15th Fiscal Period (Fiscal Period Ended January 31, 2024)

Investor Presentation
Material

Securities Code 3471

Mitsui Fudosan Logistics Park Inc.
(MFLP-REIT)0

MEMO

1

Table of Contents
1. Highlights

4. Appendix…… P04•Our Portfolio

1-1 External Growth…… P05

1-2 Internal Growth…… P08•Appraisal Summary for the End of 15th Fiscal…… P43
Period

1-3 Initiatives for ESG…… P10

1-4 Financial Strategy…… P11

1-5 DPU Growth…… P12

Operating Highlights

1-6 15th Fiscal Period (Ended January 2024) P/L…… P13

2. Growth Strategy of MFLP-REIT•Individual Property Income Statement for 15th…… P45
Fiscal Period•Statement of Income and Balance Sheet…… P47•External Evaluation and Certifications…… P48•Investment Unit Price Trends/Status ofUnitholders…… P49• Mitsui Fudosan’s Major Development/
Operation Track Record…… P50……

P17(Expansion of Asset Size)

……

P19

2-2 Internal Growth Strategy

……

P25

2-3 Initiatives for ESG

……

P27

Notes on Matters Stated in this Document

2-4 Financial Strategy

……

P31

Disclaimer

2-5 DPU Growth

……

P33

Basic Strategy and Four Roadmaps…… P412-1 External Growth Strategy

3. Market Overview
3-1 Market Overview…… P352

1. Highlights

3

1

Operating Highlights

Continued steady growth through strategic partnership with Mitsui Fudosan
15th Fiscal Period (FP) Financial Summary••••

Financial Summary

Distributions per unit (DPU)*

15th FP: Revenue, Profit, DPU up for 14 consecutive FPs
Operating revenue
11.8 billion yen (+0.36 bn vs 14th FP act.)
Ordinary income
4.4 billion yen (+0.14 bn vs 14th FP act.)
Net income
4.4 billion yen (+0.14 bn vs 14th FP act.)

•
•
•
•

1-1 External Growth• In addition to July 2023’s public offering and acquisition of 5
properties from the sponsor, plan to acquire MFLP Tomei
Ayase (50%) from a third party in March 2024. Asset size up
to 399.7 billion yen, further improving portfolio stability• Will continue to make acquisitions from robust ROFL * pipelineof 7 properties of 920,000 ㎡, as well as flexibly taking
advantage of non-sponsor acquisition opportunities

1-2 Internal Growth• Supply-demand improving on continued firm demand• End-15th FP occupancy rate* remained high at 99.8%, expect
to stay at around 100% in the 16th and 17th FPs• 48% of leases up for renewal in less than 3 years, 72% in lessthan 5 years. Well positioned to negotiate rent levels to reflectmarket conditions in an environment where there areconcerns about continued inflation

15th FP actual
8,898 yen (+5.9% YoY vs 13th FP act.)
16th FP forecast 9,214 yen
17th FP forecast 9,313 yen
Average annual growth of 7.6% since IPO (including 17th FP)

1-3 ESG Initiatives•••

Acquire top 5 Star GRESB rating for second consecutive year
Improved ratios for Green Building certification (logistics
facilities)* to 100％, ZEB certification to 70.7％. Solid progresson other environmental KPI as well
Aim to address the 2024 problem by improving working
conditions, leveraging truck driver satisfaction surveys for abetter grasp of working conditions, facilities’ usage and otherissues

1-4 Financial Strategy• End-15th FP (act.), end-16th FP (forecast) LTV* 36.4% and 40.8%
respectively. Projected acquisition capacity* as of end-16th FP (at50% LTV): 70.0 billion yen• Control funding costs in a rising rate environment by
shortening maturities and increasing variable rateborrowings• Leverage sustainability-linked loans with the aim oflowering future borrowing costs* For further details, please refer to [Highlights] [ROFL: Properties defined in “Right of first look and preferential negotiation rights agreement”] [ZEB certification] in the Notes on Matters Stated in this Document on p.51-53

4

1-1. External Growth 1

Flexible acquisition in response to third parties' (co-owners') intention to sell
New acquisitions (6th public offering) and anticipated acquisition in 16th FP (external acquisition)■ Additional acquisition of

Acquired in 15th FP(August 2023)

Anticipated acquisitionin 16th FP(March 2024)

After the anticipatedacquisition

Mitsui Fudosan

Third party (IHI)-

co-ownership interest

co-ownership interest

50%

50%

ownership 100%

(Anticipated)acquisition price

9,610 million yen

9,920 million yen

19,530 million yen

Appraisal
Value*

9,610 million yen

9,920 million yen

19,840 million yen(Unrealized gain
310 million yen)Appraisal
NOI yield*

3.8％

3.6％

- 0.1ppt

MFLP Tomei Ayase (50%)
No. of properties

・Additional acquisition of MFLP Tomei Ayase(50%) is scheduled in March 2024 throughdebt finance, in response to IHI’s (co-owners')
intention to sell.
・Unrealized gains on the existing acquisition(50%) to rise as a result of 100% ownership.
・This additional acquisition is made from a
non-sponsor. We will continue to utilize
external acquisition opportunities flexibly.

5 properties(+ Additional acquisition of
MFLP Tomei Ayase (50%))(Anticipated)acquisition price41.0 billion yen(+9.9 billon yen)SellerShare

Expansion of asset size
Newly Acquired

6th follow-on
Offering
July 2023

Acquiredfrom sponsor

SG Realty MFLP
Fukuoka Kasuya(50%)

Anticipated acquisition

Medium-term asset size target

External
Acquisition

500.0 billion yen

Debt
finance

MFLP Tomei Ayase(50％)

Extensive

MFLP Shinkiba Ⅰ

399.7

sponsorFurtherpipelineenhancing
portfolio

billion yen

358.7
billion yen

MFLP Tokorozawa

MFLP Hiratsuka Ⅲ

MFLP Tomei Ayase（50％）

Flexiblequality andexternalstability

acquisition
End of 14th
fiscal period（July 31, 2023）

25 properties

Acquired in 15th FP

Acquired in 16th FP

Anticipated acquisitionin 16th FP

August 2023

February 2024

March 2024

2 properties 13.7 billion yen

3 properties 17.3 billion yen* For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.51-53

After theanticipated acquisition
1 property 9.9 billion yen 30 properties51-1. External Growth 2

Further enhancing portfolio quality and stability through the anticipated acquisitions
Portfolio Overview

End of 14th fiscal period（July 31, 2023）
Owned 25 properties

End of 15th fiscal period（January 31, 2024）
Owned 27 properties

After anticipatedacquisitions in 16th FP（Forecast）
Owned 30 properties

Asset size

358.7 billion yen

372.4 billion yen

399.7 billion yen

Average adjusted forecast
NOI yield*

4.8%

4.8%

4.7%

(after depreciation 3.1%)(after depreciation 3.1%)(after depreciation 3.1%)

Average appraisal
NOI yield*

4.0%

4.0%

4.0%

Average building age*

7.1 years

6.9 years

6.6 years

Acquiredin 15th FP

Average occupancy rates

99.8%

Average lease period* /Average remaining
lease period*

9.5 years/3.7 years

9.5 years/4.0 years

96.4%

96.6%

100%

Top 5 property ratio*

37.8%

36.4%

34.7%

Top 5 tenant ratio*

30.0%

29.0%

27.4%

Green Building
certification ratio

99.8%

Acquiredin 16th FP
Anticipatedacquisitionin 16th FP

99.8%
9.5 years/4.2 years(Logistics facilities)* For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.51-53

6

1-1. External Growth 3

Solid progress toward medium-term asset size target of 500 billion yen
Plan to reach1 trillion yen in
fiscal 2023

Cumulative total
investment size
22 facilities
300.0 billion yen

March 2016
Properties covered by
the “Right of first lookand preferential
negotiation rights
agreement”*1

7 properties
920,000㎡

Cumulative total
investment size
56 facilities
700.0 billion yen

January 2023

Construction completionin fiscal 2019

Construction completionin fiscal 2023

Construction completionin fiscal 2024

Construction completionin fiscal 2025

Construction completionin fiscal 2025

Construction completionin fiscal 2026

MFLP Funabashi I

MFLP Kawasaki I

MFLP Shinkiba II

MFLP Nagoya
Iwakura

MFLP Ichinomiya

MFLP Amagasaki I

Construction completionin fiscal 2020

Construction completionin fiscal 2024

Construction completionin fiscal 2025

Construction completionin fiscal 2026

MFLP Funabashi
Minamikaijin

Construction completionin fiscal 2023

MFIP Hanaeda

MFLP Tachikawa
Tachihi

MFLP Ebina Minami MFLP・LOGIFRONT MFLP Misato
Tokyo Itabashi

Construction completionin fiscal 2019

Construction completionin fiscal 2022

Construction completionin fiscal 2024

Construction completionin fiscal 2024

MFLP Yokohama
KohokuMFLP Ebina I

MFLP Sendai
Natori I

MFLP Tsukubamirai MFLP Iruma I

Construction completionin fiscal 2019

850.0 billion yen or more

September 2023

Other data center1 property
Overseas
6 properties

Construction completionin fiscal 2025

MFLP Iruma II…

Properties
developed/
operatedby Mitsui
Fudosan*Cumulative total
investment size
64 facilities

Construction completionin fiscal 2016

Construction completionin fiscal 2026

MFIP Ebina

Construction completed 920,000㎡
LeasedMFLP Hino(75%)

LeasedLeasedMFLP Ichikawa
Shiohama(60%)

LeasedMFLP Funabashi II

MFLP Funabashi III

LeasedLeasedMFLP Yatomi Kisosaki

MFLP・OGUD Osaka
Torishima(50%)

MFLP Zama(41.5%)

Further expansion of properties
covered by the “Right of first lookand preferential negotiation rights
agreement”

External Acquisition
Opportunities
Acquisition from properties covered by
the “Right of first look and preferential

MFLP-REIT’s
asset size

negotiation rights agreement”

properties through externalacquisitions

30 properties
399.7 billion

24 properties

25 properties 27 properties

21 properties

yen

1,630,000㎡

Increase stakes in existing

9 properties
75.5
billion yen

297.6
billionyen

342.2
billionyen

358.7
billionyen

372.4
billionyen

30 properties
399.7
billionyen

Medium-term
asset size target
500.0 billion yen

Aim for continuous
external growth
to improve unitholder value

January 31,
January 31,
July 31,January 31, After anticipated
January 31,
2022
2023
2023
2024
acquisitions
2017* For further details, please refer to [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in this Document on p.51-53*1 The percentage in parentheses for each property indicates the percentage of (quasi) co-ownership interest subject to “Right of first look and preferential negotiation rights agreement”

7

1-2. Internal Growth 1

Steady and stable property management and continuous internal growth
Status of lease signings and occupancy rates

Diversification of lease expiration dates(thousand ㎡)
500■Signed ■Spoken for ■Unsigned

424* Figures in the graph show unsigned floor area (includes spoken for). Figures in brackets
include floor area for signed leases.
186

200

168

167

166

159

(132)
0
(83)
47

100

less than 3 years
48.8%

5 years or more
28.00%
28.0%
72

(29)
0

48%/72% of the lease agreements for all properties are up for renewal in lessthan three/five years, making it possible to negotiate rent renewals that reflectmarket conditions even in an environment where there are concerns about
inflation.
48.80%

48% of lease contracts up for
renewal in less than 3 years

88

9

0

14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP 22nd FP 23rd FP 24th FP After(23/7) (24/1) (24/7) (25/1) (25/7) (26/1) (26/7) (27/1) (27/7) (28/1) (28/7) 25th FP
96.7%

Status of occupancy rate as of each FP end
99.8%

99.8%

99.5%(予想)

100%(予想)
167,663㎡

27.8%■Unsigned■Spoken for ■Rent reduced■New leases ■Rent unchanged■Re-lease ■Rent raised
83,964㎡
8.7%

76,667㎡

93.0%

87.2%

Approx. 80%

and internal growth
100%

5.3%

■ Introduction of rent revision clause■ Green lease clause supports environmental efforts

47.8%
29,484㎡
13.5%
12.8%

Initiatives for future internal growth% of leases where rent
revision clause has
been added

96.5%
72.2%

72% of lease contracts up for
renewal in less than 5 years

Rolling out lease contracts that incorporate a rent revision clause,
which allows for the renegotiation of rent during the term of the lease at
specified points in time, to reflect economic conditions

Status of Lease Signings
132,361㎡
3.5%

3 years or more23.20%
andless than 5 years
23.2%

11,681㎡

43.5%

81.2%

7.0%

100%

14th FP

15th FP

16th FP

17th FP(23/7)(24/1)(24/7)(25/1)* The above graph shows figures for leased floor area for MFLP-REIT properties after new acquisitions (excluding MFIPs) based onleases signed as of January 31, 2024.

Based on the green lease clause which stipulates the advancementof environmental initiatives by the owner and tenants, MFLP-REIT
promotes measures such as adoption of LED lighting in dedicatedtenant areas. Moving to LED lighting not only cuts energy
consumption for the property but can contribute to internal growth as
the savings in running costs can be factored into rents81-2. Internal Growth 2

Steady and stable property management
Supply-demand balance and vacancy rate
Greater Tokyo area

Greater Osaka area

Forecast

thousand ㎡

4,000

Greater Nagoya area

thousand ㎡

15%

Forecast

Forecast

2,000

thousand ㎡

15%

1,000

15%

3,500
12%

3,000
2,500

12%

1,500

9%
7.6%

2,000

1,000
2.6%

500

3%

9%

500

6%

1,500

9.8%

9%
1,000

12%

750

6%
4.5%

500

3%

6%
250
2.8%

3%

0.1%

0

0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
New supply

New demand

Vacancy rate

0

0%
0
0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: CBRE K.K. (including forecast figures) (February 2024)
Vacancy rate
* Survey of rental logistics facilities held by real estate investment companies,(logistics facilities 1 year old or older)
real estate development companies, etc. with total floor area of 5,000 m2 or more.
* Vacancy rate in 2023 is as of the end of December 2023.

Stock of logistics facilities in Japan*
Logistics facilities
40 years old or older
46.7%

Leading-edge
logistics facilities
6.9％

Rising demand on back of growth in e-commercemarket scale
22.7
trillion yen(hundred million yen)
E-commerce ratio(the whole world)

210,000

180,000

Future demand for
replacement ofaging properties

Logistics facilities
less than 40 years old
46.4%

Highly scarceleading-edge
logistics facilities（%）

E-commerce ratio(USA)20

E-commerce ratio(Japan)

19.3%

Scale of E-commerce market

15
14.7%
150,000
10
120,000

9.1%
5

90,000(As of December 2022)

Source: CBRE K.K. (February 2024)* This is a calculation of the total floor area of buildings classified as "warehouses" by use and of "steel-frame
construction," "reinforced concrete construction," or "steel-framed reinforced concrete construction" bystructural type.

60,0002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

0

Source: “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry(Announced on August 31, 2023)* Amounts and percentages indicate the scale of B to C market in the e-commerce market.
The basis for the calculation of the e-commerce ratio is limited to merchandise sales.

91-3. Initiatives for ESG

Further strengthening of ESG initiatives
Monitoring of environmental KPIs

GRESB Real Estate Assessment

Latest performance and progress against environmental KPIs generally on
track. Aim to achieve targets by promoting initiatives to reduce environmental
impact in the future.

MFLP-REIT acquired top GRESB rating of 5 Star in the 2023
GRESB Real Estate Assessment for the second consecutive
year. Also rated GreenStar, and received the top rating of A level
under GRESB’s disclosure assessment, both for the third
consecutive year.

■ CO2 emissions intensity (t-CO₂/㎡)

2016 (base year)

2022

0.017
Reduction of 30% by 2030

0.014
(17.3% reduction)

Owner-managed portion (Scope1・2)

0.060
Reduction of 100% by 2030

0.028
(52.7% reduction)

Tenant-managed portion (Scope3)

0.014
Reduction of 24% by 2030

0.013
(6.5% reduction)■ Water usage intensity (㎥/㎡)

2016 (base year)

2022

0.07
Not to increase
above base-year level

0.06(9.8% reduction)

Targets2022

70% or more by 2030

68.0%

Whole building (Scope1・2・3)

Satisfaction surveys: MFLP workers, truck drivers
Mitsui Fudosan, MFLP-REIT’s sponsor, undertook a customer satisfaction
survey for MFLP/MFIP workers and truck drivers, receiving responses from
7,000 individuals. This is first survey of truck drivers for the purpose of
considering measures to address the 2024 problem■ MFLP worker survey
Results for worker survey showed more than 80% of workers were satisfied orvery satisfied. Along with Mitsui Fudosan, will continue to focus on creating
workplaces that are attractive to workers
Satisfaction with facilities and services
100%

Logistics facilities■ Waste recycling rate
Logistics facilities

Very dissatisfied

80%

Dissatisfied

60%

Neither

40%

Satisfied

20%

Very satisfied* Above data excludes data centers (industrial real estate) as a result of NDAs in place with tenants.
Industrial real estate is excluded from disclosures.

0%
Emergency
control center

Security staff

Overall
Loungescleanliness
Source: Mitsui Fudosan press release (dated Dec. 5, 2023)

Aim to support improvements to working environment to address the 2024
problem, based on truck driver working conditions and facilities usage
revealed through the first ever survey
・Rushed for time: not able touse rest area/smoking room・Always worrying about
entry times

・Promote adoption of berthreservation system
・Consider location of
washrooms/rest areas
・Focus on operational
flow, for better efficiency etc.

After anticipatedacquisitions

Logistics facilities

Maintain 95% or more

100%

Portfolio

Maintain 90% or more

96.6%

Targets

After anticipatedacquisitions

Owner-managed portion

100% by 2023

100%*1*2

Tenant-managed portion

100% by 2030

88.1%*1*2

Targets

After anticipatedacquisitions

75% or more by 2025
90% or more by 2030

35.7%*3■ LED lighting adoption ratio■ Truck driver survey

Current issue

Targets■ Green Building certification ratio■ Green lease adoption ratio
Address 2024
problemPortfolio*1*2*3Calculations based on total floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests.
Exclude single tenant property from the denominator of properties owned by MFLP-REIT after anticipated acquisitions.
Calculations based on leasable floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests.

10

1-4. Financial Strategy

LTV management and stable financial operation
Changes in major financial metrics
End of 16th FP

End of 17th FP(January 31, 2024)(July 31, 2024)(forecast)(January 31, 2025)(forecast)135.2 billion yen

131.3 billion yen

157.2 billion yen

154.7 billion yen

LTV

38.6%

36.4%

40.8%

40.5%

LTV-based capacity for Acquisitions(at 50% LTV)

80.0 billion yen

99.0 billion yen

70.0 billion yen

73.0 billion yen

Average interest rate

0.46%

0.48％

-

-

Average time to maturity

8.3 years

8.3 years

8.3 years

-

98.5%

98.5％

92.5％

-

17.8%

19.8%

36.0%

-

End of 14th FP

End of 15th FP(July 31, 2023)

Total interest-bearing debt

(long-term only)

Fixed interest ratio(long-term only)

ESG finance ratio(long-term only)

5th follow-on
offering

At the time of acquisitionof MFLP Osaka Katano

At the time of
anticipated acquisitions(February 2022)(February 2023)(February, March 2024)(long-term only)

21.6 billion yen

10.0 billion yen

24.0 billion yen

FYI:TONA SWAP rate
(10 years rate)<0.22%><0.92%><0.96%*>

0.51%

1.07%

0.87%*

8.9 years

8.1 years

7.8 years

100%

100%

77.1%

② Increase variable rate funding

0%

100%

100%

③Leverage sustainabilitylinked loans: aim to lower
future funding costs

Total of new borrowing

Average interest rate
(long-term only)

Average time to maturity(long-term only)

Fixed interest ratio(long-term only)

ESG finance ratio(long-term only)* Projected average interest rate on borrowings at time of anticipated acquisition in March 2024 is an estimate as of Jan. 30, 2024

■Debt initiatives at time of newacquisitions

RisingRates

Reflecting near term rise in interest rates,
implementing the 3 measures below in raisingfunds. Continue to enhance funding activities
while monitoring financial conditions

Control funding costs① Shorten maturities111-5. DPU Growth

Solid Execution on Roadmap to Enhancing Unitholder Value
Continuous DPU Growth
Aim for continuous distribution growththrough anticipated asset acquisitionsin the 16th FP. Continuing to strive forstable management

Stable portfolio management andacquisition of acquired assets in the 15th
FP will result in +5.9% growth in DPU

Further DPU growth in 16th/17th FPs,
reflecting planned additional acquisitionin 16th FP+4.7%

9,313 yen

9,214 yen

+5.9%

8,898 yen

8,804 yen
8,781 yen

8,401 yen

9,151 yen
Acquired in16th FP
3 properties
17.3 bn yen

Acquired in15th FP
2 properties
13.7 bn yen

Anticipatedacquisition

MFLP Hiratsuka III

1 property
9.9 bn yen
MFLP Shinkiba I
MFLP Tomei Ayase(50% co-ownershipinterest)
MFLP Tomei Ayase(50% co-ownershipinterest)

SG Realty MFLP
Fukuoka Kasuya(50% co-ownershipinterest)

MFLP Tokorozawa

Forecast annual growth rate (per year) (include 17th fiscal period foreast) +7.6%
FP ended Jan. 2023
(13th FP) Actual
No. ofproperties
FFO
payout ratio
FFO per unit
(yen)

FP ended Jul. 2023
(14th FP) Actual

FP ended Jan. 2024
Forecast*1 (15th FP) Actual

FP ended Jul. 2024
Previous Forecast*1 (16th FP) Revised Forecast*2

FP ended Jan. 2025
(17th FP) Forecast*2

24

25

27

30

30

70％

70%

72%

73%

74%

12,002

12,57812,197

12,35912,536

12,622

12,586Growth of NAV per unit*3
End of 15th FP
NAV per unit

(January 31, 2024)

After theanticipated acquisitions

481,892 yen

482,747 yen

Average annual growth rate of NAV per unit（From the 1st period to After the anticipated acquisition ） +8.3%*1 Announced on September 14, 2023
*2 Announced on March 14, 2024
*3 For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.51-53

NAV boosted by increasein unrealized gains on
additional acquisition of
MFLP Tomei Ayase stake

12

1

-6.

15th Fiscal Period (Ended January 2024) P/L
14th fiscal
periodActual(a)

15th fiscal
periodForecast(September. 14,2023)

15th fiscal
periodActual(b)

Difference(b)-(a)11,478

11,86911,845

366

2,668

2,809

2,740

72

8,810

9,059

9,104

Depreciation

2,984

3,116

Net rental revenues

5,825(Unit: million yen)

Main breakdown of difference
Operating revenue
Increase due to properties acquired in the 15th FP

Operating revenue(MFLP Tomei Ayase and MFLP Tokorozawa)

Increase in utilities charge+343(excluding properties acquired in the 15th FP)

+45

293

Decrease in solar power generation facilities rent revenue(excluding properties acquired in the 15th FP)

-41

3,108

123

Increase in other operating revenue

+20

5,942

5,996

170

1,221

1,271

1,257

35

4,604

4,671

4,738

134

Non-operating income

2

-

33

31

Non-operating expenses

344

370

365

20

Rental expenses (excluding depreciation)
NOI

General and administrative expenses, etc.

Operating income

Ordinary income

4,261

4,300

4,407

145

Profit (Net income)

4,260

4,299

4,405

145

Operating expenses
Increase due to properties acquired in the 15th FP(MFLP Tomei Ayase and MFLP Tokorozawa)

Increase in utilities expense(excluding properties acquired in the 15th FP)+8

Increase in asset management fees

+28

Increase in insurance premiums+14

Increase in other operating expenses+20

Non-operating income
Increase in other non-operating income etc.

FFO
FFO Payout ratio

7,415

7,514

269

Non-operating expenses

70%

72%

72%

2pt

Increase in interest expenses+10

Increase in offering costs associated with issuance ofinvestment units+13

608,000

608,000

32,000

8,804

8,781

8,898

94

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

7,396

7,071

7,247

-149

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

1,408

1,710

1,651

243

Distributions in excess of earnings expressed asa percentage of depreciation

27.2%

Distribution per unit (DPU) (yen)

+31

7,244

576,000

Total number of investment units(unit)

+159

33.4%

32.3%

-

＊For further details, please refer to [Method of calculation of cash distribution based on FFO] in the Notes on Matters Stated in this Document on p.51-53

Decrease in other non-operating expenses-3<Reference>
Formula for distribution per unit based on FFO*
FFO＝

Profit (Net income)＋Depreciation, etc.

…①

Source of funds for
distributions

＝

① FFO

×

Upper limit 75%…②

÷

Number of investment
units issued andoutstanding

Distributions per unit ＝②Source of funds for
distributions

13

1

-6.

16th Fiscal Period (Ending July 2024) & 17th Fiscal Period (Ending January 2025) Earnings Forecast(Unit: million yen)

Operating revenue
Rental expenses (excluding
depreciation)

15th fiscal
periodActual(a)

16th fiscal
periodForecast*1(b)

Difference(b)-(a)17th fiscal
periodForecast*1(c)Difference(c)-(b)Main breakdown of difference(b)-(a)(c)-(b)Increase due to properties acquired in the 15th FP+17-

Increase due to properties acquired in the 16th FP

+624

+51

Increase/decrease in utilities charge(excluding properties acquired in the 15th & 16th FPs)

-126

+129

+41

-42

+19

-65

-2

0

Operating revenue

11,845

12,419574

12,493

73

2,740

2,922

181

3,010

87

9,104

9,496

392

9,482

-13

Increase/decrease in solar power generation
facilities rent revenue

Depreciation

3,108

3,323

214

3,357

34

(excluding properties acquired in the 15th & 16th FPs)

Net rental revenues

5,996

6,173

177

6,125

-48

Increase/decrease in related to lease renewals forfloor space at several existing properties

1,257

1,321

64

1,332

10

4,738

4,851

112

4,793

-58

NOI

General and administrative expenses,
etc.
Operating income

Non-operating income

33

-

-33

-

-

Non-operating expenses

365

499

133

497

-2

Ordinary income

4,407

4,352

-55

4,295

-56

Profit (Net income)

4,405

4,350

-55

4,294

-56

Increase/decrease in other operating revenue(b)-(a)(c)-(b)Increase due to properties acquired in the 16th FP

+260

+11

Expensing of fixed asset tax and city planning tax
for properties acquired in the 14th & 15th FPs+86-

Increase in repair expenses(excluding properties acquired in the 15th &16th FPs)

+82

-52

Increase/decrease in utilities expense(excluding properties acquired in the 15th &16th FPs)

-86

+93

Increase/decrease in outsourcing fees

-8

+47

Operating expenses(excluding properties acquired in the 15th &16th FPs)FFO

FFO Payout ratio
Total number of investment units(unit)
Distribution per unit (DPU) (yen)Of which,
Distributions of earnings per unit (EPU)
(yen)

7,514

7,674

159

7,652

-21

Increase in asset management fees

+12

+3

72%

73%

1pt

74%

1pt

Increase in other operating expenses

+113

+27

608,000

608,000-

608,000

-

8,898

9,214

316

9,313

99

Absence of other non-operating income etc.

7,247

7,156

-91

7,064

-92

Non-operating expenses

Non-operating income

Increase in interest expenses

Of which,
Distributions in excess of earnings perunit (yen)1,651Distributions in excess of earnings
expressed as a percentage ofdepreciation

32.3%

2,058

37.7%

407

-

2,249

40.7%

*1 For further details, please refer to [Earnings Forecast] in the Notes on Matters Stated in this Document on p.51-53

191-(b)-(a)(c)-(b)-33(b)-(a)(c)-(b)+127+24

Decrease in expenses related to investment unit
offering-13-

Increase/decrease in other non-operating
expenses+20-26* Property acquired in the 14th FP ・・・ MFLP Osaka Katano
Properties acquired in the 15th FP ・・・ MFLP Tomei Ayase(50%),
MFLP Tokorozawa
Properties acquired in the 16th FP ・・・ MFLP Hiratsuka III, MFLP Shinkiba I,
SG Realty MFLP Fukuoka Kasuya,
MFLP Tomei Ayase(50%)

14

MEMO

15

2. Growth Strategy of MFLP-REIT

16

2

Basic Strategy and Four Roadmaps 1

Maximize unitholder value through a strategic partnership with Mitsui Fudosan

Mitsui Fudosan
Logistics Park Inc.

External Growth

Own

Develop

Strategic
Partnership
Internal Growth

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

Superior leasing capability
leveraging Group’s network

ManageStable Management

Maximize unitholder value

Evolutional solutions-based
asset management

Expansion of logistics
facilities business17

2

Basic Strategy and Four Roadmaps 2

Leveraging Growth in Asset Size as Main Driver of Steady DPU GrowthFiscal 2016 - 2022

Fiscal 2023

1st – 14th fiscal periods

15th fiscal period

Fiscal 2024 and after
16th fiscal period

6th follow-on Offering
July 2023

Asset Size
24 properties

25 properties

Continuous property acquisitions

30 properties

27 properties

Aim for further ・Continuous acquisitions from abundant sponsor pipeline

399.7
358.7

342.2

billion yen

billion yen

18th fiscal period and after

17th fiscal period

372.4

500.0 expansion ofbillion yen

billion yen

billion yen asset size

Medium-term
asset size target

9 properties
75.5

・Opportunities to acquire from third parties
・Acquisition of diverse assets such as data centers,
refrigerated/frozen cold storage facilities

billion yen

Average annual growth rate since listing +24.4%

LTV

End of 13th FP（January 31, 2023）

End of 14th FP（July 31, 2023）

End of 15th FP（January 31, 2024）

35.9%

38.6%

36.4%

End of 16th FP(forecast)（July 31, 2024）

End of 17th FP(forecast)（January 31, 2025）

40.8%

40.5%

End of 1st FP

24.5%
LTV-based capacity for
acquisitions(LTV to 50%)

95.0

80.0

99.0

70.0

73.0

billion yen

billion yen

billion yen

billion yen

billion yen

17th FP（Forecast）

Distribution per unit (DPU)

1st FP

13th FP

14th FP

15th FP

16th FP（Forecast）

8,401

8,804

8,898

9,214

9,313

yen

yen

yen

yen

yen

5,198

40% to 50％
Medium- tolong-term
stabilized LTV
level

Fund procurement and LTV management
・ Flexible fund procurement in line with scale ofacquisitions, funding environment
・ Control interest burden: shorten maturities,
use of floating debt
・ Lock in acquisition capacity while continuing tomanage LTV

DPU growth
・Elevate shareholder returns: raise FFO payout ratio

Aim for・Internal growth over MT/LT: rent increases backed byinflation
further DPU ・Choiceof public offerings or buybacks, based onmarket levels
growthyen

Forecast annual growth rate (per year) (include 15th-17th fiscal period) +7.6%
Afteranticipatedacquisitions

Market Cap*
End of 13th FP

End of 1st FP

End of 14th FP

End of 15th FP

291.4

269.0

billion yen

billion yen

billion yen

463,661 yen

478,717 yen

481,892 yen

261.2

76.1

Expansion of market cap
Aim for・Inclusion in major indices on back of market cap growth
support of ESG investors through focus on ESG
Enhancement ・Attract
in managing assets
of investment ・Increase in unrealized gains to drive continuous NAV
growthliquidity

billion yen

273,318 yen
NAV per unit

482,747 yen

Average annual growth rate of NAV per unit from January 31, 2017 +8.3%* For further details, please refer to [Basic Strategy and Four Roadmaps] in the Notes on Matters Stated in this Document on p.51-53

18

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

CRE Strategy: Mitsui Fudosan increasing quality developments in superior locations
Ability to secure development sites through its corporate real estate (CRE) strategy
Propose CRE
strategies

Various CRE needs of client firms
Rebuilding of corporate
logistics capabilities

Utilization ofidle land

Trimming balance
sheet(Asset disposal)

Development ofcorporate
infrastructure

Global development(Establishment ofoverseas sites)

Examples of superior location and high quality of
Mitsui Fudosan developments

Growth image for properties (to be)
developed/operated by Mitsui Fudosan■ MFLP Tomei Ayase
Distinctive building design
harmonized with thesurrounding environment

Sale of realestate, etc.

Cumulative total investment size as of September 2023

Conveniently located next
to the IC

64 facilities 850.0 billion yen or more

Location

Cumulative total investment size as of January 2023
56 facilities 700.0 billion yen

Transition to“Logistics Properties
Business Division”
at Mitsui Fudosan

Propose adoption of material handling and otherequipment to tenants
With the cooperation of IHI Logistics &Machinery (IHI group company), MFLP
Tomei Ayase is proposing the use ofmaterials handling and other equipment
to its tenants. Adoption of automationequipment aligned with each tenants’needs contributes to labor savings

MFLPREIT
IPO

Mitsui
Fudosanestablishedthe Logistics
Properties
Department

Fiscal
2012

Fiscal
2013

Fiscal
2014

Fiscal2015

Fiscal2016

Fiscal2017

Fiscal2018

Fiscal
2019

Fiscal
2020

Fiscal2021

Fiscal2022

Fiscal2023
or after（planned）

19

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

Stable growth leveraging the growth potential and extensive pipeline of Mitsui Fudosan’s logistics facilities business

Mitsui Fudosan’s major development/operation track record : 64 facilities 850.0 billion yen or more 5,300,000 m2
Properties held by MFLP-REIT and anticipated acquisitions

Properties covered by “Right of first look andpreferential negotiation rights agreement”

30 properties 1,630,000 m2 399.7 billion yen

7 properties 920,000 m2

Acquired in 16th FP

Leased Completed

MFLP Hiratsuka III

MFLP Hino

Properties developed/operatedby Mitsui Fudosan

Leased Completed

Construction completionin fiscal 2020

Construction completionin fiscal 2024

Construction completionin fiscal 2025

MFLP Funabashi II

MFLP Tachikawa
Tachihi

MFLP Sendai Natori I

MFLP Iruma I

Construction completionin fiscal 2020

Construction completionin fiscal 2024

Construction completionin fiscal 2025

MFLP Tosu

MFLP Nagoya
Iwakura

MFLP Amagasaki I

Construction completionin fiscal 2022

Construction completionin fiscal 2024

Construction completionin fiscal 2026

Tokyo Rail Gate
EAST

MFLP・LOGIFRONTTokyo Itabashi

MFLP Iruma II

Construction completionin fiscal 2022

Construction completionin fiscal 2024

Construction completionin fiscal 2026

75%

MFLP Yokohama
Daikoku

MFLP Kashiwa

MFLP Atsugi II

MFLP Yachiyo
Katsutadai

Acquired in 16th FP

Leased CompletedLeased Completedzz
GLP・MFLP
MFLP Fukuoka I
Ichikawa Shiohama

MFLP Sakai

MFLP Hiratsuka II

MFLP Shinkiba I
Acquired in 16th FP

60%

MFLP Funabashi III MFLP Ichikawa
Shiohama II
Leased Completed

Construction completionin fiscal 2016

MFLP Yashio

MFLP Hiratsuka

MFLP Prologis Park
Kawagoe

MFLP Osaka I

SG Realty MFLP
Fukuoka Kasuya

MFLP Yatomi Kisosaki
Leased Completed

MFLP Funabashi I
Construction completionin fiscal 201950%

MFLP Kuki

MFLP Komaki

MFLP Hiroshima I

MFLP Osaka Katano MFIP Inzai
Acquired in 15th FP

MFLP・OGUD Osaka
TorishimaCompleted

MFLP Ebina I

MFLP Tsukubamirai

MFIP Ebina

Construction completionin fiscal 2019

Construction completionin fiscal 2023

Construction completionin fiscal 2025

Construction completionin fiscal 2026

MFLP Yokohama
KohokuMFLP Shinkiba II

MFLP Ichinomiya

MFLP Funabashi
Minamikaijin

Construction completionin fiscal 2019

Construction completionin fiscal 2023

Construction completionin fiscal 2025

MFIP Haneda

Anticipated acquisition in 16th FP

41.5%

MFLP Funabashi
Nishiura

MFLP Inazawa

MFLP Ibaraki

MFLP Tomei Ayase MFIP Inzai II
Acquired in 15th FP

MFLP Zama

Construction
completed
920,000 ㎡

Overseas
6 properties

MFLP Tsukuba

MFLP Ebina Minami

MFLP Misato…

MFLP Kawasaki I
MFLP Atsugi

Other Data center1 property

MFLP Kawaguchi I MFLP Tokorozawa

20

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

Build a high quality portfolio by taking advantage of geographical diversification
Greater Tokyo Area
LegendLogistics facilities
properties held by
MFLP-REIT and
anticipatedacquisitions
L-XX

Logistics facilities NO.

L-XX

Anticipatedacquisitions NO.
Industrial real estate
properties held by
MFLP-REIT *I-XX

Industrial real estateNO.
Properties covered
by “Right of first lookand preferential
negotiation rights
agreement”
Properties developedby Mitsui Fudosan
Mitsui Fudosan’s
strategic area

* For further details, please refer to [Industrial real estate] in the Notes on Matters Stated in this Document on p.51-53

21

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

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

Greater Osaka area

Tohoku area

Hiroshima area

Kyushu area

■Geographically diversified portfolio◼ Location offering excellent access totransportation nodes

Investment area

Access (distance) to nearest expressway
interchange 5 km or more

Hiroshima area Kyushu area
2.2%
Shuto Expressway
3.9%
Wangan Line
Greater
10.3%
Nagoya area
6.6%
Tokyo-Gaikan

GreaterTokyo area
and Greater
National
Osaka area Route 16
Greater
Osaka area
30.3%

87.3%

20.2%

Expressway
7.6%

GreaterTokyo area
57.0%

7.1%

■Location convenient for commuting workers
Access (time) to nearest train station
By bus(20-30 minutes)
5.5%

Within walking
distance(20-25 minutes)
3.5%Less than 1 km
28.0%

3 - 5 km31.5%

Less than
5 km

By bus(20 minutes
or less)
55.2%

92.9%

Ken-O
Expressway
18.9%* The pie charts above are calculated based on acquisition prices including anticipated acquisitions in the 16th FP (excluding MFIP properties).

1 - 3 km33.5％

Within walking
distance/Within
20 min. by bus

94.5%

Within walking
distance(20 minutes
or less)
35.8%

22

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

Large sites[Gross floor area]
Approx. at least
10,000 ㎡

Storage space
Effective ceiling heightAt least 5.5 m

Column spacing
At least 10 m
Floor load tolerance
At least 1.5 tons/m2
MFLP SakaiHigh performance

Disaster prevention[Column span]
At least 10 m
[Effective ceiling height]
At least 5.5 m[Floor load tolerance]

Equipped with• Seismic isolation• Earthquakeresistance• Building Damage
Assessment System,etc.

At least 1.5 tons/㎡■ ＆ Worker
Unmanned store■ ＆ Tenant
Cafeteria

Commuter shuttles

Bicycle sharing

Installation ofseismic isolation

MFLP Sakai

MFLP Kashiwa■ Building age*2Within 1 yearOver
10 years
8.6%

7-10 years
33.1%
MFLP Yachiyo Katsutadai

MFLP Yachiyo Katsutadai

Bench that can be converted
to emergency cooking grill

Solar panels

2.4%
1-3 years
10.1%
Avg.
building age
6.6 years
3-7 years
45.9%

MFLP Hiroshima I■ ＆ Earth■ ＆ Community
Childcare facilities

MFLP Ibaraki

Emergency power
generator

LED lights■ Properties developedby Mitsui Fudosan*2

94.7%

MFLP Hino*1*2

MFLP Kawaguchi I

MFLP Yachiyo Katsutadai

MFLP Osaka I

Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features.
Figures are calculated based on the total gross floor area after anticipated acquisitions in 16th FP, adjusted for (quasi) co-ownership interests.

23

2 -1. External Growth Strategy (Expansion of Asset Size) Emphasis on Balance
Securing growth and stability by building a balanced portfolio through acquisitionof MFLPs/MFIPs which reflect location characteristics and tenant needs
Investment ratio: 80% or more

Investment ratio: 20% or less

Logistics facilities

Industrial real estate

Shipping needs

Storage needs

Multi-tenant type

Single-tenant type

Rampway MFLP
Multi

MFLP Yokohama
Daikoku
Multi

Slope MFLP
Multi

GLP・MFLP
Ichikawa Shiohama

Multi

SingleMFLP Atsugi
Multi

MFLP Kuki
Multi

MFLP Kashiwa

Mainly long-term BTS type

MFIP( Mitsui Fudosan Industrial Park )Box MFLP

SingleData centers, etc.

SingleMFLP Funabashi Nishiura
Other*1

Multi

BTS

MFIP Inzai

BTS

MFIP Inzai II

Multi■ Investment ratio
MFLP Hino
Multi

MFLP Sakai

MFLP Komaki

MFLP Inazawa

Multi

Multi

MFLP Hiratsuka

SingleSingleMFLP Tsukuba

MFLP Fukuoka I

Multi

Other*1by property type*2
Data center
6.8%

Multi

MFLP Atsugi II
MFLP Prologis Park
Kawagoe

MFLP Yashio

MFLP Ibaraki

SingleMFLP Hiroshima I
SingleBox MFLP
19.6%

Rampway
MFLP
33.9%

Slope MFLP
39.7%
MFLP Kawaguchi I
SingleMFLP Osaka I
Other*1

MFLP Hiratsuka II

MFLP Tokorozawa

SingleSingle■ Investment ratio

by tenant type*2
BTS 6.8%

MFLP Yachiyo
Katsutadai
SingleMFLP Tomei Ayase*1*2

MFLP Osaka Katano

MFLP Hiratsuka III

Other*1
6.9%

MFLP Shinkiba I

Single

Multi
55.6%

Single30.6%

SG Realty MFLP Fukuoka
Kasuya“Other” refers to a property for which the classification (multi or single) cannot be disclosed in this material as consent for disclosure has not been obtained from the lessee.
The pie charts above are calculated based on acquisition prices after anticipated acquisitions in 16th FP24

2-2. Internal Growth Strategy 1

Achieve stable management by leveraging Mitsui Fudosan Group’s platform and client network
Effectively leverage the Mitsui
Fudosan Group’s platform and client
network for leasing
Occupied by many tenants that havea relationship with Mitsui Fudosan
Lease
agreement

Logistics
agencyagreement

Owner of logistics
facility

Logistics
firm

Lease agreements

LOGISTEED East Japan
Nakano Shokai
OtherJapan Logistics Systems
Major Specialty store retailerof Private label Apparel

About

80

THIRDWAVE

NTT LOGISCO

MEIKON
Tenants*
e-LogiTBic Camera
MISUMIMITSUI SOKO LOGISTICSKDDI
KOKUBU SHUTOKENDAIWA CORPORATION

End userLease
agreement

Tenant diversification

End user

Average remaining
lease period

4.2 years

SENKO Group Holdings
MARUBENI LOGISTICS
Sagawa Global Logistics
NIPPON EXPRESSSANGETSU
Sun Toshi Tatemono* Number of tenants shown here istotal number of leases; excludes MFIPs.

(thousand ㎡)
500■Signed ■Spoken for ■Unsigned

167

Strong relationships
with leading 3PL
operators

168

166

(132)
0
(83)
47

100

Fully leverage the Mitsui Fudosan Group’s
broad client network

424

186

200

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

Retail facility businessclient network
Approx. 2,500 firms

9.5 years

Staggering of lease expiration dates(3PL operator, etc.)

Office building
businessclient network
Approx. 3,000 firms

Average lease
period

(29)
0

159

72

88

9

0

14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP 22nd FP 23rd FP 24th FP After(23/7) (24/1) (24/7) (25/1) (25/7) (26/1) (26/7) (27/1) (27/7) (28/1) (28/7) 25th FP
96.7%* The above graph shows figures for leased floor area for MFLP-REIT properties after new acquisition in 16th FP (excluding MFIPs) based on leases
signed as of January 31, 2024. In addition, figures in the graph show unsigned floor area (includes spoken for). Figures in brackets include floor area
for signed leases.

*Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year
ended March 31, 202425

2

-2. Internal Growth Strategy 2

Evolution of solutions-based asset management by Mitsui Fudosan Group＆LOGI Solution
We provide a platform that maximizes the use of Mitsui Fudosan's resources and contributes to solving logistics issues for customers and society as a whole.

End user/Logistics company

Cutting edge solutions

Mitsui Fudosan Group General
Consulting Company"MF Logistics Solutions"

Number of facilities

Mitsui Fudosan Management
End User Community"Logistics Innovation Community"

Number of tenants■ MFLP ICT LABO 2.0

State-of-the-art solution
showroom

About 60 bases

State-of-the-art technology at MFLP
Utilization and accumulation of know-how

DX solutions for receiving anddispatching processes
Build a network centered on investees
and companies exhibiting at ICT Labo

Drone utilization(MFLP・LOGIFRONTTokyo Itabashi)

MFLP ICT Labo 2.0(inside MFLP Funabashi & GATE)

About 120 companies

EC specialized
distribution center(MFLP Funabashi III)

■ Improving loading efficiency by promoting joint ■ DX solutions for receiving and dispatching processesdelivery with a focus on EC

Showroom enabled for
ICT equipment demos

EC specialized
distribution center

In-house use

Warehouse＋
Material handling(automated equipment)＋
WMS(warehousemanagement system)＋
Operation

DX solutions for receiving and dispatching processes
Hacobu (berth reservation system) x MFLP (vehicle number authentication, etc.) x Tenant systems

Shipping
company• Fully automated logistics system on
display, using leading-edge ICT
technology encompassing the full processfrom receiving merchandise to dispatch• Provide specialized automation/laborsaving solutions for tenants andprospective tenants to address labor
shortages and other serious challenges forthe logistics industry.

EC automated logistics centerEC x automated warehouse x sharing

TenantEnd user B

Entry

Cargo
handling

Exit

Berth reservation
using system
Advancereservation

At the time of entry
license plate
verifiedDirected todesignated berth

At berth
unloading/loading

License plate
verification on
departure
Update outgoing
information

Linkage between
systems

Shared use
End user A

Before entry

Arrangement plan/
Preparation

Shipment sorting
completion*Slated for future expansion* "MFLP ICT LABO 2.0", "Improving loading efficiency by promoting joint delivery with a focus on EC" and "Carrying in and out DX solution" are not limited to anticipated acquisitions and properties held by MFLP-REIT, but apply to Mitsui Fudosan as a whole.

26

2 -3. Initiatives for ESG 1 / Sharing the Mitsui Fudosan Group Management Principles
Contribute to social and economic development and conserving
the environment, based on Group Vision 「」Mitsui Fudosan Group’s ESG Principles
Under the principles of coexisting in harmony with society, linking diverse
values, and achieving a sustainable society that are represented by the Group
logo “ ” the Mitsui Fudosan Group holds “” as its Group Visionand is committed to make contributions to social and economic development,
and to global environmental preservation.
the “” principle reflects our awareness of the fact that the urban
development by the Mitsui Fudosan Group has to be in tune with the planet,and our vision of a society that enriches both people and the planet.

Sharing of the ESG Principles with Mitsui FudosanGroup
As a member of the Mitsui Fudosan Group, the Asset Management Company
shares the Mitsui Fudosan Group ESG Principles, and by building a highly
energy-efficient portfolio centered on MFLP facilities (leading-edge logistics
facilities with ‘Mitsui Fudosan quality’ ), will promote contributing to ourstakeholders in order to achieve a sustainable society.

Asset Management Co.’s efforts to promote ESG
MFLP-REIT Management Co., Ltd, the asset management company of Mitsui
Fudosan Logistics Park Investment Corporation, has established the "ESG
(Environment, Society, Governance) Policy" in November 2017, and isaddressing on ESG issues in collaboration with Mitsui Fudosan.

■Organizational chart

Sustainability Promotion
Subcommittees

Sustainability Promotion Committee【Members】

Instruct

・Chairperson: President & CEO

Investment Criteria Scrutiny
Subcommittee(chief sustainability officer)

LM Cooperation Subcommittee

・Standing member: Chief Investment Officer
Disclosure Subcommittee(sustainability executive officer)
・Standing member: Chief Finance Officer

Submitagendaitems

・Secretariat

Human Capital Subcommittee■ESG-related policies and rules
ESG (Environment, Society and Governance) Policy

Share
Mitsui FudosanGroup’s ESG
management
principles

Develop a highly
energy efficient
portfolio, focusedon MFLP

Consideration
for stakeholders tobuild a sustainable
society

Consideration andresponse to theenvironment

Consideration andresponse to society

Consideration andresponse togovernance

Climate Change Resilience Policy

Sustainability Promotion Framework Rules

Greenhouse Gas Emissions Reduction Policy

Sustainability Promotion Committee Rules

Energy Efficiency Policy

Operational manual for EMS (Energy
Management System)

Sustainable Procurement Policy

DEI Promotion Policy27

2-3. Initiatives for ESG 2 - for Environment

Environment

Proactively secure green building certifications, conservation efforts
Promoting transition to green power

Monitoring of environmental KPIs

Transition to green power use in common areas from October 2022. As of
October 2023, we have introduced green power in common areas at a total of 14
multi-tenant properties*.
In addition, we have established a system for supplying green power to tenants
in dedicated areas as well.

Latest performance and progress against environmental KPIs generally on
track. Aim to achieve targets by promoting initiatives to reduce environmental
impact in the future.

■ Trends in green power ratio of common areas of multi-tenant properties
As of October 2022

As of April 2023

As of October 2023

7/15 properties

12/16 properties

14/16 properties

Eco-friendly green buildings■ CO2 emissions intensity (t-CO₂/㎡)

2016 (base year)

2022

0.017
Reduction of 30% by 2030

0.014
(17.3% reduction)

Owner-managed portion (Scope1・2)

0.060
Reduction of 100% by 2030

0.028
(52.7% reduction)

Tenant-managed portion (Scope3)

0.014
Reduction of 24% by 2030

0.013
(6.5% reduction)■ Water usage intensity (㎥/㎡)

2016 (base year)

2022

0.07
Not to increase
above base-year level

0.06(9.8% reduction)

Targets2022

70% or more by 2030

68.0%

Whole building (Scope1・2・3)

Logistics facilities

Proactively securing green building certifications. 100% of logistics facilities
had green certifications and 70.7% of logistics facilities had ZEB certifications.

Initiatives for reducing environmental load
MFLP-REIT has implemented efforts to reduce CO ₂ emissions throughenergy saving while promoting efficient use of energy at its portfolio assets bymeasures like introducing LED lights and installing roof-top solar panels.

■Installing roof-top solar panels
Annual solar power generation*(2023 Actual)20.2 GWh■ Waste recycling rate
Logistics facilities* Above data excludes data centers (industrial real estate) as a result of NDAs in place with tenants.
Industrial real estate is excluded from disclosures.
Targets

After anticipatedacquisitions

Logistics facilities

Maintain 95%

100%

Portfolio

Maintain 90%

96.6%

Targets

After anticipatedacquisitions

Owner-managed portion

100% by 2023

100%*1*2

Tenant-managed portion

100% by 2030

88.1%*1*2

Targets

After anticipatedacquisitions

75% or more by 2025
90% or more by 2030

35.7%*3■ Green Building certification ratio■ LED lighting adoption ratio(13 properties)■ Green leases adoption ratio
MFLP Ibaraki*

For further details, please refer to [Multi-tenant properties] and [Annual solar power generation] in the Notes
on Matters Stated in this Document on p.51-53*1 Calculations based on total floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests.
*2 Exclude single tenant property from the denominator of properties owned by MFLP-REIT after anticipated acquisitions.
*3 Calculations based on leasable floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests.

Portfolio28

2-3. Initiatives for ESG 3 - for Social

SocialOngoing initiatives for our many stakeholders
Initiatives for stakeholders
Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by MFLP-REIT promote initiatives to offer a healthy, pleasant and safe environment outof consideration for stakeholders such as tenants, facility users, the surrounding environment and local communities.
Participating in local community activities

Rest area

CafeteriaInternational Women's Day Event

Emergency power generator

Childcare facilities

Disaster response readinessBy participating in local cleanup activities, the asset management company
is actively working to contribute to the local community and raise
environmental awareness among employees.

Cooperation with support group for the disabled (Group Happy Smile)Group Happy Smile
An organization that plans and provides a place where people withdisabilities can sell independently produced products, as well as a place
where they can introduce and sell their artwork to society.

Catering food truck

Art Exhibition* Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped withall of the abovementioned specifications and features.

29

2

Governance-3. Initiatives for ESG 4 - for GovernanceInitiatives for governance: Taking unitholders’ interests into consideration
MFLP-REIT and the Asset Management Company are working to establish proper governance through the following measures in order to build a solid relationship oftrust that aligns interests of unitholders with those of MFLP-REIT and the Asset Management Company while giving sufficient consideration to unitholders’ rights.

Rules concerning conflicts of interest in asset
management

Asset management with emphasis placed onrelationship of trust with unitholders

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

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

Examination and approval by the Investment Committee

Instruction to cancel or amend details

Draft by the Investment Team

Approval by MFLP-REIT’s Board of Directors

Deliberation and resolution by the Management
Committee

Instruction to cancel
or amend details

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

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

■Asset management fee structure consistent with theinterests of unitholders
Our aim is to align the interests of the Asset Management Company withthose of unitholders.
Asset management fee I

Total assets × 0.1% (maximum)

Asset management fee II

Operating income (before deduction of asset
management fees and depreciation) × 5.5% (maximum)

Asset management fee III

Pre-tax earnings (before deduction of asset managementfees) × Pre-tax EPU (before deduction of asset
management fees) × 0.001% (maximum)■Mitsui Fudosan’s investment in MFLP-REIT
Mitsui Fudosan has a 4.8% stake in MFLP-REIT (as of January 31, 2024) .
Accepting a certain level of capital investment leads to the alignment of theinterests of MFLP-REIT’s unitholders and Mitsui Fudosan, and enables the
pursuit of greater mutual interests in asset management.

■Adoption of cumulative investment unit ownership program
Ownership of the investment units by employees of the Asset Management
Company through the program elevates the motivation of employees toimprove the performance of MFLP-REIT, with the aim of enhancing its
medium- to long-term unitholder value.

Timely and proper information disclosure andensuring transparency
MFLP-REIT strives to make timely and proper disclosure of informationnecessary for unitholders to make investment decisions. With regard to
disclosure, MFLP-REIT focuses on prompt and transparent information
disclosure in a fair and equitable manner, and, in addition to financial information,
also discloses non-financial information related to ESG.
30

2

-4. Financial Strategy 1

Stable financial management: Progress in diversifying financial institutions and maturities
Interest-bearing debt maturity ladder and lender formation■Long-term (fixed rate) borrowing ■Long-term (floating rate) borrowing ■short-term borrowing ■Unsecured Bonds(million yen)

12,000Commitment line 10,000 million yen

10,000

8,000

3,000
600

6,000
10,900
8,100

4,000
6,600
2,000

5,900
3,000

7,700

8,300

7,500

9,400

8,500

8,900
7,600

7,200

6,200

5,600

2,000

4,900

3,600
2,100

2,000

1,700

0
FP
ending2024/7

FP
ending2025/1

FP
ending2025/7

FP
ending2026/1

FP
ending2026/7

FP
ending2027/1

FP
ending2027/7

FP
ending2028/1

FP
ending2028/7

FP
ending2029/1

FP
ending2029/7

FP
ending2030/1

FP
ending2030/7

FP
ending2031/1

FP
ending2031/7

FP
ending2032/1

FP
ending2032/7

FP
ending2033/1

FP
ending2033/7

FP
ending2034/1* Reflects figures after the borrowings on January 31, 2024.

Lender formation（As of January 31, 2024）

Initiatives for ESG Finance■Trend in ESG FinanceEnd of 12th FP(July 31, 2022)

End of 15th FP(January 31, 2024)

3.0 bn yen

26.0 bn yenothersGoing forward, willcontinue to promote
ESG financing

No. of financings

Amount of financings

Sumitomo Mitsui Banking
Corporation

The 77 Bank

Development Bank ofJapanMizuho Bank

Total lenders: 29
Total borrowings¥131.3 bn

Nippon Life
Insurance Company

Type of financings

Investment
Corporation
Bonds

The Chiba Bank

Sustainability linked loan

23

10.0 billion yen

Sumitomo Life
Insurance Company
Mitsui Sumitomo Insurance

Green loan

1211.0 billion yen

SBI Shinsei BankGreen bond1

2.0 billion yen

MUFG BankThe Yamaguchi Bank
The Bank of Fukuoka

Mizuho Trust & Banking

Sustainability bond1

3.0 billion yen

Shinkin Central Bank

(Includes Investment
Corporation Bonds)

The Norinchukin Bank

Sumitomo
Mitsui Trust
Bank

31

2

-4. Financial Strategy 2

Efficient cash management and change to FFO payout policy
MFLP-REIT revised its payout policy, in keeping with its aim to implement efficient cash management
in alignment with phase of growth
Policy of basing distributions on FFO times a payout ratio remains unchanged. Aim to raise the FFO payout ratio in a stepwise function
targeting an increase from 70% to 75% by the 18th FP■ Background to revision of distribution policy•

Since listing, MFLP-REIT has grown its asset size through continuous external growth; following new acquisitions, the portfolio size will rise to 399.7 billion yen•

Average building age of the portfolio after new acquisitions will be 6.6 years. the portfolio will remain focused on young properties with a limited need for capex•

MFLP-REIT has established a sound financial base: the lender formation has expanded to 29 financial institutions andLT issuer credit rating (JCR) remains AA (stable)■ Efficient cash management■ Diagram of cash distribution based on FFO•

Leasingbusiness
expenses,
SG&A,
etc.
FFO

•

Will continue to focus on efficient cash
management
MFLP-REIT will consider using cash on
hand to improve unitholder value
FFO

Capex
Debt repayment

Rentalrevenue

Deprecia-tion

FFO×70%

FFO×72%FFO×73%FFO×75%

Deprecia-tion

Funds for property
acquisition
Increased payout
ratio

Profit
当期(Net
純利益

Distributionsof earnings

Until 14th FP

75%
70%

Distributions
in excess ofearnings

Profit(Net
income)Retainedearnings

Total
distribution
amountincome)15th FP

16th FP

18th FP target32

2-5. DPU Growth

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

Expansion of Asset Size

MFLP Komaki

MFLP Hino
2 other properties

Debt

1st POMFLP Inazawa
MFLP Sakai
MFLP Ibaraki
MFLP Tsukuba 5 other properties 2 other properties MFLP Kawaguchi I

2nd PO

Debt

MFLP Yachiyo Katsutadai
2 other properties

Debt

5th PO

4th PO

3rd PO

Fund procurement

MFIP Inzai II

MFLP Osaka
Katano

25
358.7

24
342.2

LTV-basedcapacity for
acquisitions(bn yen)(LTV at 50%)

18
205.0

16
156.7

9
75.5

9
75.5

Debt

New investment units and LTV management optimal for size of acquired assets

LTV

12
98.3

MFLP Tomei
Ayase (50%)

6th PO

No. of properties
andasset size(bn yen)

10
78.7

MFLP Tomei Ayase MFLP Hiratsuka III
2 other properties
1 other property

13
103.5

30.2%
29.1%

26.8%

67

27.3%

82

21
297.6

20
282.4
33.6%
31.0%

97

71

7,816

38.6%
36.4%

36.5%
91
33.1%

30
399.7
40.8%

40.5%

70

73

80
35.9%

99

95

8,804

9,214

9,313

8,898

100

109

49

27
372.4

8,353

8,401

(7,231)(7,301)

7,895

23.9%

24.5%

21.6%
42
45

22.5%
52

7,283

44

6,977
6,496

6,584

(6,842)

DPU (yen)(7,396)(7,247)(7,156)(6,902)(7,064)(6,604)6,105( ) EPU (yen)(6,200)

5,832
5,563

(5,783)

5,346
5,198

(5,811)(5,905)(5,497)(5,288)(5,142)(4,955)

FP endedJan. 2017(1st FP)FP endedJan. 2018(3rd FP)FP endedJan. 2019(5th FP)FP endedJan. 2020(7th FP)FP endedJan. 2021(9th FP)FP endedJan. 2022(11th FP)FP endedJan. 2023(13th FP)FP endingJan. 2024(15th FP)FP endingJul. 2024(16th FP)
Forecast

FP endingJan. 2025(17th FP)
Forecast

33

MEMO

34

3. Market Overview

35

3-1. Market Overview

Market Overview 1
Supply-demand balance andvacancy rate 1 3：New supply in 2022 and 2023

：New demand in 2022 and 2023

Greater Tokyo Area

：Population Density* （people/k㎡） 0~5,000：Vacancy rate 5–10%：Population Density* （people/k㎡） 5,000~10,000：Vacancy rate 10%–

：Population Density* （people/k㎡） 10,001~：人口分布（人/k㎡）10,001人～：Submarket areas*As of December 31, 2023

=100 thousand ㎡

Forecast

thousand ㎡：Vacancy rate 0–5%

4,000

15%

3,500

Tohoku/Ken-O
Expwy area

12%

3,000
2,500

9%

2,000
6%

1,500
1,000

Kan-Etsu/Ken-O
Expwy area

3%

Tokyo-Gaikan
Expwy area500
0National Route16 area0%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Chiba
inland area

（year）

Narita area

thousand ㎡

1,500

18%

Hachioji area

1,200
12%
900
Kanagawa
inland area

7.6%

600
6%
300
2.6%

0

0%
Q1

Q2

Q3

Q4

Q1

Q2

2022

Q3

Q4

2023
Greater Tokyo
Bay area

New supply

New demand

Source: CBRE K.K. (February 2024)

Vacancy rate

Vacancy rate(logistics facilities 1 year
old or older)：Logistics facilities properties heldby MFLP-REIT* Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m2 or more.
* Population distribution data based on Ministry of Land, Infrastructure and Transport’s data on Future Population Estimates by 1 k㎡ (2018 Estimates)：Industrial real estate properties heldby MFLP-REIT：Properties developedby Mitsui Fudosan

36

3-1. Market Overview

Market Overview 1
Supply-demand balance andvacancy rate 2 3：New supply in 2022 and 2023
：New demand in 2022 and 2023

Greater Osaka Area
2,000

：Population Density* （people/k㎡） 0~5,000：Vacancy rate 5–10%：Population Density* （people/k㎡） 5,000~10,000：Vacancy rate 10%–

：Population Density* （people/k㎡） 10,001~：人口分布（人/k㎡）10,001人～：Submarket areas*As of December 31, 2023

=100 thousand ㎡

Forecast

thousand ㎡：Vacancy rate 0–5%

15%
12%

1,500

Other area in
Keihan (between
Kyoto and Osaka)
Osaka inland area

9%
1,000
6%
500

3%

0

0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
（year）

thousand ㎡

500

18%

12%

Osaka Bay/
Kobe area

250
4.5%

6%

0.1%

0

0%
Q1

Q2

Q3

Q4

2022

New supply

Q1

Q2

Q3

Q4

2023

New demand

Source: CBRE K.K. (February 2024)

Vacancy rate

Vacancy rate(logistics facilities 1 year
old or older)：Logistics facilities properties heldby MFLP-REIT* Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m2 or more.
* Population distribution data based on Ministry of Land, Infrastructure and Transport’s data on Future Population Estimates by 1 k㎡ (2018 Estimates)：Properties developedby Mitsui Fudosan

37

3-1. Market Overview

Market Overview 1
Supply-demand balance andvacancy rate 3 3Greater Nagoya Area

New supply

Kyushu Area

Forecast

thousand ㎡

New demand

1,000

15%

750

400

15%

50

0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

0%

0

0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

（年）

18%

10%

5%
100

thousand ㎡
500

20%
100

5%

0%

30%

10%
200

0

200

150

300

250

Forecast

thousand ㎡

10%
500

*As of December 31, 2023

Chugoku Area

Forecast

thousand ㎡

Mitsui Fudosan’s
strategic areas

Vacancy rate(logistics facilities 1 year
old or older)

Vacancy rate
：Properties developedby Mitsui Fudosan：Logistics facilities properties heldby MFLP-REIT（year）

thousand ㎡
150

18%

400

（year）
thousand ㎡
100

18%

75
9.8%

12%

100

6%

50

12%

12%

300
50
7.4%

200

6%

6%
25

100
2.8%
0

Q1

Q2

Q3

Q4

2022

Q1

Q2

Q3

Q4

0%

2023

0.0%
0

Q1

Q2

Q3
2022

Q4

Q1

Q2

Q3
2023

Q4

0%

0

Q1

Q2

Q3
2022

Q4

Q1

Q2

Q3

Q4

0%

2023

Source: CBRE K.K. (February 2024)* Survey of rental logistics facilities held by real estate investment companies,
real estate development companies, etc. with total floor area of 5,000 m2 or more.

38

3-1. Market Overview

Market Overview 2(million m2)
700

Stock of logistics facilities in Japan*
Logistics facilities
40 years old or older
46.7%

Leading-edge
logistics facilities
6.9％

50%

600

40%

500
400

30%

300

20%

200

Future demand for
replacement ofaging properties

Highly scarceleading-edge
logistics facilities

10%

100
0

0%
（year）

Logistics facilities
less than 40 years old
46.4%

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

Estimate for logistics facilities
築40年以上の推計値
40years old or older
Shareof logistics facilities
築40年以上のシェア
40 years old or older(As of December 2022)

Leading-edge(left axis)
先進的物流施設
logistics
facilities

Shareof leading-edge logistics
先進的物流施設シェア
facilities(right axis)* Estimates by CBRE K.K. based on “Building Starts” (Ministry of Land, Infrastructure, Transport and Tourism) and “Summary Report on Prices, etc. of Fixed
Assets” (Ministry of Internal Affairs and Communications). Top left pie chart created by Asset Management Company, based on data the above graph.
* For further details, please refer to [About analysis of Japan's logistics facilities stock] in the Notes on Matters Stated in this Document on p.51-53

Long-term data on construction starts of logistics
facilities (nationwide)

Tenant demand to increase floor space in logistics facilities
Survey “Priority/Focus Initiatives for the Next 3 Years (FY2023)”
0%Over 40 years old
thousand m2

10%

20%

30%

40%

50%

Top priority

2nd priority

60%

70%

Open new logistics facilities,
increase floor area, number of facilities

20,000Adopt/upgrade automationequipment/facilities
Working environment for employees,
improving safety features

15,000Enhance transport and delivery network

10,000Consolidate/relocate facilities
Refurbish existing facilities
and equipment

5,000

1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

0

ESG initiatives
Upgrade omni-channel
to reflect ESG issues

Source: CBRE K.K. (February 2024)（year）* Figures calculated as the sum total of the floor area of structures with “warehouse” as the use category and “steel-framed structure,”“reinforced concrete structure” or “steel-framed reinforced concrete structure” as the structure type.

Assessing situation for now
Other

3rd priority

Source: CBRE K. K. “ Tenant Survey on use of Logistic Facilities 2023” (as of June 2023)

39

3-1. Market Overview

Market Overview 3
Rising demand on back of growth in e-commerce market scale
Rise of e-commerce penetration
Expanding e-commerce Market Scale

Trend in net shopping expenditures

22.7

210,000

20

E-commerce ratio(the whole world)

19.3%

E-commerce ratio(USA)180,000

E-commerce ratio(Japan)

15

Scale of E-commerce market

14.7%
150,000

Trend in percentage of households
engaged in net shopping（yen）

trillion yen（%）(hundred million yen)

FY202330,000

FY2021

28,00056%

24,00054%

120,000

90,00060,00018,0005

16,000

0

800
20

600

46%

400
10

44%

14,00042%

12,000

40%

Mar.

May.

Jul.

Sep.

Nov.

200
Jan.

Mar.

May.

Jul.

Sep.

Nov.

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

25,000140

Labor unit costs: public construction anddesign (Nationwide, all professions)130

Source: Japan Logistics Field Institute, Inc.

Expansion of the data center
marketgrowth rate

Conventional
Price index for construction materials(Overall construction)

0(year)

Forecast of operational racks at hyperscaledata centers
Avg. annual

Trends in construction material and labor costs
（yen）

0

Source: Ministry of Internal Affairs and Communications “Survey of Household Economy” “Monthly expenditures per household utilizing the Internet”
nationwide, stratified into districts and urban areas.(as of February 6, 2024)

Source: “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry(Announced on August 31, 2023)* Amounts and percentages indicate the scale of B to C market in the e-commerce market.
the basis for the calculation of the e-commerce ratio is limited to merchandise sales.

Surging construction costs

30

1,000

48%

Jan.

(year)FY201950%

9.1%

Leased floor area related to mail order sales(thousand ㎡)

52%

22,00020,000(%)

Related to mail order sales (%)

FY202158%

FY201926,000

10（thousand ㎡）
1,200

FY202360%

e-commerce operators: Increase in leased floor area,
share of leased floor area

Manufacturing

Store

Wholesaler

Consolidation of scattered logistics bases into a delivery center（Units）
120,000(2020-2025 years)

20.5%

90,000120

Afterconsolidation
Manufacturing

20,000

Delivery centerStore

60,000110

Integrating Logistics Bases of Manufacturers
30,000100
Conventional
2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: Construction Research Institute ‘Index of Construction Material
Prices’ (Base year 2015) (Announced Jan. 10, 2024)
MLIT ‘Concerning Labor Unit Prices for Public Construction and
Design to be applied from March 2024. (Announced February 16, 2024)

90

Transport

Assembly plant

Warehouse
Transport
for endproducts

Consolidation of separately locatedwarehouses for parts, assembly plants
and warehouses for end products into
one base
After
consolidation

MFLP

Transport0

Retail stores/ Consumers

15,000Warehouse for Transport
parts

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

40

4. Appendix

41

4

Appendix

Our portfolio 1 2 (After the anticipated acquisition in 16th FP)
Total (anticipated) acquisition price

Adjusted forecast NOI yield

30 properties 399.7 billion yen 4.7 %（ after depreciation 3.1 %）Category

Property no.

L-1

Average building age

Occupancy rate

4.0 %6.6 years

99.8 %

Property nameLocation(Anticipated)acquisition
price(million yen)

GLP/MFLP Ichikawa
Shiohama

Ichikawa,
Chiba

15,50020,000

4.9

4.7

3.6

12,50015,700

5.7

5.1

4.1

(50% quasi co-ownership interest)

Logistics
facilities

Appraisal NOI / Appraisal value

Appraisal
Value*(million yen)

Adjusted
forecast
NOI yield(%)

Appraisal
AppraisalNOI /NOI yield*
Appraisal(%)
value (%)

Gross floor
area*1(㎡)

Total leasable
floor area*2(㎡)

Building
age(years)Occupanc
y rate(%)

105,019（52,509）50,81310.0

100

73,15367,9259.6

100

47,939

14.8

100

L-2

MFLP Kuki

Kuki, Saitama

L-3

MFLP Yokohama Daikoku

Yokohama,
Kanagawa

10,10011,300

5.2

4.8

4.3

L-4

MFLP Yashio

Yashio, Saitama

9,650

12,000

5.2

5.0

4.0

100,530（50,265）
40,72839,692

9.9

100

L-5

MFLP Atsugi

Aiko, Kanagawa

7,810

10,400

5.8

5.5

4.1

40,942

40,958

8.9

100

L-6

MFLP Funabashi Nishiura

Funabashi, Chiba

6,970

8,550

5.1

5.2

4.2

30,94731,034

9.0

100

L-7

MFLP Kashiwa

Kashiwa, Chiba

6,300

8,110

5.6

5.3

4.1

31,242

31,291

8.2

100

L-8

MFLP Sakai

Sakai, Osaka

23,60028,200

5.3

4.9

4.1

125,127

112,148

9.4

100

L-9

MFLP Komaki

Komaki, Aichi

8,260

9,030

4.2

4.6

4.2

38,806

7.0

100

L-10

MFLP Hino

Hino, Tokyo

12,533

14,100

4.6

4.2

3.7

40,597205,200（51,300）

46,801

8.3

100

Hiratsuka,
Kanagawa

7,027

8,390

5.1

4.8

4.0

33,06133,055

7.2

100

Tsukubamirai,
Ibaraki

37,02737,938

13.6

8,781

11,300

5.2

5.7

4.5
25,45725,600

5.8

L-11

L-12

(50% quasi co-ownership interest)(25% quasi co-ownership interest)

MFLP Hiratsuka

MFLP Tsukuba

Existingbuilding
Annexbuilding

100

L-13

MFLP Inazawa

Inazawa,
Aichi

16,20019,100

5.0

4.8

4.1

72,88368,922

6.7

100

L-14

MFLP Atsugi II

Isehara, Kanagawa

13,10015,600

4.7

4.6

3.8

48,97648,032

5.8

100

L-15

MFLP Fukuoka I

Kasuya,Fukuoka

5,263

6,680

5.5

5.4

4.3

32,19932,216

7.3

100

L-16

MFLP Prologis Park
Kawagoe

Kawagoe,
Saitama

14,80017,850

4.3

4.6

3.8

117,337（58,668）

56,723

5.3

94.2

14,48016,800

5.0

5.0

4.3

68,427

66,665

4.4

100

58,90068,900

4.6

4.3

3.7

230,435

208,8116.4

100(50% quasi co-ownership interest)

L-17

MFLP Hiroshima I

L-18

MFLP Ibaraki

Hiroshima,
Hiroshima
Ibaraki,
Osaka

42

4

Appendix

Our portfolio 2 2 (After the anticipated acquisition in 16th FP)
Category

Logistics
facilities

Property no.

Property name

L-19

MFLP Kawaguchi I

L-20

MFLP Yachiyo Katsutadai

L-21

MFLP Osaka I

L-22

MFLP Hiratsuka II

L-23

MFLP Osaka Katano

L-24

Acquired in 15th FP
Anticipated acquisition
In 16th FP

MFLP Tomei Ayase(Anticipated)acquisition
price(million yen)Appraisalvalue(million yen)

Adjusted
forecast
NOI yield(%)

Appraisal
AppraisalNOI /NOI yield
Appraisal(%)
value (%)

18,50020,600

4.3

4.1

18,00019,100

4.4

13,90014,70012,700Gross floor
area*1(㎡)

Total leasable
floor area*2(㎡)

Building
age(years)Occupanc
y rate(%)

3.7

49,838

48,119

4.3

100

4.2

4.0

74,624

69,830

3.4

100

4.0

4.0

3.8

43,91943,8803.5

100

13,700

4.1

4.2

3.9

48,141

46,5254.3

100

16,50016,400

5.1

4.9

4.9

68,52867,2642.4

100

19,53019,840

3.7

3.7

3.6

56,764

54,148

1.5

100

4,090

4,090

4.8

4.7

4.7

21,721

21,725

2.7

100

8,410

8,450

4.1

4.1

4.0

29,47428,327

0.9

100

5,940

6,110

3.6

3.6

3.5

9,584

9,585

0.9

100

Kasuya,Fukuoka

3,040

3,040

4.9

4.8

4.8

35,626（17,813）

18,061

1.3

100

-

372,384

428,040

4.7

4.6

4.0

1,897,520（1,564,363）

1,492,845

6.6

99.8

12,22014,300

5.0

4.9

4.2

40,478

Not
disclosed

9.9

Not
disclosed

15,15017,500

4.8

4.8

4.1

27,26830,906

3.7

100

7.4

Not
disclosed

6.6

99.8

1,409,797

6.9

99.8

Not
disclosed

6.9

99.8

Location
Kawaguchi,
SaitamaYachiyo,
Chiba
Osaka,Osaka
Hiratsuka,
Kanagawa
Katano,Osaka
Ayase,
Kanagawa(50% co-ownership interest)

L-25
L-26
L-27

Acquired in 15th FP

MFLP Tokorozawa
Acquired in 16th FP

MFLP Hiratsuka III
Acquired in 16th FP

MFLP Shinkiba I

Iruma,
Saitama
Hiratsuka,
Kanagawa
Koto,
Tokyo

Acquired in 16th FP

L-28

SG Realty MFLP
Fukuoka Kasuya(50% co-ownership interest)

Subtotal or Average
Industrial
real estate

I-1

MFIP Inzai

I-2

MFIP Inzai II

Inzai,
Chiba
Inzai,
Chiba

Subtotal or Average-

27,37031,800

4.9

4.8

4.2

67,746

Total or Average-399,754459,840

4.7

4.6

4.0

1,965,267（1,632,110）

subtotal

345,074

400,210

4.8

4.6

4.0

Not
disclosed
Not
disclosed

References : As of end of 15th fiscal period
Logistics facilities(Property no. L-1 to L-25)
Total or Average(Property no. L-1 to L-25, I-1,I-2)
*
*1
*2

-

372,444

For further details, please refer to [Our portfolio] in the Notes on Matters Stated in this Document on p.51-53.
“Gross floor area” figures in parentheses are the figures after taking into consideration the ownership interest.
“Total leasable floor area” figures are the figures after taking into consideration the ownership interest.

432,010

4.8

4.6

4.0

1,822,835（1,479,109）
1,890,582（1,546,856）

43

4

Appendix

Appraisal summary for the end of 15th fiscal period

12(Unit: million yen)

End of 14th fiscal period*(End of Jul. 2023) (a)End of 15th fiscal period*(End of Jan. 2024) (b)Appraisal
value

CR

Appraisal
value

CR

Acquisitiondate

Acquisition
price

End of15th
fiscalperiodBook
value

GLP/MFLP Ichikawa
Shiohama (50%)

September 2016

15,50014,48820,000

3.6%

20,000MFLP Kuki

August 2016

12,500

11,10915,7003.9%

MFLP Yokohama
Daikoku (50%)

August 2016

10,1009,491

11,500MFLP Yashio

August 2016

9,650

8,825

MFLP Atsugi

August 2016

7,810

MFLP Funabashi
Nishiura

August 2016

MFLP Kashiwa

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

Appraisal
value

CR

3.5%

0

-0.1

〇

〇

15,700

3.9%

0

0.0

-

-

4.1%

11,300

4.1%

-200

0.0

-

〇

12,0003.8%

12,000

3.8%

0

0.0

-

-

6,941

10,4003.9%

10,400

3.9%

0

0.0

-

-

6,970

6,266

8,500

4.0%

8,550

4.0%

50

0.0

-

〇

August 2016

6,300

5,610

8,130

4.0%

8,110

4.0%

-20

0.0

-

〇

MFLP Sakai

August 2016*

23,60022,21028,2004.0%

28,200

4.0%

0

0.0

-

-

MFLP Komaki

August 2017*

8,260

7,276

9,030

4.0%

9,030

4.0%

0

0.0

-

-

MFLP Hino (25%)

February 2018*12,533

11,717

14,1003.7%

14,100

3.7%

0

0.0

-

-

MFLP Hiratsuka

March 2018

7,027

6,499

8,410

3.9%

8,390

3.9%

-20

0.0

-

〇

MFLP Tsukuba

December 2018*

8,781

8,041

11,300

4.3%

11,300

4.3%

0

0.0

-

-

MFLP Inazawa

February 201916,20014,591

19,3004.0%

19,100

4.0%

-200

0.0

-

〇

MFLP Atsugi II

February 201913,10012,10815,6003.7%

15,600

3.7%

0

0.0

-

-

MFLP Fukuoka I

February 2019*

5,263

4,770

6,360

4.1%

6,680

4.1%

320

0.0

-

〇

MFLP Prologis Park
Kawagoe (50%)

February 2020

14,80014,074

17,8503.7%

17,850

3.7%

0

0.0

-

-

MFLP Hiroshima I

March 2020

14,48013,614

16,5004.3%

16,800

4.2%

300

-0.1

〇

〇

MFLP Ibaraki

October 2020

58,90056,422

68,9003.6%

68,900

3.6%

0

0.0

-

-

*1

*1

*1

CR

*1

Other

44

4

Appendix

Appraisal summary for the end of 15th fiscal period

22(Unit: million yen)

Acquisitiondate

Acquisition
price

End of15th
fiscalperiodBook
value

MFLP Kawaguchi I

October 2020

18,50017,986

20,6003.6%

20,600MFLP Yachiyo Katsutadai

February 2022

18,00017,581

19,1003.9%

MFLP Osaka I

February 2022

13,90013,662

14,700MFLP Hiratsuka II

February 2022

12,70012,475MFLP Osaka Katano

February 2023

16,500MFLP Tomei Ayase(50%)

August 2023

MFLP Tokorozawa

End of 14th fiscal period*(End of Jul. 2023) (a)End of 15th fiscal period*(End of Jan. 2024) (b)Appraisal
value

CR

Appraisal
value

CR

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

Appraisal
value

CR

3.6%

0

0.0

-

-

19,100

3.9%

0

0.0

-

-

3.7%

14,700

3.7%

0

0.0

-

-

13,7003.8%

13,700

3.8%

0

0.0

-

-

16,15016,5004.3%

16,400

4.3%

-100

0.0

-

〇

9,610

9,620

9,610

3.7%

9,610

3.7%

0

0.0

-

-

August 2023

4,090

4,070

4,090

4.6%

4,090

4.6%

0

0.0

-

-

MFIP Inzai

August 2016*

12,22011,266

14,3004.1%

14,300

4.0%

0

-0.1

〇

〇

MFIP Inzai II

March 2021

15,15014,517

17,0004.2%

17,500

4.1%

500

-0.1

〇

-

Total/average-

372,444351,391

431,380-

432,010

-

630

-

-

-

*1

*1

*1

CR

*1

Other

Reference (as of March 15, 2024)*
MFLP Hiratsuka III

February 2024

8,410

8,410

-

-

8,450

4.0%

-

-

-

-

MFLP Shinkiba I

February 2024

5,940

5,940

-

-

6,110

3.3%

-

-

-

-

SG Realty MFLP Fukuoka
Kasuya (50%)

February 2024

3,040

3,040

-

-

3,040

4.5%

-

-

-

-

MFLP Tomei Ayase(50%)

March 2024
(to be scheduled)

9,920

9,920

-

-

9,920
(+310*)

3.7%

-

-

-

-

Total/average after
anticipated acquisitionin the 16th FP-

399,754378,701--

459,840

-

-

-

-

-

Difference＝Unrealized gain*
81,138 million yen* For further details, please refer to [Appraisal Summary for the End of 15th Fiscal Period] in the Notes on Matters Stated in this Document on p.51-53.
*1 CR = Capitalization rate based on direct capitalization method (NCF basis). The average indicates a weighted average based on the appraisal value. For “MFLP Osaka Katano” and “SG Realty MFLP Fukuoka Kasuya”,
Discount rate (revised Inwood method of capitalization over a definite term) is listed.

45

4

Appendix

Individual property income statement for 15th fiscal period 1 2(Unit: million yen)
MFLP
Kuki

MFLP
Yokohama
Daikoku

MFLP
Yashio

184

184

184

184

Lease businessrevenue

455

443

347

775

340

Other leasebusiness
revenue

40

37

20

79

31

Total

495

481

367

855

371

Outsourcing
expenses

38

33

28

61

36

Utilities
expenses

28

30

16

Repairexpenses

5

6

6

14

18

Land rent

-

-

-

-

-

Propertyrelated taxes

30

42

40

81

38

Other expenses

2

3

2

5

3

104

116

95

-

-

-

-

223

-

Depreciation

80

111

91

63

63

50

49

207

Operating income (loss) fromreal estate leasing

310

253

181

199

167

134

128

NOI from real estate leasing[Operating income (loss) fromreal estate leasing +Depreciation])

390

364

272

263

231

184

178

Number of days ofasset management

Operatingrevenue fromreal estateleasing

Operatingexpenses fromreal estateleasing

Total

GLP/
MFLP
Ichikawa
Shiohama

Notdisclosed*

MFLP
Atsugi

MFLP
Funabashi
Nishiura

MFLP
Kashiwa

MFLP
Sakai

MFLP
Komaki

MFLP
Hino

MFLP
Hiratsuka

MFLP
Tsukuba

MFLP
Inazawa

MFLP
Atsugi II

MFLP
Fukuoka I

184

184

184

184

184

184

184

184

184

184

184

Not
disclosed*

Not
disclosed*

Not
disclosed*

Not
disclosed*

Not
disclosed*

122

-

-

-

-

-

89

87

51

94

183

115

56

424

85

161

124

157

202

189

91

632

175

249

176

252

385

304

147

Not
disclosed*

Not
disclosed*

Not
disclosed*60

Notdisclosed*

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

46

4

Appendix

Individual property income statement for 15th fiscal period 2 2(Unit: million yen)
MFLP
MFLP HiroPrologis Park
shima I
KawagoeNumber of days ofasset management

MFLP
Ibaraki

MFLP
Kawaguchi I

MFLP
YachiyoKatsutadai

184

184

MFLP
Osaka I

MFLP
Hiratsuka II

MFLP
Osaka
Katano

MFLP
Tomei
Ayase

MFLP
Tokorozawa

184

184

184

175

175

MFIP
Inzai

MFIP
Inzai II

184

184

184

Lease businessrevenue

393

479

1,743

11,138Other leasebusiness
revenue

27

38

137

707

Total

420

518

1,881

11,845

Outsourcing
expenses

31

34

108

737

Utilities
expenses

22

23

110

Repairexpenses

1

4

22

153

Land rent

-

-

-

79

Propertyrelated taxes

46

59

163

1,052

Other expenses

2

3

101

159

103

125

506

-

-

-

-

-

-

-

-

-

2,740

Depreciation

107

133

427

93

151

91

86

272

59

60

96

130

3,108

Operating income (loss) fromreal estate leasing

210

259

946

297

254

186

203

199

136

46

210

232

5,996

NOI from real estate leasing[Operating income (loss) fromreal estate leasing +Depreciation])

317

392

1,374

391

406

278

290

471

196

107

306

363

9,104

Operatingrevenue fromreal estateleasing

Operatingexpenses fromreal estateleasing

Total

Not
disclosed*

Not
disclosed*

Not
disclosed*

Not
disclosed*

Not
Not
Not
disclosed* disclosed* disclosed*

184

Total

184

Not
Not
disclosed* disclosed*-

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

47

4

Appendix

Statement of income and Balance sheet
Statement of income
Item
Operating revenue
Lease business revenue
Other lease business revenue
Operating expenses

14th fiscal period(ended Jul. 31, 2023)
Actual(Unit: million yen)
15th fiscal period(ended Jan. 31, 2024)
Actual11,478

11,845

10,819

11,138

658

707

6,874

Cash and deposits

9,312

9,245
703

7,328

8,371

7,106

Consumption taxes receivable

1,143

-

Other current assets

211

170

340,596351,777

339,952

349,369

644

2,408

5,652

5,849

1,100

1,129

Operating income

Current assets(Unit: million yen)
15th fiscal period(ended Jan. 31, 2024)
ActualCash and deposits in trust

Asset management fee
Asset custody and administrative
service fees
Directors’ compensations
Other operating expenses

Item

14th fiscal period(ended Jul. 31, 2023)
Actual629

Expenses related to rent business

37

Balance sheet

41

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

6

6

77

79

4,604

4,738

Deferred assets

104

84

Total assets

350,013361,107

Current liabilities

18,767

14,465400704

Non-operating income

233

Non-operating expenses

344

365

Operating accounts payable

288

299

Short-term borrowings

4,500

600

15

15

Current portion of long-term loans payable
Accounts payable

10,600

9,600

1,321

1,313

2

2

Income taxes payable1

1

Income consumption taxes payable

-

227

1,933

2,006

Interest expenses
Interest expenses on investment
corporation bonds
Amortization of investment corporationbonds
Amortization of investment
unit issuance expenses
Offering costs associated withIssuance of investment units
Other
Ordinary income
Profit before income taxes
Income taxes

28

23

-

13

Advances received
Other current liabilities
Non-current liabilities

9

11

4,261

4,407

Investment corporation bonds

4,261

4,407

1

1

Long-term borrowings
Tenant leasehold and security deposits in trust

Profit (Net income)

4,260

4,405

Unappropriated retained earnings

4,260

4,406

11

12

127,593

128,860

5,000

5,000

115,100

116,100

7,493

7,760

Total liabilities

146,361

143,326

Total unitholders’ equity

203,652

217,781

Unitholders’ capital

203,299

218,093

Deduction from unitholders’ capital-3,907-4,718Unitholders’ capital, net
Surplus
Total net assets

199,391
4,260
203,652

213,374
4,406
217,781

Total liabilities and net assets

350,013361,10748

4

AppendixExternal evaluation and certifications
DBJ Green Building
certification

Property name

DBJ Green
Building *GLP・MFLP Ichikawa
Shiohama
MFLP Kuki
MFLP Yokohama Daikoku

Rank S*

BELS

ZEB

★★★★★

ZEB Ready

Property nameRank A*★★★★★

DBJ Green
Building *CASBEECASBEE(New(Real estate) **construction)★★★★

MFLP Hiroshima I★★★★

Rank A*★★★★★

ZEB Ready

MFLP Ibaraki★★★★★

Rank A*★★★★★

ZEB Ready

MFLP Kawaguchi I★★★★

Rank S*★★★★★

ZEB Ready★★★★★

Nearly ZEB

ZEB Ready★★★★★

Rank A*

MFLP Yachiyo Katsutadai
Rank A*

MFLP Kashiwa

Rank A*

MFLP Sakai *1

★★★★★

★★★★★

Rank S*MFLP Osaka I

Rank A*★★★★★

ZEB Ready

MFLP Hiratsuka II

Rank A*★★★★★

ZEB Ready

★★★★★

『ZEB』

ZEB Ready
MFLP Osaka Katano

MFLP Komaki
MFLP Hino

★★★★★

★★★★★

MFLP Tomei Ayase

Rank A*

MFLP Tokorozawa

Rank B+*

MFLP Hiratsuka III

Rank A*

Rank A*★★★★

(Annex Building)★★★★★

ZEB Ready

Rank A*★★★★★

ZEB Ready

SG Realty MFLP Fukuoka
KasuyaRank A*

★★★★★

『ZEB』

certifications acquired Total

MFLP Atsugi II★★★★★

ZEB Ready(Existing building)

MFLP Inazawa

Rank A

Rank A*

MFLP Hiratsuka
MFLP
Tsukuba

ZEB

Rank A*

Rank A*

MFLP Funabashi Nishiura

BELS

MFLP Prologis Park Kawagoe

Rank A*★★★★*ZEB

MFLP Fukuoka I★★★★

Rank A*★★★★★

MFLP Yashio
MFLP Atsugi

CASBEECASBEE(New(Real estate) *construction) *Rank A*★★★

BELSCASBEE★★★★

Rank A*

MFLP Shinkiba I* For further details, please refer to [Green Building certification] in the Notes on Matters Stated in this Document on p.51-53.
*1 In addition to the above green certifications, MFLP Sakai also won the FY2015 Osaka Environmentally Friendly BuildingAward (Retail and other facilities category).

Rank A
10

11

15

★★★★★

Nearly ZEB

★★★★★

『ZEB』

★★★★★

『ZEB』

20

17

49

4

Appendix

Investment Unit Price Trends/Status of Unitholders(yen)

Investment unit price (closing price)

660,000

TSE REIT Index (indexed)

560,000

460,000

IPO issue price: 270,000 yen
360,000

260,000

160,000

2016
8/2

2016
10/31

2017
1/31

2017
4/30

2017
7/31

2017
10/31

2018
1/31

2018
4/30

2018
7/31

2018
10/31

2019
1/31

2019
4/30

2019
7/31

2019
10/31

2020
1/31

2020
4/30

2020
7/31

2020
10/31

2021
1/31

2021
4/30

2021
7/31

2021
10/31

2022
1/31

2022
4/30

2022
7/31

2022
10/31

2023
1/31

2023
4/30

2023
7/31

2023
10/31

2024
1/31

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

Status of unitholders at the end of 15th fiscal period (end of January 2024)◼ Number of Unitholders and Number of Investment Units
by Type of Unitholder■ Major Unitholders

Number ofunitholders% of total

Number ofinvestment
units% of total

Individuals/Other

7,719

91.6%

30,839 units

5.1%

Custody Bank of Japan, Ltd. (trust account)

109,370 units

18.0%

Financial institutions

176

2.1%

332,215 units

54.6%

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

99,333 units

16.3%

29,560 units

4.9%

Number ofinvestment
units% of total

Other Japanese
corporations

230

2.7%

38,363 units

6.3%

the Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)

Non-Japanese

281

3.3%

183,250 units

30.1%

Mitsui Fudosan Co., Ltd.

28,900 units

4.8%

Securities companies

18

0.2%

23,333 units

3.8%

SSBTC CLIENT OMNIBUS ACCOUNT

13,577 units

2.2%

Total

8,424

100.0%

608,000 units

100.0%

280,740 units

46.2%

Total

50

4

Appendix

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

Fiscal 2013

Fiscal 2014

Fiscal 2015

Fiscal 2016

Fiscal 2017

Fiscal 2018

Fiscal 2019

Fiscal 2020

Property developed/operated

Total floor
area

MFLP Yokohama Daikoku

100,530㎡

GLP/MFLP Ichikawa Shiohama

105,019㎡

MFIP Inzai

40,478㎡

MFLP Yashio

40,728㎡

MFLP Kuki

73,153㎡

MFLP Sakai

125,127㎡

MFLP Funabashi Nishiura

30,947㎡

MFLP Atsugi

40,942㎡

MFLP Hino

205,200㎡

MFLP Kashiwa

31,242㎡

MFLP Funabashi I

197,746㎡

MFLP Fukuoka I

32,199㎡

MFLP Hiratsuka

33,061㎡

MFLP Komaki

40,597㎡

MFLP Inazawa

72,883㎡

MFLP Ibaraki

230,435㎡

MFLP Tsukuba

62,484㎡

MFLP Atsugi II

48,976㎡

MFLP Prologis Park Kawagoe

117,337㎡

MFIP Haneda

80,334㎡

MFLP Hiroshima I

68,427㎡

MFLP Funabashi II

227,003㎡

MFLP Kawaguchi I

49,838㎡

MFLP Hiratsuka II

48,141㎡

MFLP Yokohama Kohoku

45,512㎡

MFLP Kawasaki I

49,801㎡

MFIP Inzai II

27,268㎡

MFLP Tachikawa Tachihi

55,094㎡

MFLP Osaka I

43,919㎡

MFLP Yachiyo Katsutadai

74,624㎡

MFLP Tosu

35,248㎡

Acquisition
by MFLPREIT● (50%)● (50%)●●●●●●● (25%)
●
●
●
●
●
●
●
●
● (50%)
●
●
●
●
●
●
-

Properties defined in“Right of first look andpreferential negotiationrightsagreement”/Acquisition
under exclusive
negotiation● (75%)●--

Fiscal yearofcompletion

Fiscal 2021

Fiscal 2022

Fiscal 2023

Fiscal 2024

Fiscal 2025

Fiscal 2026

TBD

Acquisition
by MFLPREIT

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

Property developed/operated

Total floor area

MFLP Tokorozawa
MFLP Funabashi III
MFLP Osaka Katano
MFLP Ichikawa Shiohama II
MFLP Tomei Ayase
Tokyo Rail Gate EASTMFLP Ebina I
SG Realty MFLP
Fukuoka Kasuya
MFLP Shinkiba I
MFLP Yatomi Kisosaki
MFLP Hiratsuka III
MFLP Shinkiba II
MFLP Zama
MFLP・OGUD Osaka Torishima
MFLP Ebina Minami
MFLP Sendai Natori I
MFLP Nagoya Iwakura
MFLP・LOGIFRONT Tokyo Itabashi
MFLP Tsukubamirai
MFLP Amagasaki I
MFLP Ichinomiya
MFLP Iruma I
MFLP Misato
MFLP Iruma II
MFIP Ebina
MFLP Funabashi Minamikaijinanother data center (1 property)
other overseas properties(6 properties)

21,721㎡
270,321㎡
68,528㎡
166,099㎡
56,764㎡
165,272㎡
121,909㎡

●
●
●
-

●
● (60%)-

35,626㎡● (50%)●● (41.5%)● (50%)

-

●
●
-

-

-

-

9,584㎡
86,319㎡
29,474㎡
27,078㎡
133,932㎡
59,350㎡
37,472㎡
45,072㎡
59,860㎡
256,157㎡
97,378㎡
35,935㎡
Approx. 66,043㎡
Approx. 90,416㎡
Approx. 38,826㎡
Approx. 65,158㎡
Approx. 40,040㎡
Approx. 20,570㎡-*1 “Acquisition by MFLP-REIT” and “Properties defined in “Right of first look and preferential negotiation rights agreement”/Acquisition
under exclusive negotiation” indicate the status after the acquisition of “MFLP Tomei Ayase (50%)” which are scheduled to be acquired
on March 15, 2024.
*2 MFLP Yokohama Daikoku is listed under the fiscal year in which the property began its operations. the fiscal year of completi on of
the property is fiscal 2009. the fiscal year of completion of the existing building of MFLP Tsukuba is fiscal 2010.
*3 the percentage figures in parentheses is the percentage of (quasi) co-ownership interest in the portfolio asset.

51

Notes on Matters Stated in this Document
Unless otherwise specified, figures indicated in whole numbers are rounded down to the nearest specified unit and figures with a decimal point are rounded to the nearest indicated unit.
Unless otherwise specified, descriptions are made based on the following.
[Highlights] / [Basic Strategy and Four Roadmaps] / [Internal Growth Strategy] / [Our Portfolio]“Distributions per unit (DPU) ”
Includes distributions in excess of earnings. (Number of investment units issued and outstanding: 224,000 units at the end of the 1st/2nd/3rd FPs / 262,774 units at the end of 4th and 5th FPs / 379,000 units at the end of 6th and 7th FPs / 441,000 units at the endof 8th FPs / 542,000 units at the end of 9th/10th/11th FPs / 576,000 units at the end of 12th/13th/14th FPs / 608,000 units at the end of 15th/16th/17th FPs)
“Occupancy rate”
Leased area as a percentage of leasable area. Based on concluded agreements as of January 31, 2024 (end of 15th fiscal period).
Average occupancy rate during the fiscal period is the simple average of the occupancy rate as of the end of each month during the fiscal period. Based on concluded agreements“Green Building certification”
Calculations based on total floor area before considering (quasi) co-ownership interests.
“LTV”
LTV = Balance of interest-bearing debt ÷ Total assets“Acquisition capacity”
Amount of debt that can be additionally financed assuming that LTV is raised to 50%. the amount indicated is rounded to the nearest billion yen.
“Appraisal value”
The appraisal value of "MFLP Tomei Ayase" is the appraisal value as of May 31, 2023 for the portion acquired in the 15th FP and as of November 30, 2023 for the porti on to be acquired in the 16th FP. The post-acquisition appraisal value is the normal price as awhole after the acquisition of the additional interests, based on the appraisal report with a valuation date of November 30, 2023. Unrealized gains are calculated by deducting the total acquisition price from the normal price as a whole after the acquisition of theadditional interests.
Appraisal values corresponding to the (quasi) co-ownership interest ratio of each property as the appraisal date are indicated. Appraisal values with January 31, 2024 (end of 15th FP) as the appraisal date are indicated for properties owned as of the end of 15th
FP, and those with November 30, 2023 as the appraisal date are indicated for properties acquired in 16th FP and anticipated acquisition in 16th FP.
“Appraisal NOI yield”
Ratio of net operating income under direct capitalization method stated in real estate appraisal report (“Appraisal NOI”) to acquisition price. “Average NOI yield” and subtotal (average) and total (average) for each category indicate the weighted average based on
acquisition price.
“Adjusted forecast NOI yield”
Annualized after subtracting the fixed asset tax and city planning tax for the property acquired in the 16th and 17th fiscal period from the NOI assumed in the earnings forecast for the 16th fiscal period as well as adjusting special factors, and dividing it by the totalacquisition price. Subtotal (average) and total (average) for each category indicate the weighted average based on acquisition price.
“Appraisal NOI / Appraisal value”
Appraisal NOI divided by appraisal value. the subtotal (average) and total (average) of “Appraisal NOI / Appraisal value” for each category indicate the weighted average based on the appraisal value.
“Building age”
Number of years from the date of construction of the main building of a property acquired in the register to January 31, 2024 (end of 15th FP).
“Average building age” and subtotal (average) and total (average) indicates the weighted average based on the total floor area, considering the (quasi) co-ownership interest of each property.
“Calculation of average lease term”"Average lease term" is calculated using the average of the lease terms stated in concluded lease agreements as of January 31, 2024 weighted by the leasable floor area.
With regard to the lease agreements to be included in the calculation, when a re-contract starting on the day immediately following the expiration date of the respective lease agreement is concluded with the same lessee, the lease term is deemed to be from thestart of the initial lease agreement to the expiration date of the re-contract, and used in the calculation as such.
“Calculation of remaining lease contract period”"Average lease term" is calculated using the average of the remaining period in the lease terms after January 31, 2024, based on the concluded lease agreements as of January 31, 2024.
With regard to the lease agreements to be included in the calculation, when a new lease agreement ("re-contract") is concluded with the same lessee, the remaining period shall be calculated assuming that the lease period continues from the day immediately
following the expiration date of the previous contract to the expiration date of the re-contract.
“Top 5 property ratio”
The sum of the acquisition prices of the five largest properties as a percentage of the total acquisition price.
“Top 5 tenant ratio”
The total leased area of top five tenants as a percentage of the total leased area (excluding MFIPs).
“NAV per unit”“End of FP ended January 2017 (End of 1st FP)”: (Net assets as of the end of FP ended January 2017 + Unrealized gain on appraisal basis – Total distribution amount) (=NAV as of the end of FP ended January 2017) / Number of investment units issued andoutstanding (224,000 units)“After acquisition of Anticipated acquisition”: (NAV as of the end of FP ended January 2024 (End of 15th FP) + Unrealized gain on appraisal basis of property acquired in 16th FP and anticipated acquisition in 16th FP (*) / Number of investment units issued andoutstanding (608,000 units)*Unrealized gain on appraisal basis of property acquired in 16th FP and anticipated acquisition in 16th FP : Appraisal value of property acquired in 16th FP and anticipated acquisition in 16th FP – Acquisition price of property acquired in 16th FP and anticipatedacquisition in 16th FP.
*Calculation of NAV as of the end of each fiscal period based on net assets as of the end of each FP and unrealized gain on appraisal basis less total distribution amount divided by number of investment units issued and outstanding.
“Market cap”
End of FP ended January 2024 (End of 15th FP):
Closing price of the investment unit as of the end of the FP ended January 2024 (442,500 yen) x the number of MFLP-REIT’s investment units issued and outstanding as of the end of the FP ended January 2024 (608,000 units).
Market cap as of end of each FP calculated using closing price at end of FP multiplied by number of investment units issued and outstanding as of the end of each FP.
“Total floor area”
Figures based on the record on the register, rounding down to the nearest whole number.
“Leasable area”
The total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable based on the lease agreement or floor plan, etc. for such building as of January 31, 2024 (End of 15th FP).
(not include the leased area indicated in the lease agreements concerning shops, vending machines, solar power generation facilities, parking lots, nursery centers and the like)52

Notes on Matters Stated in this Document[Properties defined in “Right of first look and preferential negotiation rights agreement”]“Properties defined in “Right of first look and preferential negotiation rights agreement” refers to properties on the list of right of first look and preferential negotiation properties pertaining to real estate subject to provision of information, presented based on the Rightof first look and preferential negotiation rights agreement executed between the Asset Management Company and Mitsui Fudosan upon the Asset Management Company managing MFLP-REIT’s assets. “Real estate subject to provision of information” refers to,among real estate, etc. held by Mitsui Fudosan or a real estate fund which accepted investment or monetary contribution of Mitsui Fudosan, those which are judged to have the possibility to be sold to MFLP-REIT at Mitsui Fudosan’s discretion.
the (number of) subject properties and ratio/total floor area indicate figures after considering co-ownership interest (or quasi co-ownership interest).
[ZEB certification]
ZEB (Net Zero Energy Building) is a building that aims to achieve a zero energy balance through substantial reductions in annual primary energy consumption. this is achieved by saving as much energy as possible via better thermal insulation of the building andhighly efficient equipment, coupled with creating energy by photovoltaic power generation (or other energy generating methods), while maintaining a comfortable environment. In the BELS certification system, the certification of the level of ZEB is presented in fourstages: “『ZEB』,” “Nearly ZEB,” “ZEB Ready,” and “ZEB Oriented.” “ ZEB Ready” is awarded to buildings that achieve primary energy reduction of 50% or higher.
[Major properties developed/operated by Mitsui Fudosan]
Based on materials released by Mitsui Fudosan on March 24, 2016 and financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2024 indicates the area recorded in the property registry or the certificate of completion for completed
properties, the area stated on the building confirmation certificate for uncompleted properties that are properties defined in “Right of first look and preferential negotiation rights agreement,” and the area stated in the material published by Mitsui Fudosan for allother properties. the area for uncompleted properties is the planned area and is subject to change.
“Cumulative total investment size” includes properties under development or scheduled to be developed as of each date of publication and their (planned) investment amount. Properties scheduled to be developed include those targeted or planned by the Mitsui
Fudosan Group as of the date of this document and are subject to change or cancellation.
Furthermore, there are no details concerning the timing of completion of the aforementioned investments that had been finalized as of the date of this document. Nor does MFLP-REIT guarantee or promise that the plans be materialized.
“Tokyo Rail Gate EAST” is included in terms of the number of facilities and total floor area, but not in term of the amount. Mitsui Fudosan has no plans to acquire the property as of the date of this document.
[Method of calculation of cash distribution based on FFO]
(1) Distribution of earnings is determined based on profit (net income) for the applicable operating period.
(2) FFO for the applicable operating period is calculated by adding depreciation to profit (net income) (excluding gain or loss on sale of real estate, etc.) for the applicable operating period.
(3) the amount distributable including distribution in excess of earnings is calculated based on a threshold of at equivalent up to a maximum of 75% of FFO for the applicable operating period.
(4) the amount distributable in excess of earnings is calculated by deducting the amount of distribution of earnings (excluding gain or loss on sale of real estate, etc.) from the amount distributable including distribution in excess of earnings.
(5) the amount of continuous distribution in excess of earnings is determined based on a comprehensive judgment on the basis of the amount distributable in excess of earnings.
(6) the distribution in excess of earnings determined in 5. above is to be continuously made each fiscal period in principle, in addition to the distribution of earnings determined in 1. above.
In addition, in cases where the distribution amount for distributions per unit is expected to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., a one-off distribution in excess ofretained earnings may be executed in order to standardize the amount of the distributions per unit.
[Earnings Forecast]
Until the 15th FP (fiscal period ending January 31, 2024), in the case of concluding a lease contract that reduces the rent for a certain period of time because of free rent or the like, revenue is recognized at the reduced rent for the said certain period and in thecase of concluding a lease contract in which the rent fluctuates during the lease period, revenue is recognized at the rent corresponding to each period. From the 16th FP (fiscal period ending July 31, 2024), only when the total amount of rent after February 1, 2024
in the lease contract is fixed, the calculation method will be changed to recognize revenue on a straight-line basis over the contract period after February 1, 2024, including such certain period and fluctuation period.
[Industrial real estate]
Real estate which is used to provide the framework for industrial activity such as data centers, communications facilities, research facilities, manufacturing plants and supply/treatment facilities.
[Multi-tenant properties]
Multi-tenant properties mean “GLP・MFLP Ichikawa Shiohama”, ”MFLP Kuki”, ”MFLP Yokohama Daikoku”, “MAFLP Yashio”, “MALP Sakai”, “MALP Komaki”, “MFLP Hino”, “MFLP Inazawa”, “MFLP Atsugi II”, “MFLP Prologis Park Kawagoe”, “MFLP Hiroshima I”,“MFLP Ibaraki”, “MFLP Kawaguchi I”, “MFLP Yachiyo Katsutadai”, MFLP Hiratsuka II”, “MFLP Osaka Katano”.
[Annual solar power generation]
Actual power generated between January and the end of December 2023 at 13 properties with solar power generation facilities and owned by MFLP-REIT as of January 31, 2024 is indicated.
The total power generation amount of the entire properties is indicated regardless of ownership ratio held by MFLP-REIT.
[About analysis of Japan's logistics facilities stock](1) The "Analysis of Japan's logistics facilities stock" graph is of estimates by CBRE K.K. based on the Policy Bureau of the Ministry of Land, Infrastructure, Transport and Tourism's "Building Starts" and the Ministry of Internal Affairs and Communications’"Summary Report on Prices, etc. of Fixed Assets."(2) In the "Analysis of Japan's logistics facilities stock" graph, "Leading-edge logistics facilities" is the figure of each year's sum total of the gross floor area of leading-edge logistics facilities (refers to rental logistics facilities that have gross floor area of at least
10,000 m2
and, in principle, ceiling height of at least 5.5 meters, floor load capacity of at least 1.5 tons/m2 and column spacing of at least 10 m).
(3) In the "Analysis of Japan's logistics facilities stock" graph, "Estimate for logistics facilities 40 years old or older" is the figure of each year's overall stock estimate (as covered by note 5; the same shall apply hereinafter) minus the sum total of the floor area of
which
construction was started within the past 40 years.
(4) "Estimate for logistics facilities less than 40 years old" is the figure of the overall stock estimate minus the floor area of "Estimate for logistics facilities 40 years old or older" and "Leading-edge logistics facilities."(5) the overall stock estimate is the sum total of "Estimate for logistics facilities 40 years old or older," "Estimate for logistics facilities less than 40 years old" and "Leading-edge logistics facilities."(6) In the "Analysis of Japan's logistics facilities stock" graph, "Share of leading-edge logistics facilities" is each fiscal year's "Leading-edge logistics facilities" expressed as a percentage of the overall stock estimate (gross floor area basis).
(7) In the "Analysis of Japan's logistics facilities stock" graph, "Share of logistics facilities 40 years old or older" is each fiscal year's "Estimate for logistics facilities 40 years old or older" expressed as a percentage of the overall stock estimate (gross floor area basis).
(8) "Gross floor area" is compiled based on data on construction starts. In addition, estimates are on the basis of the time of construction completion being that construction is deemed to be completed after one year has elapsed from construction start. Accordingly,
gross floor area may not match the floor area on the building confirmation certificate, construction completion drawing or register.

53

Notes on Matters Stated in this Document[Appraisal Summary for the End of 15th Fiscal Period]
For appraisal values for properties where MFLP holds (quasi) co-ownership interests, the appraisal value reflects the ratio of (quasi) co-ownership interest.
The acquisition periods of “MFLP Sakai”, “MFLP Komaki”, “MFLP Hino”, “MFLP Tsukuba”, “MFLP Fukuoka I”, “MFIP Inzai” and “MFLP Tomei Ayase” are divided into multiple periods, but the initial acquisition are indicated.
Book value of “MFLP Hiratsuka III”, “MFLP Shinkiba I” “SG Realty MFLP Fukuoka Kasuya” and “MFLP Tomei Ayase” at the end of 15th fiscal period as of March 15, 2024 indicates acquisition price; and appraisal value and CR at the end of 15th fiscal period indicatesappraisal value with November 30, 2023 as the date of value.
Unrealized gain is a figure obtained by subtracting the period-end book value from appraisal value.
The figure in brackets for the appraisal value of MFLP Tomei Ayase as of the end of the 15th fiscal period is the difference between market value of the asset in its entirety after the acquisition of the additional stake and appraisal value (the unrealized gain).
[Green Building certification]
With regard to “DBJ Green Building Certification”, only the certification for MFLP Atsugi has expired.
With regard to “CASBEE New Construction Certification” the certifications for all certified properties except for MFLP Osaka Katano and SG Realty MFLP Fukuoka Kasuya have expired.
With regard to “CASBEE Real Estate Certification”, there are 2 types of certification of comprehensive building environment efficiency: an assessment conducted by either an external body or the relevant local government, a system mainly employed byordinance designated cities. With the exception of GLP/MFLP Ichikawa Shiohama, all certifications were based on applications for assessments under CASBEE-based systems established by local governments. the certifications for GLP/MFLP Ichikawa Shiohama
have expired.

Disclaimer
This document is provided solely for informational purpose with regard to Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) and is not intended to serve as an
inducement or solicitation to trade in any product offered by MFLP-REIT.
Purchase, sale and such of MFLP’s investment units entail the risk of incurring a loss due to fluctuations of the investment unit price.
Please consult with a securities company regarding the purchase of MFLP-REIT’s investment units or investment corporation bonds. this document should not beinterpreted as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment
Trusts and Investment Corporations.

Concerning the information provided in this document, although MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd. make every effort toprovide correct information, its accuracy, adequacy or completeness are not guaranteed regardless of the information being prepared by MFLP-REIT and Mitsui
Fudosan Logistics REIT Management Co., Ltd. or being received from third-parties.
Among the information provided in this document, statements other than those pertaining to facts in the past or present are forward-looking statements presented
by MFLP-REIT or Mitsui Fudosan Logistics REIT Management Co., Ltd. according to assumptions or judgement based on information available on the date of thisdocument (the date if specified otherwise in the document). Forward-looking statements are based on assumptions such as the investment policy of MFLP-REIT,
applicable laws and regulations, market environment, interest rate environment, business practice and other facts as of the preparation date of this document, anddo not reflect or consider changes in situations after the preparation date. Forward-looking statements include, explicit or implied, uncertainties of existing risks,
unknown risks and other factors, and may materially differ from actual performance, business results, financial status and such of MFLP-REIT.
The content of this document is subject to change or repeal without prior notice. MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd. are under
no obligation to update or publicly disclose the content of this document (including forward-looking statements).
Duplication or reproduction of any content presented in this document without the prior consent of MFLP-REIT or Mitsui Fudosan Logistics REIT Management
Co., Ltd. is strictly prohibited.

54

55