Fiscal Period Ended August 31, 2021

Asset Management Company
October 15, 2021

Securities Code：3481

Table of Contents
1. Financial Results and Forecasts

4

2. Growth Strategy

7

3. ESG Initiatives

14

4. Mid-to Long-Term Growth Strategy

20

5.

Features of Mitsubishi Estate Group’s
Logistic Facilities Business

22

6. Logistics Market Overview

27

7. Appendix

30

Logicross Osaka

Highlights for the 10th Fiscal Period (Ended August 31, 2021)

Hybrid External Growth●Successfully completed follow-on offering for 2 consecutive periods and acquired 5 properties at the beginning of
the period (3 sponsor-developed properties and 2 asset management company-sourced properties), and expanded
the asset size to 170.4 bn yen with 22 properties●Record high DPU of 6,764 yen (vs 9th Fiscal Period: +145 yen, vs Forecast(Note 1)

: +79 yen）

Hybrid Internal Growth●Achieved steady rent growth for 7 consecutive periods and maintained the upward trend despite COVID-19
Average rent growth(Note 2)

10th period+13.9%

11th period+4.5%●Built track record in property management consignment and accumulated knowledge through utilization oftechnology at Mitsubishi Estate Group

Financial Strategy●Achieved diversification of financing method and extension of debt duration through MEL’s first issuance ofGreen Bond
●Maintained stable financial operation and low level of LTV at 32.3%

ESG●Awarded the prestigious 5 Stars for 2nd consecutive year in GRESB Real Estate Assessment in 2021
●Launched the discussion in preparation for supporting the recommendation by the Task Force on Climate-related
Financial Disclosures (TCFD) and the process of setting KPIs at MJIA

Note 1: Forecast announced on Apr. 15, 2021
Note 2: Average rent growth for the leases that expired or will expire during the relevant period, and lease contracts that are not yet contracted are assumed to be unchanged for the calculation2

Management Policy based on “Three Pillars” (Amended in Oct. 2021)
Maximization of Unitholders’ Value in Mid-to Long-term

Measures continued from the past andto be taken in the future

Alignment

Discipline

HybridAlign interest with unitholders

Achieve disciplined growth

Enhance MEL’s unique strategy
Hybrid Model

TCFD recommendations
and KPI setting

External growth utilizing LTV

Hybrid external growth（Supply of properties from bothSponsor and MJIA)

Promotion of efforts for
Low-Carbon

Property acquisition with attention to
portfolio yield and implied cap rate

Hybrid internal growth(Utilizing management capability of
MJIA and leasing capacity of Sponsor)

New Launch of discussion on the
ESG
New
ESG

Further inclusion in major indicesand improvement in liquidity
New
ESG
ESG

Flexible property acquisition strategy utilizing bridge funds

More in-depth ESG commitment anddiversification of financing methods through green financing

ESG Support from Sponsor andcontinued same-boat investment

Flexible financing carefully watching
the market conditions

Expanding pipelines through utilizing
MJIA’s various sourcing methods,
such as CRE proposals and PDPNew

Track record in PM consignmentand built-up knowledge throughutilization of technology at Sponsor Group

Measuresexecuted andachieved

ESG

 Acquisition of 5 Stars rating for the second consecutive year (Oct. 2021)

ESG

 Introduction of cumulative investment for employees of Sponsor and MJIA (Mar. 2021)
 Continued growth through execution of public offerings based on “Three Pillars” (Feb. 2021, Aug. 2020 and Sept. 2019) Inclusion in the FTSE EPRA Nareit Global Real Estate Index Series (Jun. 2020)

ESG Introduction of the asset management fee structure fully linked to unit price performance, first among J-REITs (May 2019)3

Financial Results and Forecasts

Financial Results for the Fiscal Period Ended Aug. 2021
FP Ended Feb.
2021 Actual(9th FP)(A)FP Ended Aug.
2021 Actual(10th FP)(B)

4,203

4,953

Operating Rental Revenues

4,203

Operating Rental Expenses(excluding depreciation)

Operating Results (mn yen)

Difference（B）－（A）

1

FP Ended Aug.
2021 Forecast(As of Apr. 15,2021)(10th FP)

+749

4,941

4,953

+749

4,941

723

920

+196

940

3,479

4,032

+553

4,001

Depreciation

773

881

+107

880

Operating Income

2,204

2,555

+351

2,521

Operating Revenues

NOI

Ordinary Income
Net Income

2,074

2,382

2,073

2,381

2
3

+308

2,336

+308

2,335

Distributions Per Unit (yen)Distributions Per Unit
(including SCD)
Distributions Per Unit
(excluding SCD)
Surplus Cash Distributions (SCD)Per Unit
Number of investment units issued
and outstanding (units)

Main Factors of Variance
9th FP Actual vs. 10th FP Actual
1（Contribution to Net Income）

・Increase in revenue from properties
acquired in 10th FP+725mn yen

・Rent increase and others from existing
properties+23mn yen

Increase in rent

+8mn yen

Increase in utility cost

+8mn yen

Increase in solar power income（seasonal variation）+7mn yen

2・Increase in expenses fromproperties acquired in 10th FP
Increase in depreciation-103mn yen

Increase in G&A expenses-77mn yen

Increase in facility management fee, etc.

-33mn yen・Increase in expenses fromexisting properties

Property tax for properties acquired in 9th FP

6,619

6,764

+145

6,685

5,953

6,089

+136

5,969

666

675

+9

716

348,237

391,135+42,898

391,135

Other Statistics
AFFO (mn yen)

2,733

3,098

+365

2,974

AFFO payout ratio

84.3%

85.4%

+1.1%

87.9％

LTV

31.4%

32.7%

+1.3%

32.7％

NAV per unit (yen)323,737

343,818+20,081-

Average Occupancy

99.7%

99.8%

+0.1%

99.7%

-214mn yen-184mn yen-94mn yen

Increase in repair and maintenance expense‐60mn yen

Increase in G&A expenses-16mn yen

Increase in utility cost

-8mn yen

3・Increase in non-operating expenses-45mn yen

Increase in interest expenses from debt in 10th FP-30mn yen

Investment corporation bond issuance expenses-16mn yen

Logicross Narashino

Logicross Osaka (Note)

Logicross Nagoya
Kasadera (Note)

MJ Industrial Park Kobe (Land)

MJ Industrial Park
Chiba-Kita(Land)

Properties Acquiredin 10th FP
Total Acquisition
Price 28.2 bn yen

Note：40% additional co-beneficiary interest

5Forecasts for the Fiscal Periods Ending Feb. 2022 and Aug. 2022
Difference（B）－（A）(Reference)
FP Ending Aug.
2022 Forecast(12th FP)

+74

5,059

5,028

+74

5,059

920

864

ｰ55

964

4,032

4,163

+130

4,094

881

896

+15

912

FP Ended Aug.
2021 Actual(10th FP)(A)FP Ending Feb.
2022 Forecast(11th FP)(B)

4,953

5,028

Operating Rental Revenues

4,953

Operating Rental Expenses(excluding depreciation)

Operating Results (mn yen)

Operating Revenues

NOI
Depreciation
Operating Income
Ordinary Income
Net Income

2,555

2,628

2,382

2,509

2,381

2,508

1

2

+72

1

+126

3

+126

Distributions Per Unit
(excluding SCD)
Surplus Cash Distributions (SCD)Per Unit
Number of investment units issued
and outstanding (units)+38mn yen・Rent increase and others from existing
properties+36mn yen2

・Decrease in expenses fromproperties acquired in 10th FP
・Increase in expenses fromexisting properties

2,429

6,764

7,099

+335

6,910

6,089

6,412

+323

6,210

675

687

+12

700

391,135

391,135±0391,135

Other Statistics
AFFO (mn yen)

3,098

3,151

+52

3,137

AFFO payout ratio

85.4%

88.1%

+2.7%

86.2%

LTV

32.7%

32.3%

-0.4%

32.4%

Average Occupancy

99.8%

99.8%

±0%

99.9%

+2mn yen－4mn yen

Decrease in repair and maintenance expenses, etc.
Increase in G&A expenses
Increase in depreciation＋61mn yen
-50mn yen
-14mn yen・Decrease in non-operating expenses＋54mn yen

2,430

2

（Contribution to Net Income）

・Full contribution from properties
acquired in 10th FP

2,551

Distributions Per Unit (yen)Distributions Per Unit
(including SCD)

1Main Factors of Variance10th FP Actual vs. 11th FP Forecast

3

No temporary expense from offering in Feb. 2021 andissuance of investment corporation bonds＋51mn yenCompletion of amortization of organization expenses＋4mn yen

Main Factors of Variance11th FP Forecast vs. 12th FP Forecast
1（Contribution to Net Income）

・Rent increase and reduction of vacancy,etc.

＋31mn yen

2・Increase in expenses such as property tax-108mn yen
for properties acquired in 10th FP

6

Growth Strategy

Features of Mitsubishi Estate Logistics REIT Investment Corporation
Stable Growth Strategy with Hybrid Model “Developer × Real Estate Asset Manager”

No. of Properties /Asset Size

22 properties/
170.4bn yen

Sponsor-developed
Properties / AssetManagement
Company-sourced
Properties

61.1%/
38.9%

AverageOccupancy

Appraisal
NOI Yield

Forecasted LTV(FP 2022/2)

Credit Rating
（JCR）

99.8%

4.9%

32.3%

AA-

SponsorAsset Management Company
Development /Facilities Management

Overview● Dedicated to city development in the Marunouchi area (Tokyo) forover 120 years● Contributing to the society through a variety of business activities as

one of the largest comprehensive real estatedevelopers

Investment /Asset Management● Established in 2001, when the scheme of real estate
securitization was emerging in Japan

Overview● Constant supply of pipeline properties from Sponsor
through development of advanced logistics facilities Refer to P.９● Utilization of Sponsor’s know-how and corporate customer relationsin the leasing activities Refer to P.11, 24● Promotion of capital recycling business in domestic
asset business and consistent expansion of AUM and DX
promotion in non-asset business Refer to P.23, 25● Track record including structuring and management of various typesof real estate funds, such as the largest private REIT in Japan● Proven track records in a variety of asset types in investment andasset management● Promoting the logistic facility business as a growth area

Support(Stable)Support● Flexible and diverse acquisition strategies, using awide range of schemes, such as bridge funds including valueup, PDP and CRE Refer to P.9, 26● Internal growth leveraging unique know-how in addition torent revision, such as installation of LED lighting and solar
panels Refer to P.11

Note: As of Aug. 31, 2021

8

External Growth Strategy
16 properties / Total floor area: 1,136,000m2 (preferential negotiation rights)
Sponsor-Developed Properties

Asset Management Company-Sourced Properties Capability to develop logistics facilities independently
based on extensive land information
 Capability to co-develop facilities backed by MEC’s ability
and credibility for development Capability to assess properties backed by experience incontinuous acquisitions of properties since 2001
 Flexible and diversified property acquisition strategy
leveraging the capability to manage real estate funds

LogicrossBrand of logistics facilities
MEC develops throughout Japan

MJ Logipark

Properties which MEL acquired orintends to acquire from the 3rd parties

Asset Management Company-Sourced properties withexpected preferential negotiation rightSponsor-Developed properties with expected preferential negotiation rightOccupancy
100%

Occupancy
100%

Occupancy
100%

Occupancy
100%

PDP

Occupancy
100%

Occupancy
100%

Logicross Yokohama
Kohoku(16,000m2)
Completed in 2019

Logicross Hasuda(79,000m2)
Completed in 2021

Logista・LogicrossIbaraki Saito (B) (31,000m2)

LOGIPORT Kawasaki Bay(296,000m2)
Completed in 2019

Completed in 2021

Pre-leased
100%

Occupancy
100%

PDP
Pre-leased
100%

Logista・LogicrossIbaraki Saito (A) (115,000m2)
Completed in 2021

Logicross Kasukabe(39,000m2)
Completed in 2021

Logicross Funabashi(23,000m2)
To be completed in 2021

MJ Logipark Kakogawa 1*（33,000m2）
To be completed in 2022

New

Logicross Zama Komatsubara（44,000m2）
To be completed in 2022

* Tentative Name
Note: As of Oct. 15, 2021

Logicross Zama*(183,000m2)
To be completed in 2023

Sagamihara Chuo
Fuchinobe Project*（173,000m2）
To be completed in 2023

(35,000m2)
Completed in 2019

MJ Logipark Takatsuki 1*（19,000m2）
Completed in 2021

PDP (Partnership Development Program) Development bridge scheme in which the AssetManager takes the initiative
 Asset Management Company leads the project in amanner that compensates the needs of partnercompanies such as developers, construction companies
and real estate brokers each other MEL can preferentially consider acquisition after thebuilding is completed and leased up

PDP

PDP

PDP

Occupancy
100%

Pre-leased
100%

Pre-leased100%

MJ Logipark Inzai 1*（22,000m2）
Completed in 2021

Logicross Atsugi II

MJ Logipark Aisai 1*（10,000m2）
To be completed in 2022

MJ Logipark Daito 1*（11,000m2）
To be completed in 2022

Other Projects

9

Portfolio Map

Note 1: As of Oct. 15, 2021

10

Internal Growth Strategy ①
Rent Revision

Achieved rent growth for 7 consecutive periods and upward trend is expected to continue for 11th FP
Upward rent revision
FP 2018/8(4th FP)57%

FP 2019/2(5th FP)FP 2019/8(6th FP)43%

Undecided(Based on leased area of thewarehouse portion)

11,000㎡
62,000㎡

96%

4%

12% 19,000㎡

88%

FP 2020/8(8th FP)FP 2021/2(9th FP) (Note)

40,000㎡

60%

40%

FP 2020/2(7th FP)

7% 21,000㎡

93%

6%6% 24,000㎡

88%

FP 2021/8(10th FP)

5% 33,000㎡

95%

FP 2022/2(11th FP)

(Forecasted)(Note)

Rent unchanged

14%

86%

0㎡ 86% contracted

30,000㎡

45,000㎡

59,000㎡

Average Rent Growthof Increased Portion

+1.8%

+3.0%

+0.2%

+3.4%

+3.1%

+6.8%

+2.2%

+2.5%

+9.5%

+10.4%

+8.5%

+9.7%

+13.9%+14.9%

+4.5%

+5.4%

60,000㎡

Unique Initiatives by Asset Management Company

Steady Growth Achieved internal growth since stock listing and expect steady growth in the future.



Revenue growth through installation of LED lighting

MJ Logipark Fukuoka 1, LOGIPORT Sagamihara, LOGIPORT Hashimoto（mn yen）

120



Achieved income increase by Solar Panels
MJ Logipark Fukuoka 1, MJ Logipark Atsugi 1

80



40
0

Average Rent Growth

Improved tenant satisfaction andprofitability by increasing parking space
LOGIPORT Osaka Taisho, MJ Logipark Sendai 1

FP2019/2
2019/82019年2月期(5th FP)(6th FP)

2020/2 2020年8月期
2020/82021/2(7th FP)(8th FP)(9th FP)

Rent revision

Initiatives other thanrent revision

2022/22022/82021/8 2022年2月期(11th FP)
(12th FP)
(10th FP)
(Forecasted)(Forecasted)

Refund of property tax due
to review in asset valuation

MJ Logipark Fukuoka 1

Reduced property tax due to review in asset
valuation

MJ Logipark Funabashi 1、LOGIPORT Sagamihara、
MJ Logipark Kazo 1、Logicross Atsugi、LOGIPORTOsaka Taisho

MJ Logipark Atsugi 1

Note: As of Sept. 30, 2021. Lease contracts that are not yet contracted are assumed to be unchanged for the calculation

11

Internal Growth Strategy ②
Tenant Data
Tenant Diversification(Based on leased area)

Cargo for EC

Type of Cargo(Based on leased area)
1.1%

23.6%

IHI Infrastructure Systems
株式会社ＩＨＩインフラシステム

10.9%
4.9%
4.9%
4.0%
3.9%
3.7%

53.6%

3.7%
3.5%
3.4%
3.4%

Sankyu
山九株式会社
ORIX Auto
オリックス自動車株式会社

キムラユニティー株式会社
Kimura Unity
株式会社三鷹倉庫
MITAKA SOKO

AverageOccupancy Rate

83.5%

12.9%

Food and Beverage
食品・飲料

29.6%

67.0%

原材料・部材
Raw / Component Materials
23.6%

5.0%

82.0%

製造
Retail9.5%

カジュアル衣料
Casual Clothing

18.5%

卸売
Wholesale

5.6%

PC/Communications,
パソコン・通信機器

R
e
67.0%
t
a
il
M
a
n
3PL

3PL
3PL

5.0%

Pharmaceuticals and医薬品・医療用機器
Medical Devices
Home Appliance etc

Cargo with
ホンダロジコム株式会社
Honda Logicom
StrongDemand株式会社
ＡＸｉｏｎｓAXionsFurniture and Home Goods
家具・雑貨

小売
Manufacture
Others
その他

Electronic devices and
家電等
Components for Business use

その他
OthersLease Agreement Expiration Schedule (Note 2)
Contracted lease
契約済み面積

契約満了予定面積
Leaseagreements that expired

（㎡）

99.8%

Household Goods
日用品

5.5%

サン都市建物株式会社
Sun City Building

Average Occupancy Rate andLease Agreements

58.1%

8.5%

BtoC

福岡ロジテム株式会社
Fukuoka Logistics System

その他
OthersDaily Necessities

2.7%
5.7%

Nihon Realest
株式会社日本リアリスト

Delivery Destination(Based on leased area)

賃料比
Rent ratio (right axis)

agreements

150,000

（%）

20
15

100,000

Fixed-term
Lease

100.0%

Weighted Average
Remaining Expiry

7.0 years

10
50,0005002022/22023/22022/82024/22023/82025/22024/82026/22025/82027/22026/82028/22027/82029/22028/82030/2 2038/8

2047/82048/8（FP）

2029/8Note 1: As of Aug. 31, 2021.
Note 2: As of Sept. 1, 2021.Excludes land12

Financial Strategy
Financial HighlightLong-term Debt Ratio

98.5%

98.5%

Credit Rating (JCR)

Forecasted LTVAA-（ Stable ）32.3%

59,274mn yenAverage Debt Cost

(all / excluding short-term)(all / excluding short-term)

0.40%/0.41%

5.6 years /5.7 years
Debt Capacity(FP 2022/2)

Debt Capacity(LTV up to 40%)

(LTV up to 50%)

63 bn yen

23 bn yen

Approx.

Approx.

Debt Maturity ScheduleLenders

Total Debt
Balance

Average Remaining
Debt Duration

Fixed Interest Rate Ratio

三菱UFJ銀行
MUFG Bank, Ltd.

25.6%

みずほ銀行
Mizuho Bank, Ltd.

16.6%

三井住友銀行
Sumitomo Mitsui Banking Corporation

15.6%

福岡銀行
The Bank of Fukuoka, Ltd.

7.3%

農林中央金庫The Norinchukin Bank

7.2%

信金中央金庫
Shinkin Central BankThe

4.9%

全国信用協同組合連合会
Shinkumi Federation Bank

4.6%

新生銀行
Shinsei Bank, Limited

3.0%

山口銀行
The Yamaguchi Bank, Ltd.

日本政策投資銀行
Development Bank of Japan
七十七銀行
The 77 Bank, Ltd.

千葉銀行
The Chiba Bank, Ltd.

三井住友信託銀行
Sumitomo Mitsui Trust Bank, Limited
山梨中央銀行The Yamanashi Chuo Bank, Ltd.

西日本シティ銀行
The Nishi-Nippon City Bank, Ltd.
富山銀行
The Bank of Toyama, Ltd.

投資法人債
Investment Corporation Bonds
Green Finance

2.5%（mn yen）
10,000Long-term borrowings

Short-term borrowings

Investment Corporation Bonds

Green Finance

8,000

6,000

2.5%
2.4%
1.3%

4,000

0.8%
0.8%

2,000

0.8%
0.5%
3.4%

0

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036（year）

Note: As of Oct. 15, 2021

13

ESG Initiatives

ESG Initiatives
GRESB Assessment

For 2021 GRESB Real Estate
Assessment, MEL ｗas awarded theprestigious “5 Stars” for the second
consecutive year based on acomparative assessment by overall
score, and “Green Star” for third
consecutive year.
In addition, in the “GRESB Public
Disclosure” (5-level rating) thatmeasures the level of ESG information
disclosure, MEL’s effort to disclose ESG
information was highly evaluated andawarded the highest rank “A Level” forthe second consecutive year.

Signing of PRI

Asset Management Company becamea signatory of PRI, the Principles for
Reasonable Investment in March 2020.
PRI encourages the incorporation ofEnvironment, Social and Governanceissues into investment decisionmaking processes, with the aim to
help companies enhance long-term
investment performance and better
fulfill their fiduciary duty.

Preparing for supporting the recommendation by the“Task Force on Climate-related Financial Disclosures(TCFD)”In order to express our support therecommendation by the TCFD, preparing
to expand information disclosure such as
MEL's climate change policy and KPIs.

Mitsubishi Estate Group’s Initiatives for ESG

Mitsubishi Estate Group 2030 Goals for SDGs
(Long-term Business Plan)

1.Environment
Sustainable urban developmentthat proactively addresses climatechange and environmental issues
2.Diversity & Inclusion
Urban development that responds tolifestyle and human resources trends andfacilitates active participation for all
3.Innovation
Innovative urban development that
continuously renews society
4.Resilience
Dynamic, flexible urban development thatbuilds disaster-resilient communities andprioritizes safety and security

Participate in United Nations Global Compact(UNGC)UNGC is a voluntary, global initiative supporting a
global framework for sustainable growth through thedemonstration of creative, responsible leadership by
the respective corporations and organizations as
principled members of society.
Mitsubishi Estate became a signatory of the UNGC
and Mitsubishi Estate Group was registered as
participants in April 2018. Along with this, the AssetManagement Company has participated in thisinitiative as a member of Mitsubishi Estate Group.

15

ESG Initiatives (Environment)
Environment
Promotion of Green Portfolio

Ratio of Green Properties in Portfolio（Total Floor Area basis）

Certification System# of properties

Building-Housing Energy-Efficiency
Labeling System (BELS)

Comprehensive Assessment System for
Built Environment Efficiency (CASBEE)DBJ Green Building Certification991

Property Name

79.1%
Evaluation

Logicross Fukuoka Hisayama

DBJ Green Building Certification：★★★★

Logicross Atsugi

BELS：★★★★★ / CASBEE S Rank for Real Estate

Logicross Kobe Sanda

BELS：★★★★ / CASBEE A Rank for Real Estate

Logicross Osaka

BELS：★★★★★ / CASBEE S Rank for Real Estate

Logicross Nagoya Kasadera

BELS：★★★★★ / CASBEE S Rank for Real Estate

Logicross Narashino

BELS：★★★★★ / CASBEE S Rank for Real Estate

LOGIPORT Sagamihara

BELS：★★★★ / CASBEE S Rank for Real Estate

LOGIPORT Hashimoto

BELS：★★ / CASBEE S Rank for Real Estate

LOGIPORT Osaka Taisho

BELS：★★★★★ / ZEB Ready / CASBEE S Rank for Real Estate

MJ Logipark Kasugai 1

CASBEE A Rank for New Construction Aichi

MJ Logipark Kazo１

BELS：★★★★★

Examples of Initiatives
Energy Saving
Initiatives
Insulated sandwich panels
for exterior walls

Installation of
motion-detection sensors

Reuse of OA floor panels of
office buildings in Marunouchi

Renovation with LED installation
based on Green Lease contract

Use of Renewable
Energy/BCP Initiatives
Installation of solar panels

Seismic isolators

Installation of emergency Measures against infectious diseases
power generators（acrylic plate, hand sanitizer）

16

ESG Initiatives (Social)SocialProactive Participation in CSR Activities
Participation in flower bed
maintenance activities ofcommunity near Logicross Atsugi

Register for Disaster Cooperation
Building (LOGIPORT Sagamihara,
LOGIPORT Hashimoto)

Tenant Satisfaction Survey
Conducted a tenant satisfaction survey in collaboration with a third party
agency to improve facility management. The survey included hardware /software aspects and tenants’ opinions on the facilities.
During the 10th FP, the survey results were utilized in improvement in day-today service through installation of thermos cameras and AEDs, and measures toease bird damages.

Logicross Nagoya Kasadera

Lawn-mowing at greenery areas
in MJ Logipark Atsugi 1

Designation as a Tsunami Evacuation
Building (Logicross Nagoya Kasadera)

Logicross Nagoya Kasadera

Collaboration with Local Educational Institute andImprovement in Tenant Satisfaction

Conducted a survey to employees and reflected the result on the renovationof the employee lounge. Also, a wall design contest involving local universities
and vocational schools was held and the design of the winner is used for thelounge’s wall design of MJ Logipark Fukuoka 1

BeforeSecuring reserves in case of
emergency (food, beverage &portable toilet)

Free salt candy service for tenants inproperties as a heatstroke measure(for all properties held as of Aug. 2021)
Donation of 1,900 unused surgical masks
stored to the Chiyoda Ward Health Center
Donation of unused calendars to elementary
schools in developing countries throughsupport organizations as a substitute fornotebooks
Donation of disaster prevention supplies
that are no longer needed to volunteer
firefighters and rescue teams in developing
countries through support organizations

MJ Logipark Sendai 1

After

Measures for Employees’ Comfort
Offering Comfortable Working Environment
Examples in the Asset Management Company
 Introduction of flexible working hour Installation of community spaces within office area
 Invitation of personnel from group companies andoutside professionals
 Specialized training for skill improvement
 Annual employee satisfaction survey

These initiatives are intended to maximize asset management performance by improving productivity,
skills and motivation of employees

17

ESG Initiatives (Governance)
Governance
Asset Management Fee Structure Introduced an asset management fee structure reflecting theperformance of investment unit price for the purpose of aligninginterest with unitholders
Asset management
fee I (AUM-linked)

Total assets as of the end of the previous period × 0.2% (upper
limit)

Asset management
fee Ⅱ (Real estate
profit-linked)

Adjusted NOI × 5.0% (upper limit)

Asset management
fee Ⅲ (unitholderinterest-linked)

 Any asset acquisition from or sale to stakeholders of MEL is determinedthrough a transparent decision-making process at MJIA

Drafting by Logistics REIT Management Department

Adjusted net income before tax × net income before tax per
unit × 0.001% (upper limit)
1st in J-REITs

X + DPU

If MEL’s growth rate is
greaterY

Increase fee

Y

If MEL’s growth rate islower

X + DPU
Reference date (Present period)

Deliberation by Compliance & Risk Management Committee※Need to be attended by an external expert (legal counsel)

Decrease fee

c. 4.1%

Cumulative Investment for Employees Introduced cumulative investment for employees of Sponsor and MJIA
with the aim of continued increase in unitholders’ value and provisionof benefits to employees

Deliberation by Board of Directors if necessary
Pursuant to Company’s Regulations

MEL

Ratio of same-boat investment by
Mitsubishi Estate(as of Oct. 15, 2021)

Deliberation by Executive Committee※Need to be attended by a third party appraiser(If voted down)

TSE REIT Index (incl. dividends)

Examination by Compliance Department

MJIA“Fee linked to Investment Unit Price”
Performance against TSE REIT Index ((a)-(b)) × market cap(for fiscal period of each term) × 0.1% (upper limit)(a): Fluctuations in MEL’s investment unit price (incl. dividends)(b): Fluctuations in the TSE REIT Index (incl. dividends)

Investment unit price of MEL

Reference date (Previous period)

Measures to Address Conflict of Interests
in Asset Management

Approval by MEL’s Board of Directors

Note: An example of the decision-making flow in cases that fall under the category of transactions withstakeholders, etc. requiring approval of the board of directors of the investment corporation pursuant to
Article 201-2 of the Act on Investment Trusts and Investment Corporations

18

Green FinanceInitiatives for Financing utilizing ESG Assessments evaluated by External Organizations
Green BondMEL issued Green Bonds on Apr. 14, 2021, with the terms described below in order to promote efforts to improve sustainability and to further strengthen our
financial base
Name

Investment Corporation 1st Series Unsecured
Bonds (Green Bonds)

Green Eligible Assets for Investment（Note 1）

Total Amount
2,000 mn yen ／15 years
Issued / Term
Interest Rate

0.700% per annum

Credit Rating
（JCR）

AA-

Evaluation“Green 1(F)” (highest for JCR Green Financeby Third-Party
Evaluation) rating in Green Finance Framework
Entities

LOGIPORT Osaka Taisho

BELS: ★★★★★（ZEB Ready）
CASBEE: S Rank for Real Estate

Logicross Osaka

BELS: ★★★★★
CASBEE: S Rank for Real Estate

Logicross Nagoya Kasadera
BELS: ★★★★★
CASBEE: S Rank for Real Estate

Other ESG Finance

Upper Limit of Green FinanceMar. 9,2021
Sept. 14,2021
Apr. 14,2021

Repayment /Redemption
Date
Mar. 9,2025
Sept. 14,2028
Apr. 14,
2036

4,070

―

―

―

38,964

―

―

―

Funds
(mn yen)
Green Loan

1,350

Green Loan

720

Green Bond

2,000

Total Green Finance
Upper Limit of Green Finance（Note 2）

Procurement
Date

Allocation
Status
Allocated
Allocated MEL received the highest rank of"S" in "MUFG ESG Rating Certificate
for J-REIT supported by JCR" andborrowed "MUFG ESG Loan for JREIT" from MUFG Bank for the firstcase

Allocated First case in J-REIT financed by
SMBC with “Funding to promote
SDG’s”

Note 1: The proceeds from the Green Bonds issuance have been allocated to the prepayment of a portion of the short-term loans which were borrowed for the acquisition of three properties described above
Note 2: The Upper Limit of Green Finance = Total Acquisition Price of Green Eligible Assets × Total Asset. LTV is calculated based on Aug. 31, 2021

19

Mid-to Long-Term Growth Strategy

Mid-to Long-Term Growth Strategy
Asset size target and transition of key financial figures
Sponsor-Developed

Asset Size
Target
300 bn yen

Asset Management Company-Sourced

170.4 bn yen
142.1 bn yen

Asset Size

Aim for Further
Growth in
Asset Size

113.7 bn yen 113.7 bn yen
70.8 bn yen 83.2 bn yen 83.2 bn yen
2ndFollow-on
Offering

1st Follow-on
Offering

LTV
25.0%

5,292
yen

DPU

NAV PerUnit

269,217
yen

27.0%

27.0%

5,492
yen

5,524
yen

270,016yen

275,236
yen

30.0%

29.4%

5,907
yen

6,003
yen

293,133yen

298,032yen Aim for further
inclusion in major
indices

3rd
Follow-on
Offering

4th
Follow-on
Offering

31.4%

32.7%

32.3%

32.4%

6,520
yen

6,764
yen

7,099
yen

6,910
yen

323,737
yen

Stabilized LTV
40%～50%

Aim for continued
growth Continue to carefully
monitor the market
and acquire properties
through equity
offerings and flexible
use of LTV, which is
the lowest level among
all J-REITs
 Aim to increase DPU
through disciplined
growth Aim to steadily grow
NAV per unit andmaximize unitholder
value

343,818
yen
Aim for continued
growthFP 2018/8 FP 2019/2 FP 2019/8 FP 2020/2 FP 2020/8 FP 2021/2 FP 2021/8 FP 2022/2 FP 2022/8(4th FP)(5th FP)(6th FP)(7th FP)(8th FP)(9th FP)(10th FP) (11th FP) (12th FP)

Note: As of Oct. 15, 2021

21

Features of Mitsubishi Estate Group’s
Logistic Facilities BusinessProjects in Mitsubishi Estate Group’s Logistics Facilities BusinessHistory of Logistics Facility Business in Mitsubishi Estate Group MEC Group has developed safe and secure logistics facilities proactively and consistently, since the commencement of the business in 1967, and strengthened capacity with the establishment of
Logistics Facilities Development Office within Urban Project Development Department in 2012
 MEC Group aims to enhance social infrastructure and quality of life through this high-growth business, leveraging expertise and relations cultivated as a comprehensive real estate developer

Invested in Tokyo
Ryutsu Center (TRC)

1967

Completed Tatsumi
Logistics Center(former Nakano
Shokai Tatsumi
Center)Completed LOGIPORT
Sagamihara

2012

Completed LogicrossFukuoka Hisayama

Completed rebuilding of
TRC Building B

Completed LOGIPORT
HashimotoCompleted LogicrossNarashino

Made TRC a
consolidated
subsidiary

2013

2014

2015

2016

2017

2018

Completed 4 properties incl. Completed (planned) 5 properties
incl. Logicross Hasuda
Logicross Nagoya Kasadera
Scheduledcompletion of
Logicross series
and other
properties

2019

2020

2021

2022 andafter

Strengthened Efforts in Logistics Facilities
Development at MEC

Outline of Tokyo Ryutsu Center (TRC) Established in 1967 under the support from the government and economic
circles, for the purpose of streamline commercial distribution that faced
challenges due to population concentration, etc. caused by the rapid
economic growth, through operating a large-scale distribution center Operating logistics facilities business for more than five decades at ideal
locations near central Tokyo, adjacent to Oi Container Terminal andHaneda Airport, which are convenient for land-sea-and-air transportation
 Promoting new projects (PM business and use of logistics technology, etc.)
in recent years to meet diversified needs by leveraging know-how ofproperty management

 Medium-term Management Plan (2017)
MEC announced its plan to accelerate “capital
recycling investment” to enhance the logistics facilities
business through development, ownership andoperation and management of facilities

Completed Logicross
Atsugi and Logicross
Kobe Sanda

Completed LOGIPORT
Kawasaki Bay

Scheduled completionof rebuilding of TRC
Building A Long-Term Management Plan 2030 (2020)
MEC indicated its plan to enhance “capital recycling
business” in the Domestic Asset Business and toincrease AUM and utilize new technologies in the Nonasset BusinessCharacteristics of Logicross Series, Logistics Facilities Offered by Mitsubishi Estate

MOVINGTOMORROW

Logistics facilities moving the future
Logicross, the brand of logistics facilities offered by
Mitsubishi Estate, is developed under the vision ofcreating the future of logistics by integrating values of
the new era into logistics facilities.
Our aim is to move the future, let alone things.
Mitsubishi Estate will continue efforts for non-stop
evolution in logistics facilities for a sustainable andenriched society.

SAFETYAMENITY

BCP Measures Large-scale
emergency generator

FUNCTIONALITY• Effective height under beam of 5.5m
or more• Pillar interval of 10m×10m or wider• Floor weight capacity of 1.5ｔ/㎡ or more

Warehouse

Truck berth

Vertical conveying
capacity

Commonspace

FLEXIBILITY

Manpowersaving
measuresThinning-out Sufficient powerof pillars at
capacity
the top floor

Potential
floor slab
opening23

Features of MEC Group’s Logistics Facilities Business
Strengths of MEC Group
Diversified business portfolio
Advanced development
capabilities

Strengths as a 4comprehensive Corporate customer relations
developer

5

Customer network
supported by branches
Numerous joint projectexperiences

Strengths of
the Logistics
Facilities
Business

6
7

1

Land Acquisition

Development

Obtaining of a variety of land
information

Management of development cost

2 Consolidation of plots of land frommultiple landowners

3 Coordination among stakeholders
and the administration

Collection of land information utilizing relations and land development

Exploration of tenants’ needs atvarious locations

Experiences of joint projects requiring coordination between stakeholders with different interests
Reflection of tenants’ needsin land acquisition

Collaboration with TRC

Capturing of information from tenantsof facilities in operation

Understanding of tenants’ needs forfacility specifications

Logicross Nagoya
Kasadera

2 Consolidation of plots of land from multiple
landowners

Efforts such as acquiring development lands throughland consolidation of multiple owners

Logicross Kasukabe

Understanding of tenants’usage needs
Utilization of relations with tenants offacilities in operation

Logistics solutions utilizing
technologies

Obtaining a variety of land information throughgroup-wide information sharing

Group-wide leasing

Exploration of land information
on siteStrengthening of value chain
through in-house PM

1 Obtaining of a variety of land information

Operation & Management

Efforts to improve operational
efficiency and meet tenants’ needs

3 Coordination among stakeholders andthe administration

MEL’s ability to respond to complex
schemes for ownership interest swaps
were highly rated

Logicross
Hasuda4 Corporate customer relations
Collaborative project making full use of
relation with office tenant in Otemachi,
Marunouchi and
Yurakucho area

LOGIPORT
Kawasaki Bay

5

Customer network supported bybranches

Use of the regional network mainly inthe areas where MEC’s head officeand branches are located to achievetenant-leasing activities

Logicross Kobe Sanda
Needs of logistics bases
Kansai Branch
Provision ofInformation

Provide BTS
Logistic
Facilities
Logicross Kobe Sanda

Logistics Facility Business

6

Collaboration with TRC
Promotion of accumulation of know-how
through personnel exchange
Floor area of 1,000k㎡ under PM
consignment

TRC’s Track Record in PM Consignment(#)(10k㎡)

30

150

20

100

10

50

0

2018/3 2019/3 2020/3 2021/3 2021/9

Area(Right Axis)
面積（右軸）

0

No.
of
物件数
properties

24

7

Challenges for Logistics Solutions through Use of Technologies

Launch of a co-working showroom that aims to solve problems
through logistics tech (TRC)● “Whiz”, an AI robot cleaner is introduced at
Logicross Ebina● The “TRC LODGE”, a permanent
exhibition space where visitors canlearn the latest logistics tech to help
solve problems of all sizes faced bylogistics companies is launched● A “Seminar and Co-working Space” isavailable for exhibiting companies tohold seminars, etc.

Introduction of AI robot cleaner● Part of the janitorial services that used to be manpower labor is covered by the robot“TRC LODGE”, a permanent exhibition space● The “Time Share Warehouse” is anexperimental space where companies
can rent the entire latest warehouse foran hour or more to test and
Seminar and Co-working SpaceTime Share Warehousedemonstrate new products. It can beused not only for the display of existingproducts, but also for new productdevelopment and demonstration● ”Machi-Pass”, a shared identification system developed by MEC, is used for
management of visitors. MEC Group is now expanding the scope of services towhich “Machi-Pass” is linked, with an aim to improve QOL of each user through arich and better user experience (UX) based on accumulated and optimized data ofexperiences

Consulting Services for Tenants’ Warehouse Operation Utilizing
AI-based Analytics● A demonstration test of consulting services for warehouse
operation has been started, in collaboration with aprovider of AI-based image analysis services● Analyses of traffic lines and operation within a warehouseare summarized into a report, based on which consulting
services are offered to solve issues and improve facility
services● High value-added services, including AI and other stateof-the-art technologies, are to be offered to tenants● Introduction of the robot in Logicross properties tobe completed is under review, with an aim toestablish a new method of property managementin the era of labor shortage and the trend ofcontactless services under the COVID-19 pandemic©SoftBank Robotics

Introduction of “ELE-CINEMA”, in-elevator projection-type media(TRC)● “ELE-CINEMA”, an in-elevator projection
media offered by a MEC subsidiary, isintroduced for the purpose of enhancing
convenience of facility users● The media publishes in-building
announcement and disaster prevention
information, in addition to news andweather forecast, gourmet and othertips for daily life

Development of Facility Management Service Using Drones (TRC)● The joint development of an advanced andefficient operation/management method
was started, utilizing TRC’soperational/management know-how● The MEC Group promotes digitaltransformation unbound by the traditional
Real Estate Business, through the fusion ofReal Estate Assets and digital technology

25

Progress in MJIA(the Asset Management Company)’s Sourcing
Bridge Scheme

PDP
Partner

3rd Party Bridge

PDP Scheme

BrokerMEL

Based on the track recordand credibility of theestablished real estate AM

SellerTenantConstructor

MJIA arrange wholedevelopment project bymatching each partners’ need

Developer

Bridge Fund
Based on the relations
with a number ofinvestors

MJ Logipark Takatsuki 1*

MJ Logipark Kakogawa 1*

MJ Logipark Inzai 1*

 MJIA leads the project in amanner that compensates theneeds of partners each other MEL can preferentially consider
acquisition after the building iscompleted and leased up

MJ Logipark Aisai 1*

MJ Logipark Daito 1*

The optimal method will be chosen inconsideration of the timing and size ofacquisition, and information sources, etc.
MEL will acquire a property whenconditions for acquisition, including thetiming and price, are set out

Value-up
MJ Logipark Kasugai 1

Reduction in Book Value
1,200
Book
value
1,000
800
600

Anticipatedacquisition
price

400
200
0

Inclusion into
bridge fund

Improved
occupancy rate
Anticipatedacquisition
price

Anticipatedacquisition
price MJIA’s leasing capacity
MJ Logipark Sendai 1
helped the property
achieve early lease-up
 The occupancy rate of
46% as of the acquisitionby the bridge fundimproved to 100% by the
Improved
time of acquisition
earnings

 Installation of the vertical machinery
has improved tenants’ convenienceand resulted in rent increase
Increase rate
＋10.7％
Floor area covered c.5,000㎡
 Installation of toilets outside thebuilding for drivers has also
improved the convenience

CRE
Anticipatedacquisition
price

Term

Properties are acquired based on strategic proposals tailored to the portfolio of the seller, leveraging the credibility of MEC
Group and network of MJIA

MJ Logipark Kazo 1

MJ Logipark Tsuchiura 1

MJ Industrial Park Sakai(Land)

MJ Industrial Park Kobe
(Land)

MJ Industrial Park
Chiba-Kita (Land)

Timing of acquisition is adjusted and theacquisition price can be reduced along with the
reduction in book value at the bridge fund
* Tentative name26

Logistics Market Overview

Logistics Market Overview ①
Tokyo Metropolitan Area
New supply (left axis)
Vacancy rate (right axis)(Thousand ㎡)
3,000

Forecast new supply (left axis)
Vacancy rate of one year
after completion (right axis)

Osaka Metropolitan Area
（％）
10

2,500

8

2,000
1,500
1,000

600

(Thousand ㎡)
600

Forecast new supply (left axis)
Vacancy rate of one year
after completion (right axis)

（％）
15

10

5

400
200
0

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022（year）
Q1-Q2

Forecast

Nagoya Metropolitan Area
New supply (left axis)
Vacancy rate (right axis)

New demand (left axis)

1,000

4

0

Forecast new supply (left axis)
Vacancy rate of one year
after completion (right axis)

1,200

800

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022（year）
Q1-Q2(Thousand ㎡)
1,400

6

2

500
0

New supply (left axis)
Vacancy rate (right axis)

New demand (left axis)

Forecast

Kyushu Area
New demand (left axis)

（％）
50

500

40

400

New supply (left axis)

New demand (left axis)

Vacancy rate (right axis)（％）(Thousand ㎡)
160

16

140

14

120

12
10

300

30

100

200

20

80

8

60

6

40

4

20

2

100

10

0
(100)

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022（year）
Q1-Q2 Forecast002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021（year）
Q1-Q2

Source: CBRE
Note1: “Tokyo Metropolitan Area” refers to Tokyo, Chiba, Saitama, Kanagawa and Ibaraki. “Osaka Metropolitan Area” refers to Osaka, Hyogo and Kyoto. “Nagoya Metropolitan Area” refers to Aichi, Mie and Gifu. “Kyushu Area” refers to Fukuoka and Saga.
Note2: “New supply” refers to the total leasable area of newly constructed logistics facilities for lease. “New demand” refers to an increase or decrease in occupied floor space. An increase or decrease in occupied floor space is newly contracted floor
space minus vacated floor space.
Note3: The survey covers logistics facilities for lease with a total floor area of 5,000㎡ or more, which are owned by real estate investment companies and real estate development companies, etc.
The survey does not include logistics facilities for lease owned by logistics companies, etc., and does not cover all logistics facilities for lease with a total floor space of 5,000㎡ or more.

28

Logistics Market Overview ②
Expansion of E-commerce Market（Goods Sales）（100 bn yen）
150

３PL Market Size

3PL market size（100 bn yen）
40

Sales of E-commerce（Goods Sales）

30

100

20
50

10
0

0
Note:
Source：

2013

2014

2015

2016

2017

2018

2020 （year）

2019“Sales of E-commerce（Goods Sales）” in the chart above is an estimate of the value of transactions on the Internet between
companies and consumers (BtoC). The figures are for all goods consumed by individuals. Market estimates are calculated and totaled
for goods sales sector
Data compiled by the Asset Management Company based on data from "FY2020 Industrial Economic Research Commissioned Project(E-Commerce Market Survey)" (July 2021) by the Ministry of Economy, Trade and Industry

E-commerce Penetration Rate
Japan

（%）

U.S.

UK
26.7

24

13.5

8.5

8.1

4.4
2.8
2010

Source:

2012

2013

2014

2015

2016

2017

2018

2019

2020（FY）

Retail Market Size

Department store
Convenience store
Online shop（Goods Sales）

180

2019

2020（year）

Super market
Drug Store

150
120

16

0

Source:2011

Each fiscal year is the period beginning on April 1 and ending on March 31 of the following year. It does not coincide with the fiscal
period of MEL
Data compiled by the Asset Management Company based on "Monthly Logistics Business Sep. 2021“（100 bn yen）

32

8

2010

Note:

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

60
2021（year）
2Q

Data compiled by the Asset Management Company based on data from “FY2020 International Economic Research Project for
Establishing a Domestic and Foreign Economic Growth Strategy” (July 2021) by the Ministry of Economy, Trade and Industry (Japan),
Office for National Statistics(UK) and U.S. Census Bureau (USA). Refer to press release disclosed information until 2Q 2020 for U.S.
and UK, while until 2020 for JapanThe Percentage of Households Using Online Shopping
2019

（%）

2020

90

2021

30
Source:

2010

500

55

2012

2013

2014

2015

2016

2017

2018

Monthly Trends in Cargo delivery (Ministry of Land, Infrastructure,
Transport and Tourism)（Items, mn）

60

2011

Data compiled by the Asset Management Company based on data from “Monthly Report on the Current Survey of Commerce April
2021” (March 2021) by the Ministry of Economy, Trade and Industry and "FY2020 Industrial Economic Research Commissioned
Project (E-Commerce Market Survey)" (July 2021) by the Ministry of Economy, Trade and Industry

Cargo delivery (left axis)

Growth vs same month 2019 (right axis)

（%）
50

50

400

40

45

300

30

40

200

20

35

100

10

30

0
Jan.

Source：

Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Data compiled by the Asset Management Company based on data from “Monthly Report on the Survey of Household Economy" (July2021) by Statistics Bureau of Japan

Source:

Jan.
2021

Feb

Mar.

Apr.

May.

Jun.

0

Data compiled by the Asset Management Company based on data from “Transportation
by truck“ (June 2021) by the Ministry of Land, Infrastructure, Transport and Tourism

29

Appendix

Overview of 4th Follow-On Offering and New Acquisition
Offering format

Domestic Public Offering(with Extraordinary Report)

Launch dateFeb. 18, 2021 (Thursday)

Pricing dateMar. 1, 2021 (Monday)

Issue price403,650 yen per unit

Total number ofissued units

No. of Properties /Total Acquisition Price

５

28.2

properties/

Average Appraisal
NOI Yield

Units issued：41,000 units(Designated Purchaser 1,750 units)
Overallotment：1,898 units

4.6

Total amount issued 17.3 bn yen
Logicross Narashino (Narashino, Chiba)
Acquisition Price 11,851 mn yen
Appraisal Value
Appraisal
NOI Yield
Total Floor Area
Main Tenant

MJ Industrial Park Kobe (Land) (Kobe, Hyogo)

4.3%
36,437.92m2

Appraisal
NOI Yield

Occupancy
100%

4.3%

Total Floor Area
Main Tenant

Average
Property Age

2.4

years

Appraisal Value

5,670 mn yen

Main Tenant

CRE
Occupancy
100%

5.1%
40,050.71m2
ORIX Auto Corporation

MJ Industrial Park Chiba-Kita (Land) (Chiba, Chiba)

e-LogiT Co., Ltd., otherAcquisition Price 5,719 mn yen
Appraisal
NOI Yield

bn yen4,000 mn yen

Logicross Nagoya Kasadera (40％ additional co-beneficiary interest) (Nagoya, Aichi)
Appraisal Value

4,970 mn yen

Total Floor Area

Total Floor Area 36,619.48m2
Main TenantAcquisition PriceAppraisal
NOI Yield

Nihon Realest Co., Ltd.

Logicross Osaka (40% additional co-beneficiary interest) (Osaka, Osaka)
Appraisal Value

％

30.4

Occupancy
100%

12,400 mn yen

Acquisition Price 3,868 mn yen

bn yenTotal
Appraisal Value

6,400 mn yen
5.0%

Occupancy
100%

Acquisition Price

1,800 mn yen

CREAppraisal Value

1,950 mn yen

Occupancy
100%

Appraisal
NOI Yield
Total Floor Area
Main Tenant

4.4%
14,986.64m2
Kinugawa Rubber
Industrial Co., Ltd.

72,376.03m2
YAGAMI Co., Ltd., others

Note： Data at the time of 4th follow-on offering31Effect through 4th Follow-On Offering
DPU (Stabilized basis)

Asset Size
2,000

1,500

+28.2 bn yen

28.4 bn yen+

1,704億円
170.4 bn yen

+7.3%

7,500
7,000

8.3%

+

6,500

142.1 bn yen
1,421億円

6,000

1,137億円
113.7
bn yenProperty tax
expensedyen
6,910円yen
6,438円yen
5,947円

5,500

1,000

5,000
4,500

0
500

FP 2020/8
2020年8月期（第8期）(9th FP)

Post-3rd
第3回公募増資後
Follow-on Offering

Post-4th
第4回公募増資後
Follow-on Offering

NAV per Unit

320,000

Pre-3rd
第3回公募増資前
Follow-on Offering

Post-3rd
第3回公募増資後
Follow-on Offering

Post-4th
第4回公募増資後
Follow-on Offering

LTV・Debt Capacity+4.1%

340,000
330,000

0
4,000

6.3%

+

yen
329,777円

yen
316,918円

LTV
FP 2020/8 (9th FP)

Forecasted LTV
post-3rdfollow-on offering

Forecasted LTV
FP 2022/2 (11th FP)

29.4%

30.9%

32.3%

310,000
300,000

298,032 yen

290,0000
280,000

FP 2020/8
2020年8月期（第8期）(9th FP)

Post-3rd
第3回公募増資後
Follow-on Offering

Post-4th
第4回公募増資後
Follow-on Offering

Debt capacity(up to 40%)

Debt capacity(up to 50%)

23 bn yen

63 bn yen

Note: Data at the time of 4th follow-on offering. Forecasted LTV and debt capacity are as of Oct. 15, 2021

32

Properties Acquired during the 10th Fiscal Period ①
Logicross NarashinoMulti

SponsorDeveloped■High-spec multi-tenant facility located in Chiba Bay area near central Tokyo■Advantage in securing labor with 5-minute walk to the nearest station

Convenient Location
close to Shin-Narashino Station

Residential Area

Shin-Narashino
StationLogicross Narashino Located proximity toresidential areas,
which is advantageous
in securing labor force
 The latest hub for thetenant, Nihon Realest
Co. Ltd., a 3PL
company Expect stable cash
flow with 4 tenants
including major
logistics company

Industrial / Logistics Area
Acquisition Price

11,851 mn yen

Appraisal Value

12,400 mn yen

Appraisal NOI
Yield

4.3%

Location

Narashino, Chiba

Year Built

Mar. 2018

Total Floor Area

36,437.92m2

Land Area

19,386.40m2

No. of Tenants

1

Main Tenant

Nihon Realest Co., Ltd.

Property Characteristics■4-story box-type with 2 entrances, and truck berths on both north and south sides of the 1st floor. Equipped with both luggage andvertical conveyor (4 of each in total)■Floor weight capacity of 1.5t/m2, effective ceiling height of 5.5m, pillar span of 10.45m x 10.4m, making it a highly versatile, easy-touse logistics facility

Main Highway■Approx. 2km from “Yatsu Funabashi IC” on Higashi-Kanto Expressway■Approx. 3km from “Hanawa IC” on Keiyo Expressway■Approx. 400m from National Route 357

Location Characteristics■Located in Akanehama, Narashino in Chiba Bay area. Surrounding area is concentrated with factories, logistics facilities, retails anduniversities. Also, there are many logistics facilities in the neighboring Shibazono area, and Keiyo Food Industrial Complex in Takase,
Funabashi, where food-related factories are concentrated■Relatively good access to ports and airports (approx. 30km from Port of Tokyo, approx. 40km from Narita and Haneda Airport)

Note： Data at the time of 4th follow-on offering

33

Properties Acquired during the 10th Fiscal Period ②
Logicross Osaka (40％ additional co-beneficiary interest)■High-performance multi-tenant facility with accessible to major consumption areas (Osaka and Kobe)■Advantage in securing labor with walking distance from two train stations

Multi

SponsorDeveloped

CASBEE

BELS

Capturing Strong E-commerce Demand
A 3PL company specialized in E-commerce Leased to e-LogiT Co., Ltd., a company which provides comprehensive
mail-order services
 e-LogiT Co., Ltd. uses the facility as the first fulfillment center in Kansai region,and plans to expand its business in the near future The tenant values its high potential location with good access to major
consumption areas in Osaka and Kobe

Acquisition Price

3,868 mn yen

Appraisal Value

4,000 mn yen

Appraisal NOI
Yield

4.3%

Location

Osaka, Osaka

Year Built

Sept. 2018

Total Floor Area

36,619.48m2

Land Area

18,176.07m2

No. of Tenants

2

Main Tenante-LogiT Co., Ltd., other

Property Characteristics■4 story box-type with 2 truck berths, equipped with luggage elevators and vertical conveyors (4 in each section), making it easy torent the facility in sections■Each floor has an effective ceiling height of 5.5m and a floor weight capacity of 1.5t/m2, making it a highly versatile, easy-to-use
logistics facility

Main Highway■Approx. 1.5km from “Amagasaki Higashi IC” on Hanshin Expressway No.3 Kobe Line,and approx. 4km from “Nakajima IC” on Hanshin Expressway No. 5 Wangan Line
■Approx. 200m from National Route 43

Location Characteristics■Located 7.5km from the center of Osaka (Umeda Station) and 24km from Kobe City (Sannomiya Station). Easy access to Port ofHanshin (Port of Osaka and Kobe) and to a wide area via Hanshin Expressway No.3 Kobe Line and No.5 Wangan Line, and proximity
to National Route 43 leads to high potential location■It is possible to operate 24 hours a day, 365 days a year

Note： Data at the time of 4th follow-on offering

34

Properties Acquired during the 10th Fiscal Period ③
Logicross Nagoya Kasadera (40％ additional co-beneficiary interest)■Proximity to central Nagoya and can cover a wide area in Chubu■Advantage in securing labor with walking distance from a station serving 2 train lines

Multi

SponsorDeveloped

CASBEE

BELS

Acquired Land Information as a Comprehensive Developer
The Sponsor has collected a wide range of land information as a comprehensive
developer and developed the facility for the most effective use
Collection of a wide range of land information
Group
Offices

Retails

Residences

Logistics

Hotel /
AirportConsideration of Environment / Society
Reuse of Material
Reuse of OA floor panels usedin Marunouchi area office space

Acquisition Price

5,719 mn yen

Appraisal Value

6,400 mn yen

Appraisal NOI
Yield

5.0%

Tsunami Evacuation Facility Designation
Facility can be used as a temporary shelter for
local residents in the event of major tsunami
warning. Equipped withemergency generatorsand emergency storagefor employees

Property Characteristics■Direct access to each floor with spiral rampway, floor weight capacity of 1.5t/m2, an effective ceiling height of at least 5.5m, a pillar
span of at least 10m and equipped with LED lighting■Installed emergency generators and storage for employees to support tenants’ BCP

Main Highway

Location

Nagoya, Aichi

Year Built

Jan. 2019■Located approx. 1.2km from “Kasadera IC” on Nagoya Expressway No.3 Odaka Line, approx. 3.0km from “Kiba IC” on Nagoya
Expressway No.4 Tokai Line, and approx. 6km from “Tokai IC” on Isewangan Expressway■Located approx. 0.5km from National Route 23, approx. 1.5km from National Route 247 and approx. 0.5km from National Route 1

Total Floor Area

72,376.03m2

Location Characteristics

Land Area

33,224.00m2

No. of Tenants

10

Main Tenant

YAGAMI Co., Ltd., others■Located near “Kasadera IC”, allows easy access to Nagoya Highway No.4 Tokai Line and Isewangan Expressway. Proximity to National
Route 23, which crosses the Nagoya Port area, and National Route 247, which crosses from Nagoya City to Tokai City, making it aconvenient transportation■Easy access to Nagoya Port, Japan's largest port in terms of total cargo handled, and Chubu Centrair International Airport can bereached in 35 minutes, making it possible to use the major logistics infrastructure of Aichi Prefecture

Note： Data at the time of 4th follow-on offering

35

Properties Acquired during the 10th Fiscal Period ④
MJ Industrial Park Kobe (Land)

CRE■CRE project in Hanshin bay area capturing
seller’s business restructuring needs

Asset Management
Company-Sourced

MJ Industrial Park Chiba-Kita (Land)■CRE project proximity to National Route 16
capturing tenant’s off-balance sheet needs

Property Characteristics■Production base with headquarters functionsof an automotive parts manufacturer

Main Highway

Main Highway■Approx. 1.4km from “Sumiyoshihama
IC” on Hanshin Expressway No.5
Wangan Line
■Approx. 2.4km from “Uozaki IC” on
Hanshin Expressway No.3 Kobe Line

Location Characteristics

4,970 mn yen

Appraisal Value

5,670 mn yen

Appraisal NOI
Yield

5.1%

Location

Kobe, Hyogo

Land Area

40,050.71m2

Main Tenant

ORIX Auto Corporation■Proximity to IC which gives excellent
access to central Osaka and Kobe.
Advantage in securing labor withwalking distance from nearest train
station■High potential for redevelopment tologistics facilities■Expected further improvements intransportation convenience following theconstruction of Hanshin Expressway
Osaka Wangan Line (Rokko Island North
to Komasakae) commenced in 2016

Asset Management
Company-Sourced

Property Characteristics■Newly developed base for tenant (major
car leasing company), covering the Kinki,
Chugoku and Shikoku areas

Acquisition Price

CRE■Approx. 2.1km from “Chiba-Kita IC” on
Higashi-Kanto Expressway■Approx. 300m from National Route 16

Location Characteristics
Acquisition Price

1,800 mn yen

Appraisal Value

1,950 mn yen

Appraisal NOI
Yield

4.4%

Location

Chiba, Chiba

Land Area

14,986.64m2

Main Tenant

Kinugawa Rubber
Industrial Co., Ltd.

■Easy access to “Chiba-Kita IC” andNational Route 16. Competitive businesssite due to advantage of securing labor as
surrounded by residential area
■High potential to be a highly versatilelocation that can be converted to logistics
facility with excellent access to HigashiKanto Expressway, Keiyo Expressway,
National Route 14, National Route 16,
National Route 126, providing connection
to central Tokyo, access to Narita Airport
and Tokyo Bay area

Ensuring long-term stable income through CRE proposal

Property acquisition through CRE strategy

Capturing seller’s selling needs and securing stable income through long-term lease

Acquisition that captures the seller’s demand for sale-and-leaseback

SellerSale of land

Building owner & Tenant

Building owner & Tenant
Ownership

Construction/Ownership

Land

Building

Land lease
Land owner

Land

Sale of land
Building
Land ownerLand lease

Note： Data at the time of 4th follow-on offering

36

Portfolio Summary
No. of Properties/ Total Acquisition Price

22
/
170.4
properties

bn yenAverageOccupancy Rate

Average Appraisal
NOI Yield

Sponsor-Developed/ AssetManagement CompanySourced

99.8

4.9

61.1％/ 38.9％

％

％

7.8

years

Asset Management Company-Sourced Properties

Sponsor-Developed Properties
Logicross Fukuoka Hisayama

Average Property Age

Logicross Narashino

MJ Logipark Funabashi 1

MJ Logipark Fukuoka 1

MJ Logipark Kazo 2

Logicross Atsugi

LOGIPORT Sagamihara(49% co-beneficiary interest)

MJ Logipark Atsugi 1

MJ Logipark Tsuchiura 1

MJ Logipark Sendai 1

Logicross Kobe Sanda

LOGIPORT Hashimoto(45% co-beneficiary interest)

MJ Logipark Kazo 1

MJ Logipark Nishinomiya 1

MJ Industrial Park Sakai (Land)

Logicross Osaka

LOGIPORT Osaka Taisho(37.5% co-beneficiary interest)

MJ Logipark Osaka 1

MJ Logipark Kasugai 1

MJ Industrial Park Kobe (Land)

Logicross Nagoya Kasadera

MJ Industrial Park Chiba-Kita (Land)

Note: As of Aug. 31, 2021

37

Overview of Portfolio
Property Name

Location

AcquisitionPrice(mn yen)AppraisalValue(mn yen)Appraisal
NOI Yield
(%)

Total
Leasable
Area (㎡)

Ratio
(%)

Occupancy
Rate（%）

Property
Age(years)Property
Type

Logicross Fukuoka Hisayama

Kasuya, Fukuoka

5,770

7,480

6.1

34,878.55

3.4

100.0

6.9

Multi

Logicross Atsugi

Atsugi, Kanagawa

8,440

9,420

4.5

29,895.80

5.0

100.0

4.5

Multi

Logicross Kobe Sanda

Kobe, Hyogo

3,900

4,310

5.1

12,844.35

2.3

100.0

4.2

BTS

Logicross Osaka

Osaka, Osaka

9,743

10,1004.3

35,616.58

5.7

100.0

2.9

Multi

Logicross Nagoya Kasadera

Nagoya, Aichi

14,424

16,5005.0

62,289.08

8.5

100.0

2.6

Multi

Logicross Narashino

Narashino, Chiba

11,851

12,400

4.3

39,132.05

7.0

100.0

3.5

Multi

Sagamihara, Kanagawa

21,36424,0004.7

88,609.64

12.5

99.7

8.0

Multi

Sagamihara, Kanagawa

18,20021,060

4.7

58,487.96

10.7

100.0

6.6

Multi

Osaka, Osaka

10,484

11,8504.6

40,081.57

6.2

96.0

3.5

Multi

MJ Logipark Funabashi 1

Funabashi, Chiba

5,400

6,590

6.5

18,232.07

3.2

100.0

31.8

Multi

MJ Logipark Atsugi 1

Atsugi, Kanagawa

6,653

7,190

4.5

28,002.44

3.9

100.0

8.1

Multi

MJ Logipark Kazo 1

Kazo, Saitama

1,272

1,490

5.7

7,678.10

0.7

100.0

15.5

Multi

MJ Logipark Osaka 1

Osaka, Osaka

6,090

7,130

5.1

39,082.95

3.6

100.0

13.9

Multi

MJ Logipark Fukuoka 1

Kasuya, Fukuoka

6,130

6,610

5.4

38,143.21

3.6

100.0

13.9

Multi

MJ Logipark Tsuchiura 1

Tsuchiura, Ibaraki

3,133

3,420

5.3

15,485.00

1.8

100.0

6.8

BTS

MJ Logipark Nishinomiya 1

Nishinomiya, Hyogo

2,483

2,680

5.7

13,777.07

1.5

100.0

30.5

BTS

MJ Logipark Kasugai 1

Kasugai, Aichi

13,67014,4004.8

57,866.98

8.0

100.0

4.6

Multi

MJ Logipark Kazo 2

Kazo, Saitama

1,637

1,720

5.0

7,349.18

1.0

100.0

22.7

BTS

MJ Logipark Sendai 1

Tagajo, Miyagi

7,388

7,510

5.2

39,098.87

4.3

100.0

12.4

Multi

MJ Industrial Park Sakai（Land）

Sakai, Osaka

5,600

5,780

3.8

87,476.71

3.3

100.0

-

Land

MJ Industrial Park Kobe（Land）

Kobe, Kobe

4,970

5,690

5.1

31,743.99

2.9

100.0

-

Land

MJ Industrial Park Chiba-Kita（Land）

Chiba, Chiba

1,800

1,970

4.4

14,986.64

1.1

100.0

-

Land

170,404

189,300

4.9

800,758.79

100.0

99.8

7.8

-

LOGIPORT Sagamihara(49% co-beneficiary interest)
LOGIPORT Hashimoto(45% co-beneficiary interest)
LOGIPORT Osaka Taisho(37.5% co-beneficiary interest)

Total / Average
Note: As of Aug 31, 2021.

38

Summary of Latest Appraisals
Property Name

Acquisition Date

Acquisition PriceBook
Value atend of10th FP(Unit：Millions of yen)

10th FP (Ended Aug.31, 2021)(Note 1)

9th FP (Ended Feb. 28, 2021)(Note 2)

Appraisal value

Direct cap rate(%)

Appraisal value

Direct cap rate(%)

Appraisalvalue

Direct cap
rate (%)

Difference

Unrealized
gain

Logicross Fukuoka Hisayama

Sept. 2017

5,770

5,508

7,480

4.6

6,870

4.7

+610

-0.1

1,971

Logicross Atsugi

Sept. 2018

8,440

8,347

9,420

4.0

9,190

4.1

+230

-0.1

1,072

Logicross Kobe Sanda

Sept. 2018

3,900

4,310

4.5

4,220

4.6

+90

-0.1

449

Logicross Osaka (Note 3)① Sept.2020② Mar. 2021

9,806

10,100

4.1

10,000

4.1

+100

±0

293

Logicross Nagoya Kasadera (Note 3)① Sept.2020② Mar. 2021

① 5,874② 3,868
Sub-total:9,743① 8,705② 5,719
Sub-total:14,424

3,860

14,546

16,5004.3

16,300

4.3

+200

±0

1,953

11,851

11,972

12,4004.0

12,400

4.0

±0

±0

427

Sept. 2017

21,36420,752

24,000

4.1

24,000

4.1

±0

±0

3,247

Sept. 201718,20017,73021,0604.0

20,430

4.0

+630

±0

3,329

① Oct. 2019
② Sept.2020① 5,682② 4,802
Sub-total:10,484

10,473

11,8504.0

11,550

4.1

+300

-0.1

1,376

5,400

5,336

6,590

4.9

6,580

4.9

+10

±0

1,253

Mar. 2021

Logicross Narashino

LOGIPORT Sagamihara(49% co-beneficiary interest)
LOGIPORT Hashimoto(45% co-beneficiary interest)
LOGIPORT Osaka Taisho(37.5% co-beneficiary interest)(Note 4)
MJ Logipark Funabashi 1

Sept. 2016

MJ Logipark Atsugi 1

Sept. 2017

6,653

6,473

7,190

4.1

7,010

4.2

+180

-0.1

716

MJ Logipark Kazo 1

Sept. 2017

1,272

1,231

1,490

4.7

1,460

4.8

+30

-0.1

258

MJ Logipark Osaka 1

Sept. 2017

6,090

5,921

7,130

4.2

6,960

4.3

+170

-0.1

1,208

MJ Logipark Fukuoka 1

Sept. 2017

6,130

5,793

6,610

4.7

6,460

4.8

+150

-0.1

816

MJ Logipark Tsuchiura 1

Sept. 2019

3,133

3,121

3,420

4.8

3,420

4.8

±0

±0

298

MJ Logipark Nishinomiya 1

Oct. 2019

2,483

2,550

2,680

4.7

2,660

4.8

+20

-0.1

129

MJ Logipark Kasugai 1

Oct. 201913,67013,575

14,4004.4

14,300

4.4

+100

±0

824

MJ Logipark Kazo 2

Sept.2020

1,637

1,698

1,720

4.3

1,720

4.3

±0

±0

21

MJ Logipark Sendai 1

Sept.2020

7,388

7,362

7,510

4.8

7,510

4.8

±0

±0

147

MJ Industrial Park Sakai（Land）

Oct. 2019

5,600

5,666

5,780

3.7

5,780

3.7

±0

±0

113

MJ Industrial Park Kobe（Land）

Mar. 2021

4,970

5,202

5,690

4.0

5,670

4.0

+20

±0

487

MJ Industrial Park Chiba-Kita（Land）

Mar. 2021

Total

1,800

1,914

1,970

4.3

1,950

4.3

+20

±0

55

170,404

168,848

189,300-

186,440

-

2,860

-

20,451

Note 1: As of Aug. 31, 2021
Note 2: As of Feb. 28, 2021. However, for MJ Industrial Park Kobe（Land), MJ Industrial Park Chiba-Kita（Land), the appraisal value and Direct cap rate is as of Dec. 1, 2020
Note 3: "Acquisition Date" and "Acquisition Price" of "Logicross Osaka" and "Logicross Nagoya Kasadera" is shown with The number on the top refers to the 60% co-beneficiary interest acquired on Sept. 1, 2020 and the bottom refers to the 40%
co-beneficiary interest acquired on Mar. 9, 2021
Note 4: "Acquisition Date" and "Acquisition Price" of "LOGIPORT Osaka Taisho" is shown with The number on the top refers to the 20 % co-beneficiary interest acquired on Oct. 9, 2019, and the bottom refers to the 17.5% co-beneficiary interest
acquired on Sept. 1, 2020

39

Statement of Income and Balance Sheet
Statement of Income
Item

Operating revenues
Operating rental revenues
Other rental revenues
Operating expenses
Expenses related to property rental business
Asset management fee(Unit：Thousands of yen)

Actual
4,953,086
4,720,745
232,341
2,397,151
1,801,259
398,037

Asset custody fee

1,558

Administrative service fee

21,662

Director’s compensations

2,400

Commission paid

101,640

Other operating expenses

70,591

Operating income
Non-operating income

2,555,935
3,773

Balance Sheet(Unit：Thousands of yen)

Item

Current assets

Actual12,303,054

Cash and deposits

4,669,730

Cash and deposits in trust

6,973,856

Other current assets
Total fixed assets
Property and equipment

659,467
168,903,287
168,848,938

Intangible assets

2,626

Investments and other assets

51,722

Total assets

Current liabilities

181,206,341

5,442,075

Operating accounts payable

306,660

Short-term loans payable

1,400,000
2,211,000

Interest income

55

Long-term loans payable due within one year

Interest on refund

829

Accrued expenses

566,362

Refund of Property taxes

604

Advances received

877,391

Other current liabilities

80,660

Reversal of distribution payableNon-operating expenses
Interest expenses on investment corporation bonds
Interest expenses

2,284
177,341
5,343
112,251

Non-current liabilities

59,354,040

Investment Corporation Bonds

2,000,000

Long-term loans payable

53,663,000

Tenant leasehold and security deposits in trust

3,691,040

Borrowing related expenses

3,959

Amortization of organization expenses

4,032

Total liabilities

64,796,116

Investment unit issuance expenses

35,343

Total unitholders’ equity

116,410,225

Investment corporation bond issuance expenses

16,411

Unitholders’ capital, net

114,028,503

Ordinary income

2,382,367

Surplus2,381,722

Net income

2,381,528

Total net assets

116,410,225

Unappropriated retained earnings

2,381,722

Total liabilities and net assets

181,206,341

40

Debt ① (As of Oct. 15, 2021)
Category

Short-term

Floating
rate

Lenders
Mizuho Bank
Sub-total
MUFG Bank

Fixed rate

Interest Rate

Borrowing Date

Repayment Date

Collateral

900

Base rate(JBA 1-month JPY TIBOR)+0.0700%

Mar. 9, 2021

Mar. 9, 2022

Unsecured
Unguaranteed

900

-

-

-

-

430

Sumitomo Mitsui Banking Corporation

2,050

MUFG Bank

1,760

Mizuho Bank

1,330

The Bank of Fukuoka

Long-term

Balance(mn yen)

0.35750%

Sept. 14, 2022

0.39130%

Sept. 14, 2023

450

The Bank of Fukuoka

900

0.42880%

MUFG Bank620

0.46750%

Sept. 14, 2025

MUFG Bank

710

0.50750%

Sept. 14, 2026

MUFG Bank

2,680
0.55000%

Sept. 14, 2027

Sumitomo Mitsui Banking Corporation

880

Mizuho Bank

880

Sept. 14, 2017

Sept. 14, 2024

Sumitomo Mitsui Banking Corporation

830

0.24000%

Sept. 14, 2022

The Norinchukin Bank

800

0.39500%

Sept. 14, 2025

Shinsei Bank500

0.45380%

Sept. 14, 2026

Mizuho Bank

830

Sept. 14, 2018

The Bank of Fukuoka

807

Shinkin Central Bank

1,256

Sumitomo Mitsui Banking Corporation

3,000

0.25000%

Sept. 2, 2019

Sept. 2, 2023

MUFG Bank

4,000

0.49000%

Sept. 30, 2019

Sept. 30, 2029

The Norinchukin Bank

1,250

The Shinkumi Federation Bank

1,250

0.57500%

Sept. 14, 2028

0.18000%

Oct. 9, 2024

MUFG Bank

200

Mizuho Bank

2,400

The 77 Bank400

Shinsei Bank

1,250

0.24000%

Oct. 9, 2027

750

0.42000％

Oct. 10, 2028

The Bank of Fukuoka

0.21600%
0.26000%

Unsecured
Unguaranteed

Oct. 9, 2025
Oct. 9, 2019

Oct. 9, 2026

41

Debt ② (As of Oct. 15, 2021)
Category

Lenders
Sumitomo Mitsui Banking Corporation

1,150
1,500

The Norinchukin Bank

800

0.26630%0.31250%

The Norinchukin Bank

500

The Bank of Fukuoka

900

The 77 Bank

500

Mizuho Bank

1,750

0.41822%

MUFG Bank

2,000

0.46832%

500

The Yamaguchi Bank

500

Fixed-rate

Sept. 1, 2026
Sept. 1, 2020

Sept. 1, 2028
Sept. 1, 2029
Aug. 30, 2030

0.50000%750

0.24130％0.21000%

Mar. 9, 2025

Shinkin Central Bank

900

0.36630%

Mar. 9, 2027

0.43130%

Mar. 9, 2028

The Norinchukin Bank

900

The Chiba Bank

800

The Bank of Fukuoka

500

The 77 Bank

500

THE NISHI-NIPPON CITY BANK

500

0.50130%

Collateral

Sept. 1, 2025

1,350

Oct. 9, 2020

Mar. 9, 2021

Oct. 9, 2025
Unsecured
Unguaranteed

Mar. 9, 2029

Mizuho Bank

1,050

0.55487%

Mar. 9, 2030

MUFG Bank

1,000

0.61761%

Mar. 7, 2031

The Yamaguchi Bank

1,000

0.65000%

Mar. 9, 2033

MUFG Bank

800

0.39630%

Mar. 19, 2028

MUFG Bank

1,000

0.46630%

Sumitomo Mitsui Trust Bank500

0.25000％

Mizuho Bank

720

0.37380%

Development Bank of Japan

1,491

0.44000%

Sub-total

56,374----57,274

-

-

-

-

2,000

0.70000％

Apr. 14, 2021

Apr. 14, 2036

Unsecured
Unguaranteed

59,274----Sub-total
Investment
Corporation
Bond

0.42380%

Repayment Date
Sept. 1, 2024

0.20000%

300

The Yamanashi Chuo Bank

Borrowing Date

0.20000％

The Bank of Toyama

Sumitomo Mitsui Banking Corporation
Long-term

Interest Rate

The Shinkumi Federation Bank

Shinkin Central Bank
Fixed-rate

Balance(mn yen)

1st Series Unsecured Bonds
Total

Mar. 19, 2021
Sept. 1, 2021
Sept. 14, 2021

Mar. 19, 2029
Sept. 1, 2026
Sept. 14, 2028
Sept. 14, 2029

42

Unitholders Composition
Major Unitholders

Breakdown by Units

Number of
Units

Ratio
(%)

The Master Trust Bank of Japan, Ltd. (Trust Account)

62,007

15.85

Custody Bank of Japan, Ltd. (Trust Account)

53,479

13.67

The Nomura Trust and Banking Company, Ltd.
(Trust Account)

16,637

4.25

Mitsubishi Estate Co., Ltd.

15,950

4.08

Custody Bank of Japan, Ltd.
(Securities Investment Trust Account)

14,775

3.78

The Shinkumi Federation Bank

6,520

1.67

The Chugoku Bank, Limited

6,194

1.58

SSBTC CLIENT OMNIBUS ACCOUNT

6,003

1.53

2.7%

8.1%
21.4%

6.9%

391,135
units

60.8%

Domestic individuals
and others：31,713 units

Financial institutions：237,879 units

Domestic entities： 27,120 units

Foreign entities： 83,725 units

Securities Companies：10,698 units

Breakdown by Unitholders
2.6%

2.0%
0.2%

1.8%

9,214

unitholders

93.4%

Domestic individuals
and others：8,602 unitholders

THE BANK OF NEW YORK 133970

5,962

1.52

Financial institutions：163 unitholders

STATE STREET BANK WEST CLIENT – TREATY 505234

5,895

1.51

Domestic entities：243 unitholders

Total

193,42249.45

Foreign entities：184 unitholders

Securities Companies：22 unitholders

Same-boat Investment by MEC (as of Oct. 15, 2021)
Investment in
MEL by MEC

c. 4.1%

Note: As of Aug. 31, 2021

43

Disclaimer
This document is provided solely for informational purpose with regard to Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) and is not intended to serve as an inducement or solicitation to trade inany product offered by MEL.
Purchase, sale and such of MEL’s investment units entail the risk of incurring a loss due to fluctuations of the investment unit price.
Please consult with a securities company regarding the purchase of MEL’s investment units or investment corporation bonds. Information presented on this document should not be interpreted, unless otherwise
specified, as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations.
The information contained in this document is the best available at the time of publication, however, no assurances can be given regarding the accuracy, validity and completeness of this information.
Furthermore, MEL and Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”) assume no responsibility for the accuracy of the data, indices and other information release by third parties(including data based on real estate appraisal reports).
This document includes forward-looking statements that reflect MEL’s plans and expectations. Any information contained in this document except facts about the past and present is referred to as such forwardlooking statements. These forward-looking statements are based on the current assumptions and beliefs of MEL or the Asset Management Company in light of the information currently available to them, andinvolve known and unknown risks, uncertainties and other factors, and may be affected by such factors. These factors include risks related to MEL’s internal and external growth and risks related to the
profitability per investment unit. Such risks, uncertainties and other factors may cause MEL’s actual results, performance, achievements or financial position expressed or implied by these forward-looking
statements. MEL and the Asset Management Company undertake no obligation to publicly update any forward-looking statements after the date of this document.
The content of this document is subject to change or repeal without prior notice.
Duplication or reproduction of any content presented in this document without the prior consent of MEL or Mitsubishi Jisho Investment Advisors, Inc. is strictly prohibited.
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