September 2, 2021
For Immediate Release
Name of REIT Issuer:
CRE Logistics REIT, Inc.
2-10-1, Toranomon, Minato-ku, Tokyo, Japan
Tsuyoshi Ito, Executive Director(TSE Code: 3487)
Asset Manager
CRE REIT Advisers, Inc.
Tsuyoshi Ito, President
Person of Contact:
Hirohisa Toda, Head of Corporate Planning
Tel: +81-3-5575-3600

Notice Concerning Revision of Forecasts of Operating Results
for the Period ending December 31, 2021 and the Period ending June 30, 2022
CRE Logistics REIT, Inc. (“CRE REIT”) hereby announces revision of its operating results forecasts for the
fiscal period ending December 31, 2021 and the fiscal period ending June 30, 2022, which CRE REIT
announced on August 13, 2021, in the “Summary of Financial Results for the 10th Fiscal Period Ended June30, 2021.”
1. Revision of operating results forecast for the fiscal period ending December 31, 2021 (From July 1, 2021
to December 31, 2021)
OperatingOperating
Ordinary
Net income
revenueincomeincome(million yen)(million yen) (million yen) (million yen)Previous forecast(A)
Revised forecast(B)
Amount ofincrease/decrease(B - A)
Rate ofincrease/decrease

Distributions Distributions
per unit
per unit
Surplus(including(excluding distributions
surplussurplus
per unit
distributions) distributions)
(Yen)
(Yen)
(Yen)

3,221

1,827

1,584

1,583

3,504

3,166

338

3,573

2,077

1,788

1,787

3,504

3,166

338

351

250

204

204

-

-

-

+10.9％+13.7％+12.9％＋12.9％-%-％-%(Reference) Fiscal period ending December 31, 2021: Expected total number of investment units issued and outstanding at the end of
the period: 564,700 units; Expected net income per unit: 3,165 yen

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States12. Revision of operating results forecast for the fiscal period ending June 30, 2022 (From January 1, 2022 toJune 30, 2022)
OperatingOperating
Ordinary
Net income
revenueincomeincome(million yen)(million yen) (million yen) (million yen)Previous forecast(A)
Revised forecast(B)
Amount ofincrease/decrease(B - A)
Rate ofincrease/decrease

Distributions Distributions
per unit
per unit
Surplus(including(excluding distributions
surplussurplus
per unit
distributions) distributions)
(Yen)
(Yen)
(Yen)

3,223

1,761

1,519

1,518

3,375

3,036

339

3,822

2,092

1,800

1,799

3,529

3,187

342

598

330

281

281

154

151

3

+18.6％+18.7％+18.5％+18.5％

+4.6％

+5.0％

+0.9％

(Reference) Fiscal period ending June 30, 2022: Expected total number of investment units issued and outstanding at the end of theperiod: 564,700 units; Expected net income per unit: 3,186 yen(Note 1) The results forecasts above are calculated based on the assumptions outlined in the Attachment 1 “Assumptions Underlying the
Operating Results Forecasts for the Fiscal Period Ending December 31, 2021 and the Fiscal Period Ending June 30, 2022.”
Actual operating revenue, operating income, ordinary income, net income, distribution per unit (including surplus
distributions), distribution per unit (excluding surplus distributions) and surplus distributions per unit may vary due todifferences from assumptions as a result of future acquisitions or disposal of real estate, etc., fluctuations in rent income due
to changes in lessees, etc., changes in the operating environment such as the occurrence of unexpected repairs, fluctuations ininterest rates, the actual issue value of new investment units to be decided, or the further issuance of new investment units.
Moreover, these forecasts do not guarantee the amounts of distributions and surplus distributions.
(Note 2) Forecasts may be revised if a discrepancy beyond a certain level is expected with the above forecasts.
(Note 3) All amounts are truncated except that percentages are rounded to the second decimal place.

3. Reason for the revision
As a result of the issuance of new investment units announced in the “Notice Concerning Issuance of New
Investment Units (Green Equity Offering)” and the acquisition of the asset announced in “Notice Concerning
Acquisition of Trust Beneficiary Right to Real Estate in Japan and Leasing,” both of which were released on
September 2, 2021, the assumptions underlying the operating results forecast for the fiscal period ending
December 31, 2021 and the fiscal period ending June 30, 2022 announced on August 13, 2021, in the“Summary of Financial Results for the 10th Fiscal Period Ended June 30, 2021,” have changed, and it has
become likely that a difference in the expected operating revenue of 10% or more will arise. Accordingly,
the forecasts for the operating results and distributions for the fiscal period ending December 31, 2021 and thefiscal period ending June 30, 2022 have been revised.
* CRE Logistic REIT, Inc. website: https://cre-reit.co.jp/en/

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States

2[Attachment 1]
Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending December 31, 2021
and the Fiscal Period Ending June 30, 2022
Items
Calculation period

Assumptions
・11th Fiscal Period (Ending December 31, 2021): July 1, 2021-December 31, 2021 (184 days)
・12th Fiscal Period (Ending June 30, 2022): January 1, 2022-June 30, 2022 (181 days)

Assets undermanagement

・It is assumed that (i) CRE REIT will continue to own real estate trust beneficiary right in
the property to be acquired on September 15, 2021 (“Asset to Be Acquired”) which will be
added to the real estate trust beneficiary rights in the total of 19 properties held by CRE
REIT as of September 2, 2021 (“Assets Currently Held”) using proceeds from the issuanceof new investment units through public offering (the "Fifth PO") pursuant to the resolutionof a meeting of the Board of Directors held on September 2, 2021 until June 30, 2022 and(ii) there will be no other change (acquisition of new properties, disposition of properties
held, etc.) through June 30, 2022, except for the acquisition of the Asset to Be Acquired.
・However, there may be changes due to acquisition of new properties other than the Asset to
Be Acquired or disposal of properties held.
・Real estate leasing business revenues related to the Assets Currently Held are calculated
based on lease contracts that are in effect as of September 2, 2021 and historical results.
Two lease contracts will expire during the fiscal period ending June 30, 2022, but one ofthem has been re-contracted with the existing tenant at almost the same level as the current
rent, and the other at an increase compared to the current rent. If a pass-through type master
lease agreement is concluded or is to be concluded, lease contracts concluded with the end
tenants will become the basis. However, if there is a period for which the trustee will receive
fixed monthly rent from the master lessee under a master lease contract, real estate leasing
business revenues related to the Assets Currently Held are calculated based on the amountagreed on for this period. For the Assets Currently Held, no lease contract will expire during
the fiscal period ending December 31, 2021, and all lease contracts (including lease
contracts for the above re-contract that have been contracted with existing tenants due toexpiration during the fiscal period ending June 30, 2022) have been concluded at a fixed
rent.
・Real estate leasing business revenues related to the Asset to Be Acquired are calculated basedon information on leasing contracts provided by their current owner or beneficiar y. As for
the Asset to Be Acquired, no lease contract will expire during the fiscal p eriod ending
December 31, 2021 and the fiscal period ending June 30, 2022, and all lease contracts will
have been concluded at a fixed rent.
・The calculations assume that there will be no delinquencies or defaults on rent payments on
the part of tenants.
・Regarding real estate leasing expenses, which are the main operating expenses, expenses
other than depreciation are calculated by taking into consideration variable factors such as
expenses assumed to be incurred (taxes and public dues, entrusted property management,
property insurance, repairs, etc.) based on the historical results for the Assets Currently
Held, and for the Asset to Be Acquired, based on information provided by its current owneror current beneficiary and lease contracts in effect on September 2, 2021.
・Property taxes, city planning taxes and other charges levied on the Assets Currently Held
are expected to be 260 million yen in the fiscal period ending December 31, 2021, and 327
million yen at the fiscal period ending June 30, 2022.
・In general, property taxes, city planning taxes and other charges levied on transacted realestate are settled at the time of acquisition by prorating for the period with the current
owners or the current beneficiaries, and CRE REIT capitalizes the amounts equivalent tosuch settled amounts in the acquisition costs for properties. Therefore, property taxes, city
planning taxes and other charges levied on the Asset to Be Acquired will not be booked as
expenses for the fiscal period ending December 31, 2021, and property taxes, city planningtaxes and other charges levied on the Asset to Be Acquired for fiscal year 2022 will bebooked as expenses from the fiscal period ending June 30, 2022. Property taxes, city
planning taxes and other charges levied on the Asset to Be Acquired are expected to be 62
million yen for the fiscal period ending June 30, 2022 and following periods. Property taxes,
city planning taxes and other charges levied on the Asset to Be Acquired, which will beOperating revenue

Operating expenses

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States3Non-operating
expenses

Interest-bearing debt

Investment units

capitalized in acquisition costs, are expected to be total 5 million yen.
・Depreciation is calculated using the straight line method for both the Assets Currently Heldand the Asset to Be Acquired, and it is expected to be 616 million yen in the fiscal period
ending December 31, 2021, and 644 million yen in the fiscal period ending June 30, 2022.
・Entrusted property management fees are expected to be 183 million yen for the fiscal period
ending December 31, 2021, and 201 million yen for the fiscal period ending June 30, 2022.
・ A proposal to amend the Articles of Incorporation, including revisions to the asset
management fee structure, will be submitted to the general meeting of unitholders scheduled
to be held on September 29, 2021. If this proposal is approved, the asset management fee
structure will be revised from the fiscal period ending June 30, 2022, but the forecast for
the fiscal period ending June 30, 2022 has been prepared based on the asset management
fee structure before the revision. However, even if it has been revised, the impact on theoverall operating results for the fiscal period ending June 30, 2022 is expected to beminimal.
・Non-operating expenses for the fiscal period ending December 31, 2021 are expected to be
300 million yen. This amount will include the payment of 270 million yen for interest andother financing-related expenses, 13 million yen for expenses related to the issuance ofinvestment units, and 13 million yen for the depreciation of investment unit issuance costs.
・Non-operating expenses for the fiscal period ending June 30, 2022 are expected to be 291
million yen. This amount will include the payment of 272 million yen for interest and otherfinancing-related expenses and 14 million yen for the depreciation of investment unit
issuance costs.
・All current borrowings of CRE REIT are based on a fixed interest rate (substantive fixedinterest rate due to the conclusion of an interest rate swap agreement) and it is assumed for
new borrowings to be made to acquire the Asset to Be Acquired (refer to “Interest-bearingdebt” below) that long-term borrowings (excluding borrowings with the period of 1.0 year)
will also be based on a fixed interest rate by using an interest rate swap agreement. The
amount of interest expenses is calculated based on fixed interest rates for the current
borrowings as well as an interest rate estimated from the current interest rate level for new
borrowings.
・It is assumed that total interest-bearing debt will be 61,869 million yen at the end of the
fiscal period ending December 31, 2021, and 61,869 million yen at the end of the fiscal
period ending June 30, 2022.
・It is assumed that a total of 10,400 million yen will be newly borrowed on September 15,
2021. However, the actual amount of borrowing may be changed by the time of theborrowing, taking into account factors such as the net proceeds obtained from the Fifth PO
that was resolved at a meeting of CRE REIT’s Board of Directors held on September 2,
2021. Other details about the new borrowing will be announced after they are determined.
・In the fiscal period ending June 30, 2022, while long-term borrowings of 3,680 million yen
will become due on January 31, 2022, it is assumed that the same amount will be refinanced.
・It is assumed that of the long-term borrowings to be made on September 15, 2021, 900
million yen with a borrowing period of 1.0 year will be prepaid in the fiscal period ending
December 31, 2021, using the consumption tax refund, etc. as the source of funding for the
prepayment.
・The loan-to-value (LTV) ratio is expected to be around 44.3% at the end of the fiscal period
ending December 31, 2021, and around 44.3% at the end of the fiscal period ending June30, 2022. The following formula is used to calculate the LTV ratio, with numbers rounded
off to the first decimal place.
LTV ratio = Total interest-bearing debt ÷ Total assets × 100
・The LTV ratio may vary depending on the value of the investment units to be issued thistime.
・It is assumed that in addition to the total of 500,150 investment units issued and outstanding
as of September 2, 2021,based on a resolution of CRE REIT’s Board of Directors adopted
at a meeting held on September 2, 2021 for approving the Fifth PO, 64,550 new investment
units will be issued and that there will be no change to the number of investment units dueto the further issuance of new investment units by the end of the fiscal period ending June30, 2022 or by other means, excluding the said issuance.
・Distributions per unit (excluding surplus distributions) and surplus distributions per unit are

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States

4Distributions per unit
(excluding surplus
distributions)Surplus distributions
per unit

Othercalculated based on 564,700 units, or the total of the expected numbers of investment units
issued and outstanding at the end of the fiscal periods ending December 31, 2021 and June30, 2022, respectively.
・Distributions per unit (excluding surplus distributions) are calculated in accordance withCRE REIT’s policy on the distribution of cash as stipulated in its Articles of Incorporation.
・Distributions per unit (excluding surplus distributions) may change for a variety of reasons,
including changes in CRE REIT’s investment assets, changes in leasing revenues due totenant movements, etc., and/or the occurrence of unforeseen repairs and maintenance, etc.
・Surplus distributions per unit are calculated in accordance with the policies stipulated in
CRE REIT’s Articles of Incorporation as well as the asset management guidelines provided
in the asset management company’s internal rules.
・It is assumed that there will be no specific possibility of significant deterioration in theeconomic environment, the real estate market conditions or CRE REIT’s financial condition.
・While CRE REIT has a policy of continuously implementing surplus distribution for eachfiscal period, in principle, with an amount equivalent to 30% of depreciation as abenchmark, CRE REIT has decided to implement this policy flexibly to level distributio ns
within the range equivalent to 30% of depreciation.
・In addition, in cases where distributions per unit are expected to decline temporarily to acertain extent due to the dilution of the investment unit value or a significant financial
burden as a result of the procurement of funds through the issuance of new investment units
or for other reasons, CRE REIT may implement a temporary surplus distribution, in addition
to the continuous surplus distributions, with a view to standardizing the amount of
distributions per unit. However, this amount shall not exceed the amount equivalent to 60%
of depreciation for the relevant fiscal period, including the continuous surplus distributions.
・The amount of surplus distributions (return of contributions) may change due to factors
such as the economic environment, trends in the real estate market, the situation surrounding
owned assets, and financial conditions, and the surplus distribution (return of contributions)
may not be implemented as a result.
・It is assumed that there will be no change in legislation, taxation, accounting standards,
listing regulations imposed by the Tokyo Stock Exchange, rules and requirements imposedby The Investment Trusts Association, Japan, etc., that will impact the aforem entioned
forecasts.
・It is assumed that there will be no unforeseen material changes in general economic trends,
real estate market conditions, etc.

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States

5[Attachment 2] <Reference>
Estimate of Temporary Factors - Adjusted Income (Stabilized Forecasts after the Fifth PO)
Forecasts for the fiscal
period ending June 30, 2022
(Revised today)

Temporary factors - adjusted
estimates(Stabilized forecasts after theFifth PO)

Operating revenue (Million yen)

3,822

3,826

Operating income (Million yen)

2,092

2,102

Ordinary income (Million yen)

1,800

1,811

Net income (Million yen)

1,799

1,810

3,529

3,547

3,187

3,205

342

342

Distributions per unit
(including surplus distributions) (Yen)Distributions per unit
(excluding surplus distributions) (Yen)

Surplus distributions per unit (Yen)Assumptions Underlying Estimate of Temporary Factors - Adjusted Income
Income adjusted for temporary factors ("Temporary Factors - Adjusted Income") is estimated based on
results forecasts for the fiscal period ending June 30, 2022, revised today, mainly under the following
assumptions.
・Two lease contracts will expire during the fiscal period ending June 30, 2022, but one of them has been recontracted with the existing tenant at almost the same level as the current rent, and the other at an increase
compared to the current rent, and it is assumed that operating revenue and real estate leasing expenses linked
to operating revenue will increase over the full period.
・Although 8 million yen in other operating expenses is recognized as a temporary expense in the fiscal period
ending June 30, 2022, it is assumed that this expense will not be incurred.
・It is assumed that the asset management fee will increase by 0 million yen in conjunction with the increasein net income before income taxes and net income per unit in the event that the above items occur.
・It is assumed that revenues and expenses other than the above will become the same amounts as in theoperating results forecast for the fiscal period ending June 30, 2022.
The estimate of Temporary Factors - Adjusted Income above neither aims to estimate income for a certain
fiscal period nor has meaning as a forecast of income for a certain fiscal period. The estimate of Temporary
Factors - Adjusted Income is not an indicator stipulated by corporate accounting standards generally accepted
as fair and appropriate in Japan (“Japan GAAP”) and should not be considered as an alternative indicator forother indicators that are shown according to Japan GAAP. In addition, distributions per unit adjusted for
temporary factors do not guarantee the existence of distributions in the future and their amount in any se nse.
Note that actual income, etc. in the fiscal period ending June 30, 2022 and any other certain fiscal period may
differ materially from the estimated figures stated above.

Disclaimer: This press release is intended to disclose to the public the revision of forecasts of operating results of CRE REIT for theperiod ending December 31, 2021 and the period ending June 30, 2022, and is not an offer to sell or a solicitation of any
offer to buy the securities of CRE REIT in the United States or elsewhere. Any investment decision should be made based
upon your own judgement. This press release does not constitute an offer of securities in the United States of America. The
investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the “SecuritiesAct”). The investment units may not be offered or sold in the United States absent registration or an exemption fromregistration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the
United States

6