15th Fiscal Period
Asset Management Report

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

From: August 1, 2023
To: January 31, 2024

I.

To Our Unitholders
Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) has ended its 15th fiscal period in January 2024 with smooth sailing, and has
continuously increased revenue, increased profit, and increased distributions since its listing up to the 15th fiscal period.
I would like to convey my sincere appreciation to you, our unitholders, for your continued support of MFLP-REIT.
The Japanese economy, while impacted by the sluggish pace of recovery of the global economy, is recovering at a gentle pace, withgrowth being observed in exports and corporate activity. On the other hand, it is still necessary to pay attention to factors that may
impact the economic climate, such as the issue of labor shortage in the labor market as well as the transition to a inflationary
environment and the progression of the depreciating yen.
The leasing market for logistics facilities has maintained stable rents and a low vacancy rate because of the solid supply-demandbalance in recent years. Demand is expected to continue rising, mainly for advanced logistics facilities, against a backdrop of the
expansion in the third-party logistics operators segment and the e-commerce market. The funding environment has also remained
favorable due to the current monetary easing policy.
Under such circumstances, in managing MFLP-REIT’s assets, we aim to maximize MFLP-REIT’s unitholder value throughfinancial and cash management that focuses on stability and efficiency, and to establish a high-quality portfolio by taking advantageof Mitsui Fudosan’s business platform in the logistics facilities business, such as its property pipelines and client network.
We are grateful for the continued support and guidance of all our unitholders.

-2-II. Asset Management Report
1. Overview of Asset Management(1) Management and other performance highlights of the investment corporation
15th period
14th period
13th period
12th period
11th period(From August 1, (From February (From August 1, (From February (From August 1,
2023 to January 1, 2023 to July 2022 to January 1, 2022 to July 2021 to January
31, 2024)
31, 2023)
31, 2023)
31, 2022)
31, 2022)

Fiscal period(millions of yen)

11,845

11,478

10,96010,607

9,502(millions of yen)

[11,845][11,478][10,960][10,607][9,502](millions of yen)

7,106

6,874

6,455

6,148

5,531

(millions of yen)

[5,849][5,652][5,271][5,011][4,506]

Operating income(millions of yen)

4,738

4,604

4,504

4,459

3,971

Ordinary income(millions of yen)

4,407

4,261

4,206

4,166

3,742

Net income(millions of yen)

4,405

4,260

4,205

4,165

3,741

Total assets(millions of yen)

361,107350,013336,551

339,016

294,411

(%)

[3.2]

[4.0]

[(0.7)][15.2][(0.6)](millions of yen)

217,781203,652

204,230

204,837

187,013

(%)

[6.9]

[(0.3)][(0.3)][9.5][(0.3)](millions of yen)

131,300

135,200

120,700

123,900

97,400(millions of yen)

213,374

199,391

200,025

200,671

183,272(units)608,000

576,000

576,000

576,000

542,000

Net assets per unit

(yen)

358,192

353,562354,567

355,619

345,043

Net income per unit (Note 3)

(yen)

7,264

7,396

7,300

7,233

6,902

Total amount of distributions(millions of yen)

5,409

5,071

4,838

4,811

4,279

(yen)

8,898

8,804

8,401

8,353

7,895

(yen)

[7,247][7,396][7,301][7,231][6,902]

(yen)

[37]

[11]

[–]

[–]

[–]

(yen)

[1,614][1,397][1,100][1,122]

[993]

(%)

1.2

1.2

1.2

1.3

1.3

[Annualized]

(%)

[2.5]

[2.5]

[2.5]

[2.7]

[2.5]

Return on equity (Note 4)

(%)

2.1

2.1

2.1

2.1

2.0

[Annualized]

(%)

[4.1]

[4.2]

[4.1]

[4.3]

[4.0]

Equity ratio at end of period(Note 4)

(%)

60.3

58.2

60.7

60.4

63.5

[2.1]

[(2.5)][0.3][(3.1)]

[0.2]

(%)

100.0

100.0

100.0

100.0

100.0

(days)

184

181

184

181

184

(properties)

27

25

24

24

21

(%)

99.8

99.8

99.8

99.9

100.0

(millions of yen)

3,108

2,984

2,707

2,708

2,372

(millions of yen)

168

194

227

128

338

(millions of yen)

9,104

8,810

8,396

8,304

7,369

(millions of yen)

7,514

7,244

6,913

6,873

6,113

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

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

15th period
14th period
13th period
12th period
11th period(From August 1, (From February (From August 1, (From February (From August 1,
2023 to January 1, 2023 to July 2022 to January 1, 2022 to July 2021 to January
31, 2024)
31, 2023)
31, 2023)
31, 2022)
31, 2022)

Fiscal period
FFO per unit (Note 4)(yen)

12,35912,57812,002

11,933

11,279Ratio of interest-bearing debt tototal assets at end of period(LTV ratio) (Note 4)

(%)

36.4

38.6

35.9

36.5

33.1

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

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

Return on equity

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

Equity ratio at end of period

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

Payout ratio

Distribution per unit (excluding distribution in excess of retained earnings) ÷ Net income per unit × 100(rounded to the first decimal place)
Payout ratios for the 12th fiscal period and the 15th fiscal period are calculated by the following formula,because new investment units were issued.
Total amount of distribution (excluding distribution in excess of retained earnings) ÷ Net income × 100

Net operating income (NOI)
from property leasing

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

Funds from operations (FFO)

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

FFO per unit

FFO ÷ Total number of investment units issued and outstanding

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

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

-4-(2) Developments in management of assets in the fiscal period under reviewi) Brief history of the investment corporation
Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), a Japanese real estate investment corporation, was established on March 4,2016 under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, including subsequent
amendments; the “Investment Trust Act”), by Mitsui Fudosan Logistics REIT Management Co., Ltd. (the “Asset Management
Company”) as the organizer, and listed on the Real Estate Investment Trust Securities Market (J-REIT section) of Tokyo Stock
Exchange, Inc. (“Tokyo Stock Exchange”) on August 2, 2016 (Securities Code: 3471). MFLP-REIT held assets totaling 27
properties amounting to a total acquisition price of ¥372.4 billion as at the end of the fiscal period under review.
ii) Investment environment and management performance
Looking at the Japanese economy, while being impacted by the sluggish pace of recovery of the global economy, its growth inexports and corporate activity has contributed to a gentle recovery. However, a shortage of labor is posing a challenges in the labormarket. In addition, inflationary pressure is rising slightly, and while the novel coronavirus disease (COVID-19) has been
reclassified as a Class V infectious disease, it is still necessary to pay attention to factors that may impact the economic climate.
In the logistics market, we are seeing continued expansion of the 3PL business (Note) specializing in outsourced logistics services,and demand for e-commerce has continued at a high level. On the other hand, we now face the so-called 2024 Problem that relates
to the introduction of upper limits on overtime hours for work related to driving vehicles, which will take effect from April 1, 2024
in accordance with the “Act on the Arrangement of Related Acts to Promote Work Style Reform.” In addition, a move aimed atstreamlining logistics operations and rebuilding supply chains also continues in all business fields such as manufacturers andretailers. While the uncertain situation largely due to inflation such as escalating resource prices resulting from the situation in
Ukraine and the weaker yen, and the fluctuation of long-term interest rates in major countries deserves continued attention, thedemand for leading-edge logistics facilities is expected to continue to increase.
Under such circumstances, upholding a basic policy of pursuing maximization of unitholder value by achieving sustainable growththrough formation of a strategic partnership in the logistics facilities business with Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”),
MFLP-REIT has conducted steady management of the 27 properties held as at the end of the fiscal period under review (totalacquisition price of ¥372.4 billion) to maintain an excellent occupancy rate of 99.8% for the entire portfolio as at the end of the
fiscal period under review.
MFLP-REIT is promoting initiatives for ESG. In line with the “ESG (Environment, Society, Governance) Policy” of the AssetManagement Company, MFLP-REIT is promoting initiatives for ESG. These include efforts to reduce environmental burden
through its operations, such as operations of logistics facilities and efforts to contribute to local communities, employees and otherstakeholders.
(Note)“3PL business” refers to the third-party logistics business (business of providing logistics services to client companies outsourcing part or all of
their supply chain management functions).

iii) Overview of financing
In the fiscal period under review, MFLP-REIT executed debt financing of ¥2,000 million (long-term loans payable) in September
2023 and ¥2,000 million (long-term loans payable) in December 2023 to repay long-term loans payable; ¥4,500 million (short-termloans payable) in October 2023 to pay out distributions; and ¥2,000 million (short-term loans payable) in August 2023, ¥2,000
million (short-term loans payable) in September 2023, ¥2,000 million (short-term loans payable) in October 2023, and ¥600 million(short-term loans payable) in November 2023 to repay short-term loans payable; and executed repayments in the fiscal period underreview of a total of ¥19,000 million (short-term loans payable of ¥15,000 million; long-term loans payable of ¥4,000 million) using
funds from part of borrowing and internal reserve arising from depreciation, etc. As a result, at the end of the fiscal period underreview, the balance of interest-bearing debt was ¥131,300 million (short-term loans payable of ¥600 million; current portion of
long-term loans payable of ¥9,600 million; investment corporation bonds of ¥5,000 million; long-term loans payable of ¥116,100
million) and the ratio of interest-bearing debt to total assets (LTV ratio) was 36.4%.
The following is the rating obtained by MFLP-REIT as at the end of the fiscal period under review.
Credit rating agency

Rating details

OutlookJapan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating: AA

Stable-5-iv) Summary of business performance and distributions
Through the management described above, business performance for the fiscal period under review resulted in operating revenuesof ¥11,845 million, operating income of ¥4,738 million, ordinary income of ¥4,407 million, and net income of ¥4,405 million.
In accordance with the distribution policy as defined in the Articles of Incorporation of MFLP-REIT, distributions for the fiscal
period under review shall be subject to application of special provisions for taxation of investment corporations (Article 67-15 of
the Act on Special Measures Concerning Taxation). Based on this, MFLP-REIT declared the distribution of ¥4,406,176,000, whichis the integral multiple of the total number of investment units issued and outstanding (608,000 units) of unappropriated retained
earnings. Accordingly, MFLP-REIT declared distribution of earnings per unit of ¥7,247.
In addition, in accordance with the distribution policy as defined in the Articles of Incorporation, MFLP-REIT shall execute
distributions of cash in excess of retained earnings each fiscal period on a continuous basis in principle (Note 1). Based on this,
MFLP-REIT declared the distribution of ¥1,003 million, which is the amount almost equivalent to the remaining amount after
subtracting the distribution of earnings of ¥4,406 million from ¥5,410 million or 72% of FFO (Note 2), as return of capital applicable
to distribution reducing unitholders’ capital for tax purposes and allowance for temporary difference adjustment. Accordingly,
MFLP-REIT declared distribution in excess of retained earnings per unit of ¥1,651.
(Note 1) In addition to the continuous distributions in excess of retained earnings, in cases where the distribution amount for distribution per unit is expected
to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., atemporary distribution in excess of retained earnings may be executed by MFLP-REIT in order to standardize the amount of the distribution per
unit.
However, from the perspective of continuing to maintain owned assets for a long period of time, in cases where the above distribution of cash is
executed, and where the amount equal to the equivalent of depreciation and amortization for the applicable operating period minus the amount of
the distribution in excess of retained earnings for the applicable operating period falls below the standard amount of capital for building maintenance(Note 3), the distribution in excess of retained earnings will be decreased by a maximum amount that the distribution amount does not fall below
the total equivalent of the distribution of earnings, and this may lead to cases where distribution in excess of retained earnings will not be executed.
In addition, from the perspective of continuing stable financial management, distributions in excess of retained earnings will not be executed incases where the appraisal LTV ratio (Note 4) exceeds 60% in the event that the above distribution of cash is executed.
(Note 2) “FFO” is an acronym for funds from operations and refers to the figure calculated by adding depreciation and amortization of rental properties forthe applicable operating period and loss on retirement of non-current assets to net income (excluding gain (loss) on sales of real estate properties,etc.).
(Note 3) “Standard amount of capital for building maintenance” refers to the amount that results by multiplying the six-month-equivalent amount of the 12year-average amount of the amount equivalent to the capital expenditure amount noted in the Building Condition Evaluation Report by two.
(Note 4) Appraisal LTV ratio (%) = A/B × 100 (%)
A = Total interest-bearing debt on the applicable accounts settlement date
B = Total assets on the balance sheets on the applicable accounts settlement date – Amount of book value after depreciation of owned real estateon the applicable accounts settlement date + Appraisal value of owned real estate on the applicable accounts settlement date-6-

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

Date

Description

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

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

Remarks

Balance

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

379,000(259)

106,822(Note 2)February 3, 2020

Capital increase throughpublic offering

59,000438,000

28,289135,111(Note 3)February 27, 2020

Capital increase throughthird-party allotment

3,000

441,000

1,438

136,549(Note 4)

April 23, 2020

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

441,000(257)

136,292(Note 5)October 5, 2020

Capital increase throughpublic offering

96,190537,190

45,922

182,214(Note 6)

October 19, 2020

Capital increase throughthird-party allotment

4,810

542,000

2,296

184,510(Note 7)―542,000(342)

184,168(Note 8)―542,000(368)

183,800(Note 9)Distribution of cash in
October 12, 2021 excess of retained earnings(return of capital)―

542,000(527)

183,272 (Note 10)

February 1, 2022

Capital increase throughpublic offering

32,380574,380

17,082200,355 (Note 11)

February 24, 2022

Capital increase throughthird-party allotment

1,620

576,000854

201,209 (Note 12)

April 22, 2022

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

576,000(538)

200,671 (Note 13)

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

576,000(646)

200,025 (Note 14)

April 21, 2023

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

576,000(633)

199,391 (Note 15)

August 9, 2023

Capital increase throughpublic offering

30,470606,470

14,086

213,478 (Note 16)

August 23, 2023

Capital increase throughthird-party allotment

1,530

608,000

707

214,185 (Note 17)

Distribution of cash in
October 12, 2023 excess of retained earnings(return of capital)―

608,000(804)

213,381 (Note 18)

Distribution of cash inexcess of retained
October 21, 2020
earnings (return ofcapital)Distribution of cash in
April 22, 2021 excess of retained earnings(return of capital)

-7-

Date

Description

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

April 19, 2024

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

Balance
608,000

Unitholders’ capital, net(millions of yen)
(Note 1)
Increase(Decrease)(981)

Remarks

Balance
212,399 (Note 19)(Note 1) “Unitholders’ capital, net” is the amount of “Unitholders’ capital” less “Deduction from unitholders’ capital.” It does not take into account the
deduction from unitholders’ capital arising from the implementation of distributions in excess of earnings related to allowance for temporary
difference adjustments.
(Note 2) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 13, 2019, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥685 per unit was declared as distribution of cash forthe 6th fiscal period (fiscal period ended July 31, 2019), the payout of which commenced on October 15, 2019.
(Note 3) New investment units were issued through public offering at an issue price of ¥495,747 (paid-in amount of ¥479,476) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 4) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥479,476 per unit.
(Note 5) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 13, 2020, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥679 per unit was declared as distribution of cash forthe 7th fiscal period (fiscal period ended January 31, 2020), the payout of which commenced on April 23, 2020.
(Note 6) New investment units were issued through public offering at an issue price of ¥493,350 (paid-in amount of ¥477,411) per unit mainly for the purposeof procuring funds for acquisition of new properties.
(Note 7) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥477,411 per unit.
(Note 8) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 16, 2020, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥777 per unit was declared as distribution of cash forthe 8th fiscal period (fiscal period ended July 31, 2020), the payout of which commenced on October 21, 2020.
(Note 9) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 12, 2021, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥679 per unit was declared as distribution of cash forthe 9th fiscal period (fiscal period ended January 31, 2021), the payout of which commenced on April 22, 2021.
(Note 10) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2021, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥974 per unit was declared as distribution of cash forthe 10th fiscal period (fiscal period ended July 31, 2021), the payout of which commenced on October 12, 2021.
(Note 11) New investment units were issued through public offering at an issue price of ¥545,190 (paid-in amount of ¥527,576) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 12) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥527,576 per unit.
(Note 13) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 15, 2022, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥993 per unit was declared as distribution of cash forthe 11th fiscal period (fiscal period ended January 31, 2022), the payout of which commenced on April 22, 2022.
(Note 14) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2022, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥1,122 per unit was declared as distribution of cash forthe 12th fiscal period (fiscal period ended July 31, 2022), the payout of which commenced on October 21, 2022.
(Note 15) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 14, 2023, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥1,100 per unit was declared as distribution of cash forthe 13th fiscal period (fiscal period ended January 31, 2023), the payout of which commenced on April 21, 2023.
(Note 16) New investment units were issued through public offering at an issue price of ¥477,750 (paid-in amount of ¥462,315) per unit mainly for the
purpose of procuring funds for acquisition of new properties.
(Note 17) Accompanying the public offering, new investment units were issued through third-party allotment at a paid-in amount of ¥462,315 per unit.
(Note 18) By resolution of the Board of Directors of MFLP-REIT at its meeting held on September 14, 2023, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥1,397 per unit was declared as distribution of cash forthe 14th fiscal period (fiscal period ended July 31, 2023), the payout of which commenced on October 12, 2023.
(Note 19) By resolution of the Board of Directors of MFLP-REIT at its meeting held on March 14, 2024, distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes) of ¥1,614 per unit was declared as distribution of cash forthe 15th fiscal period (fiscal period ended January 31, 2024), the payout of which commenced on April 19, 2024.

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

-8-

Fiscal period

15th period(From August 1,
2023
to January 31,
2024)

14th period(From February 1,
2023
to July 31, 2023)

13th period(From August 1,
2022
to January 31,
2023)

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

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

Highest (yen)502,000

532,000

550,000

590,000

652,000

Lowest (yen)439,500

439,500

440,000

487,500

560,000-9-

(4) Distribution
The following is the distribution, etc. performance up to the fiscal period under review.
15th period
14th period
13th period
12th period
11th period(From August 1, (From February (From August 1, (From February (From August 1,
2023
1, 20232022
1, 20222021
to January 31,
to July 31,
to January 31,
to July 31,
to January 31,
2024)
2023)
2023)
2022)
2022)

Fiscal period
Total amount of
unappropriated retained
earnings
Retained earnings
Total amount of distributionof cash[Distribution per unit]
Of which: Total amount of
distribution of earnings[Distribution of earnings perunit]
Of which: Total amount ofreturn of capital[Return of capital per unit]
Of total amount of return ofcapital: Total amount of
distribution from allowancefor temporary difference
adjustment[Of return of capital per unit:
Distribution from allowancefor temporary difference
adjustment per unit]
Of total amount of return ofcapital: Total amount of
distribution from distribution
reducing unitholders’ capitalfor tax purposes[Of return of capital per unit:
Distribution from distribution
reducing unitholders’ capitalfor tax purposes](Note)(thousandsof yen)4,406,357

4,260,455

4,205,480

4,165,308

3,741,033

181

359

104

252

149

5,409,984

5,071,104

4,838,976

4,811,328

4,279,090(yen)[8,898][8,804][8,401][8,353][7,895](thousandsof yen)4,406,176

4,260,096

4,205,376

4,165,056

3,740,884(yen)[7,247][7,396][7,301][7,231][6,902](thousandsof yen)1,003,808

811,008

633,600

646,272

538,206(yen)[1,651][1,408][1,100][1,122][993](thousandsof yen)22,496

6,336

―

―

―

(yen)

[37]

[11]

―

―

―

(thousandsof yen)981,312804,672

633,600

646,272

538,206(yen)[1,614][1,397][1,100][1,122][993](thousandsof yen)(thousandsof yen)For a summary of MFLP-REIT’s distribution policy and distributions for the fiscal period under review, please refer to “(2) Developments inmanagement of assets in the fiscal period under review; iv) Summary of business performance and distributions” presented earlier in this document.

- 10 -

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

ii) Internal growth strategy“Stable management utilizing the Platform (business foundation) and client network of the Mitsui Fudosan Group”
MFLP-REIT aims for stable management by utilizing the Platform (business foundation) and client network that the Mitsui FudosanGroup has developed over years as a comprehensive real estate company.
iii) Financial strategy“Financial and cash management with an emphasis on stability and efficiency”
MFLP-REIT will manage its finances stably, including funds raised through the issuance of new investment units and borrowings,
and at the same time it will aim to secure both stable distribution levels and efficient cash management for distributions throughcontinuous distributions in excess of retained earnings (return of capital) based on cash flow (FFO).

- 11 -

(6) Significant subsequent eventsi) Acquisitions of properties
On July 31, 2023, MFLP-REIT concluded an agreement for sale and purchase of trust beneficiary interest with the seller of each of
the following assets. Based on the agreements for sale and purchase of trust beneficiary interest, MFLP-REIT acquired the trust
beneficiary interests for MFLP Hiratsuka III, MFLP Shinkiba I and SG Realty MFLP Fukuoka Kasuya on February 1, 2024 (threeproperties, total acquisition price of ¥17,390 million).
Category

Logistics facilities

Property no.

Property nameLocation

Acquisition price(millions of yen)
(Note 1)

Acquisition date

L-26

MFLP Hiratsuka
III

Hiratsuka-shi,
Kanagawa

8,410

February 1, 2024

L-27

MFLP Shinkiba I

Koto-ku, Tokyo

5,940

February 1, 2024

L-28

SG Realty MFLP
Fukuoka Kasuya(Note 2)

Kasuya-machi,
Kasuya-gun,
Fukuoka

3,040(Co-ownership
50%)

February 1, 2024

(Note 1) “Acquisition price” is the purchase price of each trust beneficiary interest as set forth in each agreement for sale and purchase of trust beneficiaryinterest for the acquired assets (excluding consumption tax and local consumption tax or the various costs required in the acquisition), rounded
down to the nearest million yen.
(Note 2) For “SG Realty MFLP Fukuoka Kasuya,” the acquisition price is the prorated figure equivalent to the co-ownership (50%) in the property acquiredby MFLP-REIT.

On February 16, 2024, MFLP-REIT concluded an agreement for sale and purchase of trust beneficiary interest with the seller ofthe following asset. Based on the agreement for sale and purchase of trust beneficiary interest, MFLP-REIT acquired the asset on
March 15, 2024.
Category

Logistics facilities(Note)

Property no.

Property nameLocation

Acquisition price(millions of yen)
(Note)

Acquisition date

L-24

MFLP Tomei
Ayase

Ayase-shi,
Kanagawa

9,920(Additional
acquisition of coownership 50%)

March 15, 2024

“Acquisition price” is the purchase price of the trust beneficiary interest as set forth in the agreement for sale and purchase of trust beneficiaryinterest for the acquired asset (excluding consumption tax and local consumption tax or the various costs required in the acquisition), rounded
down to the nearest million yen. In addition, the acquisition price is the prorated figure equivalent to the co-ownership (50%) in the property
acquired by MFLP-REIT.

ii) Borrowing of funds
MFLP-REIT has borrowed the following funds to apply to part of the acquisition funds and related expenses for the real estate trust
beneficiary interests in the above “i) Acquisitions of properties.”(A)

Short-term loans payable
LenderBorrowingamount(millions ofyen)Interest rate

Drawdown
date

Repayment
date

Repayment
methodCollateral

3,100

Base rate+0.035%(Note 1)February 1, 2024 February 19, 2024 Bullet repayment

UnsecuredNon-guaranteed

The Bank of Fukuoka, Ltd.

900

Base rate+0.05%(Note 2)February 1, 2024

May 1, 2024

Bullet repayment

UnsecuredNon-guaranteed

Total borrowing amount

4,000

―

―

―

―

―

Mizuho Bank, Ltd.

(Note 1) The interest payment date is the repayment date. The base rate is calculated by daily linear interpolation of the JBA 1-week yen TIBOR and theJBA 1-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date.
(Note 2) The interest payment date is the repayment date. The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two
business days prior to the drawdown date. Please refer to the JBA TIBOR Administration website (https://www.jbatibor.or.jp/rate/) (in Japanese)
for JBA yen TIBOR.

- 12 -

(B)Long-term loans
LenderBorrowingamount(millions ofyen)Interest rate

Drawdown
date

Repayment
date(Note 6)

Repayment
methodCollateral

MUFG Bank, Ltd.
(Green Loan)

1,200

0.52125%(Note 2)February 1, 2024

February 1, 2027

Bullet repayment

UnsecuredNon-guaranteed

Sumitomo Mitsui Trust Bank,
Limited(Green Loan)

1,200

0.6225%(Note 2)February 1, 2024

February 1, 2028

Bullet repayment

UnsecuredNon-guaranteed

Daishi Hokuetsu Bank, Ltd.
(Sustainability Linked Loan)(Note 1)1,000

The Keiyo Bank, Ltd.
(Sustainability Linked Loan)(Note 1)0.9888%(Notes 2, 3)

February 1, 2024

February 3, 2031

Bullet repayment

UnsecuredNon-guaranteed

500

Sumitomo Mitsui Banking
Corporation(Sustainability Linked Loan)(Note 1)

1,700

Bullet repayment

UnsecuredNon-guaranteed

The Joyo Bank, Ltd.
(Sustainability Linked Loan)(Note 1)

1,000

Bullet repayment

UnsecuredNon-guaranteed

The Bank of Fukuoka, Ltd.
(Green Loan)

1,000

Base rate+0.2%(Note 5)

Bullet repayment

UnsecuredNon-guaranteed

The Hachijuni Bank, Ltd.
(Green Loan)

1,000

Base rate+0.2125%(Note 5)February 1, 2024

August 2, 2032

Bullet repayment

UnsecuredNon-guaranteed

The Norinchukin Bank
(Sustainability Linked Loan)(Note 1)1,000

1.2275%(Notes 2, 4)

February 1, 2024

February 1, 2033

Bullet repayment

UnsecuredNon-guaranteed

Resona Bank, Limited(Sustainability Linked Loan)(Note 1)1,500

Base rate+0.2375%(Note 5)

Bullet repayment

UnsecuredNon-guaranteed

The Yamagata Bank, Ltd.
(Sustainability Linked Loan)(Note 1)700

1.2756%(Notes 2, 4)

Bullet repayment

UnsecuredNon-guaranteed

Mizuho Bank, Ltd.
(Sustainability Linked Loan)(Note 1)1,200

1.3238%(Notes 2, 4)

Bullet repayment

UnsecuredNon-guaranteed

The Iyo Bank, Ltd.
(Green Loan)

1,000

Base rate+0.25%(Note 5)

Bullet repayment

UnsecuredNon-guaranteed

Total borrowing amount

14,000

―

―

―

1.13%
(Notes 2, 4)
February 1, 2024

February 1, 2024

February 1, 2024―

February 2, 2032

August 1, 2033

February 1, 2034―

(Note 1) Since the borrowing is scheduled to be financed by a Sustainability Linked Loan, the interest rate from the timing of the determination to therepayment date will change according to the achievement status of the Sustainability Performance Target (“SPT”) as described in (Note 3) and(Note 4).
(Note 2) Interest rate is fixed until the repayment date. The first interest payment date is the last day of July 2024, and thereafter the interest payment date
will be the last day of January and July until and including the repayment date. (If each interest payment date is not a business day, such interest
payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the preceding business day if suchnext business day falls into the next month.)(Note 3) SPT: 90% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2027 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2028 until the principal repayment
date(i) If emissions intensity is reduced by 90% (Achievement of SPT):
Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved):
Initial interest rate
(Note 4) SPT: 100% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2030 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2031 until the principal repayment
date(i) If emissions intensity is reduced by 100% (Achievement of SPT):
Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved):
Initial interest rate
(Note 5) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date and thestarting date of the interest calculation period. However, even if the interest calculation period is less than three months, the base rate will becalculated using the JBA 3-month yen TIBOR. The first interest payment date is the last day of April 2024, and thereafter the interest payment
date will be the last day of January, April, July and October until and including the repayment date. (If each interest payment date is not a business- 13 -

day, such interest payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the precedingbusiness day if such next business day falls into the next month.) Please refer to the JBA TIBOR Administration website(https://www.jbatibor.or.jp/rate/) (in Japanese) for JBA yen TIBOR.
(Note 6) If each repayment date is not a business day, such repayment date shall be on the next business day. Provided, however, that such repayment dateshall be on the preceding business day if such next business day falls into the next month.

MFLP-REIT has borrowed the following funds to apply to part of the acquisition funds and related expenses for the real estate trust
beneficiary interests in the above “i) Acquisitions of properties.”
BorrowingamountDrawdown
Repayment
Repayment
LenderInterest rate
Collateral(millions of
date
date
methodyen)
MUFG Bank, Ltd.
(Green Loan)

800

0.5225%(Note 2)

March 15, 2024

March 15, 2027

Bullet repayment

UnsecuredNon-guaranteed

Sumitomo Mitsui Trust Bank,
Limited(Green Loan)

800

0.6088%(Note 2)

March 15, 2024

March 15, 2028

Bullet repayment

UnsecuredNon-guaranteed

The Chiba Bank, Ltd.
(Sustainability Linked Loan)(Note 1)1,000

0.9563%(Notes 2, 3)

March 15, 2024

March 17, 2031

Bullet repayment

UnsecuredNon-guaranteed

Sumitomo Mitsui Banking
Corporation(Sustainability Linked Loan)(Note 1)1,400
March 15, 2024

March 15, 2032

Bullet repayment

Shinkin Central Bank
(Sustainability Linked Loan)(Note 1)

1.0975%(Notes 2, 4)

UnsecuredNon-guaranteed

1,500

Resona Bank, Limited(Sustainability Linked Loan)(Note 1)

500

Base rate+0.2125%(Notes 4, 5)September 15,
2032

Bullet repayment

UnsecuredNon-guaranteed

500

Base rate+0.2125%(Note 5)

March 15, 2024

The Hachijuni Bank, Ltd.
(Green Loan)
The Norinchukin Bank
(Sustainability Linked Loan)(Note 1)500

SBI Shinsei Bank, Limited(Sustainability Linked Loan)(Note 1)

1.195%(Notes 2, 4)

March 15, 2024

March 15, 2033

Bullet repayment

UnsecuredNon-guaranteed

1,200

The Yamaguchi Bank, Ltd.
(Green Loan)

1,000

1.2419%(Note 2)

March 15, 2024

September 15,
2033

Bullet repayment

UnsecuredNon-guaranteed

Mizuho Bank, Ltd.
(Sustainability Linked Loan)(Note 1)800

1.2888%(Notes 2, 4)

March 15, 2024

March 15, 2034

Bullet repayment

UnsecuredNon-guaranteed

10,000

―

―

―

―

―

Total borrowing amount(Note 1) Since the borrowing is scheduled to be financed by a Sustainability Linked Loan, the interest rate from the timing of the determination to therepayment date will change according to the achievement status of the SPT as described in (Note 3) and (Note 4).
(Note 2) Interest rate is fixed until the repayment date. The first interest payment date is the last day of July 2024, and thereafter the interest payment date
will be the last day of January and July until and including the repayment date. (If each interest payment date is not a business day, such interest
payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the preceding business day if suchnext business day falls into the next month.)(Note 3) SPT: 90% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of 2027 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2028 until the principal repayment
date(i) If emissions intensity is reduced by 90% (Achievement of SPT):
Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved):
Initial interest rate
(Note 4) SPT: 100% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of 2030 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2031 until the principal repayment
date(i) If emissions intensity is reduced by 100% (Achievement of SPT):
Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved):
Initial interest rate
(Note 5) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date and thestarting date of the interest calculation period. However, even if the interest calculation period is less than three months, the base rate will becalculated using the JBA 3-month yen TIBOR. The first interest payment date is the last day of April 2024, and thereafter the interest payment- 14 -

date will be the last day of January, April, July and October until and including the repayment date. (If each interest payment date is not a businessday, such interest payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the precedingbusiness day if such next business day falls into the next month.) Please refer to the JBA TIBOR Administration website(https://www.jbatibor.or.jp/rate/) (in Japanese) for JBA yen TIBOR.
(Note 6) If each repayment date is not a business day, such repayment date shall be on the next business day. Provided, however, that such repayment dateshall be on the preceding business day if such next business day falls into the next month.

- 15 -

2. Overview of the Investment Corporation(1) Status of investments in capital
15th period(January 31,
2024)

14th period(July 31, 2023)

13th period(January 31,
2023)

12th period(July 31, 2022)

11th period(January 31,
2022)(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Fiscal period
Total number ofinvestment units
authorized
Total number ofinvestment units issued
and outstanding
Unitholders’ capital, net(Note)(units)608,000

576,000

576,000

576,000

542,000(millions ofyen)

213,374

199,391

200,025

200,671

183,272

Number of unitholders(unitholders)

8,424

7,889

8,022

7,847

7,216

(Note)“Unitholders’ capital, net” is the amount of “Unitholders’ capital” less “Deduction from unitholders’ capital.”(2) Major unitholders
Of the unitholders as of January 31, 2024, the following are the top ten unitholders in terms of investment unit-holding ratio.
Number ofinvestment
units owned(units)Number of investment units owned
expressed as a percentage of total
number of investment units issued
and outstanding (%)(Note)

Custody Bank of Japan, Ltd. (trust account)

109,370

17.98

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

99,333

16.33

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

29,5604.86

Mitsui Fudosan Co., Ltd.

28,9004.75

SSBTC Client Omnibus Account13,577

2.23

SMBC Nikko Securities Inc.

13,5692.23

State Street Bank and Trust Company 505103

9,869

1.62

Stichting Pensioenfonds Zorg en Welzijn

9,834

1.61

JP MORGAN CHASE BANK 380072

9,375

1.54

State Street Bank West Client - Treaty 505234

9,333

1.53

332,720

54.71

Name

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

- 16 -

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

Position

Executive director

Name

Key concurrently-held position, etc.

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

Hiroshi Asai

―

3,000

Izuru Goto

Attorney, City-Yuwa Partners

1,800

Eiko Osawa

Representative, Osawa Certified Public Accountant
OfficeCertified Public Accountant
Outside Auditor, EXEO Group, Inc.

1,800

―

14,000Supervisory director

Independent auditor KPMG AZSA LLC(Note 1) As of January 31, 2024, Executive Director Hiroshi Asai owns six MFLP-REIT investment units in his own name. In addition, as of January 31,
2024, Supervisory Directors Izuru Goto and Eiko Osawa do not own MFLP-REIT investment units in their own name or in the name of others.
(Note 2) Supervisory directors may be directors of other corporations other than those stated above, but none of them, including those above, have any
interest in MFLP-REIT.
(Note 3) The amount for the independent auditor represents the amount payable as compensation for the audit of financial statements for 15th period, plus
the compensation for the audit of English financial statements (¥2,200 thousand) and the compensation for issuing comfort letters (¥3,000 thousand).
Furthermore, there is no compensation paid to other firms within the same network as KPMG AZSA LLC.

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

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

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

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

- 17 -

(5) Asset management company, custodian, and general administrators
The following are the asset management company, custodian and general administrators as of January 31, 2024.
Entrustment category

Name

Asset management company

Mitsui Fudosan Logistics REIT Management Co., Ltd.

Custodian

Sumitomo Mitsui Trust Bank, Limited

General administrator (transfer agent)

Sumitomo Mitsui Trust Bank, Limited

General administrator (institutional)

Sumitomo Mitsui Trust Bank, Limited

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

General administrator (tax payment)

Reiwakaikeisha Tax Corporation- 18 -

3. Status of Assets under Management of the Investment Corporation(1) Composition of assets of the investment corporation
15th period(As of January 31, 2024)
Type of asset

Use

Geographic classification(Note 1)14th period(As of July 31, 2023)

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

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

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

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

Tokyo metropolitan area

176,90949.0

164,41147.0

Kansai area

108,44430.0

109,395

31.3

Other areas

40,252

11.1

40,701

11.6

Subtotal

325,60790.2

314,509

89.9

Tokyo metropolitan area

25,783

7.1

26,010

7.4

Kansai area

―

―

―

―

Other areas

―

―

―

―

Subtotal

25,783

7.1

26,010

7.4

Real estate in trust total

351,39197.3

340,519

97.3

Deposits and other assets

9,716

2.7

9,493

2.7

Total assets

361,107100.0

350,013

100.0

Logistics
facilities

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

- 19 -

(2) Major assets held
The following summarizes the assets held by MFLP-REIT as of January 31, 2024.
As a percentage ofBook value
Leasable area
Occupancy rate
Leased area (m²)
total property
Name of real estate, etc. (millions of yen)(m²)(%)
(Note 3)
leasing business(Note 1)
(Note 2)
(Note 4)revenues (%)

Main use

GLP/MFLP Ichikawa
Shiohama(Note 5)

14,48850,81350,813100.0

4.2

Logistics
facilities

MFLP Kuki

11,10967,92567,925100.0

4.1

Logistics
facilities

MFLP Yokohama
Daikoku(Note 5)

9,491

47,93947,939100.0

3.1

Logistics
facilities

MFLP Yashio

8,825

39,692

39,692100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Atsugi

6,941

40,95840,958100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Funabashi
Nishiura

6,266

31,03431,034100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Kashiwa

5,610

31,291

31,291100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Sakai

22,210112,148

112,148

100.0

7.2

Logistics
facilities

MFLP Komaki

7,276

38,80638,806100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Hino(Note 5)

11,71746,80146,801

100.0

3.1

Logistics
facilities

MFLP Hiratsuka

6,499

33,05533,055100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Tsukuba

Existing
Existingbuilding: 37,938 building: 37,938
8,041
Annex building: Annex building:
25,60025,600100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Inazawa

14,591

68,922

68,922100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Atsugi II

12,10848,03248,032100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Fukuoka I

4,770

32,21632,216100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Prologis Park
Kawagoe(Note 5)

14,07456,72353,410

94.2

3.6

Logistics
facilities- 20 -

As a percentage ofBook value
Leasable area
Occupancy rate
Leased area (m²)
total property
Name of real estate, etc. (millions of yen)(m²)(%)
(Note 3)
leasing business(Note 1)
(Note 2)
(Note 4)revenues (%)

Main use

MFLP Hiroshima I

13,614

66,66566,665100.0

4.4

Logistics
facilities

MFLP Ibaraki

56,422

208,811

208,811

100.0

15.9

Logistics
facilities

MFLP Kawaguchi I

17,986

48,11948,119100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Yachiyo
Katsutadai

17,581

69,83069,830100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Osaka I

13,662

43,88043,880100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Hiratsuka II

12,47546,52546,525100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Osaka Katano(Note 7)

16,15067,264

67,264100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Tomei Ayase(Note 5)

9,620

27,07427,074100.0

Not disclosed(Note 6)

Logistics
facilities

MFLP Tokorozawa(Note 7)

4,070

21,72521,725100.0

Not disclosed(Note 6)

Logistics
facilities

MFIP Inzai

11,266

Not disclosed(Note 6)

Not disclosed(Note 6)

Not disclosed(Note 6)

Not disclosed(Note 6)

Industrial realestateMFIP Inzai II

14,51730,90630,906100.0

Not disclosed(Note 6)

Industrial realestateTotal

351,391

Not disclosed(Note 6)

Not disclosed(Note 6)

99.8

100.0

(Note 1) For “Book value,” the amount does not include the amount of construction in progress in trust.
(Note 2) “Leasable area” is the total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable
based on the lease agreement (Excluding lease agreements concerning shops, vending machines, photovoltaic power generation facilities andparking lots. Lease agreements for said buildings hereinafter referred to as “Subject Lease Agreements” in (2) and (3) below. Note that if the Subject
Lease Agreements have been executed as of January 31, 2024, the buildings or rooms for lease that are vacant as of the said date are included in
the Subject Lease Agreements as being under lease even if the move-in or handover date has not occurred on the said date.) or floor plan, etc. forsuch building as of January 31, 2024, and does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities, parking lots, nursery centers and the like. The same shall apply hereinafter in (2).
(Note 3) “Leased area” is the total leased area rounded down to the nearest whole number presented in each Subject Lease Agreement for buildings in eachportfolio asset of MFLP-REIT as of January 31, 2024. If a master lease agreement has been executed for each portfolio asset held by MFLP-REIT
as of January 31, 2024, the total leased area represents the sum total of the area that is actually leased based on the lease agreement signed with
end-tenant rounded down to the nearest whole number. The same shall apply hereinafter in (2).
(Note 4) “Occupancy rate” is the share of the leased area of the buildings in the leasable area for said buildings for each property held by MFLP-REIT as ofJanuary 31, 2024, rounded to the first decimal place. Occupancy rates for the total section are the share of the total leased area of the properties of
the total leasable area of said properties, rounded to the first decimal place.

- 21 -

(Note 5) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino,” “MFLP Prologis Park Kawagoe” and “MFLP Tomei Ayase,”leasable area and leased area are the prorated figures equivalent to the co-ownership interest (quasi co-ownership interest) in each property that
MFLP-REIT holds (50%, 50%, 25%, 50% and 50%, respectively) as of January 31, 2024.
(Note 6) Not disclosed, because consent has not been obtained from the lessee.
(Note 7) The book value for MFLP Osaka Katano and MFLP Tokorozawa includes land leasehold rights in trust.

- 22 -

(3) Real estate assets in portfolio
The following summarizes the assets held by MFLP-REIT as of January 31, 2024.

Name of real estate,
etc.

Location

Form of ownership

Leasable area(m²)
(Note 1)

Appraisal value atBook value
end of period(millions of yen)(millions of yen)
(Note 3)(Note 2)

GLP/MFLP Ichikawa
Real estate trust
1-6-3 Shiohama, Ichikawabeneficiary
Shiohamashi, Chibainterests(Note 4)50,81320,00014,488MFLP Kuki

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

67,925

15,700

11,109MFLP Yokohama
Daikoku(Note 4)43-1 Daikokucho, Tsurumi- Real estate trustku, Yokohama-shi,
beneficiary
Kanagawa
interests

47,93911,3009,491

MFLP Yashio

99-1 Tsubutakita,
Minamiushiroya, Yashioshi, Saitama

Real estate trust
beneficiaryinterests

39,692

12,0008,825

MFLP Atsugi

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

40,958

10,4006,941

MFLP Funabashi
Nishiura

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

Real estate trust
beneficiaryinterests

31,034

8,550

6,266

MFLP Kashiwa

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

Real estate trust
beneficiaryinterests

31,291

8,110

5,610

MFLP Sakai

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

112,148

28,20022,210MFLP Komaki

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

38,806

9,030

7,276

MFLP Hino(Note 4)3-1-2 Asahigaoka, Hinoshi, Tokyo

Real estate trust
beneficiaryinterests

46,801

14,10011,717MFLP Hiratsuka

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

Real estate trust
beneficiaryinterests

33,055

8,390

6,499

MFLP Tsukuba

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

Existing building:
37,938Annex building:
25,60011,3008,041

MFLP Inazawa

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

Real estate trust
beneficiaryinterests

68,922

19,10014,591MFLP Atsugi II

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

48,032

15,60012,108MFLP Fukuoka I

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

Real estate trust
beneficiaryinterests

32,216

6,680

4,770

MFLP Prologis Park
Kawagoe(Note 4)

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

Real estate trust
beneficiaryinterests

56,723

17,85014,074- 23 -Name of real estate,
etc.

Location

Form of ownership

Leasable area(m²)
(Note 1)

Appraisal value atBook value
end of period(millions of yen)(millions of yen)
(Note 3)(Note 2)

MFLP Hiroshima I

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

66,665

16,80013,614

MFLP Ibaraki

4 Saito Akane, Ibaraki-shi,
Osaka

Real estate trust
beneficiaryinterests

208,811

68,90056,422

MFLP Kawaguchi I

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

Real estate trust
beneficiaryinterests

48,11920,60017,986MFLP Yachiyo
Katsutadai

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

69,83019,10017,581MFLP Osaka I

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

43,88014,70013,662

MFLP Hiratsuka II

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

Real estate trust
beneficiaryinterests

46,525

13,70012,475

Real estate trust
beneficiaryinterests

67,264

16,40016,150MFLP Tomei Ayase(Note 4)720-1, Shimohara, Kozono, Real estate trust
Ayase-shi, Kanagawa, and beneficiary
otherinterests

27,074

9,610

9,620

MFLP Tokorozawa(Note 5)308-1, Shodekubo,
Real estate trust
Chikumazawa, Miyoshibeneficiarymachi, Iruma-gun, Saitama,
interests
and other

21,725

4,090

4,070

1,409,797

400,210

325,6078-3702-6 Hoshidakita,
MFLP Osaka Katano
Katano-shi, Osaka, and(Note 5)other 113 lots of land

Logistics facilities subtotal

MFIP Inzai

2-101-14 Izumino, Inzaishi, Chiba

Real estate trust
beneficiaryinterests

Not disclosed(Note 6)

14,30011,266MFIP Inzai II

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

Real estate trust
beneficiaryinterests

30,906

17,50014,517

Industrial real estate subtotal

Not disclosed(Note 6)31,80025,783Total

Not disclosed(Note 6)432,010351,391(Note 1) “Leasable area” is the total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable
based on each Subject Lease Agreement or floor plan, etc. for such building as of January 31, 2024, and does not include the leased area indicatedin the lease agreements concerning shops, vending machines, photovoltaic power generation facilities, parking lots, nursery centers and the like.
(Note 2) “Appraisal value at end of period” is the appraisal value as of the valuation date of January 31, 2024 by real estate appraisers based on the asset
valuation methods and standards set forth in the Articles of Incorporation of MFLP-REIT and the rules and requirements imposed by The Investment
Trusts Association, Japan. The appraisal of each asset held is entrusted to Japan Real Estate Institute, The Tanizawa Sōgō Appraisal Co., Ltd., Daiwa
Real Estate Appraisal Co., Ltd. and CBRE K.K.
(Note 3) For “Book value,” the amount does not include the amount of construction in progress in trust.
(Note 4) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino,” “MFLP Prologis Park Kawagoe,” and “MFLP Tomei Ayase,”leasable area, appraisal value at end of period, and book value at end of period are the prorated figures equivalent to the co-ownership interest(quasi co-ownership interest) in each property that MFLP-REIT holds (50%, 50%, 25%, 50% and 50%, respectively) as of January 31, 2024.

- 24 -

(Note 5) The appraisal value at end of period and the book value for MFLP Osaka Katano and MFLP Tokorozawa include land leasehold rights in trust.
(Note 6) Not disclosed, because consent has not been obtained from the lessee.

- 25 -

The following is the status of leasing of real estate, etc. held by MFLP-REIT.
15th period(From August 1, 2023 to January 31, 2024)

Name of real estate, etc.

Total number of Occupancy ratetenants[at end of[at end of
period]period](%)(Note 1)
(Note 2)14th period(From February 1, 2023 to July 31, 2023)

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

GLP/MFLP Ichikawa
Shiohama (Note 3)

5

100.0

495

4.2

5

100.0

499

4.4

MFLP Kuki

3

100.0

481

4.1

3

100.0

491

4.3

MFLP Yokohama Daikoku(Note 3)

5

100.0

367

3.1

5

100.0

363

3.2

MFLP Yashio

2

100.0

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

100.0

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

MFLP Atsugi

1

100.0

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

100.0

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

MFLP Funabashi Nishiura

1

100.0

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

100.0

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

MFLP Kashiwa

1

100.0

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

100.0

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

MFLP Sakai

7

100.0

7.2

7

100.0

MFLP Komaki

2

100.0

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

100.0

MFLP Hino(Note 3)

17

100.0

17

100.0

MFLP Hiratsuka

Not disclosed(Note 4)100.0

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

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

MFLP Tsukuba

1

100.0

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

100.0

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

MFLP Inazawa

2

100.0

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

100.0

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

MFLP Atsugi II

2

100.0

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

100.0

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

MFLP Fukuoka I

1

100.0

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

100.0

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

MFLP Prologis Park
Kawagoe (Note 3)

9

94.2

420

3.6

10

94.2

434

3.8

MFLP Hiroshima I

4

100.0

518

4.4

4

100.0

511

4.5

MFLP Ibaraki

10

100.0

1,881

15.9

10

100.0

1,835

16.0

MFLP Kawaguchi I

1

100.0

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

100.0

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

MFLP Yachiyo Katsutadai

1

100.0

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

100.0

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

MFLP Osaka I

1

100.0

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

100.0

Not disclosed Not disclosed(Note 4)(Note 4)855

371

- 26 -

3.1

863

7.5

Not disclosed Not disclosed(Note 4)(Note 4)398

3.5

15th period(From August 1, 2023 to January 31, 2024)

Name of real estate, etc.

Total number of Occupancy ratetenants[at end of[at end of
period]period](%)(Note 1)
(Note 2)14th period(From February 1, 2023 to July 31, 2023)

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

2

100.0

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

100.0

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

MFLP Osaka Katano

Not disclosed(Note 4)100.0

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

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

MFLP Tomei Ayase(Note 3)1

100.0

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

―

―

―

―

MFLP Tokorozawa

Not disclosed(Note 4)100.0

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

―

―

―

―

Logistics facilities subtotal

Not disclosed(Note 4)99.8

Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)MFIP Inzai

Not disclosed(Note 4)

MFLP Hiratsuka II

MFIP Inzai II

1

Industrial real estate subtotal

Not disclosed(Note 4)Total

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

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

1

Not disclosed Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)(Note 4)99.8

11,845100.0

Not disclosed(Note 4)99.8

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

Not disclosed Not disclosed(Note 4)(Note 4)Not disclosed Not disclosed Not disclosed(Note 4)(Note 4)(Note 4)99.8

11,478100.0(Note 1) “Total number of tenants” is the total number of the Subject Lease Agreements for buildings in the portfolio assets held by MFLP-REIT as of eachaccounts settlement date. If a master lease agreement has been executed for each portfolio asset held by MFLP-REIT as of each accounts settlement
date, it is the total number of the end-tenants. However, if one lessee enters into a multiple number of the Subject Lease Agreements for the samebuilding of assets held by MFLP-REIT as of each accounts settlement date, the number of tenants is calculated on the assumption that such lessee
is one party.
(Note 2) “Occupancy rate” is the share of the leased area of the buildings in the leasable area for said buildings in the real estate in trust in the Subject Lease
Agreements concluded for each property held by MFLP-REIT as of each accounts settlement date, rounded to the first decimal place. Occupancy
rates for the total section are the share of the total leased area of the properties of the total leasable area of said properties, rounded to the firstdecimal place.
(Note 3) For “GLP/MFLP Ichikawa Shiohama,” “MFLP Yokohama Daikoku,” “MFLP Hino,” “MFLP Prologis Park Kawagoe” and “MFLP Tomei Ayase,”
property leasing business revenues and figures expressed as a percentage of total property leasing business revenues are the prorated figuresequivalent to the co-ownership interest (quasi co-ownership interest) in each property that MFLP-REIT holds as of each accounts settlement date
(50%, 50%, 25%, 50% and 50%, respectively).
(Note 4) Not disclosed, because consent has not been obtained from the lessee.

(4) Schedule of renewable energy power generation facilities
Not applicable.
(5) Schedule of rights to operate public facilities, etc.
Not applicable.
(6) Status of other assets
Trust beneficiary interests that have real estate as the main assets in trust, etc. are listed all at once in “(3) Real estate assets in
portfolio” presented earlier in this document, and there are no main specified assets invested by MFLP-REIT other than those listed
there in the portfolio as of January 31, 2024.
i) Itemization of investment securities portfolio assets
Not applicable.

- 27 -

ii) Table of status of contract amount, etc. and fair value of specified transactions
Not applicable.
(7) Status of holding of assets by country and region
Not applicable, because there are none in countries and regions other than Japan.

- 28 -

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

Name of real estate,etc.

Planned construction amount(millions of yen)
(Note)
Location

PurposeScheduled timeTotalamountAmountpaid
duringperiodTotalamountalreadypaid

MFLP Kuki

Kuki-shi, Saitama

Installation of LED
lighting

From October 2024
to January 2025

51

―

―

MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

Exterior wall painting,etc. (Section 12)

From March 2024
to June 2024

16

―

―

MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

Coastal protection andrepair work

From March 2024
to June 2024

12

―

―

MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

From July 2024
to December 2024

54

―

―

MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

From August 2024
to December 2024

72

―

―

MFLP Funabashi
Nishiura

Funabashi-shi, Chiba

Exterior wall painting,etc. (Section 13)
Replacement of air
conditioning
equipment and totalheat exchanger
Installation of LED
lighting

From November 2023
to February 2024

38

―

―

MFLP Sakai

Sakai-shi, Osaka

Upgrade ofphotovoltaic power
generation facility

From March 2024
to August 2024

18

―

―

MFLP Hino

Hino-shi, Tokyo

Lighting equipment
installation (Section 1)

From May 2024
to June 2024

37

―

―

MFLP Hino

Hino-shi, Tokyo

From September 2024
to October 2024

37

―

―

MFLP Hino

Hino-shi, Tokyo

Lighting equipment
installation (Section 2)
Full-scale replacementof emergency andguidance lighting
fixtures

From September 2024
to October 2024

10

―

―

MFLP Tsukuba

Tsukubamirai-shi,
IbarakiExterior wall work
(Section 1)

From February 2024
to July 2024

150

―

―

MFLP Tsukuba

Tsukubamirai-shi,
IbarakiFrom August 2024
to December 2024

50

―

―

MFLP Tsukuba

Tsukubamirai-shi,
IbarakiFrom September 2024
to January 2025

94

―

―

MFLP Fukuoka I

Sue-machi, Kasuyagun, Fukuoka

From March 2024
to July 2024

15

―

―

MFLP Hiroshima I

Hiroshima-shi,
Hiroshima

From June 2024
to January 2025

100

―

―

MFLP Ibaraki

Ibaraki-shi, Osaka

Exterior wall work
(Section 2)
LED lighting renewal
and installation of
additional external
lighting
Renewal of industrial
television server
Installation ofphotovoltaic power
generation facility
Upgrade of electricity
metersFrom December 2023
to February 2024

43

―

―

(Note)For “MFLP Yokohama Daikoku” and “MFLP Hino,” each planned construction amount is the prorated figures equivalent to the quasi co-ownershipinterest in each property that MFLP-REIT holds (50% and 25%, respectively).

- 29 -

(2) Capital expenditures during period
The following summarizes the major construction work falling under capital expenditures conducted during the fiscal period underreview for real estate, etc. held by MFLP-REIT. Capital expenditures in the fiscal period under review amounted to ¥168 million
and, other than this, there was ¥153 million in repair expenses categorized as operating expenses in the fiscal period under review.
Name of real estate,
etc.

Location

Purpose

PeriodConstruction amount(millions of yen)
(Note)MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

Exterior wall painting,etc. (Section 11)

From July 2023
to December 2023

49

MFLP Yokohama
Daikoku

Yokohama-shi,
Kanagawa

Lounge renewal work

From August 2023
to September 2023

13

MFLP Ibaraki

Ibaraki-shi, Osaka

Replacement of fire
alarm equipment

From January 2024
to January 2024

10

Other capital expenditures

94
Total

(Note)

168

For “MFLP Yokohama Daikoku,” the construction amount is the prorated figure equivalent to the quasi co-ownership interest in the property that
MFLP-REIT holds (50%).

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

- 30 -

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

15th period(From August 1, 2023
to January 31, 2024)

Asset management fee (Note)

14th period(From February 1, 2023
to July 31, 2023)

1,129,442

1,100,519

Asset custody fee

17,50016,827Administrative service fees

24,014

20,279Directors’ compensations

6,600

6,600

Audit fee

11,00010,000

Other expenses

68,62367,4181,257,180

1,221,644

Total(Note) Other than the amount stated above, there is an asset management fee associated with a property acquisition factored into the bookvalue of the properties (the 14th period: ¥41,250 thousand; the 15th period: ¥34,250 thousand).

- 31 -

Short-term loans(Note 1)Category(2) Debt financing status
The following is the status of loans as of January 31, 2024.

LenderBorrowingdate

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

Maturity
date(Note 3)

Repayment
methodUse

Mizuho Bank, Ltd.

July 19,
2023

2,500

―

―

Aug. 21,
2023

Bulletrepayment(Note 4)

Mizuho Bank, Ltd.
(Note 2)

Oct. 10,
2023

―

―

―

Nov. 17,
2023

Bulletrepayment(Note 4)The Bank of Fukuoka,
Ltd.

Nov. 24,
2023

2,000

600

0.1200Feb. 26,
2024

Bulletrepayment(Note 4)

4,500

600

Sept. 1,
2016

1,500

1,500

0.4213

Sept. 1,
2026

Bulletrepayment(Note 4)

Feb. 4,
2019

1,000

1,000

0.1475

Feb. 5,2024(Note 5)

Bulletrepayment(Note 4)Mar. 2,
2020

1,700

1,700

0.2000Mar. 4,2024(Note 5)

Bulletrepayment(Note 4)Mar. 2,
2020

1,700

1,700

0.3723Mar. 4,2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,500

1,500

0.2829Oct. 6,2027

Bulletrepayment(Note 4)Oct. 6,
2020

1,500

1,500

0.4168Oct. 6,2029

Bulletrepayment(Note 4)Mar. 16,
2021

800

800

0.3743Mar. 16,
2028

Bulletrepayment(Note 4)Mar. 16,
2021

800

800

0.6325Mar. 16,2031

Bulletrepayment(Note 4)

Feb. 2,
2022

700

700

0.3813Feb. 2,2029

Bulletrepayment(Note 4)

Feb. 2,
2022

700

700

0.5538Aug. 4,2031

Bulletrepayment(Note 4)Mar. 15,
2022

800

800

0.5957

Sept. 16,2031

Bulletrepayment(Note 4)

Sept. 1,
2022

2,000

2,000

Base rate+0.3300(Note 6)

Sept. 1,
2033

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

0.5000Feb. 1,
2027

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)

Feb. 6,
2023

500

500

0.5000Feb. 1,
2027

Bulletrepayment(Note 4)

Feb. 6,
2023

500

500

1.2363Feb. 1,
2033

Bulletrepayment(Note 4)

Sept. 1,
2016

2,000

―

0.3050

Sept. 1,
2023

Bulletrepayment(Note 4)

Sept. 1,
2016

1,500

1,500

0.3813

Sept. 1,
2025

Bulletrepayment(Note 4)

Feb. 4,
2019

1,500

1,500

0.1475

Feb. 5,2024(Note 5)

Bulletrepayment(Note 4)

SubtotalLong-term loans

Sumitomo Mitsui
Banking Corporation

Sumitomo Mitsui Trust
Bank, Limited- 32 -

Remarks

Unsecured
Nonguaranteed

Unsecured
NonguaranteedCategory

LenderSumitomo Mitsui Trust
Bank, Limited

Long-term loans

Mizuho Bank, Ltd.

Borrowingdate

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

Maturity
date(Note 3)

Repayment
methodUseMar. 2,
2020

800

800

0.1059Mar. 3,2025

Bulletrepayment(Note 4)Mar. 16,
2021

2,000

2,000

0.1950Mar. 16,2026

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.2375

Feb. 2,2027

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

0.5875

Feb. 1,
2027

Bulletrepayment(Note 4)

Sept. 1,
2023

―

2,000

0.5313

Bulletrepayment(Note 4)

Aug. 2,
2016

1,700

1,700

0.2113

Sept. 1,2027
Aug. 2,2024(Note 5)

Bulletrepayment(Note 4)Mar. 15,
2018

900

900

0.4895

Sept. 15,
2027

Bulletrepayment(Note 4)

Feb. 4,
2019

2,000

2,000

0.3687

Aug. 4,2028

Bulletrepayment(Note 4)

Apr. 6,
2020

1,200

1,200

0.4942

Apr. 8,2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.4707

Oct. 7,2030

Bulletrepayment(Note 4)Mar. 16,
2021

1,600

1,600

0.6325Mar. 17,
2031

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Bulletrepayment(Note 4)

Aug. 2,
2022

400

400

0.7488Aug. 2,2032

Feb. 1,
2023

500

500

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)

Feb. 4,
2019

500

500

0.2313Feb. 4,2026

Bulletrepayment(Note 4)

Feb. 5,
2020

800

800

0.2385

Feb. 5,2027

Bulletrepayment(Note 4)

Feb. 5,
2020

800

800

0.4272Feb. 5,2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,300

1,300

0.2829Oct. 6,2027

Bulletrepayment(Note 4)Oct. 6,
2020

1,200

1,200

0.4168Oct. 9,2029

Bulletrepayment(Note 4)Mar. 16,
2021

500

500

0.3743Mar. 16,
2028

Bulletrepayment(Note 4)Mar. 16,
2021

500

500

0.4408Mar. 16,
2029

Bulletrepayment(Note 4)

Feb. 2,
2022

300

300

0.2025

Feb. 2,2026

Bulletrepayment(Note 4)Mar. 31,
2022

500

500

0.2975Mar. 31,2026

Bulletrepayment(Note 4)

Feb. 1,
2023

300

300

0.5375

Feb. 1,
2027

Bulletrepayment(Note 4)

MUFG Bank, Ltd.

- 33 -

Remarks

Unsecured
NonguaranteedCategory

LenderBorrowingdate

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

Maturity
date(Note 3)

Repayment
methodUse

Feb. 6,
2023

1,000

1,000

0.6300Feb. 7,2028

Bulletrepayment(Note 4)Mar. 1,
2023

2,200

2,200

0.6725Mar. 1,
2028

Bulletrepayment(Note 4)

Sept. 1,
2016

600

600

0.3237Mar. 1,
2024(Note 5)

Bulletrepayment(Note 4)

Sept. 1,
2016

700

700

0.3425

Sept. 2,2024
(Note 5)

Bulletrepayment(Note 4)

Feb. 4,
2019

500

500

0.1475

Feb. 5,2024(Note 5)

Bulletrepayment(Note 4)

Apr. 6,
2020

500

500

0.4942

Apr. 8,2030

Bulletrepayment(Note 4)Oct. 6,
2020

2,000

2,000

0.3255Oct. 6,2028

Bulletrepayment(Note 4)Mar. 15,
2022

300

300

0.5957

Sept. 16,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)

Feb. 6,
2023

500

500

1.2363Feb. 7,2033

Bulletrepayment(Note 4)Mar. 15,
2023

300

300

1.1163Feb. 7,2033

Bulletrepayment(Note 4)

Aug. 2,
2016

2,100

2,100

0.3125

Aug. 3,2026

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.4851

Oct. 9,2029

Bulletrepayment(Note 4)

Aug. 2,
2016

1,300

1,300

0.2169Feb. 2,2024(Note 5)

Bulletrepayment(Note 4)Mar. 15,
2018

400

400

0.3563Mar. 14,2025

Bulletrepayment(Note 4)

Feb. 4,
2019

2,000

2,000

0.3988Feb. 5,2029

Bulletrepayment(Note 4)

Apr. 6,
2020

1,800

1,800

0.4942

Apr. 8,2030

Bulletrepayment(Note 4)Oct. 6,
2020

2,000

2,000

0.3255Oct. 6,2028

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.0175

Aug. 1,
2030

Bulletrepayment(Note 4)

Aug. 2,
2016

1,000

1,000

0.3125

Aug. 3,2026

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Aug. 4,
2022

500

500

0.6455

Aug. 4,2031

Bulletrepayment(Note 4)

Remarks

MUFG Bank, Ltd.

Long-term loans

Mizuho Trust & Banking
Co., Ltd.

Development Bank ofJapan Inc.

The Bank of Fukuoka,
Ltd.

Nippon Life Insurance
Company- 34 -

Unsecured
NonguaranteedCategory

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

Maturity
date(Note 3)

Repayment
methodUse

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)1,000

0.2313Feb. 4,2026

Bulletrepayment(Note 4)

1,000

1,000

0.3360Feb. 7,2028

Bulletrepayment(Note 4)Oct. 6,
2020

1,500

1,500

0.3255Oct. 6,2028

Bulletrepayment(Note 4)Mar. 16,
2021

1,000

1,000

0.3464Mar. 16,
2028

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5263Feb. 3,2031

Bulletrepayment(Note 4)

Aug. 4,
2022

500

500

0.4988Aug. 3,2029

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

0.9663Feb. 1,
2030

Bulletrepayment(Note 4)Mar. 15,
2023

600

600

0.9350Mar. 17,
2031

Bulletrepayment(Note 4)Mar. 15,
2018

600

600

0.3319Sept. 13,2024
(Note 5)

Bulletrepayment(Note 4)

Feb. 4,
2019

600

600

0.2313Feb. 4,2026

Bulletrepayment(Note 4)Mar. 2,
2020

900

900

0.3723Mar. 4,2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 4)Mar. 16,
2021

800

800

0.7140Mar. 16,2032

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.5538Aug. 4,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)Mar. 15,
2018

600

600

0.3563Mar. 14,2025

Bulletrepayment(Note 4)

Feb. 4,
2019

600

600

0.2087

Aug. 4,2025

Bulletrepayment(Note 4)Mar. 2,
2020

800

800

0.1836

Mar. 2,2027

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.2629Apr. 6,2027

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.3813Feb. 2,2029

Bulletrepayment(Note 4)

Dec. 3,
2018

2,000

―

0.2375

Dec. 1,
2023

Bulletrepayment(Note 4)

Feb. 4,
2019

1,800

1,800

0.1863Feb. 4,2025

Bulletrepayment(Note 4)

LenderBorrowingdate

Nippon Life Insurance
Company

Feb. 1,
2023

500

500

Feb. 4,
2019

1,000

Feb. 5,
2020

Interest rate(%)

Remarks

Long-term loans

The Norinchukin BankThe Yamaguchi Bank,Ltd.

Mitsui Sumitomo
Insurance Company,
LimitedShinkin Central Bank

- 35 -

Unsecured
NonguaranteedCategory

LenderShinkin Central Bank

Long-term loans

Sumitomo Life
Insurance Company

The Chiba Bank, Ltd.

SBI Shinsei Bank,
LimitedThe 77 Bank, Ltd.

The Yamanashi Chuo
Bank, Ltd.

Borrowingdate

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

Maturity
date(Note 3)

Repayment
methodUse

Feb. 5,
2020

1,600

1,600

0.3809Feb. 5,2029

Bulletrepayment(Note 4)Oct. 6,
2020

2,000

2,000

0.4168Oct. 9,2029

Bulletrepayment(Note 4)Mar. 16,
2021

1,200

1,200

0.5937

Sept. 17,2030

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5263Feb. 3,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.2265

Aug. 2,2032

Bulletrepayment(Note 4)

Dec. 1,
2023

―

2,000

1.1438Dec. 1,
2031

Bulletrepayment(Note 4)

Dec. 3,
2018

1,000

1,000

0.3975

Dec. 3,2026

Bulletrepayment(Note 4)Mar. 2,
2020

800

800

0.2182Mar. 2,2028

Bulletrepayment(Note 4)

Feb. 2,
2022

1,200

1,200

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)

Feb. 4,
2019

1,000

1,000

0.2313Feb. 4,2026

Bulletrepayment(Note 4)Mar. 2,
2020

500

500

0.1836

Mar. 2,2027

Bulletrepayment(Note 4)

Bulletrepayment(Note 4)Mar. 16,
2021

1,000

1,000

0.3464Mar. 16,2028

Feb. 2,
2022

500

500

0.3813Feb. 2,2029

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.0175

Aug. 1,
2030

Bulletrepayment(Note 4)

Feb. 5,
2020

800

800

0.3809Feb. 5,2029

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.4168Oct. 9,2029

Bulletrepayment(Note 4)Mar. 16,
2021

1,000

1,000

0.5937

Sept. 17,2030

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.5538Aug. 4,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)Mar. 2,
2020

900

900

0.3723Mar. 4,2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 4)Mar. 16,
2021

800

800

0.6325Mar. 17,
2031

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.5377

Oct. 7,2030

Bulletrepayment(Note 4)- 36 -

Remarks

Unsecured
NonguaranteedCategory

LenderThe Yamanashi Chuo
Bank, Ltd.

The Chugoku Bank,
Limited

Borrowingdate

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

Maturity
date(Note 3)

Repayment
methodUse

Feb. 2,
2022

800

800

0.5538Aug. 4,2031

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.2829Oct. 6,2027

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.3813Feb. 2,2029

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.2829Oct. 6,2027

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.0175

Aug. 1,
2030

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.3305

Apr. 6,2027

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.5538Aug. 4,2031

Bulletrepayment(Note 4)Oct. 6,
2020

1,000

1,000

0.3305

Apr. 6,2027

Bulletrepayment(Note 4)

Feb. 2,
2022

800

800

0.3813Feb. 2,2029

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

0.9663Feb. 1,
2030

Bulletrepayment(Note 4)Oct. 6,
2020

500

500

0.4707

Oct. 7,2030

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.2265

Aug. 2,2032

Bulletrepayment(Note 4)

Feb. 2,
2022

1,400

1,400

0.5538Aug. 2,2031

Bulletrepayment(Note 4)

Feb. 2,
2022

1,000

1,000

0.5538Aug. 4,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.2265

Aug. 2,2032

Bulletrepayment(Note 4)

Feb. 2,
2022

1,000

1,000

0.5538Aug. 4,2031

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

1.0175

Aug. 1,
2030

Bulletrepayment(Note 4)

Feb. 2,
2022

1,000

1,000

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Feb. 2,
2022

1,000

1,000

0.5813Feb. 2,2032

Bulletrepayment(Note 4)

Feb. 1,
2023

400

400

0.9663Feb. 1,
2030

Bulletrepayment(Note 4)

Feb. 1,
2023

300

300

0.9663Feb. 1,
2030

Bulletrepayment(Note 4)

Feb. 1,
2023

200

200

1.2713Feb. 1,
2033

Bulletrepayment(Note 4)

Feb. 1,
2023

500

500

1.0175

Aug. 1,
2030

Bulletrepayment(Note 4)

125,700

125,700

Remarks

The Joyo Bank, Ltd.

The Hyakugo Bank, Ltd.

Long-term loans

Daishi Hokuetsu Bank,Ltd.

The Bank of Kyoto, Ltd.

Resona Bank, Limited

Momiji Bank, Ltd.

The Keiyo Bank, Ltd.

The Iyo Bank, Ltd.

The Yamagata Bank,
Ltd.

Kiraboshi Bank, Ltd.

The Hachijuni Bank,Ltd.
Subtotal- 37 -

Unsecured
NonguaranteedCategory

Lender

Total

Borrowingdate

Balance atBalance at end
beginning ofof period
period(millions of yen)(millions of yen)
130,200

Interest rate(%)

Maturity
date(Note 3)

Repayment
methodUse

Remarks

126,300(Note 1) In the amounts for short-term loans payable, the most recent interest rate for each contract is presented rounded to the fourth decimal place. In addition,
the most recent borrowing date and most recent maturity limit are stated for those respective items.
(Note 2) A bullet repayment of short-term loans payable of ¥4,500 million borrowed on October 10, 2023 was made on November 17, 2023.
(Note 3) If the “Maturity date” is not a business day, it becomes the following business day.
(Note 4) “Use” of funds is for purchase of real estate or real estate trust beneficiary interests, refinancing of loans, working capital, etc.
(Note 5) The amounts are recorded as the current portion of long-term loans payable under current liabilities on the balance sheets at the end of the fiscal period.
(Note 6) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date and the starting
date of the interest calculation period. However, even if the interest calculation period is less than three months, the base rate will be calculated using
the JBA 3-month yen TIBOR.
Please refer to the JBA TIBOR Administration website (https://www.jbatibor.or.jp/rate/) (in Japanese) for JBA yen TIBOR.
The base rate applied as of January 31, 2024 was 0.07000%.

- 38 -

(3) Status of investment corporation bonds
The following is the status of investment corporation bonds issued as of January 31, 2024.
Balance at Balance at
beginning of end ofInterest rate Maturity Redemption
Issue dateperiodperiodIssue name(%)
date
method(millions of (millions of
yen)
yen)
1st Unsecured Bonds(Sustainability Bonds)

February
12, 2021

3,000

3,000

2nd Unsecured Bonds(Green Bonds)

November25, 2022

2,000

2,000

5,000

5,000

Total

Use

0.500

February
12, 2031

Bulletrepayment(Note 1)

(Note 2)0.820

BulletNovember
repayment
25, 2032(Note 1)

(Note 4)

Remarks
Unsecured
Nonguaranteed(Note 3)
Unsecured
Nonguaranteed(Note 3)(Note 1) Redemption by purchase may be carried out any time on and after the day following the payment date, unless otherwise determined by the depository.
(Note 2) Refinancing funds for the loan needed to acquire specified assets subject to sustainability finance (MFLP Ibaraki and MFLP Kawaguchi I).
“Sustainability finance” refers to certain fund-raising activities carried out through sustainability bonds or sustainability loans with the aim of allocating
funds towards the acquisition of specified assets that are “Eligible Green Assets” and “Eligible Sustainable Assets” (both of which are defined in
MFLP-REIT’s “Sustainability Finance Framework”) and towards refinancing new or existing loans and investment corporation bonds to acquire theseassets.
(Note 3) These include a negative pledge clause and special pari passu conditions among specified investment corporation bonds.
(Note 4) Refinancing funds for the loan needed to acquire specified assets subject to green finance (MFLP Yachiyo Katsutadai, MFLP Osaka I and MFLP
Hiratsuka II).
“Green finance” refers to certain fund-raising activities carried out through green bonds or green loans with the aim of allocating funds towards theacquisition of specified assets that are “Eligible Green Assets” (which are defined in MFLP-REIT’s “Sustainability Finance Framework”) and towards
refinancing new or existing loans and investment corporation bonds to acquire these assets.

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

- 39 -

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

Disposition

Acquisition date

Acquisition
price(millions ofyen) (Note 1)

MFLP Tomei Ayase(Note 2)

August 10, 2023

MFLP Tokorozawa

Name of real estate, etc.

Disposition date

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

Gain (Loss) on
sale(millions of
yen)

9,610

―

―

―

―

August 10, 2023

4,090

―

―

―

―

―

13,700

―

―

―

―

Total

(Note 1) “Acquisition price” is the purchase price of each trust beneficiary interest as set forth in each agreement for sale and purchase of trust beneficiaryinterest for the acquired assets (excluding consumption tax and local consumption tax or the various costs required in the acquisition), rounded down to
the nearest million yen.
(Note 2) For “MFLP Tomei Ayase,” the acquisition price is the prorated figure equivalent to the co-ownership (50%) in the property acquired by MFLP-REIT.

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

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

Appraisalvalue(millions ofyen)

Appraisal company

Date ofvaluation

MFLP Tomei Ayase(Note 3)

August 10,
2023

9,610

9,610

Japan Real Estate
Institute

May 31, 2023

MFLP Tokorozawa

August 10,
2023

4,090

4,090

Japan Real Estate
Institute

May 31, 2023

13,70013,700――Acquisition
Name of real estate,orType of asset
etc.
disposition

Real estate
trust
Acquisition
beneficiaryinterests
Real estate
trust
Acquisition
beneficiaryinterests

Total(Note 1) For transactions requiring appraisal of real estate, etc. of specified assets pursuant to Article 201, Paragraph 1 of the Investment Trust Act, Japan Real
Estate Institute has carried out the appraisal pursuant to “Real Estate Appraisal Standards; Particulars; Chapter 3: Appraisal on Value of Real Estate
Subject to Securitization” and MFLP-REIT has been notified of the appraisal findings.
(Note 2) “Acquisition price” does not include the various costs required in the acquisition of the real estate, etc., property tax, city planning tax, consumption
tax, or local consumption tax.
(Note 3) For “MFLP Tomei Ayase,” the acquisition price and the appraisal value are the prorated figures equivalent to the co-ownership in the property acquiredby MFLP-REIT (50%).

ii)

Other
Not applicable.

- 40 -

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

Amount of purchase, etc.
(thousands of yen)

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

13,700,000―

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

13,700,000 (100.0%)

―

(― %)

13,700,000 (100.0%)

―

(― %)

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

ii)

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

Logistics management fee

285,905

Building management fee

445,470(Note)Breakdown of transactions with interested parties, etc.
Amount paid (B)(thousands of yen)

As a percentage
of total amount(B/A)

Mitsui Fudosan Co., Ltd.

261,465

91.5%

Mitsui Fudosan Facilities Co., Ltd.

197,07444.2%

Mitsui Fudosan Facilities West Co., Ltd.

182,517

41.0%

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

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

Amount(thousands of yen)

Mitsui Fudosan Co., Ltd.

Repairs and related work, etc.

9,943

Mitsui Fudosan Building Management Co., Ltd.

Repairs and related work, etc.

375

Mitsui Fudosan Facilities Co., Ltd.

Repairs and related work, etc.

84,469Mitsui Fudosan Facilities West Co., Ltd.

Repairs and related work, etc.

64,942iv) Leasing transaction, etc.
Leasing transactions with interested parties, etc. are as follows:
Name of lessee

Category

Mitsui Fudosan Co., Ltd.

Rent income, etc.

Rental revenues(thousands of yen)
414,233(5) Status, etc. of transactions with the asset management company pertaining to operations of concurrent business engaged
in by the asset management company
Not applicable, because the asset management company (Mitsui Fudosan Logistics REIT Management Co., Ltd.) does not engage
in any type I financial instruments business, type II financial instruments business, real estate brokerage or specified joint real estate
venture as a concurrent business.

- 41 -

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

Other

(1) Noticei) General meeting of unitholders
The 5th General Meeting of Unitholders of MFLP-REIT was held during the fiscal period under review. The following summarizes
the key proposals approved at the General Meeting of Unitholders.
Approval date

Item

Summary
Proposals were approved concerning the following:(1) Establishment of provisions related to measuresfor electronic provision taken for the information

Partial Amendments to the Articles

contained in reference documents for a general
meeting of unit holders and other documents; (2)Revision of provisions to partially amend the system
of voting at a general meeting of unitholders; (3)of Incorporation
October 27, 2023

Revision of standards relating to the payment of asset
management fees to the Asset Management
Company.
Each of the candidate officers of MFLP-REIT (up forElection of officers

new election or reelection) were approved forelection.

ii) Board of Directors of the investment corporation
The following summarizes the key items of the major contract conclusions and changes approved at meetings of the Board of
Directors of MFLP-REIT in the fiscal period under review.
Approval date

Item

Summary
Concerning the issuance of new investment units andAugust 3, 2023

Conclusion of new investment units
underwriting agreement, etc.

secondary offering of investment units approved at a
meeting of the Board of Directors held on July 31
and August 3, 2023, general administrative services
concerning new investment units underwriting, etc.
related to primary offering were entrusted tounderwriters (Note).

(Note)The underwriters are Daiwa Securities Co. Ltd., Nomura Securities Co., Ltd., SMBC Nikko Securities Inc., Mizuho Securities Co., Ltd., Mitsubishi UFJ
Morgan Stanley Securities Co., Ltd., and Okasan Securities Co., Ltd.

- 42 -

(2) Rounding of monetary and percentage figures
Unless otherwise specified, monetary figures are rounded down and percentage figures are rounded to the nearest specified unit inthis document.
(3) Disclosure pertaining to corporation holding overseas real estate
Not applicable.
(4) Disclosure pertaining to real estate of corporation holding overseas real estate
Not applicable.

- 43 -

Mitsui Fudosan Logistics Park Inc.
Balance Sheets

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

15th period(As of January 31, 2024)(Thousands of yen)
14th period(As of July 31, 2023)

¥

¥

¥

- 44 -

703,770
8,371,276
58,740102,5369,138
9,245,462

629,061
7,328,561
194,002
14,9981,143,742
2,449
9,312,816

192,609,798
6,108,246
4,244,208
4,274
127,868
172,021,268
39,794(25,786,335)
349,369,123

186,125,505
5,927,220
4,229,270
4,021
119,226
166,221,242
26,374(22,700,820)
339,952,038

2,061,878
640
2,062,518

594,331814
595,146

50,518294,62020
1,050
346,209351,777,850

36,942
11,52425
1,050
49,542
340,596,726

50,11733,96084,077361,107,391

68,26336,165
104,428350,013,971¥

Mitsui Fudosan Logistics Park Inc.
Balance Sheets

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable (Notes 4 and 7)
Current portion of long-term loans payable (Notes 4 and 7)
Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds (Notes 4 and 7)
Long-term loans payable (Notes 4 and 7)
Tenant leasehold and security deposits in trust (Note 4)
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Units authorized: 8,000,000 units as of January 31, 2024 andJuly 31, 2023
Units issued and outstanding: 608,000 units as of January 31,
2024 and 576,000 units as of July 31, 2023
Deduction from unitholders’ capital
Allowance for temporary difference adjustments (Note 6)
Other deduction from unitholders’ capital
Total deduction from unitholders’ capital
Unitholders’ capital (net)
Retained earnings
Total unitholders’ equity
Total net assets (Notes 6 and 10)
Total liabilities and net assets
The accompanying notes are an integral part of these financial statements.

- 45 -

15th period(As of January 31, 2024)(Thousands of yen)
14th period(As of July 31, 2023)

¥

¥

¥

704,817600,000
9,600,000
1,313,427
11,798
1,023
227,504
2,006,290
358
14,465,221

400,191
4,500,000
10,600,000
1,321,537
11,6071,135
1,933,211
137
18,767,821

5,000,000
116,100,000
7,754,113
6,795
128,860,909
143,326,131

5,000,000
115,100,000
7,485,795
8,067
127,593,863
146,361,685

218,093,898

203,299,818(6,336)(4,712,659)(4,718,995)
213,374,902
4,406,357
217,781,260
217,781,260
361,107,391(3,907,987)(3,907,987)
199,391,830
4,260,455
203,652,286
203,652,286
350,013,971¥

Mitsui Fudosan Logistics Park Inc.
Statements of Income

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

15th period(From August 1, 2023
to January 31, 2024)(Thousands of yen)
14th period(From February 1, 2023
to July 31, 2023)

¥

¥

¥
¥

11,138,167
707,350
11,845,517
5,849,502
1,129,442
17,50024,0146,600
11,00068,623
7,106,683
4,738,834

5,652,639
1,100,519
16,827
20,2796,600
10,00067,4186,874,284
4,604,318

36
5,922
25,0952,140
606
33,801

38
1,433
565
2,036

299,187
15,8292,205
23,411
13,737
7,561
3,672
365,604
4,407,031
1,028
5
1,034
4,405,997
359
4,406,357

288,635
15,5702,171
28,8628,438
1,200
344,878
4,261,476
1,141
(15)
1,125
4,260,351
104
4,260,455

15th period(From August 1, 2023
to January 31, 2024)¥
7,264

Net income per unit (Note 10)

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

- 46 -

10,819,676
658,926
11,478,602

¥
¥

(Yen)
14th period(From February 1, 2023
to July 31, 2023)¥
7,396

Mitsui Fudosan Logistics Park Inc.
Statements of Changes in Net Assets
Unitholders’ capital(thousands of yen)
Deduction from unitholders’ capital
Number of units

Balance as of February 1, 2023
Distribution in excess ofretained earnings
Dividends of earnings

-

-

-

(633,600)(633,600)(633,600)

-

-

-

-

-

-

-

-

-

-

-

-

576,000¥203,299,818¥ (3,907,987) ¥ (3,907,987)¥199,391,830

30,47014,086,738

-

-

-

14,086,738

1,530

707,342---

707,342--(6,336)-(6,336)(6,336)---(804,672)(804,672)(804,672)

-

-

-

-

-

-

-

-

-

-

-

-

608,000¥218,093,898¥ (4,712,659) ¥ (4,718,995)¥213,374,902

¥

-

¥

(6,336)

Retained earnings
Total net assets(thousands of yen) (thousands of yen)
Balance as of February 1, 2023
Distribution in excess of retained
earnings
Dividends of earnings¥

Net income
Balance as of July 31, 2023
Issuance of new units throughpublic offering as of August 9, 2023
Issuance of new units throughallocation to a third party as ofAugust 23, 2023
Distribution in excess of retained
earnings from allowance fortemporary difference adjustments
Other distribution in excess ofretained earnings
Dividends of earnings¥

Net income
Balance as of January 31, 2024

Unitholders’capital (net)¥203,299,818

Net income
Balance as of January 31, 2024

Allowance for
Other
Total deduction
temporary deduction fromfromdifference
unitholders’unitholders’adjustments
capitalcapital¥- ¥ (3,274,387) ¥ (3,274,387)

576,000

Net income
Balance as of July 31, 2023
Issuance of new units
through public offering as ofAugust 9, 2023
Issuance of new units
through allocation to a third
party as of August 23, 2023
Distribution in excess ofretained earnings fromallowance for temporary
difference adjustments
Other distribution in excess
of retained earnings
Dividends of earnings

Unitholders’capital¥4,205,480¥ 204,230,910-(633,600)(4,205,376)(4,205,376)

4,260,351

4,260,351

4,260,455¥ 203,652,286-

14,086,738-

707,342-(6,336)-(804,672)(4,260,096)(4,260,096)

4,405,997

4,405,997

4,406,357¥ 217,781,260

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

- 47 -¥200,025,430

Mitsui Fudosan Logistics Park Inc.
Statements of Cash Flows

15th period(From August 1, 2023
to January 31, 2024)
Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Interest expense
Insurance income
Compensation income
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Decrease (increase) in consumption taxes receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Other, net
SubtotalInterest income received
Interest expense paid
Insurance income received
Compensation income received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property and equipment in trust
Purchase of intangible assets in trust
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Payments of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Payments for investment corporation bond issuance costs
Proceeds from issuance of investment units
Payment of distribution of earnings
Payment of distribution in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 3)
The accompanying notes are an integral part of these financial statements.

- 48 -¥¥

4,407,031
3,108,694
2,205
23,411(36)
315,016(5,922)(25,095)
135,262(87,538)(283,096)
1,143,742
227,504
338,91129,66073,079(2,235)9,400,594
36(314,825)
417
25,095(1,140)9,110,178(Thousands of yen)
14th period(From February 1, 2023
to July 31, 2023)¥

4,261,476
2,984,800
2,171
28,862(38)
304,206(1,433)(136,844)
15,383
1,440(1,143,742)(789,256)(345,197)
31,897
82,169(4,206)
5,291,689
38(303,886)
1,433
(811)
4,988,463(12,554,431)(1,490,553)(44,692)
313,010(13,576)(13,790,243)(16,292,976)(600,941)(129)
579,469(26,942)(16,341,520)

11,100,000(15,000,000)
4,000,000(4,000,000)(104)
14,768,846(4,260,283)(810,970)
5,797,487
1,117,423
7,957,623
9,075,047

36,500,000(32,000,000)
15,600,000(5,600,000)(1,576)(4,205,606)(633,621)
9,659,194(1,693,862)
9,651,485
7,957,623¥

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

Organization and Basis of Presentationa. Organization
Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), a Japanese real estate investment corporation, was established on March
4, 2016 under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, including subsequent
amendments; the “Investment Trust Act”), by Mitsui Fudosan Logistics REIT Management Co., Ltd. (the “Asset Management
Company”) as the organizer with investments in capital of ¥300 million (600 investment units). Registration with the Kanto
Local Finance Bureau of the Ministry of Finance of Japan was completed on March 25, 2016. The investment units were listedon the Real Estate Investment Trust Securities Market (J-REIT section) of Tokyo Stock Exchange, Inc. on August 2, 2016
(Securities Code: 3471).
MFLP-REIT started acquisition of properties on August 2, 2016. With Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”) as a sponsor,
MFLP-REIT invests primarily in logistics facilities with a particular focus on MFLP facilities, that is, leading-edge logistics
facilities with Mitsui Fudosan quality. This focus has been chosen in light of MFLP-REIT’s goal of establishing a portfolio thatemphasizes location, quality and balance.
As of January 31, 2024, MFLP-REIT held 27 properties with the total acquisition price of ¥372.4 billion.
b. Basis of presentation
The accompanying financial statements of MFLP-REIT have been prepared in accordance with accounting principles generally
accepted in Japan (“Japanese GAAP”), including provisions set forth in the Financial Instruments and Exchange Act of Japan,
the Investment Trust Act and the related regulations, which are different in certain respects as to application and disclosure
requirements of the International Financial Reporting Standards.
The accompanying financial statements are based on the financial statements of MFLP-REIT, which were prepared in accordancewith Japanese GAAP and were presented in its Asset Management Report published for Japanese investors. In preparing theaccompanying financial statements, certain reclassifications and modifications have been made to the financial statements issued
domestically in order to present them in a format which is more familiar to readers outside Japan.
MFLP-REIT’s fiscal period is a six-month period, which ends at the end of January and July of each year.
MFLP-REIT does not prepare consolidated financial statements as it has no subsidiaries.
Unless otherwise specified, amounts have been rounded down to the nearest thousand yen in the accompanying financial
statements and the notes thereto, as permitted by the Financial Instruments and Exchange Act of Japan. As a result, the totals
shown in the financial statements and notes thereto do not necessarily agree with the sum of the individual amounts.

2.

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

- 49 -

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

2 to 59 years
8 to 50 years

Machinery and equipment:
Vehicles:

8 to 17 years
4 to 7 years

Tools, furniture and fixtures:

3 to 15 years

c. Intangible assets (including those in trust)Intangible assets are stated at cost, which includes the original purchase price and related acquisition costs and expenses.
Amortization of intangible assets is calculated using the straight-line method over the estimated useful lives. Amortization ofsoftware for internal use is calculated using the straight-line method over the estimated useful lives of five years at MFLP-REIT.
In addition, amortization of land leasehold rights in trust is calculated using the straight-line method over the remaining periodof the fixed-term land lease agreement.
d. Investment unit issuance expenses
Investment unit issuance expenses are amortized using the straight-line method over a three-year period.
e. Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized using the straight-line method over the period up to redemption.
f. Recognition standard for revenues
Details of the main performance obligations related to MFLP-REIT’s revenues from contracts with customers and the usual timeat which the performance obligations are fulfilled (the usual time at which revenues are recognized) are as follows.
(i) Utilities charges
For utilities charges, revenues are recognized based on the supply of electricity, water, and so forth to the lessee, who is thecustomer, in accordance with the lease contract for the real estate, etc. and the appended agreement details. Utilities charges areincluded in “other property-related revenues” in the statements of income and presented in the breakdown of “other propertyrelated revenues” in Note 8. “Property Leasing Business Revenues and Expenses.”g. Taxes on property and equipment
With respect to property taxes, city planning taxes and depreciable asset taxes imposed on real estate properties or trust
beneficiary interests in real estate, of the tax amount assessed and determined, the amount corresponding to the relevant fiscal
period is accounted for as property-related expenses.
Of the amounts paid for the acquisitions of real estate properties or trust beneficiary interests in real estate, the amount equivalent
to property-related taxes is capitalized as part of the acquisition cost of the relevant property instead of being charged as expenses.
For the 14th and 15th periods, capitalized property-related taxes amounted to ¥93,396 thousand and ¥28,073 thousand,respectively.
h. Trust beneficiary interests in real estate
As to trust beneficiary interests in real estate that have real estate properties as assets in trust, all accounts of assets and liabilities
within assets in trust as well as all income generated and expenses incurred from assets in trust are recorded in the relevantbalance sheet and statement of income account items.

- 50 -

The following material items of the assets in trust recorded in the relevant account items are separately presented in theaccompanying balance sheets.
(1) Cash and deposits in trust(2) Buildings in trust, structures in trust, machinery and equipment in trust, vehicles and transport equipment in trust, tools,
furniture and fixtures in trust, land in trust, construction in progress in trust and land leasehold rights in trust(3) Tenant leasehold and security deposits in trusti. Significant accounting estimates
Impairment of non-current assets(1) Amounts recorded on the accompanying financial statements(Thousands of yen)
15th period(As of January 31, 2024)
Property and equipment¥

349,369,123

Intangible assets

14th period(As of July 31, 2023)¥

339,952,038

2,061,878

594,331(2) Information on the nature of significant accounting estimates for identified items
In accordance with the Accounting Standard for Impairment of Fixed Assets, MFLP-REIT reduces the book value of noncurrent assets to their recoverable amounts, when the invested amount may not be recoverable due to decrease inprofitability.
MFLP-REIT’s investment properties are grouped on an individual asset basis. MFLP-REIT reviews the investment
properties for impairment when consecutive operating losses, significant decline in the market price, deteriorated businessenvironment and other factors related to investment properties indicate that the carrying amount of an asset may not berecoverable.
Expected future cash flows are used for review for impairment of an asset. When MFLP-REIT determines that it isnecessary to recognize an impairment loss, the book value of the asset is reduced to the respective recoverable amountbased on the appraisal value estimated by an external real estate appraiser, and the difference between the book value andrecoverable amount is recorded as an impairment loss.
Future cash flows are determined by comprehensive judgement on estimates based on market trends on rental revenues,
occupancy rates, property-related expenses and other factors as well as transaction information of similar properties.
Operating results and market price of each investment property may be affected by trends in property leasing market andproperty trading market. It is possible to have impact on MFLP-REIT’s financial position and result of operations in thenext fiscal period if assumptions used in estimates change.
3.

Cash and Cash Equivalents
Reconciliation between cash and cash equivalents and accounts and amounts in the balance sheets is as follows:(Thousands of yen)
15th period
14th period(From August 1, 2023 to January (From February 1, 2023 to July
31, 2024)
31, 2023)
Cash and deposits¥

703,770¥

9,075,047

Cash and deposits in trust

629,061¥

7,957,623

8,371,276

Cash and cash equivalents
4.

¥

7,328,561

Financial Instruments
a. Status of financial instruments(1) Policy for financial instruments
MFLP-REIT procures funds for acquisition of assets or repayment of debts mainly through issuance of investment units,loans or issuance of investment corporation bonds.
MFLP-REIT generally invests surplus funds in deposits considering safety of the investments although surplus funds
could be invested in securities and monetary claims as a matter of policy.
MFLP-REIT enters into derivative transactions to a limited extent for the purpose of avoiding the risk of interest rate
fluctuation and other risks. MFLP-REIT does not engage in speculative transactions.

- 51 -

(2) Financial instruments, their associated risks and risk management system
Deposits are used for investment of MFLP-REIT’s surplus funds, and are exposed to credit risk such as failure of thefinancial institutions holding the deposits. MFLP-REIT limits the credit risk by restricting the deposit periods to shortterms and selecting financial institutions that have high credit ratings.
Proceeds from loans and investment corporation bonds are used mainly to acquire real estate properties or refinanceexisting loans. While these loans are exposed to liquidity risk at the time of repayment, MFLP-REIT mitigates theliquidity risk by diversifying its means of fund procurement and lending financial institutions, dispersing repayment dates,
establishing commitment lines and securing liquidity on hand, and also controls the liquidity risk by preparing monthly
fund management plans.
In addition, loans with floating interest rates are exposed to the risk of interest rate rising. MFLP-REIT limits the impact
of interest rate rises on its operations by keeping the ratio of interest-bearing debt to total assets at a low level andmaintaining the ratio of fixed-rate long-term loans at a high level.
(3) Supplementary explanation regarding fair values of financial instruments
Since variable factors are reflected in estimating the fair value of financial instruments, different assumptions and factors
could result in a different value.

- 52 -

b. Estimated fair value of financial instruments
The carrying amounts, fair values and their differences as of January 31, 2024 and July 31, 2023 are as follows. Information on
cash and deposits, cash and deposits in trust and short-term loans payable is omitted because the fair value is approximately thesame as the book value since these are settled with cash and within a short period of time. Information on tenant leasehold andsecurity deposits in trust is also omitted due to its immateriality.
(Thousands of yen)
Carrying amount15th period (As of January 31, 2024)(1) Current portion of long-term loans payable¥

9,600,000(2) Investment corporation bonds

Fair value

Difference¥¥

9,573,454(26,545)

5,000,000

4,852,900(147,100)(3) Long-term loans payable

116,100,000

114,233,280(1,866,719)

Total liabilities¥130,700,000¥128,659,634¥(2,040,365)(Thousands of yen)

14th period (As of July 31, 2023)

Carrying amount

Fair value

Difference(1) Current portion of long-term loans payable¥ 10,600,000¥ 10,573,675¥

5,000,000

4,872,600(2) Investment corporation bonds(26,324)(127,400)(3) Long-term loans payable

115,100,000

113,059,905(2,040,094)

Total liabilities¥130,700,000¥128,506,181¥ (2,193,818)(Note 1) Methods to estimate fair values of financial instruments(1) Current portion of long-term loans payable and (3) Long-term loans payable
For long-term loans payable with floating interest rates, their book value is used to determine the fair value since they reflect market interest
rates in a short period of time and the MFLP-REIT’s credit condition has not changed significantly since the loans were executed. The fairvalue of long-term loans payable with fixed interest rates is determined based on the present value being calculated by discounting the sumof principal and interest by the assumed interest rate which would be applied if a similar new loan were entered into.
(2) Investment corporation bonds
The fair value is determined based on the market price.
(Note 2) Repayment schedule for long-term loans and investment corporation bonds(Thousands of yen)
15th period(As of January 31,
2024)

Due within
one yearInvestment
corporation bonds

Due after one to
two years

Due after two to
three years

Due after three tofour years

Due after four tofive years

-

-

-

-

-

Due after
five years¥

5,000,000

Long-termloans payable¥

9,600,000¥

5,700,000¥

11,500,000¥

15,800,000¥

15,800,000

67,300,000

Total

¥

9,600,000¥

5,700,000¥

11,500,000¥

15,800,000¥

15,800,000¥ 72,300,000(Thousands of yen)
14th period(As of July 31,
2023)

Due within
one yearInvestment
corporation bonds

Due after one to
two years

Due after two to
three years

Due after three tofour years

Due after four tofive years

-

-

-

-

-

Due after
five years¥

5,000,000

Long-termloans payable¥

10,600,000¥

6,600,000¥

8,000,000¥

13,700,000¥

14,000,000

72,800,000

Total

¥

10,600,000¥

6,600,000¥

8,000,000¥

13,700,000¥

14,000,000¥ 77,800,000- 53 -

5.

Investment and Rental Properties
MFLP-REIT owns logistics facilities and industrial properties for the purpose of earning rental income. The carrying amount,net changes in the carrying amount during the periods and fair value of these investment and rental properties are as follows:(Thousands of yen)
15th period(From August 1, 2023
to January 31, 2024)

14th period(From February 1, 2023
to July 31, 2023)

Carrying amount¥

Balance at beginning of period

340,519,995¥

326,622,997

Changes during the period

10,871,211

13,896,997

Balance at end of period

351,391,206

340,519,995

Fair value at the end of the period¥

432,010,000¥

417,680,000(Note 1) The carrying amount represents acquisition cost less accumulated depreciation.
(Note 2) Changes in the carrying amount during the 14th period consisted of the increase mainly attributable to acquisition of trust beneficiary interests
in real estate for one property (¥16,686,929 thousand), and the decrease mainly attributable to depreciation (¥2,984,625 thousand). Changes
in the carrying amount during the 15th period consisted of the increase mainly attributable to acquisition of trust beneficiary interests in realestate for two properties (¥13,811,192 thousand), and the decrease mainly attributable to depreciation (¥3,108,519 thousand).
(Note 3) The fair value at the end of the period represents the appraisal value or surveyed value by external real estate appraisers.

Information about income and loss from investment and rental properties is stated in Note 8. “Property Leasing Business
Revenues and Expenses.”
6.

Net Assets
a. Stated capital
MFLP-REIT issues only non-par value units in accordance with the Investment Trust Act of Japan and all of the issue prices of
new units are designated as stated capital. MFLP-REIT maintains at least ¥50,000 thousand as the minimum net assets as requiredby the Article 67, Paragraph 4 of the Investment Trust Act of Japan.
b. Distributions
Distributions related to the periods but declared after the balance sheet dates are summarized as follows:(Yen)
15th period(From August 1, 2023 to January 31, 2024)
Total

I. Unappropriated retained earnings
II. Distributions in excess of retained
earnings
Allowance for temporary

Total¥ 4,260,455,865¥ 1,003,808,000¥

capitalIII. Distributions

6,336,000

981,312,000

804,672,000

difference adjustments
Other distribution in excess ofretained earnings

7,247

4,260,096,000

22,496,000

37

6,336,000

11

981,312,000

1,614

804,672,000

1,397

8,898

¥ 5,071,104,000¥ 5,409,984,000¥¥

Per unit

811,008,000

22,496,000

4,406,176,000

Distribution of earnings
Allowance for temporary

IV. Retained earnings carried forward

Per unit¥ 4,406,357,351

difference adjustments
Other deduction from unitholders’

Total distributions

14th period(From February 1, 2023 to July 31, 2023)¥

181,351¥- 54 -

359,865

¥

¥

7,396

8,804

In accordance with the distribution policy as defined in the Article 35, Paragraph 1 of the Articles of Incorporation of MFLP-REIT,
distributions shall be in excess of the amount equivalent to 90% of the amount of earnings available for dividends defined in the
Article 67-15 of the Act on Special Measures Concerning Taxation.
Based on this policy, for the fiscal periods ended January 31, 2024 and July 31, 2023, MFLP-REIT declared a distribution amount of¥4,406,176,000 and ¥4,260,096,000, respectively, which are the maximum value of the integral multiple of the total number ofinvestment units issued and outstanding at the end of each period in amounts not in excess of unappropriated retained earnings.
Furthermore, based on the distribution policy as defined in the Article 35, Paragraph 2 of the Articles of Incorporation, MFLP-REIT
executes the distribution of cash in excess of retained earnings (return of capital applicable to distribution reducing unitholders’ capitalfor tax purposes) each fiscal period on a continuous basis. Distribution of allowance for temporary difference adjustments is alsomade, taking into account the impact on distributions of the tax discrepancy in excess of income associated with the amortization of
fixed-term land leasehold rights in trust.
Based on this policy, for the fiscal period ended January 31, 2024, MFLP-REIT declared the distribution of ¥981,312,000 out of¥1,003,808,000, which is calculated as being almost equivalent to the remaining amount after subtracting the distribution of earningsof ¥4,406,176,000 from ¥5,410,452,502 or 72% of FFO (funds from operations), as distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes). MFLP-REIT also declared the distributionof ¥22,496,000, which is almost equivalent to the amortization of fixed-term land leasehold rights in trust for the fiscal period ended
January 31, 2024, as the tax discrepancy in excess of income (allowance for temporary difference adjustments).
Based on this policy, for the fiscal period ended July 31, 2023, MFLP-REIT declared the distribution of ¥804,672,000 out of¥811,008,000, which is calculated as being almost equivalent to the remaining amount after subtracting the distribution of earningsof ¥4,260,096,000 from ¥5,071,484,124 or 70% of FFO (funds from operations), as distribution of cash in excess of retained earnings(return of capital applicable to distribution reducing unitholders’ capital for tax purposes). MFLP-REIT also declared the distributionof ¥6,336,000, which is almost equivalent to the amortization of fixed-term land leasehold rights in trust for the fiscal period ended
July 31, 2023, as the tax discrepancy in excess of income (allowance for temporary difference adjustments).
(Note)

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

c. Reversal of allowance for temporary difference adjustments
Provision and reversal of allowance for temporary difference adjustments(1) Reason for provision, related assets, etc., and amount provided(Thousands of yen)
Allowance for temporary difference adjustments
15th period
14th period(From August 1, 2023
(From February 1, 2023
to January 31, 2024)
to July 31, 2023)

Related assets, etc.

Reason for provision ofallowance

Fixed-term land leasehold

Amortization of land leasehold

For the fiscal period ended January 31, 2024
Reason for
Related assets,
provision of
Initialetc.
allowance
amountFixed-term
Amortization ofland leasehold land leasehold¥

rightsrights in trust¥

22,496

Balance at
Amount of
beginning of provision for
periodthe period

6,336

-

rights in trust rights- 55 -

¥

6,336

¥

6,336

Amount ofReason forreversal for Balance at end reversal of
the periodof period
allowance
-

¥

6,336

-

For the fiscal period ended July 31, 2023
Not applicable.
(2) Specific method of reversal
Item
Fixed-term land leasehold
rights in trust
7.

Method of reversal
The corresponding amount will be reversed at the time of sale, etc.

Short-term and Long-term Loans Payable and Investment Corporation Bonds
Short-term and long-term loans payable mainly consisted of bank borrowings under loan agreements. The following tablesummarizes the short-term and long-term loans payable and investment corporation bonds as of January 31, 2024 and July 31,
2023.
(Thousands of yen)
15th period(As of January 31, 2024)-% unsecured short-term loans
0.1200% unsecured short-term loans

14th period(As of July 31, 2023)

600,000¥¥

2,500,000
2,000,000

Total short-term loans payable (Note 2)¥

600,000¥

4,500,000

0.4213% unsecured long-term loans due 2026¥

1,500,000¥

1,500,000

0.1475% unsecured long-term loans due 2024
0.2000% unsecured long-term loans due 2024

3,000,000
1,700,000

3,000,000
1,700,000

0.3723% unsecured long-term loans due 2030
0.2829% unsecured long-term loans due 2027

3,500,000
4,800,000

3,500,000
4,800,000

0.4168% unsecured long-term loans due 2029
0.3743% unsecured long-term loans due 2028

5,700,000
1,300,000

5,700,000
1,300,000

0.6325% unsecured long-term loans due 2031
0.3813% unsecured long-term loans due 2029

3,200,000
3,600,000

3,200,000
3,600,000

0.5538% unsecured long-term loans due 2031
0.5957% unsecured long-term loans due 2031

7,300,000
1,100,000

7,300,000
1,100,000

Base rate +0.3300% unsecured long-term loans due 2033
(Note 3)2,000,000

2,000,000

0.5000% unsecured long-term loans due 2027
1.2713% unsecured long-term loans due 2033

1,000,000
3,600,000

1,000,000
3,600,000

1.2363% unsecured long-term loans due 2033
0.3050% unsecured long-term loans due 2023

1,000,000-

1,000,000
2,000,000

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

1,500,000
800,000

1,500,000
800,000

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

2,000,000
1,200,000

2,000,000
1,200,000

0.5875% unsecured long-term loans due 2027
0.5313% unsecured long-term loans due 2027

500,000
2,000,000

500,000-

0.2113% unsecured long-term loans due 2024
0.4895% unsecured long-term loans due 2027

1,700,000
900,000

1,700,000
900,000

0.3687% unsecured long-term loans due 2028
0.4942% unsecured long-term loans due 2030

2,000,000
3,500,000

2,000,000
3,500,000

0.4707% unsecured long-term loans due 2030
0.5813% unsecured long-term loans due 2032

1,500,000
6,800,000

1,500,000
6,800,000

0.7488% unsecured long-term loans due 2032
0.2313% unsecured long-term loans due 2026

400,000
3,100,000

400,000
3,100,000

0.2385% unsecured long-term loans due 2027
0.4272% unsecured long-term loans due 2030

800,000
800,000

800,000
800,000

0.4408% unsecured long-term loans due 2029

500,000

500,000- 56 -

15th period(As of January 31, 2024)

14th period(As of July 31, 2023)

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

300,000
500,000

300,000
500,000

0.5375% unsecured long-term loans due 2027
0.6300% unsecured long-term loans due 2028

300,000
1,000,000

300,000
1,000,000

0.6725% unsecured long-term loans due 2028
0.3237% unsecured long-term loans due 2024

2,200,000
600,000

2,200,000
600,000

0.3425% unsecured long-term loans due 2024
0.3255% unsecured long-term loans due 2028

700,000
5,500,000

700,000
5,500,000

1.1163% unsecured long-term loans due 2033
0.3125% unsecured long-term loans due 2026

300,000
3,100,000

300,000
3,100,000

0.4851% unsecured long-term loans due 2029
0.2169% unsecured long-term loans due 2024

1,000,000
1,300,000

1,000,000
1,300,000

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

1,000,000
2,000,000

1,000,000
2,000,000

1.0175% unsecured long-term loans due 2030
0.6455% unsecured long-term loans due 2031

2,200,000
500,000

2,200,000
500,000

0.3360% unsecured long-term loans due 2028
0.3464% unsecured long-term loans due 2028

1,000,000
2,000,000

1,000,000
2,000,000

0.5263% unsecured long-term loans due 2031
0.4988% unsecured long-term loans due 2029

2,400,000
500,000

2,400,000
500,000

0.9663% unsecured long-term loans due 2030
0.9350% unsecured long-term loans due 2031

1,600,000
600,000

1,600,000
600,000

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

600,000
3,000,000

600,000
3,000,000

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

800,000
600,000

800,000
600,000

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

1,300,000
1,000,000

1,300,000
1,000,000

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

1,800,000

2,000,000
1,800,000

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

2,400,000
2,200,000

2,400,000
2,200,000

1.2265% unsecured long-term loans due 2032
1.1438% unsecured long-term loans due 2031

1,300,000
2,000,000

1,300,000-

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

1,000,000
800,000

1,000,000
800,000

0.3305% unsecured long-term loans due 2027

2,000,000

2,000,000

Total long-term loans payable¥

125,700,000¥

125,700,000

0.5000% unsecured bonds due 2031
0.8200% unsecured bonds due 2032¥

3,000,000
2,000,000¥

3,000,000
2,000,000¥

5,000,000¥

5,000,000

Total bonds(Note 1) The stated interest rates are the weighted average interest rates during the fiscal periods ended January 31, 2024 and July 31, 2023 androunded to the fourth decimal place.
(Note 2) Short-term loans payable of ¥4,500,000 thousand which MFLP-REIT borrowed on October 10, 2023 were repaid in a single bullet payment
on November 17, 2023.
(Note 3) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date andthe beginning date of the interest calculation period. The JBA 3-month yen TIBOR is also used as a base rate in the case that the interest
calculation period is less than three months. Please refer to the JBA TIBOR Administration website (https://www.jbatibor.or.jp/rate/) (inJapanese) for JBA yen TIBOR. The base rate applied as of January 31, 2024 was 0.07000%.

- 57 -

The repayment schedule for loans and bonds is disclosed in Note 4. “Financial Instruments.”
MFLP-REIT had the commitment line contracts with two banks as of January 31, 2024 and July 31, 2023.
(Thousands of yen)
15th period(As of January 31, 2024)
Total amount of commitment line contracts¥

Loans executed

10,000,000

14th period(As of July 31, 2023)¥-

Unused line of credit¥- 58 -

10,000,000

10,000,000-¥

10,000,0008.

Property Leasing Business Revenues and Expenses
The following table summarizes the revenues and expenses generated from the property leasing business for the fiscal periods
ended January 31, 2024 and July 31, 2023.
(Thousands of yen)
15th period(From August 1, 2023
to January 31, 2024)

14th period(From February 1, 2023
to July 31, 2023)

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

10,587,529¥

550,637

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

550,986¥

11,138,167¥

10,819,676¥

594,09054,120¥548,81251,752¥

707,350¥

658,926¥

11,845,517¥

11,478,602¥

737,278¥

707,206

59,139Others
Total
Total property leasing business revenues
B. Property leasing business expenses
Property-related expenses
Outsourcing service expenses

10,268,689

58,360Utilities expenses
Repair expenses

558,039
153,745549,174
144,271

Land rent
Taxes and dues

79,817
1,052,941

53,9781,062,868

Depreciation and amortization
Others3,108,519
159,1612,984,625
150,514

Total property leasing business expenses¥

5,849,502¥

5,652,639

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

5,996,015¥

5,825,963

Compensation income
MFLP-REIT recorded compensation income of ¥25,095 thousand that was received in relation to the correction of
deficiencies found at some logistics facilities for the period ended January 31, 2024.

- 59 -

9.

Income Taxes
MFLP-REIT is subject to Japanese corporate income taxes on its taxable income. The tax effects of temporary differences thatgive rise to a significant portion of the deferred tax assets and liabilities as of January 31, 2024 and July 31, 2023 are as
follows:(Thousands of yen)
15th period(As of January 31, 2024)
Deferred tax assets:
Accrued enterprise tax

¥

20

¥

9,337

14th period(As of July 31, 2023)
¥

25

¥

2,105

9,317

Amortization of land leasehold rights in trust
Subtotal
Valuation allowance

2,079(9,317)(2,079)Total deferred tax assets

¥

20

¥

25

Net deferred tax assets

¥

20

¥

25

Reconciliations between the Japanese statutory tax rate and the effective income tax rate with respect to pre-tax income
reflected in the accompanying statements of income for the fiscal periods ended January 31, 2024 and July 31, 2023 are as
follows:
15th period(As of January 31, 2024)

14th period(As of July 31, 2023)

Statutory tax rate

31.46%

31.46%

Adjustments:
Deductible distributions(31.45)(31.45)

0.01

0.02

0.02%

0.03%

Other
Effective income tax rate after application of tax-effectaccounting

10. Per Unit Information
The following table summarizes per unit information for the fiscal periods ended January 31, 2024 and July 31, 2023.
15th period(From August 1, 2023
to January 31, 2024)

14th period(From February 1, 2023
to July 31, 2023)

Earnings per unit:¥

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

Net assets per unit (yen)

7,264

¥

7,396

606,492

576,000

15th period(As of January 31, 2024)

14th period(As of July 31, 2023)¥

358,192¥

353,562

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

- 60 -

11. Leases
The future minimum rental revenues from tenants subsequent to January 31, 2024 and July 31, 2023 under non-cancelable
operating leases of properties are as follows:(Thousands of yen)

Due within one year

15th period(As of January 31, 2024)

14th period(As of July 31, 2023)¥¥

Due after one year

20,473,181
63,927,115

Total

¥

84,400,296

20,235,547
63,267,925¥

83,503,473

12. Transactions with Related Parties
There are no significant transactions and balances with related parties for the fiscal periods ended January 31, 2024 and July
31, 2023.
13. Segment and Related Information
For the fiscal periods ended January 31, 2024 and July 31, 2023
a. Segment information
Segment information has been omitted as MFLP-REIT engages in a single segment of the property leasing business.
b. Related information(1) Information by product and service
Disclosure of this information has been omitted as revenues from external customers in a single product and service
category exceed 90% of the total operating revenues on the statements of income.
(2) Information by geographical area(i) Operating revenues
Disclosure of this information has been omitted as revenues from external customers in Japan exceed 90% of the total
operating revenues on the statements of income.
(ii) Property and equipment
Disclosure of this information has been omitted as the amount of property and equipment located in Japan exceeds
90% of the total amount of property and equipment on the balance sheets.
(3) Information on major tenant
Disclosure of this information has been omitted because there is no tenant whose operating revenues make up 10% ormore of total operating revenues.
14. Revenue Recognition
For the fiscal periods ended January 31, 2024 and July 31, 2023
Information on disaggregation of revenues from contracts with customers
For information on disaggregation of revenues from contracts with customers, please refer to Note 8. “Property Leasing
Business Revenues and Expenses.”
Note that revenues based on ASBJ Statement No. 13 “Accounting Standard for Lease Transactions” are included in the tableof revenues and expenses generated from the property leasing business in Note 8. “Property Leasing Business Revenues andExpenses.” Revenues from contracts with customers are primarily “utilities charges.”- 61 -

15. Significant Subsequent Events
1. Acquisitions of properties
On July 31, 2023, MFLP-REIT concluded an agreement for sale and purchase of trust beneficiary interest with the seller of eachof the following assets. Based on the agreements for sale and purchase of trust beneficiary interest, MFLP-REIT acquired thetrust beneficiary interests for MFLP Hiratsuka III, MFLP Shinkiba I and SG Realty MFLP Fukuoka Kasuya on February 1, 2024
(three properties, total acquisition price of ¥17,390 million).

Category

Logistics facilities

Property no.

Property nameLocation

Acquisition price(millions of yen)
(Note 1)

Acquisition date

L-26

MFLP Hiratsuka III

Hiratsuka-shi,
Kanagawa

8,410

February 1, 2024

L-27

MFLP Shinkiba I

Koto-ku, Tokyo

5,940

February 1, 2024

SG Realty MFLP Fukuoka Kasuya-machi, Kasuya3,040
Kasuyagun, Fukuoka(Co-ownership 50%)

L-28

February 1, 2024

(Note 1) “Acquisition price” is the purchase price of each trust beneficiary interest as set forth in each agreement for sale and purchase of trust beneficiaryinterests for the acquired assets (excluding consumption tax and local consumption tax or the various costs required in the acquisition), rounded
down to the nearest million yen.
(Note 2) For “SG Realty MFLP Fukuoka Kasuya,” the acquisition price is the prorated figure equivalent to the co-ownership (50%) in the property acquiredby MFLP-REIT.

On February 16, 2024, MFLP-REIT concluded an agreement for sale and purchase of trust beneficiary interest with the seller ofthe following asset. Based on the agreement for sale and purchase of trust beneficiary interest, MFLP-REIT acquired the asset on
March 15, 2024.

Category

Property no.

Property nameLocation

Logistics facilities

L-24

MFLP Tomei Ayase

Ayase-shi, Kanagawa(Note)

Acquisition price(millions of yen)
(Note)
9,920(Additional
acquisition of coownership 50%)

Acquisition date

March 15, 2024

“Acquisition price” is the purchase price of the trust beneficiary interest as set forth in the agreement for sale and purchase of trust beneficiaryinterest for the acquired asset (excluding consumption tax and local consumption tax or the various costs required in the acquisition), rounded
down to the nearest million yen. In addition, the acquisition price is the prorated figure equivalent to the co-ownership (50%) in the property
acquired by MFLP-REIT.

2. Borrowing of funds
MFLP-REIT has borrowed the following funds to apply to part of the acquisition funds and related expenses for the real estate
trust beneficiary interests in the above “1. Acquisitions of properties.”i) Short-term loans payable

LenderBorrowingamount(millions of yen)Mizuho Bank,
Ltd.

3,100

The Bank ofFukuoka, Ltd.

900

Total borrowing
amount4,000

Interest rate
Base rate+0.035%(Note 1)
Base rate+0.05%(Note 2)―

Drawdown date Repayment date

Repayment
methodCollateral

February 1,
2024

February 19,
2024

Bulletrepayment

UnsecuredNon-guaranteed

February 1,
2024

May 1, 2024

Bulletrepayment

UnsecuredNon-guaranteed

―

―

―

―

(Note 1) The interest payment date is the repayment date. The base rate is calculated by daily linear interpolation of the JBA 1-week yen TIBOR and theJBA 1-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date.
(Note 2) The interest payment date is the repayment date. The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two
business days prior to the drawdown date. Please refer to the JBA TIBOR Administration website (https://www.jbatibor.or.jp/rate/) (in Japanese)
for JBA yen TIBOR.

- 62 -

ii) Long-term loans payable

Lender
MUFG Bank, Ltd.
(Green Loan)
Sumitomo Mitsui
Trust Bank,
Limited(Green Loan)
Daishi Hokuetsu
Bank, Ltd.
(Sustainability
Linked Loan)(Note 1)The Keiyo Bank,Ltd.
(Sustainability
Linked Loan)(Note 1)
Sumitomo Mitsui
Banking
Corporation(Sustainability
Linked Loan)(Note 1)The Joyo Bank,Ltd.
(Sustainability
Linked Loan)(Note 1)The Bank ofFukuoka, Ltd.
(Green Loan)
The Hachijuni
Bank, Ltd.
(Green Loan)
The Norinchukin
Bank(Sustainability
Linked Loan)(Note 1)
Resona Bank,
Limited(Sustainability
Linked Loan)(Note 1)The Yamagata
Bank, Ltd.
(Sustainability
Linked Loan)(Note 1)
Mizuho Bank,Ltd.
(Sustainability
Linked Loan)(Note 1)The Iyo Bank,
Ltd.
(Green Loan)
Total borrowing
amountBorrowingamount(millions of yen)Interest rate

Drawdown date

Repayment date
(Note 6)

Repayment
methodCollateral

1,200

0.52125%(Note 2)February 1, 2024 February 1, 2027

Bulletrepayment

UnsecuredNon-guaranteed

1,200

0.6225%(Note 2)February 1, 2024 February 1, 2028

Bulletrepayment

UnsecuredNon-guaranteed

0.9888%(Notes 2, 3)

February 1, 2024 February 3, 2031

Bulletrepayment

UnsecuredNon-guaranteed

Bulletrepayment

UnsecuredNon-guaranteed

Bulletrepayment

UnsecuredNon-guaranteed

Bulletrepayment

UnsecuredNon-guaranteed

February 1, 2024 August 2, 2032

Bulletrepayment

UnsecuredNon-guaranteed

February 1, 2024 February 1, 2033

Bulletrepayment

UnsecuredNon-guaranteed

Bulletrepayment

UnsecuredNon-guaranteed

1,000

500

1,700
1.13%
(Notes 2, 4)
February 1, 2024 February 2, 2032
1,000

1,000
1,000

Base rate+0.2%(Note 5)
Base rate+0.2125%(Note 5)1,000

1.2275%(Notes 2, 4)

1,500

Base rate+0.2375%(Note 5)February 1, 2024 August 1, 2033

700

1.2756%(Notes 2, 4)

Bulletrepayment

UnsecuredNon-guaranteed

1,200

1.3238%(Notes 2, 4)

Bulletrepayment

UnsecuredNon-guaranteed

1,000

Base rate+0.25%(Note 5)

Bulletrepayment

UnsecuredNon-guaranteed

14,000―――February 1, 2024 February 1, 2034――

(Note 1) Since the borrowing is planned to be financed by a Sustainability Linked Loan, the interest rate from the timing of the determination to therepayment date will change according to the achievement status of the Sustainability Performance Target (“SPT”) as described in (Note 3) and(Note 4).

- 63 -

(Note 2) Interest rate is fixed until the repayment date. The first interest payment date is the last day of July 2024, and thereafter the interest payment date
will be the last day of January and July until and including the repayment date. (If each interest payment date is not a business day, such interest
payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the preceding business day if suchnext business day falls into the next month.)(Note 3) SPT: 90% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2027 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2028 until the principal repayment
date(i) If emissions intensity is reduced by 90% (Achievement of SPT): Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved): Initial interest rate
(Note 4) SPT: 100% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2030 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2031 until the principal repayment
date(i) If emissions intensity is reduced by 100% (Achievement of SPT): Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved): Initial interest rate
(Note 5) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date and thestarting date of the interest calculation period. However, even if the interest calculation period is less than three months, the base rate will becalculated using the JBA 3-month yen TIBOR. The first interest payment date is the last day of April 2024, and thereafter the interest payment
date will be the last day of January, April, July and October until and including the repayment date. (If each interest payment date is not a businessday, such interest payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the precedingbusiness day if such next business day falls into the next month.) Please refer to the JBA TIBOR Administration website(https://www.jbatibor.or.jp/rate/) (in Japanese) for JBA yen TIBOR.
(Note 6) If each repayment date is not a business day, such repayment date shall be on the next business day. Provided, however, that such repayment dateshall be on the preceding business day if such next business day falls into the next month.

MFLP-REIT has borrowed the following funds to apply to part of the acquisition funds and related expenses for the real estate
trust beneficiary interests in the above “1. Acquisitions of properties.”

Lender
MUFG Bank, Ltd.
(Green Loan)
Sumitomo Mitsui
Trust Bank,
Limited(Green Loan)
The Chiba Bank,Ltd.
(Sustainability
Linked Loan)(Note 1)
Sumitomo Mitsui
Banking
Corporation(Sustainability
Linked Loan)(Note 1)
Shinkin Central
Bank(Sustainability
Linked Loan)(Note 1)
Resona Bank,
Limited(Sustainability
Linked Loan)(Note 1)The Hachijuni
Bank, Ltd.
(Green Loan)

Borrowingamount(millions of yen)Interest rate

Drawdown date Repayment date

Repayment
methodCollateral

800

0.5225%(Note 2)

March 15, 2024 March 15, 2027

Bulletrepayment

UnsecuredNon-guaranteed

800

0.6088%(Note 2)

March 15, 2024 March 15, 2028

Bulletrepayment

UnsecuredNon-guaranteed

1,000

0.9563%(Notes 2, 3)

March 15, 2024 March 17, 2031

Bulletrepayment

UnsecuredNon-guaranteed

1.0975%(Notes 2, 4)

March 15, 2024 March 15, 2032

Bulletrepayment

UnsecuredNon-guaranteed

September 15,
2032

Bulletrepayment

UnsecuredNon-guaranteed

1,400

1,500

500

500

Base rate+0.2125%(Notes 4, 5)

March 15, 2024

Base rate+0.2125%(Note 5)

- 64 -

Lender
The Norinchukin
Bank(Sustainability
Linked Loan)(Note 1)SBI Shinsei Bank,
Limited(Sustainability
Linked Loan)(Note 1)The Yamaguchi
Bank, Ltd.
(Green Loan)
Mizuho Bank,Ltd.
(Sustainability
Linked Loan)(Note 1)
Total borrowing
amountBorrowingamount(millions of yen)

Repayment
methodCollateral

March 15,
2033

Bulletrepayment

UnsecuredNon-guaranteed

September 15,
2033

Bulletrepayment

UnsecuredNon-guaranteed

March 15, 2024 March 15, 2034

Bulletrepayment

UnsecuredNon-guaranteed――

Interest rate

Drawdown date Repayment date

1.195%(Notes 2, 4)

March 15, 2024

1,000

1.2419%(Note 2)

March 15, 2024800

1.2888%(Notes 2, 4)

10,000

―

500

1,200

―

―

(Note 1) Since the borrowing is planned to be financed by a Sustainability Linked Loan, the interest rate from the timing of the determination to therepayment date will change according to the achievement status of the SPT as described in (Note 3) and (Note 4).
(Note 2) Interest rate is fixed until the repayment date. The first interest payment date is the last day of July 2024, and thereafter the interest payment date
will be the last day of January and July until and including the repayment date. (If each interest payment date is not a business day, such interest
payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the preceding business day if suchnext business day falls into the next month.)(Note 3) SPT: 90% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2027 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2028 until the principal repayment
date(i) If emissions intensity is reduced by 90% (Achievement of SPT): Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved): Initial interest rate
(Note 4) SPT: 100% reduction of CO2 emission intensity in logistics facilities (Scope 1 and 2) as of the end of 2030 compared to 2016
Applicable period: From the beginning of the first interest calculation period that falls after the end of July 2031 until the principal repayment
date(i) If emissions intensity is reduced by 100% (Achievement of SPT): Initial interest rate - 0.02%(ii) If the emissions intensity increases compared to 2016 (SPT Not Achieved): Initial interest rate + 0.02%
If neither (i) nor (ii) applies (SPT Not Achieved): Initial interest rate
(Note 5) The base rate is JBA 3-month yen TIBOR published by JBA TIBOR Administration as of two business days prior to the drawdown date and thestarting date of the interest calculation period. However, even if the interest calculation period is less than three months, the base rate will becalculated using the JBA 3-month yen TIBOR. The first interest payment date is the last day of April 2024, and thereafter the interest payment
date will be the last day of January, April, July and October until and including the repayment date. (If each interest payment date is not a businessday, such interest payment date shall be on the next business day. Provided, however, that such interest payment date shall be on the precedingbusiness day if such next business day falls into the next month.) Please refer to the JBA TIBOR Administration website(https://www.jbatibor.or.jp/rate/) (in Japanese) for JBA yen TIBOR.
(Note 6) If each repayment date is not a business day, such repayment date shall be on the next business day. Provided, however, that such repayment dateshall be on the preceding business day if such next business day falls into the next month.

- 65 -

Independent auditor’s report
To the Board of Directors of Mitsui Fudosan Logistics Park Inc.:

Report on the Audit of the Financial Statements
OpinionWe have audited the accompanying financial statements of Mitsui Fudosan Logistics Park Inc. (“theCompany”), which comprise the balance sheets as at January 31, 2024 and July 31, 2023, thestatements of income, statements of changes in net assets and statements of cash flows for the six
months period then ended January 31, 2024 and July 31, 2023, and notes, comprising a summary ofsignificant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Company as at January 31, 2024 and July 31, 2023, and its financial
performance and cash flows for the six months period then ended in accordance with accounting
principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company inaccordance with the ethical requirements that are relevant to our audit of the financial statements inJapan, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.
Emphasis of Matter
We draw attention to Note 15 to the financial statements that describes the Company’s subsequentacquisitions of trust beneficiary interests of four properties and borrowing of funds. Our opinion is not
modified in respect of this matter.
Other Information

The other information comprises the information included in the Asset Management Report, but does
not include the financial statements and our auditor’s report thereon. Management is responsible for the
preparation and presentation of the other information. Supervisory directors are responsible foroverseeing the director’s performance of his duties with regard to the design, implementation andmaintenance of the reporting process for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of thisother information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Supervisory Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in Japan, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern in accordancewith accounting principles generally accepted in Japan.
Supervisory directors are responsible for overseeing the executive director’s performance of his duties
with regard to the design, implementation and maintenance of the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with auditing standards generally accepted in Japan will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.
As part of our audit in accordance with auditing standards generally accepted in Japan, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, while the objective of the audit is not to express an
opinion on the effectiveness of the Company’s internal control.



Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company tocease to continue as a going concern.



Evaluate whether the presentation and disclosures in the financial statements are in accordancewith accounting standards generally accepted in Japan, the overall presentation, structure andcontent of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the executive director regarding, among other matters, the planned scope andtiming of the audit, significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the executive director with a statement that we have complied with relevant ethicalrequirements regarding independence, and communicate with him all relationships and other mattersthat may reasonably be thought to bear on our independence, and where applicable, actions taken toeliminate threats or safeguards applied.
Fee-related Information
Fees paid or payable to our firm and to other firms within the same network as our firm for audit and nonaudit services provided to the Company are described in (3) Matters concerning directors, etc. included in“Overview of the Investment Corporation” of the Asset Management Report.

Interest required to be disclosed by the Certified Public Accountants Act of Japan
We do not have any interest in the Company which is required to be disclosed pursuant to theprovisions of the Certified Public Accountants Act of Japan.

/S/ Jiro Tazawa
Designated Engagement Partner
Certified Public Accountant/S/ Masashi Gake
Designated Engagement Partner
Certified Public Accountant

KPMG AZSA LLC
Tokyo Office, JapanMay 20, 2024
Notes to the Reader of Independent Auditor’s Report:
This is a copy of the Independent Auditor’s Report and the original copies are kept separately by theCompany and KPMG AZSA LLC.

Disclaimer
This document contains translations of selected information described in the Securities Report (Yuka shoken hokokusho) filed on
pursuant to the Financial Instruments and Exchange Act of Japan, and the Asset Management Report (Shisan unyou houkoku) for theperiod from August 1, 2023 to January 31, 2024, of Mitsui Fudosan Logistics Park Inc. prepared pursuant to the Investment Trust Act
of Japan.
This English-language document was prepared solely for the convenience of and reference by overseas investors, and is not intended
to be an offer for the sale, or solicitation of an offer to make a purchase, of any securities of Mitsui Fudosan Logistics Park Inc. Itneither corresponds to the original Japanese documents nor is intended to constitute a disclosure document. The Japanese-language
Securities Report and the Asset Management Report for the aforementioned period should always be referred to as originals of thisdocument.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of
the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financial statements, if there exist
any discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained
herein, the original Japanese documents will always govern the meaning and interpretation. None of Mitsui Fudosan Logistics Park
Inc., Mitsui Fudosan Logistics REIT Management Co., Ltd. or any of their respective directors, officers, employees, partners,
unitholders/shareholders, agents or affiliates will be responsible or liable for the completeness, appropriateness or accuracy of English
translations or the selection of the portions of any documents translated into English. No person has been authorized to give any
information or make any representations other than as contained in this document in relation to the matters set out in this document,
and if given or made, such information or representation must not be relied upon as having been authorized by Mitsui Fudosan
Logistics Park Inc., Mitsui Fudosan Logistics REIT Management Co., Ltd. or any of their respective directors, officers, employees,
partners, unitholders/shareholders, agents or affiliates.
The financial statements of Mitsui Fudosan Logistics Park Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP), which may materially differ in certain respects from generally accepted accounting principles inother jurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs aswell as our assumptions based solely on certain limited information currently available to us.
The forward-looking statements in this document are based on assumptions about the business of Mitsui Fudosan Logistics Park Inc.
and are subject to various risks and uncertainties. Please be aware that actual financial conditions, operating results and businesses
may differ materially from such forward-looking statements. Mitsui Fudosan Logistics Park Inc. does not intend and disclaims any
duty or obligation to update or revise any forward-looking statements contained in this document to reflect new information, future
events or otherwise. Investors should not place undue reliance on the forward-looking statements contained in this document.
The information contained in this document is subject to change or repeal without prior notice.
Duplication or reproduction of any information contained in this document without the prior consent of Mitsui Fudosan Logistics Park
Inc. is strictly prohibited.