August 5, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Mitsui Fudosan Logistics Park Inc.
(Securities Code: 3471)
6-8-7 Ginza, Chuo-ku, Tokyo 104-0061
Representative: Hiroshi Asai, Executive Director
Asset Management Company:
Mitsui Fudosan Logistics REIT Management Co., Ltd.
Representative: Shinobu Sakanoshita, President and Chief
Executive Officer
Inquiries: Kenji Yamamoto, Managing Director and Chief
Financial Officer
Tel. +81-3-6327-5160

Notice Concerning Revisions to Operating Results and Distributions Forecast
Due to Changes in Operating Period and Fiscal Period
Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”) and Advance Logistics Investment Corporation (“ADL”; MFLP-REIT
and ADL are collectively referred to as “Each REIT”) announced that each of them has, at Each REIT’s Board of Directors’Meeting held today, resolved to undertake an absorption-type merger, with November 1, 2024 as the effective date,whereby MFLP-REIT will be the surviving corporation and ADL will be the dissolving corporation in the merger (the“Merger”), and have today also executed a merger agreement (the “Merger Agreement”) as described in the press release“Notice Concerning Execution of the Merger Agreement between Mitsui Fudosan Logistics Park Inc. and Advance
Logistics Investment Corporation” dated today by MFLP-REIT and ADL. In conjunction with the Merger, MFLP-REITplans to change its operating period and fiscal period (the “Change of Operating Period”) subject to approval of the “Partial
Amendment to the Articles of Incorporation” at the general meeting of unitholders scheduled to be held on September 30,
2024, as announced today in the press release “Notice Concerning Approval of a Merger Agreement and Partial
Amendment to the Articles of Incorporation”.
In accordance with these changes, we announced today revisions to its operating results forecast for the fiscal period ending
January 31, 2025 (August 1, 2024 to January 31, 2025, changed to August 1, 2024 to October 31, 2024 due to the Change
of Operating Period), which MFLP-REIT had announced on March 14, 2024 in the “Summary of Financial Results for
the Fiscal Period Ended January 31, 2024 (REIT)”, as follows.
For the MFLP-REIT's operating results forecast for the fiscal period ending July 31, 2025 (November 1, 2024 to July 31,2025) and the fiscal period ending January 31, 2026 (August 1, 2025 to January 31, 2026)after the Merger, please refer tothe “Notice Concerning Disclosure of Operating Results Forecasts for the Fiscal Period Ending July 31, 2025 and the Fiscal
Period Ending January 31, 2026, Following the Merger of Mitsui Fudosan Logistics Park Inc. and Advance Logistics
Investment Corporation” released by Each REIT today.

The merger described in this press release involves securities of a Japanese company. The merger is subject todisclosure requirements of Japan that are different from those of the United States. Financial information includedin this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting
standards that may not be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal
securities laws, since the issuer is located in Japan and some or all of their officers and directors reside outside of
the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court forviolations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject
themselves to a U.S. court’s judgment.
You should be aware that the issuer may purchase securities otherwise than under the merger, such as in the open
market or through privately negotiated purchases.
11. Details of revisions to operating results forecast (fiscal period ending October 31, 2024: August 1, 2024 to October 31,
2024)
Due to the Change of Operating Period, the operating period beginning August 1, 2024 is expected to be three months(August 1, 2024 to October 31, 2024) instead of the six months (August 1, 2024 to January 31, 2025) assumed when theprevious forecast was released. Accordingly, the amount increase/decrease and rate of increase/decrease are calculated
based on the figures of the previous forecast converted to the subject period of three months.

Operating Operating
revenueincome(million(millionyen)
yen)

Ordinary
income(millionyen)Netincome(millionyen)

Distributions
per unit

Distributions
Distributions
per unit
in excess of
(yen)
(yen)
earnings
per(including distributions(excluding
unit
in excess of earnings)
distributions inexcess of earnings)

Previous forecast (A)(six months: from
August 1, 2024 toJanuary 31, 2025)
Previous forecast after
3-month conversion(A’)(A)*1/2
Revised forecast (B)(three months: from
August 1, 2024 toOctober 31, 2024)
Amount increase/decrease (B) – (A’)
Rate of increase/decrease(yen)

12,493

4,793

4,295

4,294

9,313

7,064

2,249

6,246

2,396

2,147

2,147

4,656

3,532

1,124

6,408

2,311

2,065

2,064

4,657

3,396

1,261

161

(84)

(82)

(82)

1

(136)

137

2.6%

(3.5) %

(3.8) %

(3.8) %

0.0%

(3.9) %

12.2%

(Reference) Fiscal period ending October 31, 2024: Expected number of investment units issued and outstanding at the end of the fiscal period:
608,000 units.
Notes:
1. MFLP-REIT is planning to submit to the general meeting of unitholders of MFLP-REIT scheduled on September 30, 2024 the following proposal forthe changes to the articles of incorporation, subject to the condition that the Merger takes effect: Change the current 17th operating period from August 1,
2024 to January 31, 2025 to the period from August 1, 2024 to October 31, 2024 and change the current 18th operating period to the period from
November 1, 2024 to July 31, 2025. If the aforementioned change is approved in the general meeting of unitholders, the last operating period of MFLPREIT before the effective date of the Merger is expected to be a three-month period as the 17th operating period from August 1, 2024 to October 31,
2024 and the first operating period after the effective date of the Merger is expected to be a nine-month period as the 18th operating period from
November 1, 2024 to July 31, 2025. The 19th operating period and subsequent operating periods will be from February 1 to July 31 and from August 1
to January 31 of the following year, respectively.
2. The operating results forecasts above are calculated as of today based on the assumptions outlined in the attached “Assumptions Underlying
the Operating Results Forecasts for the Fiscal Period Ending October 31, 2024”. Actual operating revenue, operating income, ordinary
income, net income, distributions per unit (excluding distributions in excess of earnings) and distributions in excess of earnings per unit mayvary due to differences from assumptions as a result of future acquisitions or dispositions of real estate, etc., changes in the trends of the realestate market, etc. and interest rates, actual number of issuances and issue value of new investment units to be decided, and the environment
in which MFLP-REIT operates and other factors. Moreover, these forecasts do not guarantee the amounts of distributions and distributions inexcess of earnings.
3. Forecasts may be modified if there is expected to be a noticeable discrepancy with the above forecasts.
4. All amounts are rounded down and percentages are rounded to the nearest tenth.

22. Reasons for revisions to operating results forecast
In connection with the Merger announced the as of today in the “Notice Concerning Execution of the Merger
Agreement between Mitsui Fudosan Logistics Park Inc. and Advance Logistics Investment Corporation”, owing to thechange in the calculation period announced in the previous forecast, we are revising operating results forecast for
the fiscal periodending October 31, 2024 (changed to August 1, 2024 to October 31, 2024 due to the Change ofOperating Period).
End.
* MFLP-REIT’s corporate website: https://www.mflp-r.co.jp/en/3

<Attachment 1>
Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending October 31, 2024
Item

Assumptions
・ Fiscal period ending October 31, 2024 (17th fiscal period): August 1, 2024 to October 31, 2024 (92Calculation period
days)
and effect of the・ It is assumed that the proposal to amend the Articles of Incorporation to change the operating period will
mergerbe approved at the general meeting of unitholders of MFLP-REIT to be held on September 30, 2024, andthat the Merger will become effective as of November 1, 2024.
・ It is assumed that the30 properties held by MFLP-REIT as of the date of this document (individually orcollectively, “Our Current Property(ies)”)will not be changed (as there will be no disposition, etc. of Our
Investment assets
Current Properties and there will be no acquisition of new properties) until the end of the fiscal period
ending October 31, 2024. However, the actual number of the investment assets may change due to theacquisition of new properties or the disposition, etc. of Our Current Properties.
・ Leasing business revenues related to Our Current Properties are calculated based on lease contracts
already executed that are in effect as of today and other factors, including tenant movements, market
Operating revenue
trends and other factors.
・ Calculations assume that there will be no gain or loss on sale of real estate, etc.
・ Leasing business expenses, which are major operating expenses, other than depreciation have been
calculated by taking into consideration changes to expenses, with the historical results.
・ Depreciation expenses are calculated using the straight-line method. Depreciation is expected to be ¥1,574
million for the fiscal period ending October 31, 2024.
・ Leasing business income (excluding gain on sale of real estate) after the deduction of leasing business
expenses (including depreciation) is expected to be ¥3,195 million for the fiscal period ending October 31,
2024.
・ In general, municipal property taxes, city planning taxes and other charges levied on real estatetransactions are settled at the time of acquisition by prorating for the period held with the present owner.
Operating expenses
However, MFLP-REIT includes an amount equivalent to the settled amount in the acquisition costs forthe property.
・ Repair expenses for buildings are expected to be ¥145 million for the fiscal period ending October 31,
2024 based on the medium- to long-term repair plan established by Mitsui Fudosan Logistics REITManagement Co., Ltd., the asset management company of MFLP-REIT. However, given the possibility
that repair expenses may increase or additional expenses may be incurred due to difficult-to-forecast
factors, the actual results may differ significantly from the forecast amount.
・ In connection with the Merger, it is assumed that one-time merger-related expenses of ¥187 million for the
fiscal period ending October 31, 2024.
・ Interest expenses, interest expenses on investment corporation bonds and other expenses related toborrowings are expected to be ¥235 million for the fiscal period ending October 31, 2024.
・ Investment corporation bond issuance expenses shall be amortized on a monthly basis over the period
Non-operating
starting from the month of issuance to redemption. Amortization of investment corporation bond issuance
expenses
expenses is expected to be ¥1 million for the fiscal period ending October 31, 2024.
・ Investment unit issuance expenses for the new issue of investment units shall be amortized monthly for athree-year period starting from the month of issuance. Amortization of investment unit issuance expenses
is expected to be ¥9 million for the fiscal period ending October 31, 2024.
・ It is assumed that total interest-bearing debt will be ¥159,200 million at the end of the fiscal period ending
October 31, 2024.
Interest-bearing debt ・ The loan-to-value (LTV) ratio is expected to be 41.4% at the end of the fiscal period ending October 31,
2024. The following formula is used to calculate the LTV ratio.
LTV ratio = Total interest-bearing debt ÷ Total assets × 100
・ It is assumed that the number of investment units issued and outstanding is 608,000 investment units as ofthe date of this document and there will be no change to the number of investment units by issuing newinvestment units, etc. through to the end of the fiscal period ending October 31, 2024.
Investment units
・ Distributions per unit (excluding distributions in excess of earnings) and distributions in excess ofearnings per unit are calculated based on the 608,000 units of the expected total number of investment
units issued and outstanding at the end of the fiscal period ending October 31, 2024.

4

Distributions
per unit (excluding
distributions inexcess of earnings)

Distributions inexcess of earnings
per unit

・ Distributions per unit (excluding distributions in excess of earnings) is calculated in accordance with
MFLP-REIT’s policy on distribution of cash described in its Articles of Incorporation and assuming thatall profits will be distributed.
・ However, distributions per unit (excluding distributions in excess of earnings) may change for a variety ofreasons, including changes in MFLP-REIT’s investment assets, changes in leasing revenues due to tenant
movements, etc. and/or the occurrence of unforeseen repairs and maintenance, etc.
・ Distributions in excess of earnings per unit is calculated in accordance with MFLP-REIT’s policy on
distribution of cash described in its Articles of Incorporation and the asset management guidelines for theasset management company.
・ MFLP-REIT emphasizes cash flow generated by asset management, such as the leasing of investment
assets, excluding gain or loss on sale of real estate. It is MFLP-REIT’s policy to calculate the amount
distributable, including distributions in excess of earnings, in principle, up to a maximum of 75% of
FFO(*1) and continually distribute the amount that exceeds the amount of distribution of earnings, within ascope where financial stability can be secured and owned assets can be maintained for a long duration oftime, as distributions in excess of earnings determined based on a comprehensive judgment of thesituation (the “continuous distributions in excess of earnings”). The amount distributable will be 74% of
FFO for the fiscal period ending October 31, 2024. However, the continuous distributions in excess ofearnings may be terminated given the economic environment, trends in the real estate market or leasing
market, the situation surrounding owned assets, the percentage of distributions in excess of earnings
accounted for in depreciation during MFLP-REIT’s applicable operating period(*2), and the situation
pertaining to LTV level and retained cash and deposits, among other factors.
・ In addition to the continuous distributions in excess of earnings, in cases where the distribution amount for
distributions per unit (including distributions in excess of earnings) is expected to temporarily decline by acertain degree due to such factors as the procurement of funds through the issuance of new investment
units, etc., a temporary distribution in excess of earnings may be executed in order to standardize theamount of the distributions per unit (including distributions in excess of earnings). In the fiscal period
ending October 31, 2024, a temporary distribution in excess of earnings of ¥139 million is assumed due totemporary expenses incurred as a result of the Merger.
・ However, from the perspective of continuing to maintain owned assets for a long period of time, in cases
where the above distribution of cash is executed, and where the amount equal to the equivalent ofdepreciation for the applicable operating period minus the amount of the distribution in excess of earnings
for the applicable operating period falls below the standard amount of capital for building maintenance(*3),
the distribution in excess of earnings will be decreased by a maximum amount within which the
distribution amount does not fall below the total equivalent of the distribution of earnings, and this maylead to cases where distribution in excess of earnings will not be executed.
・ In addition, from the perspective of continuing stable financial management, distributions in excess ofearnings will not be executed in cases where the appraisal LTV ratio(*4) exceeds 60% in the event that theabove distribution of cash is executed.
・ The total amount of distributions in excess of earnings is expected to be ¥766 million for the fiscal period
ending October 31, 2024 based on the above calculation. In addition, we expect to make a distribution inexcess of earnings of ¥14 million for the fiscal period ending October 31, 2024 as allowance fortemporary difference adjustments, which takes into account the impact on distributions of the tax
discrepancy in excess of income, but these amounts are included in the above ¥766 million.
(*1)FFO is an acronym that stands for funds from operation. It is calculated by adding depreciation for the applicable operating
period to net income (excluding profit or loss from the sale of real estate, etc.).
(*2)The maximum will be an amount equivalent to 60% of the depreciation for the applicable operating period.
(*3)“Standard amount of capital for building maintenance” refers to the amount that results by multiplying the six-monthequivalent amount of the 12-year-average amount of the amount equivalent to the capital expenditure amount noted in the
Building Condition Evaluation Report by two.
(*4)Appraisal LTV ratio (%) = A/B × 100 (%)
A = Total interest-bearing debt on the applicable accounts settlement date
B = Total assets on the balance sheet on the applicable accounts settlement date – Amount of book value after depreciationof owned real estate on the applicable accounts settlement date + Appraisal value of owned real estate on the applicableaccounts settlement date5Other・ It is assumed that there will be no change in legislation, taxation, accounting standards, listing regulations
imposed by the Tokyo Stock Exchange, rules and requirements imposed by The Investment Trusts
Association, Japan, etc. that will impact the aforementioned forecasts.
・ It is assumed that there will be no unforeseen material changes in general economic trends, real estatemarket conditions, etc.

6