a high quality portfolio by taking advantage of area diversification
Greater Nagoya Area

Greater Osaka Area

Kyushu Area

■Geographically diversified portfolio

 Location offering excellent access totransportation nodes

Investment Target Area

Access (Distance) to Nearest Expressway
Interchange

Hiroshima area
5.4％
Greater
Nagoya area
9.1％

Kyushu area
1.9％
Shuto Expressway
Wangan Line
12.1％

GreaterTokyo area
and Greater
National
Osaka area Route
16

83.6％
Greater
Osaka area
30.5％

Ken-O
Expressway
18.2％

5 km or more
3.1％

Tokyo-Gaikan
Expressway
10.4％

Less than 1 km
19.0％

■Location convenient for commuting workers
Access (Time) to Nearest Train Station

Within walking
distance/Within
20 min. by bus

96.9％GreaterTokyo area
53.1％

3 km or more but lessthan 5 km
41.8％* The pie charts above indicate figures are calculated on an acquisition price basis (excluding MFIP properties).

Within walking
distance(20-25 minutes)
3.2％

By bus(20-30 minutes)
2.9％Less than
5 km

12.4％

Hiroshima Area

1 km or more but
less than 3 km
36.1％

By bus(20 minutes
or less)
59.1％

97.1％

Within walking
distance(20 minutes or less)
34.8％

20

2 -1. External Growth Strategy (Expansion of Asset Size) 3 Emphasis on location 3 3Superior locations of properties defined in Right of first look and preferential
negotiation rights agreement* and developed by Mitsui Fudosan
Greater Tokyo area

Greater Osaka area

Tokyo station：Logistics facilities properties heldby MFLP-REIT：Industrial real estate* properties heldby MFLP-REIT

Population Density(people/k㎡)*1：Properties defined in Right of first look andpreferential negotiation rights agreement：Properties developedby Mitsui Fudosan

0~5,000
5,001~10,000
10,001~* For further details, please refer to [Properties defined in Right of first look and preferential negotiation rights agreement] [Industrial real estate] in the Notes on Matters Stated in this Document on p.48-49.
*1 Population distribution data based on Ministry of Land, Infrastructure and Transport’s data on Future Population Estimates by 1km mesh (2018 Estimates)21

2 -1. External Growth Strategy (Expansion of Asset Size) 4 Emphasis on quality
MFLP-REIT concentrates investments in leading-edge logistics facilities. Mitsui Fudosan
quality achieved by applying Mitsui Fudosan’s expertise as a comprehensive developer
Mitsui Fudosan quality■ Basic specifications of leading-edge logistics facilities

Large-sized site
[Total floor area]

Storage space
Effective ceiling heightAt least 5.5 m

At least 10,000 ㎡
Column spacing
At least 10 m
Floor load capacity
At least 1.5 tons/m2
MFLP SakaiHigh performance

Disaster prevention[Column spacing]
At least 10 m
[Effective ceiling height]
At least 5.5 m[Floor load capacity]• Equipped with
Seismic isolation• Quake-resistant• Building Damage
Assessment
System…etc.

At least 1.5 tons/㎡

Unmanned store

Sky deck

Commuter shuttles

MFLP Sakai

MFLP Kashiwa

Bicycle sharingover
10 years
6.9％
7-10 years
16.4％

MFLP Hiroshima I

MFLP Ibaraki

Bench that can be converted
to emergency cooking grill

Solar panels

1-3 years
16.2％
Avg.
building age
5.3 years
3-7 years
60.5％

MFLP Hiroshima I■ ＆ Earth■ ＆ Community
Childcare facilities

MFLP Ibaraki

Emergency power
generator■ Building age*1■ ＆ Tenant■ ＆ Worker

Adoption ofseismic isolation■ Properties developed
LED lights

by Mitsui Fudosan*1

93.1 ％MFLP Hino

MFLP Kawaguchi I

MFLP Ibaraki

MFLP Kawaguchi I* Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features.
Some of the specific examples may include features of properties not held by MFLP-REIT.
*1 Figures are calculated based on the total floor area, considering the quasi co-ownership interests.

22

2 -1. External Growth Strategy (Expansion of Asset Size) 5 Emphasis on balance
Securing growth and stability by building a balanced portfolio through acquisitionof MFLPs/MFIPs which reflect location characteristics and tenant needs
Tenant type

Shipping needs

Multi-tenant type

MFLP Ibaraki

Multi

MFLP Prologis Park
KawagoeSingle

Multi

Multi

MFLP Sakai

Multi

MFLP Hino

Multi

Multi

MFLP Atsugi II

MFLP Inazawa

Multi

Multi

GLP・MFLP Ichikawa
Shiohama

MFLP Yokohama Daikoku

SingleMulti

SingleSlope MFLP
MFLP Kawaguchi I

MFLP Hiroshima I( Mitsui Fudosan Industrial Park )Mainly long-term BTS type

Data centers, etc.

SingleSingleOther*1

MFLP Fukuoka I

MFLP Tsukuba

MFLP Hiratsuka

BTS

BTS

MFLP Komaki

Multi

MFLP Kuki

SingleMFLP Atsugi

SingleBox MFLP

Single-tenant type

Storage needs% or lessIndustrial real estate*

Investment ratio:

20

Rampway MFLP

Logisticsneeds% or more

Logistics facilities

Investment ratio:

80

Multi

Ｍ
Ｆ
Ｉ
Ｐ
MFIP Inzai II

MFIP Inzai

MFLP Yashio■ Investment Ratio
by Property Type*2
Rampway
MFLP
45.5％

MFLP Funabashi Nishiura MFLP Kashiwa

Data center
9.2％■ Investment Ratio
by Tenant Type*2

BTS 9.2％
Other 2.4％

Box MFLP
14.8％

Slope MFLP
30.5％

*1 “Other” refers to a property for which the classification (multi or single) cannot be disclosed in this material as consent for disclosure has not been obtained from the lessee.
*2 Figures calculated on an acquisition price basis.
* For further details, please refer to [Industrial real estate] in the Notes on Matters Stated in this Document on p.48-49.

Multi 67.7％

Single
20.8％

23

2

-2. Internal Growth Strategy 1

Achieve stable management by leveraging Mitsui Fudosan Group’s
platform and client network
Effectively leverage the Mitsui FudosanGroup’s platform and client network inleasing

Tenant diversification(3PL operator, etc.)

JA Mitsui Leasing Tatemono
Rakuten
E-LogiT
Hitachi Transport System Metropolitan
MISUMIMITSUI-SOKO LOGISTICS

End user

90

100

100

KDDI
KOKUBU

Strong relationships
with leading 3PL
operators*1 Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year
ended March 31, 2021

100

100

100

MARUBENI LOGISTICS
Nakano Shokai

Kimura Unity
Bic Camera*2 Tenant numbers reflect total number of leases
DAIWA Corporation

Status of lease agreements
99.1

100

100

100

Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31,
2017 2017 2018 2018 2019 2019 2020 2020 2021 2021

Average lease period *8.0 years

Remaining lease
contract period *3.9 years

Staggering of contract expiration periods
9.0%

Fully leverage the Mitsui Fudosan Group’s broad client network

100

Sagawa Global Logistics

NIPPON EXPRESSSan Toshi Tatemono

（％）
100

Can directly approach logistics firms and end users
regardless of contract type

Retail facility businessclient network
Approx. 2,400 firms*1

Tenants*2

Occupancy rates

Logistics
agencyagreement

80

Office building
businessclient network
Approx. 3,000 firms*1

70International logistics firm

End user

Logistics
firm

About

Hitachi Transport System

Lease
agreement

Lease
agreement

Japan Logistics System

Other

Occupied by many tenants that have arelationship with Mitsui Fudosan

Owner of logistics
facility

Major Specialty store retailer of Private label Apparel

6.8%

6.5%

9.0%

2.3%

5.2%

39.9%

10.2%

11.0%

11th FP ending 12th FP ending 13th FP ending 14th FP ending 15th FP ending 16th FP ending 17th FP ending 18th FP ending 19th FP or after
2022/01
2022/072023/01
2023/072024/012024/072025/012025/07

Policy for future internal growth
Negotiation of rent increase throughcontract renewal, etc.

* For further details, please refer to [Internal Growth Strategy] in the Notes on Matters Stated in this Document on p.48-49.
* The graphs above show figures based on leased areas stated in lease agreements concluded as of July 31, 2021. Tenant diversification excludes MFIP.

Reduction of utilities charges throughrevision of supply agreement24

2-2. Internal Growth Strategy 2

Evolution of solutions-based asset management by Mitsui Fudosan GroupKey points of asset management plans
End user
MFLP-REIT

Strengthening capability to propose specialized
solutions that respond to the needs of tenants

Challenges facing logistics
firms■MFLP ICT LABO 2.0

Improving the efficiency of operations

Logistics firm

（3PL operator, etc.）

Specific examples ofsolutions-based asset
management by
Mitsui Fudosan Group

Addressing BCP
issuesLabor shortages

Anticipation of futurerises in delivery costs

Adopting automation• Consulting service for leading-edge ICT-related products toimprove efficiency, save labor, etc.
• Consulting support to help tenant companies secure staff• Matching of 3PL operators and end users• Establishment of comfortable working environment for
tenants’ onsite employees• Showroom enabled for ICT equipment demos
Fully automated logistics system on display, using
leading-edge ICT technology encompassing the fullprocess from receiving merchandise to dispatch• Provide specialized automation/labor-saving
solutions for tenants and prospective tenants toaddress labor shortages and other serious
challenges for the logistics industry.

Examples of equipment on display

Services leveraging leading-edge ICT technologies
Support tenants’ efforts to hire and promote ESG initiatives by focusing
on providing services that enhance operational efficiency within thefacility and worker satisfaction.
ICT: Improve operating efficiency
Wide-angle lens camera

Beacon

ICT: Improve worker services
Onlinereservation

Telephonereservation

Cloud
reservation
mgmt. system
Facial recognition

LED lightingwith motion sensor

Fitness

Visualizationof usage at
peak times

Autonomous
forklift

Receiving,dispatching

Dual-arm packing& unpacking robot

Packing

Autonomous
storage system

Storing■Business alliance with Hacobu
Mitsui Fudosan has formed a business alliance with Hacobu
Corporation, which operates a logistics information platformusing big data, with the aim of working together to solve theproblems facing the logistics industry.

Cafeteria

Examples of services provided (truck reservation service)* Photos are for illustrative purposes only.

Washroom/
powderroom

By allowing drivers to register their arrival time and shipping information in advance via
smartphone the system enables efficient loading and unloading of cargo in thewarehouse and reduces the driver's waiting time.

25

2 -3. Financial Strategy
Maintain lowest LTV of all J-REITs, focus on financial soundness
through diversification of debt maturities and financial institutions
Status of borrowing and LTV

Credit rating assignment

End of 10th FP

End of 11th FP(forecast)End of 12th FP(forecast)(of which, short-term)

99.4billion yen(2.0 billion yen)

97.4 billion yen

95.5 billion yen

LTV

33.6％

33.1％

32.8％

5.8 years

5.3 years

4.9 years

Avg. interest rate

0.34％

0.34％

0.35％

Ratio of fixed (long-term)
borrowings

98.0％

100％

100％

Total interest-bearing debt

Avg. time to maturity(long-term only)

Credit rating upgraded from AA- to AA in Sep. 2021
Credit rating
agencyJapan Credit Rating

Rating details

Long-term issuer rating : AA

Outlook

StableAgency, Ltd. (JCR)* As of the end of each period

Interest-bearing debt maturity ladder and lender formation

End of 10th Fiscal Period

Taking into account future financing risk, expand total commitment line to 8,000 million yen, diversify
maturities for interest-bearing debt
(million yen)
10,0008,000

The Joyo BankThe Chugoku BankThe Yamanashi Chuo Bank
The Bank of Kyoto

The Hyakugo Bank

■Existing borrowing ■New borrowing ■Investment corporation bonds

Commitment line 8,000 million yen

Investment Corporation Bonds

Daishi Hokuetsu Bank

Sumitomo Mitsui
Banking
Corporation

Nippon Life Insurance Company
Sumitomo Life Insurance Company
The Chiba Bank
The 77 Bank
Shinsei Bank

2,200

6,000

6,600

5,600
3,400

2,000
2,000 1,900
0

4,000

5,600
3,000

3,600
2,100

3,100

3,000

500

2,000

4,000

5,100

5,700

3,300

7,500

6,700
4,400

1,800

Development Bankof Japan

7,800
4,500

3,200

(Includes Investment
Corporation Bonds)

Mizuho Trust &Banking
800

Mizuho Bank

¥99.4bn

The Yamaguchi
Bank

FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending
Jan.2022Jul.2022 Jan.2023Jul.2023 Jan.2024Jul.2024 Jan.2025Jul.2025 Jan.2026Jul.2026 Jan.2027Jul.2027 Jan.2028Jul.2028 Jan.2029Jul.2029Jan.2030Jul.2030 Jan.2031Jul.2031 Jan.2032 Jul.2032* Debt maturity ladder after reflecting borrowings on Jul. 31, 2021

Total lenders: 22
Total borrowings

Mitsui Sumitomo Insurance

The Norinchukin
Bank
The Bank ofFukuoka

MUFG Bank

Shinkin Central
Bank
Sumitomo Mitsui
Trust Bank

26

2

-4. ESG Initiatives [1] Sharing the Mitsui Fudosan Group Management Principles

Contribute to social and economic development and conserving theenvironment, based on Group Vision 「」Share ESG management principles with Mitsui
Fudosan Group
Based on the ideals of coexisting in harmony with society, linking diverse
values and achieving a sustainable society as symbolized by its 「 」 logo,
the Group is working to build societies that enrich people’s lives and our planet.
Under the 「」 byword, the Mitsui Fudosan Group manages its
businesses with an awareness of its responsibilities with regard to ESG.
MFLP-REIT and the asset management company share the sponsor’s ESG
management principles and are proactively implementing initiatives.

Share
Mitsui FudosanGroup’s ESG
management
principles

Develop a highly
energy efficient
portfolio, focusedon MFLP

Consideration
for stakeholders tobuild a sustainable
society

MFLR efforts to promote ESG
Mitsui Fudosan Logistics REIT Management set out its ESG policy inNovember 2017 and established a Sustainability Promotion
Committee in December 2020.

"ESG Policy"
Consideration andresponse to theenvironment

Consideration andresponse to society

Consideration andresponse togovernance

Sustainability Promotion Committee

Chairman（CEO）
Managing director

Standing committee
member（COO）
General Manager of
Investment
Management
DivisionStanding committee
member
General Manager ofFinance Division

Continue to proactively implement
measures to further promote ESG
initiatives

27

2

Environment-4. ESG Initiatives [2] -for Environment

Proactively secure green building certifications, conservation efforts
Eco-friendly green buildings
Proactively securing green building certifications. As of July 2021, 95.9% oflogistics facilities had green certifications*1
Property name

DBJ Green
Building

GLP・MFLP Ichikawa Shiohama
MFLP Kuki
MFLP Yokohama Daikoku

Rank A*
★★★

★★★★*

★★★★★

ZEB ReadyInitiatives for reducing environmental load★★★★★

ZEB Ready

Rank A*★★★★★

■Introduction of LED light
LED light adoption ratio(end of July 2021)

Rank A*★★★★

MFLP Hiratsuka★★★★★

ZEB Ready★★★★★

ZEB Ready

Rank A*★★★★

Rank A*

MFLP Atsugi II

Rank A*

MFLP Kawaguchi I

Rank A*

MFLP Fukuoka I★★★★

MFLP Hiroshima I★★★★

Rank A*★★★★★

ZEB Ready

MFLP Ibaraki★★★★

Rank A*★★★★★

ZEB Ready

MFLP Kawaguchi I★★★★

Rank S*

★★★★★

10

10

9

76.5%*3

88.0%*3(based on
total floor area)(based on
total floor area)*3 Figures are calculated based on the total floor area.

Solar panel annual power
generation(2020 Actual)

MFLP Prologis Park Kawagoe

10（excluding single tenant
properties）■Installing roof-top solar panels

Rank A*★★★★★

Rank A

Common area

Total area★★★★

Rank S*MFLP Komaki

certifications acquired Total

MFLP-REIT has implemented efforts to reduce CO² emissions through energy
saving while promoting efficient use of energy at its portfolio assets bymeasures like introducing LED lights and installing roof-top solar panels.

Rank A*

MFLP Kashiwa

MFLP Inazawa

ZEB

Rank A*

Rank A*

MFLP Hino

BELS

★★★★
Rank A*

MFLP Funabashi Nishiura

MFLP Sakai *2

Rank S

Rank A*★★★★★

MFLP Yashio
MFLP Atsugi

CASBEECASBEE(New(Real estate) *construction) *18 GWh*（11 properties）
6

MFLP Inazawa*1 based on total floor area (excluding MFIP properties)*2 In addition to the above green certifications, MFLP Sakai also won the FY2015 Osaka Environmentally Friendly Building Award (Retail and other facilities category).
* For further details, please refer to [Green building certification], [Annual Power Generation by Solar Panel] in the Notes on Matters Stated in this Document on p.48-49.

28

2-4. ESG Initiatives [3] -for Social

SocialOngoing initiatives to address our many stakeholders
Initiatives for stakeholders
Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by MFLP-REIT promote
initiatives to offer a healthy, pleasant and safe environment out of consideration for stakeholders suchas tenants, facility users, the surrounding environment and local communities.

■Initiatives for commuting users■Initiatives for local communities
Cooperation with support group for the disabled (Group Happy Smile)

Rest area

Group Happy Smile
An organization that plans and provides a place where people
with disabilities can purchase independently produced products,
as well as a place where they can introduce and sell their artwork
to society.

Initiatives for employees ofasset management company
MFLR is focusing on creating a comfortable work
environment for our employees and working toenhance our work-life balance and welfare system
so that our employees can choose various ways ofworking and continue to work with peace of mind.
We also conduct an annual employee satisfaction
survey to further improve the workplace environment.
Certification support system

Measures to prevent the spread of COVID-19

Catering food truck

Art Exhibition

Implemented beautification activities

Creation of community space

Work-life balance and benefits
Introduction of flexible working hours system
Defined contribution (DC) pension system
Hand sanitizer

Contactless buttons

Commuter shuttles

Childcare facilities

Disaster response readiness

Introduction of cumulative investment unit
investment program
Promotion of telework

Conduct employee satisfaction survey
SurveyWork Place
improvements

Aggregate/
analyze
Devisemeasures*Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned
specifications and features. Some of the specific examples may include features of properties not held by MFLP-REIT.

29

2

Governance-4. ESG Initiatives [4] - for GovernanceInitiatives for governance: Taking unitholders’ interests into consideration
MFLP-REIT and the Asset Management Company are working to establish proper governance through the following measures in order to build a solid relationship oftrust that aligns interests of unitholders with those of MFLP-REIT and the Asset Management Company while giving sufficient consideration to unitholders’ rights.

Rules concerning conflicts of interest in asset
management

Asset management with emphasis placed onrelationship of trust with unitholders

The acquisition and transfer of assets by MFLP-REIT from related parties are
decided by the Asset Management Company via a transparent decision-making
process.

Approval by the Chief Compliance Officer
Deliberation and resolution by the Compliance Committee*2

Examination and approval by the Investment Committee

Instruction to cancel or amend details

Draft by the Investment Team

■Asset management fee structure consistent with theinterests of unitholders
Our aim is to align the interests of the Asset Manager with those of unitholders.
Asset management fee I

Total assets × 0.1% (maximum)

Asset management fee II

Operating income (before deduction ofasset management fees anddepreciation) × 5.5% (maximum)

Asset management fee III

Pre-tax earnings (before deduction ofasset management fees) × Pre-tax EPU(before deduction of asset managementfees) × 0.001% (maximum)■Same-boat investment in MFLP-REIT by Mitsui Fudosan
Approval by MFLP-REIT’s Board of Directors

Deliberation and resolution by the Management
Committee

Instruction to cancel
or amend details

Submission of the acquisition plan by the Chief
Investment Office Officer to the Management Committee

Reporting to the Board of Directors and MFLP-REIT*1 The above chart shows the decision-making flow when a transaction involves a related party, which requires the approvalof MFLP-REIT’s Board of Directors under Article 201-2 of the Act on Investment Trusts and Investment Corporations.
*2 If a transaction falls below the threshold prescribed in Article 201-2 of the Act on Investment Trusts and Investment
Corporations for significance defined therein, the approval of MFLP-REIT’s Board of Directors shall be omitted.

Mitsui Fudosan has a 5.3% stake in MFLP-REIT. (as of the end of FP ended
July 2021) Accepting a certain level of capital investment leads to thealignment of the interests of MFLP-REIT’s unitholders and Mitsui Fudosan,
and enables the pursuit of greater mutual interests in asset management.

Timely and proper information disclosure andensuring transparency
MFLP-REIT strives to make timely and proper disclosure of informationnecessary for unitholders to make investment decisions. With regard to
disclosure, MFLP-REIT focuses on prompt and transparent information
disclosure in a fair and equitable manner, and, in addition to financial
information, also discloses non-financial information related to ESG.

30

2-5 DPU Growth

Continue to achieve high DPU growth through external growth
Expansion of Asset Size

Aim for continuous external growth, focused on high-quality properties covered by“Right of first look and preferential negotiation rights agreement”

MFLP Komaki

MFLP Hino
2 other properties

MFLP Tsukuba

MLFP Inazawa
5 other properties

Debt

1st PODebt

2nd PO

Fund procurement

MFLP Sakai
MFLP Ibaraki
2 other properties MLFP Kawaguchi I

Debt

18
16
12
9

10

13

31.0%
30.2%

29.1%
27.3%

26.8%

21

21.6%

33.6%

33.1%

32.8%

7,816

7,830

7,784

(6,842)(6,800)FP ended Jul.
2021
(10th FP)FP ending Jan.
2022
(11th FP)
Forecast

7,283
6,977

23.9%
LTV

Optimal fundprocurement

New Investment Units and LTV management optimal for size of acquired assets
20

No. ofproperties

Furtheracquisitions

MFIP Inzai II

4th PO

3rd POContinuous
DPU Growth

22.5%

6,496

6,584

(6,721)(6,604)6,105

DPU (yen)

5,563
5,198

(6,200)5,832( ) EPU (yen)(5,783)(5,811)

FP ended Jan.
2019
(5th FP)FP ended Jul.
2019
(6th FP)(5,905)5,346(5,497)(5,288)(5,142)(4,955)

FP ended Jan.
2017
(1st FP)FP ended Jul.
2017
(2nd FP)FP ended Jan.
2018
(3rd FP)FP ended Jul.
2018
(4th FP)FP ended Jan.
2020
(7th FP)FP ended Jul.
2020
(8th FP)FP ended Jan.
2021
(9th FP)FP ending Jul. 2022
(12th FP)
Forecast

31

3. Market Overview

32

3-1. Market Overview

Market Overview [1]Supply-demand balance and vacancy rate
[1 of 3]
Greater Tokyo Area

：New supply in 2020 and first half of 2021 (January-June)：Vacancy rate 0–5%

：Submarket areas：New demand in 2020 and first half of 2021 (January-June)：Vacancy rate 5–10%：Mitsui Fudosan’s
strategic areas：Vacancy rate 10%–=100 thousand ㎡*As of the end of June 2021

Forecast

thousand m2

3,500

15%

3,000
12%
2,500
2,000

9%

1,500

6%

1,000
3%

Tohoku/Ken-O
Expwy area

National Route16 area
Kan-Etsu/KenO Expwy area
Tokyo-Gaikan
Expwy area

500

0

0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022（year）

Narita area

thousand m2

1200

18%
Hachioji area

900
12%

Chiba
inland area

600
6%
300

1.2%

Kanagawa
inland area

0.4%
0

0%
Q3

Q4

2019

New supply

Q1

Q2

Q3

Q4

2020

New demand

Q1

Q2

2021

Vacancy rate

Vacancy rate

Greater Tokyo
Bay area(Completion over 1 year)

Source: CBRE K.K. (including forecast figures) *As of June 2021
* The survey is of rental logistics facilities that are held by real estate investment companies,
real estate development companies, etc. and have total floor area of 5,000m2 or more.

33

3-1. Market Overview

Market Overview [1]Supply-demand balance and vacancy rate
[2 of 3]
Greater Osaka Area

：New supply in 2020 and first half of 2021 (January-June)：Vacancy rate 0–5%

：Submarket areas：New demand in 2020 and first half of 2021 (January-June)：Vacancy rate 5–10%：Mitsui Fudosan’s
strategic areas：Vacancy rate 10%–=100 thousand ㎡*As of the end of June 2021

Forecast
thousand m2

2,000

15%
12%

1,500

Other area
Osaka inland area

9%
1,000
6%
500

0

3%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022（year）

thousand m2

750

18%

500

12%

250

6%

Osaka Bay/
Kobe area

1.2%
0.9%
0

0%
Q3

Q4

2019

New supply

Q1

Q2

Q3

Q4

2020

New demand

Q1

Q2

2021

Vacancy rate

Vacancy rate
(Completion over 1 year)

Source: CBRE K.K. (including forecast figures) *As of June 2021
* The survey is of rental logistics facilities that are held by real estate investment companies, realestate development companies, etc. and have total floor area of 5,000m2 or more.

34

3-1. Market Overview

Market Overview [1]Supply-demand balance and vacancy rate [3 of 3][Legend]

New supply

New demand

Kyushu Area

Greater Nagoya Area
thousand m2

Forecast

1,000

15%

750

Forecast

thousand m2

400

15%

0

0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

00%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022（year）

thousand m2

18%

150

18%

12%

100

12%

100

18%

75

150
100

12%
50

6.3%

6%

50

6%

6%
25

50
3.8%

0

10%

（year）

thousand m2

200

20%

50

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
（year）

thousand m2

30%

5%
100

0%

Forecast

200

100

5%

0

Hiroshima Area
thousand m2

10%
200

250

Mitsui Fudosan’s
strategic areas

Vacancy rate
(Completion over 1 year)

150

300
10%

500

Vacancy rate

Q3

Q4
2019

Q1

Q2

Q3
2020

Q4

Q1

Q2
2021

0.0%

0%

0

Q3

Q4
2019

Q1

Q2

Q3
2020

Q4

Q1

Q2
2021

0.0%

0%

0

0%
Q3

Q4
2019

Source: CBRE K.K. (including forecast figures) *As of June 2021
* The survey is of rental logistics facilities that are held by real estate investment companies, real estate development companies, etc. and have total floor area of 5,000m2 or more.

Q1

Q2

Q3
2020

Q4

Q1

Q2
2021

35

3

-1. Market Overview

Market Overview [2]Stock of logistics facilities in Japan

Future demand for
replacement ofaging properties

Leading-edge
logistics facilities
5.2％
Highly scarceleading-edge
logistics facilities

40%

600
30%

500

million m2

Logistics facilities
40 years old or older
37.2%

700

400
20%
300
200

10%

100
0%

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Logistics facilities
less than 40 years old
57.6%(As of December 2019)

Estimate for logistics facilities
築40年未満の推計値

Leading-edge
先進的物流施設(left axis)

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

先進的物流施設シェア
Share of leading-edge logistics(right axis)

logistics facilities

less than 40 years old
facilities* Estimates by CBRE K.K. based on “Building Starts” (Ministry of Land, Infrastructure, Transport and Tourism) and“Summary Report on Prices, etc. of Fixed Assets” (Ministry of Internal Affairs and Communications).
For details, please refer to “About analysis of Japan’s logistics facilities stock” on p.48-49 of this presentation material.

Long-term data on construction starts of logistics
facilities (nationwide)
Over 40 years old

thousand m2（year）

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

Tenants/End users of logistics facilities
Other 4%
Manufacturing2%

20,000

Other 8%Logistics 4%Manufacturing
24%

Wholesale 8%
15,000Share by tenantbusiness type10,0005,000

Retail 46%

Retail 17%
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

0

Share byend userbusiness
type

Source: CBRE K.K.

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

Logistics 69%

Wholesale 18%

Source: CBRE K.K.
* Figures are rounded to the whole number.
* The survey is of rental logistics facilities that are held by real estate investment companies, real estate development
companies, etc. and have total floor area of 5,000 m2 or more as of the end of December 2020.

36

3-1. Market Overview

3-1 Market Overview [3]Mounting demand due to 3PL
business and e-commerce market
size expansion
3PL Market : Stable Growth

Broader demand for leading-edge
logistics facilities
Attracting demand from retailers for delivery
centers (Convenience Stores/Drug Stores)

Expansion of the data center
marketPandemic driving increase in data volumes（Gbps）

Avg. annual growth rateduring the pandemic

30,000(hundred million yen)

3.3

35,000

trillion yen

Net sales

Conventional
Manufacturing(Nov. 2019 – May 2021)

Store

Wholesaler

Consolidation of scattered logistics bases into a delivery center

52.8%
20,00030,000After
consolidation

25,00010,000
Manufacturing

20,000

Delivery center

Store

Integrating Logistics Bases of Manufacturers

Consolidation of separately locatedwarehouses for parts, assembly plants
and warehouses for end products into
one base2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020（year）
Source: Monthly Logistics Business(September 2021)

Expanding e-commerce Market Scale

After
consolidation

MFLP

Transport(hundred million yen)
210,000

Scale of e-commerce market
E-commerce ratio

19.3
trillion yen（%）
9180,000

8.1%

150,000

6

Retail stores/ Consumers

10,000

May 2021

May 2020

Nov. 2020

May 2019

Nov. 2019

May 2018

Nov. 2018

May 2017

Nov. 2017

May 2016

Nov. 2016

May 2015

Nov. 2015

May 2014

Nov. 2014

Warehouse for Transportparts

May 2013

Conventional

Warehouse
Transport
Transport
for endAssembly plant
products

Nov. 2013

0
15,000Source: Ministry of Internal Affairs and Communications ‘Aggregate Results ofInternet Traffic Volume Estimates’, dated May 2021.

Forecast of operational racks at hyperscaledata centers
Avg. annual
growth rate

Use as a Mixed-Use Logistics Facility（Units）

Leading-edge logistics facilities

120,000(2020-2025 years)

20.5%

90,000Warehouse

Intended use cases include not only
traditional warehouse space, but avariety of other uses

120,000

60,0003
90,000Assembly andprocessing

Research anddevelopment

30,000
OfficeShowroom

60,0002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0（year）
Source: “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry(Announced on July 30, 2021)• Amounts and percentages indicate the scale of B to C market in the e-commerce market.
The target of the calculation of e-commerce ratio is limited to the sales field.

Other
Product
inspection

Inspection,
maintenance and repair

Photographic
studioCall center

etc…

0
2019
2020
2021
2022
2023
2024
2025
(year)
Source: Fuji Chimera Research Institute , Inc.
‘Overview of Data Center Business Market Research 2021(Market section)’* 2020 is prospective data point; all data points for 2021 and beyond are forecasts)

37

4. Appendix

38

4

Appendix

Our Portfolio [1 of 2]
Total acquired assets

Adjusted forecast NOI yield

21 properties 297.6 billion yen

5.0% (after depreciation: 3.4%)

Average

4.3%
Appraisal
Adjusted
NOI yield*
forecast
NOI yield* (/Acquisition
price)(%)(%)

Occupancy rate

5.3 years

100%

Appraisal
NOI /Appraisalvalue* (%)

Total floor
area*1(㎡)

Total rentablefloor area* *2(㎡)

Building
age*(year)

Occupancyrate(%)

Property nameLocation

L-1

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

Ichikawa,
Chiba

15,50018,350

5.0

4.7

4.0

105,019（52,509)50,813

7.5

100

L-2

MFLP Kuki

Kuki, Saitama

12,50014,700

5.8

5.3

4.5

73,15367,925

7.1

100

L-3

MFLP Yokohama Daikoku(50% quasi co-ownershipinterest)

Yokohama,
Kanagawa

10,100

11,200

5.1

4.9

4.5

100,530（50,265)

47,944

12.3

100

L-4

MFLP Yashio

Yashio,Saitama

9,650

11,500

5.4

5.2

4.4

40,72839,692

7.4

100

L-5

MFLP Atsugi

Aiko,
Kanagawa

7,810

9,490

5.7

5.5

4.5

40,942

40,958

6.4

100

L-6

MFLP Funabashi Nishiura

Funabashi,
Chiba

6,970

8,000

5.4

5.2

4.5

30,94731,034

6.5

100

L-7

MFLP Kashiwa

Kashiwa,
Chiba

6,300

7,190

5.2

5.2

4.5

31,242

31,291

5.7

100

L-8

MFLP Sakai

Sakai, Osaka

23,60026,100

5.5

4.9

4.4

125,127

112,148

6.9

100

L-9

MFLP Komaki

Komaki, Aichi

8,260

8,930

4.7

4.9

4.5

40,59740,605

4.5

100

L-10

MFLP Hino(25% quasi co-ownershipinterest)Hino, Tokyo

12,533

13,100

4.6

4.2

4.1

205,200(51,300)

46,801

5.8

100

L-11

MFLP Hiratsuka

Hiratsuka,
Kanagawa

7,027

7,740

4.9

4.8

4.4

33,06133,055

4.7

100

L-12

MFLP
Tsukuba

8,781

10,500

5.8

5.8

4.8

37,02725,45737,93825,600

11.1
3.3

100

Existing building Tsukubamirai,
Annex building

IbarakiAppraisalvalue(million yen)

Average building age

Acquisition
price(million yen)

Property
Categoryno.

Logistics
facilities

Appraisal NOI / Appraisal value

39

4

Appendix

Our Portfolio [2 of 2]
Property
Categoryno.

Logistics
facilities

Location

Appraisalvalue(million yen)

Adjusted
forecast
NOI yield*(%)

Appraisal
NOI yield*(/Acquisition
price)(%)

Appraisal
NOI /Appraisalvalue* (%)

Total floor
area*1(㎡)

Total rentablefloor area* *2(㎡)

Building
age*(year)

Occupancy
rate
(%)

L-13

MFLP Inazawa

Inazawa,
Aichi

16,20017,500

5.1

4.9

4.5

72,88368,922

4.2

100

L-14

MFLP Atsugi II

Isehara,Kanagawa

13,10014,200

4.9

4.6

4.2

48,97648,032

3.3

100

L-15

MFLP Fukuoka I

Kasuya,Fukuoka

5,263

5,850

5.7

5.1

4.6

32,19932,216

4.8

100

L-16

MFLP Prologis Park
Kawagoe(50% quasi co-ownershipinterest)

Kawagoe,
Saitama

14,80015,950

4.8

4.5

4.2

117,337（58,668）

56,723

2.8

100

L-17

MFLP Hiroshima I

Hiroshima,
Hiroshima

14,48015,400

5.3

5.1

4.8

68,427

66,6651.9

100

Ibaraki,Osaka

58,90063,000

4.6

4.3

4.0

230,435

208,811

3.9

100

Kawaguchi,
Saitama

18,50019,100

4.4

4.1

3.9

49,838

48,1191.8

100

Subtotal or Average-

270,274

297,800

5.0

4.7

4.3

1,509,135(1,193,790)

1,135,300

5.3

100

MFIP Inzai

Inzai,
Chiba

12,22013,000

5.0

5.0

4.7

40,478Not
Disclosed

7.4

Not
disclosed

Inzai,
Chiba

15,15015,500

4.8

4.8

4.7

27,26830,9061.2

100

Subtotal or Average-

27,37028,500

4.9

4.8

4.7

67,746

Not
disclosed

4.9

Not
disclosed

Total or Average-

297,644326,300

5.0

4.7

4.3

1,576,881(1,261,537)

Notdisclosed

5.3

100

L-18
L-19

Industrial
realestate*Property nameAcquisition
price(million yen)

I-1
I-2

MFLP Ibaraki
MFLP Kawaguchi I

MFIP Inzai II* For further details, please refer to [Our Portfolio] [Industrial real estate] in the Notes on Matters Stated in this Document on p.48-49.
*1 “Total floor area” figures in parentheses are the figures after taking into consideration the ownership interest.
*2 “Total rentable floor area” figures are the figures after taking into consideration the ownership interest.

40

4

Appendix

Individual Property Income Statement for 10th Fiscal Period(Unit: million yen)
GLP/MFLP
Ichikawa
Shiohama

MFLP
Kuki

Number of days ofasset management

181

181

181

Lease
business
revenue

461

447

328

754

358

429

482

1,727

8,872

Other leasebusiness
revenue

32

31

13

60

22

18

24

72

395

Total

494

479

341

814

380

448

507

1,799

Outsourcing
expenses

34

33

28

28

50

108

Utilities
expenses

17

23

10

34

14

Repairexpenses

5

25

7

12

9

Propertyrelated
taxes

39

42

39

81

38

Other
expenses

4

4

3

101

129

89

-

-

-

-

193

-

97

-

-

-

-

80

109

87

63

64

50

50

199

88

86

51

95

181

312

240

164

198

158

132

123

421

121

196

118

104

392

349

252

262

222

183

173

620

210

283

169

200

Operatingrevenuefrom realestateleasing

Operatingexpensesfrom
real
estateleasing

Total

Depreciation
Operating income(loss) from real estateleasing
NOI from real estateleasing[Operating income(loss) from real estateleasing +Depreciation])

MFLP
MFLP
Yokohama
YashioDaikoku

181

MFLP
MFLP
MFLP
Funabashi
Atsugi
Kashiwa
Nishiura

MFLP
Sakai

MFLP
Komaki

MFLP
Hino

181

181

181

181

MFLP
MFLP
MFLP
MFLP
MFLP
MFLP
MFLP
MFLP Prologis
MFLP
Hiroshima
Kawaguchi
Hiratsuka Tsukuba Inazawa Atsugi II Fukuoka I Park
Ibaraki
I
I
Kawagoe

181

181

59
Not
Not
Not
Not
disclosed* disclosed* disclosed* disclosed*

181

181

181

181

181

31

181

181

181

Not
Not
Not
Not
Not
disclosed* disclosed* disclosed* disclosed* disclosed*

Not
disclosed*

6* Not disclosed, because consent has not been obtained from the lessee.

181

MFIP
Inzai

MFIP
Inzai II

Total

181

138

-

9,267

565
Not
Not
Not
disclosed* disclosed* disclosed*

281

15

16

45

0

0

8

46

59

165

2

4

100

-

92

131

428

-

-

-

1,993

114

56

107

133

424

93

97

108

2,344

226

199

91

248

242

946

299

208

172

4,930

408

313

148

355

375

1,371

393

306

281

7,274

126

869

3

150

41

4

Appendix

Appraisal Summary for the End of 10th Fiscal Period(Unit: million yen)
Acquisitiondate

Acquisition
price

End of 10th
fiscalperiodBook value

End of 10th fiscal period*2(End of Jan. 2021) (a)End of 11th fiscal period(End of Jul. 2021) (b)Appraisal
value

CR

Appraisal
value

CR

*1

*1

Change(b)-(a)Main factors of change

Appraisal
value

CR

*1

CR

*1

Other

GLP/MFLP Ichikawa Shiohama (50%)

September 2016

15,50014,811

18,3503.9%

18,350

3.9%

0

0.0

-

-

MFLP Kuki

August 2016

12,50011,557

14,5004.4%

14,700

4.3%

200

- 0.1

〇

〇

MFLP Yokohama Daikoku (50%)

August 2016

10,1009,690

11,000

4.3%

11,200

4.2%

200

- 0.1

〇

〇

MFLP Yashio

August 2016

9,650

9,114

11,5004.2%

11,500

4.2%

0

0.0

-

-

MFLP Atsugi

August 2016

7,810

7,238

9,250

4.4%

9,490

4.3%

240

- 0.1

〇

〇

MFLP Funabashi Nishiura

August 2016

6,970

6,514

7,990

4.3%

8,000

4.3%

10

0.0

-

〇

MFLP Kashiwa

August 2016

6,300

5,858

7,180

4.4%

7,190

4.4%

10

0.0

-

〇

*3

23,60022,976

24,700

4.4%

26,100

4.3%

1,400

- 0.1

〇

〇

*3

8,260

7,692

8,730

4.5%

8,930

4.4%

200

- 0.1

〇

〇

MFLP Sakai
MFLP Komaki

August 2016
August 2017

MFLP Hino (25%)

February 201812,533

12,134

12,900

4.1%

13,100

4.0%

200

- 0.1

〇

〇

MFLP Hiratsuka

March 2018

7,027

6,748

7,580

4.4%

7,740

4.3%

160

- 0.1

〇

〇

*3

MFLP Tsukuba

December 2018

8,781

8,512

10,3004.8%

10,500

4.7%

200

- 0.1

〇

〇

MFLP Inazawa

February 201916,20015,461

17,0004.5%

17,500

4.4%

500

- 0.1

〇

〇

MFLP Atsugi II

February 201913,10012,64813,9004.2%

14,200

4.1%

300

- 0.1

〇

〇

*3

MFLP Fukuoka I

February 2019

5,263

5,042

5,600

4.7%

5,850

4.5%

250

- 0.2

〇

〇

MFLP Prologis Park Kawagoe (50%)

February 2020

14,80014,60915,6004.2%

15,950

4.1%

350

- 0.1

〇

-

MFLP Hiroshima I

March 2020

14,48014,273

15,1004.8%

15,400

4.7%

300

- 0.1

〇

〇

MFLP Ibaraki

October 2020

58,90058,43860,1004.0%

63,000

3.9%

2,900

- 0.1

〇

〇

MFLP Kawaguchi I

October 2020

18,50018,44319,0003.9%

19,100

3.9%

100

0.0

-

〇

*3

*3

MFIP Inzai

August 2016

12,22011,752

12,800

4.6%

13,000

4.5%

200

- 0.1

〇

〇

MFIP Inzai II

March 2021

15,15015,098(15,200)(4.7%)

15,500

4.6%

300

- 0.1

〇

-

288,618

303,080（318,280）

4.3%（4.3%）

326,300

4.2%

8,020

- 0.1

-

-

Total/average-

297,644

Difference＝Unrealized gain 37,681 million yen*1 CR = Capitalization rate based on direct capitalization method (NCF basis). The average indicates a weighted average based on the appraisal value.
*2 For appraisal values as of the 9th FP for properties where MFLP holds quasi co-ownership interests, the appraisal value as of January 31, 2021 reflects the ratio of quasi co-ownership interest. For property acquired in the 10th FP (MFIP Inzai II) the appraisal value
and CR as of January 31, 2021 is shown in parenthesis. In the total/average column , the appraisal value which is the sum of said figures as of the end of the 9th FP, and the weighted average CR based on the appraisal value are indicated in parenthesis.
*3 The acquisition periods of “MFLP Sakai”, “MFLP Komaki”, “MFLP Hino”, “MFLP Tsukuba”, “MFLP Fukuoka I” and “MFIP Inzai” are divided into multiple periods, but the initial acquisition dates (Sakai: upon acquisition of 20% quasi co-ownership interest, Komaki:
upon acquisition of 40% quasi co-ownership interest, Hino: upon acquisition of 15% quasi co-ownership interest, Tsukuba: upon acquisition of 60% quasi co-ownership interest, Fukuoka I: upon acquisition of 81% quasi co-ownership interest, Inzai: upon acquisitionof 20% quasi co-ownership interest) are indicated.

42

4

Appendix

Statement of Income and Balance Sheet
Statement of income
Item
Operating revenue
Lease business revenue
Other lease business revenue

9th fiscal period(ended Jan. 31, 2021)
Actual(Unit: million yen)
10th fiscal period(ended Jul. 31, 2021)
Actual

8,139

9,267

7,757

8,872

381

395

Balance sheet
Item
Current assets
Cash and deposits

738
5,891

2,655

348

5,332

Consumption taxes receivable

4,337

Other current assets

Asset management fee
Asset custody and administrative
service fees
Directors’ compensations

788

890

29

34

Other operating expenses
Operating income
Non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbonds
Amortization of investment
unit issuance expenses
Offering costs associated withissuance of investment units
Other

Non-current assets
Property, plant and equipment
Other non-current assets

57

65

3,786

3,935

12

3

Deferred assets
Total assets
Current liabilities

229

Operating accounts payable

119

153

-

6

-

1

Short-term borrowings
Current portion of long-term loans
payableAccounts payable

217

Income taxes payable

43

48

Advances received

44-

Non-current liabilities

Other current liabilities
919

Ordinary income

3,580

3,708

Profit before income taxes

3,580

3,708

Income taxes

00Profit (Net income)

3,579

3,708

Unappropriated retained earnings

3,579

3,708

7,279

5,923

4,353

5

9,306

Cash and deposits in trust

3,471

5

(Unit: million yen)
10th fiscal period(ended Jul. 31, 2021)
Actual619

Expenses related to rent business

Operating expenses

9th fiscal period(ended Jan. 31, 2021)
ActualLong-term borrowings

108

301

275,722288,671

275,650

288,618

72

53

175

152

285,205

296,103

8,791

6,807

422

246

5,900

2,000

-

1,900

947

1,037

0

0

1,516

1,613

4

8

88,665

101,787

82,40092,500-3,000

Investment corporation bonds
Tenant leasehold and security
deposits in trust
Total liabilities

6,265

6,287

97,457

108,594

Total unitholders’ equity

187,747

187,508

Unitholders’ capital

185,362

185,362

Deduction from unitholders’ capital-1,193-1,562Unitholders’ capital, net
Surplus
Total net assets

184,168
3,579
187,747

183,800
3,708
187,508

Total liabilities and net assets

285,205

296,103

43

4

Appendix

Efficient cash management
Based on the characteristics of logistics facilities, such as the ratio of building value to land value being typically high, MFLP-REIT intends to make cash distributions,
including distributions in excess of earnings, on an ongoing basis each fiscal period from the perspective of securing stable distribution levels while managing cash
efficiently. In addition, in cases where the distribution amount for distributions 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., one-off distributions in excess of retained earnings may be executed in order tostandardize the amount of the distributions per unit.

Key points of cash distribution in excess ofearnings

Diagram of cash distribution based on FFO

Leasingbusiness
expenses,
SG&A, etc.

Level of distribution
Pay distributions basedon a threshold ofapprox. 70% of FFO

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

FFO

Securing long-term building maintenance funds
Rental revenue

Depreciation

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

Distributions inexcess of
earnings

Profit(Net income)*1

Distributions ofearnings*1 Gain or loss on sale of real estate, etc. is not included in “Profit (Net income)” in the above chart.

Targeted
at 70%

Securing financial stability
Distributions in excess of earnings will not be made if appraisal LTV ratio*2
exceeds 60% for each operating period.

*2 Appraisal LTV ratio = Interest-bearing debt ÷ (Total assets - Book value of portfolio real estate, etc. + Appraisal value)44

4Appendix

MFLP-REIT’s asset size, credit rating and status of inclusion in indicesMarket position amongst J-REITS (asset size ¥250-500 billion)(billion yen)
5,000
MFLP-REIT Asset size as of the end of 10th fiscal period

4,000

3,000

2,000

1,000

0

Creditrating

AA

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JCR

Tokyo Stock Exchange
REIT Core Index
FTSE Global Index Series
Mid Cap45

4

Appendix

Investment Unit Price Trends/Status of Unitholders
Investment unit price (closing price)(yen)
660,000

TSE REIT Index (indexed)

610,000
560,000
510,000
460,000
410,000
360,000
310,000

IPO issue price: 270,000 yen
260,000
210,000
160,000
8/2/16

11/2/16

2/2/17

5/2/17

8/2/17

11/2/172016/8/2 2017/10/31 2017/1/31 2017/4/30 2017/7/31 2017/10/31

2/2/18

2018/1/31

5/2/18

2018/4/30

8/2/18

2018/7/31

11/2/18

2018/10/31

2/2/192019/1/31

5/2/192019/4/30

8/2/192019/7/31

11/2/19

2/2/202019/10/31

2020/1/31

5/2/202020/4/30

8/2/202020/7/31

11/2/20

2020/10/31

2/2/212021/
2021/1/31

5/2/212021/4/30

2021/7/31* The starting point is the price of the first trade at IPO on August 2, 2016.
* The TSE REIT Index is indexed to the August 2, 2016 opening price.

Status of unitholders at the end of 10th fiscal period (end of July 2021)
Number of Unitholders and Number of Investment Units by Type of Unitholder ■Major Unitholders
Number ofunitholders% of total

Number ofinvestment
units% of total

Number ofinvestment
units% of total

Individuals/Other

6,802

91.4%

23,510 units

4.3%

The Master Trust Bank of Japan, Ltd. (trust account)89,474 units

16.5%

Financial institutions

148

2.0%

279,725 units

51.6%

Custody Bank of Japan, Ltd. (trust account)

64,228 units

11.9%

Other Japanese
corporations

191

2.6%

33,889 units

6.3%

Mitsui Fudosan Co., Ltd.

28,900 units

5.3%

Non-Japanese

284

3.8%

187,328 units

34.6%

24,855 units

4.6%

Securities companies

21

0.3%

17,548 units

3.2%

21,218 units

3.9%

Total

7,446

100.0%

542,000 units

100.0%

228,675 units

42.2%

Custody Bank of Japan, Ltd.
(securities investment trust account)
The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)
Total

46

4

Appendix

Mitsui Fudosan’s Major Development / Operation Track Record *Fiscal yearofcompletion

Property developed/operated

MFLP Yokohama Daikoku
Fiscal 2013

GLP/MFLP Ichikawa Shiohama
MFLP Yashio
MFLP Kuki

Fiscal 2014

Acquisition by
MFLP-REIT

Properties defined in“Right of first look andpreferential negotiationrightsagreement”/Acquisition
under exclusive
negotiation*

55,094㎡－－

43,919㎡－●

MFLP Yachiyo Katsutadai

74,624㎡－●

MFLP Tosu

35,248㎡－●

MFIP Inzai II

27,268㎡●－

MFLP Tokorozawa

21,721㎡－●

MFLP Funabashi III

270,321㎡－●

MFLP Osaka Katano

72,827㎡－●

MFLP Ichikawa Shiohama II

183,991㎡－● (60%)MFLP Tomei Ayase

Approx.
58,700㎡－－

Tokyo Rail Gate EAST

174,404㎡－－

MFLP Ebina I

Approx.
122,200㎡－－

SG Realty MFLP
Fukuoka Kasuya

36,216㎡－－

Approx.
99,000㎡
Approx.
9,500㎡
Approx.
28,500㎡
Approx.
29,100㎡
Approx.
37,600㎡

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

Propertydeveloped/operated

Acquisition by
MFLP-REIT

100,530㎡● (50%)－MFLP Tachikawa Tachihi

105,019㎡● (50%)－MFLP Osaka I

40,728㎡
73,153㎡

●

－

●

－

Fiscal 2020

MFLP Sakai

125,127㎡●－

MFLP Funabashi Nishiura

30,947㎡●－

MFLP Atsugi

40,942㎡●－

MFIP Inzai

40,478㎡●－

MFLP Hino

205,200㎡● (25%)● (75%)MFLP Kashiwa

31,242㎡●－

MFLP Funabashi I

197,746㎡－－

MFLP Fukuoka I

32,199㎡●－

MFLP Hiratsuka

33,061㎡●－

MFLP Komaki

40,597㎡●－

MFLP Yatomi Kisosaki

MFLP Inazawa

72,883㎡●－

MFLP SHINKIBA I

MFLP Ibaraki

230,435㎡●－

MFLP Tsukuba

62,484㎡●－

MFLP Atsugi II

48,976㎡●－

MFLP Prologis Park Kawagoe

117,337㎡● (50%)－

MFIP Haneda

80,334㎡－－

MFLP Hiroshima I

68,427㎡●－

MFLP Funabashi II

227,003㎡－●

MFLP Kawaguchi I

49,838㎡●－

MFLP Hiratsuka II

48,141㎡－●

MFLP Yokohama Kohoku

45,512㎡－●

MFLP Kawasaki I

49,801㎡－－

Fiscal 2016

Fiscal 2018

Fiscal 2019

Fiscal yearofcompletion

Total floorarea

Fiscal 2015

Fiscal 2017

Properties defined in“Right of first look andpreferential negotiationrightsagreement”/Acquisition
under exclusive
negotiation*

Fiscal 2021

Fiscal 2022

MFLP SHINKIBA II
Fiscal 2023
MFLP HIRATSUKA III
Fiscal 2024

MFLP EBINA MINAMI

TBD

another data center(1 property)
another overseas
property (1 property)

Total floor area

* For further details, please refer to [Properties defined in “Right of first look and preferential negotiation rights
agreement] [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in thisDocument on p.48-49.
*1 MFLP Yokohama Daikoku is listed under the fiscal year in which the property began its operations. The fiscal
year of completion of the property is fiscal 2009. The fiscal year of completion of the existing building of MFLP
Tsukuba is fiscal 2010.
*2 The percentage figures in parentheses is the percentage of quasi co-ownership interest in the portfolio asset.

47

Notes on Matters Stated in This Document* Unless otherwise specified, figures indicated in whole numbers are rounded down to the nearest specified unit and figures with a decimal point are rounded to the nearest indicated unit.
* Unless otherwise specified, descriptions are made based on the following.
[Properties defined in “Right of first look and preferential negotiation rights agreement”]“Properties defined in “Right of first look and preferential negotiation rights agreement” refers to properties on the list of right of first look and preferential negotiation properties pertaining to real estate subject to provision of information, presented based on the Right offirst look and preferential negotiation rights agreement executed between the Asset Management Company and Mitsui Fudosan upon the Asset Management Company managing MFLP-REIT’s assets. “Real estate subject to provision of information” refers to, among
real estate, etc. held by Mitsui Fudosan or a real estate fund which accepted investment or monetary contribution of Mitsui Fudosan, those which are judged to have the possibility to be sold to MFLP-REIT at Mitsui Fudosan’s discretion.
The (number of) subject properties and ratio/total floor area indicate figures after considering co-ownership interest (or quasi co-ownership interest).
[Highlights] / [Basic Strategy and Four Roadmaps] / [External Growth Strategy] / [Internal Growth Strategy] / [Our Portfolio]“LTV”
LTV = Balance of interest-bearing debt ÷ Total assets“Distribution per unit (DPU) ”
Includes distribution in excess of earnings. (Number of investment units issued and outstanding: 224,000 units at the end of the 1st/2nd/3rd fiscal periods / 262,774 units at the end of 4th and 5th fiscal periods / 379,000 units at the end of 6th and 7th fiscal periods /441,000 units at the end of 8th fiscal period / 542,000 units at the end of 9th/10th/11th/12th fiscal periods)“Appraisal value”
Appraisal values corresponding to the quasi co-ownership interest ratio of each property with July 31, 2021 (end of 10th FP), as the appraisal date are indicated.
“Building age”
Number of years from the date of construction of the main building of a property acquired in the register to July 31, 2021.
“Average building age” and subtotal (average) and total (average) indicate the weighted average based on the total floor area, considering the quasi co-ownership interest of each property.
“Appraisal NOI / Appraisal value”
Appraisal NOI divided by appraisal value. The subtotal (average) and total (average) of “Appraisal NOI / Appraisal value” for each category indicate the weighted average based on the appraisal value.
“Adjusted forecast NOI yield”
Annualized after subtracting the fixed asset tax and city planning tax for the property acquired in the 10th fiscal period (MFIP Inzai II) and a portion of the exempted fixed asset tax and city planning tax on MFLP Tsukuba up to 2021 from the NOI assumed in theearnings forecast for the 11th and 12th fiscal periods as well as adjusting special factors, and dividing it by the total acquisition price.
Subtotal (average) and total (average) for each category indicate the weighted average based on acquisition price.
“Occupancy rate”
Leased area as a percentage of leasable area. Based on concluded agreements as of July 31, 2021.
“Total floor area”
Figures based on the record on the register, rounding down to the nearest whole number.
“Unrealized gain”
A figure obtained by subtracting the period-end book value from appraisal value.
“Acquisition capacity”
Amount of debt that can be additionally financed assuming that LTV is raised to 50%. The amount indicated is rounded to the nearest billion yen.
“Market cap”
End of FP ended July 2020 (End of 8th FP):
Closing price of the investment unit as of the end of the FP ended July 2020 (577,000 yen) x the number of MFLP-REIT’s investment units issued and outstanding as of the end of the FP ended July 2020 (441,000 units)
End of FP ended January 2021 (End of 9th FP):
Closing price of the investment unit as of the end of the FP ended January 2021 (524,000 yen) x the number of MFLP-REIT’s investment units issued and outstanding as of the end of the FP ended January 2021 (542,000 units).
End of FP ended July 2021 (End of 10th FP):
Closing price of the investment unit as of the end of the FP ended July 2021 (614,000 yen) x the number of MFLP-REIT’s investment units issued and outstanding as of the end of the FP ended July 2021 (542,000 units)
Market cap as of end of each FP calculated using closing price at end of FP multiplied by number of investment units issued and outstanding as of the end of each FP.
“NAV per unit”“End of FP ended July 2020 (End of 8th FP)”: (Net assets as of the end of FP ended July 2020 + Unrealized gain on appraisal basis – Total distribution amount) (=NAV as of the end of FP ended July 2020) / Number of investment units issued and outstanding(441,000 units)“End of FP ended January 2021(End of 9th FP)”: (Net assets as of the end of FP ended January 2021 + Unrealized gain on appraisal basis – Total distribution amount) (=NAV as of the end of FP ended January 2021) / Number of investment units issued andoutstanding (542,000 units)“End of FP ended July 2021 (End of 10th FP)”: (Net assets as of the end of FP ended July 2021 + Unrealized gain on appraisal basis – Total distribution amount) (=NAV as of the end of FP ended July 2021) / Number of investment units issued and outstanding(542,000 units)*Calculation of NAV as of the end of each fiscal period based on net assets as of the end of each FP and unrealized gain on appraisal basis less total distribution amount divided by number of investment units issued and outstanding.
“Calculation of average lease term”"Average lease term" is calculated using the average of the lease terms stated in concluded lease agreements as of July 31, 2021 weighted by the leasable floor area.
With regard to the lease agreements to be included in the calculation, when a re-contract starting on the day immediately following the expiration date of the respective lease agreement is concluded with the same lessee, the lease term is deemed to be from the startof the initial lease agreement to the expiration date of the re-contract, and used in the calculation as such.
“Calculation of remaining lease contract period”"Average lease term" is calculated using the average of the remaining period in the lease terms after July 31, 2021, based on the concluded lease agreements as of July 31, 2021.
With regard to the lease agreements to be included in the calculation, when a new lease agreement ("re-contract") is concluded with the same lessee, the remaining period shall be calculated assuming that the lease period continues from the day immediately
following the expiration date of the previous contract to the expiration date of the re-contract.

48

Notes on Matters Stated in This Document“Appraisal NOI yield”
Ratio of net operating income under direct capitalization method stated in real estate appraisal report (“Appraisal NOI”) to acquisition price. “Average NOI yield” and subtotal (average) and total (average) for each category indicate the weighted average based on
acquisition price.
“Leasable area”
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 or floor plan, etc. for such building as of July 31, 2021.(not include the leased area indicated in the leaseagreements concerning shops, vending machines, photovoltaic power generation facilities, parking lots, nursery centers and the like)[ZEB certification]
ZEB (Net Zero Energy Building) is a building that aims to achieve a zero energy balance through substantial reductions in annual primary energy consumption. This is achieved by saving as much energy as possible via better thermal insulation of the building and highly
efficient equipment, coupled with creating energy by photovoltaic power generation (or other energy generating methods), while maintaining a comfortable environment. In the BELS certification system, the certification of the level of ZEB is presented in four stages:“ZEB,” “Nearly ZEB,” “ZEB Ready,” and “ZEB Oriented.” “ ZEB Ready” is awarded to buildings that achieve primary energy reduction of 50% or higher.
[Method of calculation of cash distribution based on FFO]
(1) Distribution of earnings is determined based on profit (net income) for the applicable operating period.
(2) FFO for the applicable operating period is calculated by adding depreciation to profit (net income) (excluding gain or loss on sale of real estate, etc.) for the applicable operating period.
(3) The amount distributable including distribution in excess of earnings is calculated based on a threshold of an amount equivalent to 70% of FFO for the applicable operating period.
(4) The amount distributable in excess of earnings is calculated by deducting the amount of distribution of earnings (excluding gain or loss on sale of real estate, etc.) from the amount distributable including distribution in excess of earnings.
(5) The amount of continuous distribution in excess of earnings is determined based on a comprehensive judgment on the basis of the amount distributable in excess of earnings.
(6) The distribution in excess of earnings determined in 5. above is to be continuously made each fiscal period in principle, in addition to the distribution of earnings determined in 1. above.
In addition, in cases where the distribution amount for distributions 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., a one-off distribution in excess ofretained earnings may be executed in order to standardize the amount of the distributions per unit.
[Major properties developed/operated by Mitsui Fudosan]
Based on materials released by Mitsui Fudosan on November 5, 2019, March 4, 2021 and financial first quarter results materials of Mitsui Fudosan for the fiscal year ended March 31, 2021 indicates the area recorded in the property registry or the certificate ofcompletion for completed properties, the area stated on the building confirmation certificate for uncompleted properties that are properties defined in “Right of first look and preferential negotiation rights agreement,” and the area stated in the material published by Mitsui
Fudosan for all other properties. The area for uncompleted properties is the planned area and is subject to change.
“Cumulative total investment size” includes properties under development or scheduled to be developed as of each date of publication and their (planned) investment amount. Properties scheduled to be developed include those targeted or planned by the Mitsui
Fudosan Group as of the date of this document and are subject to change or cancellation.
Furthermore, there are no details concerning the timing of completion of the aforementioned investments that had been finalized as of the date of this document. Nor does MFLP-REIT guarantee or promise that the plans be materialized.
“Tokyo Rail Gate EAST” is included in terms of the number of facilities and total floor area, but not in term of the amount. Mitsui Fudosan has no plans to acquire the property as of the date of this document.
[Industrial real estate]
Real estate which is used to provide the framework for industrial activity such as data centers, communications facilities, research facilities, manufacturing plants and supply/treatment facilities.
[Green Building certification]
With regard to “DBJ Green Building Certification”, only the certification for MFLP Atsugi has expired.
With regard to “CASBEE New Construction Certification” the certifications for all certified properties except for MFLP Prologis Park Kawagoe have expired.
With regard to “CASBEE Real Estate Certification”, there are 2 types of certification of comprehensive building environment efficiency: an assessment conducted by either an external body or the relevant local government, a system mainly employed by ordinancedesignated cities. With the exception of GLP/MFLP Ichikawa Shiohama, all certifications were based on applications for assessments under CASBEE-based systems established by local governments.
[Annual Power Generation by Solar Panel]
Actual power generated between January and the end of December 2020 at 11 properties with photovoltaic panel facilities and owned by MFLP-REIT as of July 31, 2021, is indicated.
The total power generation amount of the entire properties is indicated regardless of ownership ratio held by MFLP-REIT.
[About analysis of Japan's logistics facilities stock]① The "Analysis of Japan's logistics facilities stock" graph is of estimates by CBRE K.K. based on the Policy Bureau of the Ministry of Land, Infrastructure, Transport and Tourism's "Building Starts" and the Ministry of Internal Affairs and Communications' "Summary
Report on Prices, etc. of Fixed Assets."② In the "Analysis of Japan's logistics facilities stock" graph, "Leading-edge logistics facilities" is the figure of each year's sum total of the gross floor area of leading-edge logistics facilities (refers to rental logistics facilities that have gross floor area of at least 10,000
m2 and, in principle, ceiling height of at least 5.5 meters, floor load capacity of at least 1.5 tons/m2 and column spacing of at least 10 m).
③ In the "Analysis of Japan's logistics facilities stock" graph, "Estimate for logistics facilities 40 years old or older" is the figure of each year's overall stock estimate (as covered by note 5; the same shall apply hereinafter) minus the sum total of the floor area of whichconstruction was started within the past 40 years.
④ "Estimate for logistics facilities less than 40 years old" is the figure of the overall stock estimate minus the floor area of "Estimate for logistics facilities 40 years old or older" and "Leading-edge logistics facilities."⑤ The overall stock estimate is the sum total of "Estimate for logistics facilities 40 years old or older," "Estimate for logistics facilities less than 40 years old" and "Leading-edge logistics facilities."⑥ In the "Analysis of Japan's logistics facilities stock" graph, "Share of leading-edge logistics facilities" is each fiscal year's "Leading-edge logistics facilities" expressed as a percentage of the overall stock estimate (gross floor area basis).
⑦ In the "Analysis of Japan's logistics facilities stock" graph, "Share of logistics facilities 40 years old or older" is each fiscal year's "Estimate for logistics facilities 40 years old or older" expressed as a percentage of the overall stock estimate (gross floor area basis).
⑧ "Gross floor area" is compiled based on data on construction starts. In addition, estimates are on the basis of the time of construction completion being that construction is deemed to be completed after one year has elapsed from construction start. Accordingly,
gross floor area may not match the floor area on the building confirmation certificate, construction completion drawing or register.

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Disclaimer
This document is provided solely for informational purpose with regard to Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) and is not intended to serve as an
inducement or solicitation to trade in any product offered by MFLP-REIT.
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Please consult with a securities company regarding the purchase of MFLP-REIT’s investment units or investment corporation bonds. This document should not beinterpreted as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment
Trusts and Investment Corporations.
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correct information, its accuracy, adequacy or completeness are not guaranteed regardless of the information being prepared by MFLP-REIT and Mitsui Fudosan
Logistics REIT Management Co., Ltd. or being received from third-parties.
Among the information provided in this document, statements other than those pertaining to facts in the past or present are forward-looking statements presented by
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