August 13, 2020

For Immediate Release

Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Masaki Sakagawa, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Haruhiko Araki, President & CEO
Contact:
Masaki Sakagawa, Executive Vice
President, General Manager, Logistics REITManagement Department
TEL: +81-3-3218-0030

Notice Concerning Revisions to Forecast for the Fiscal Period Ending February 28, 2021, andForecast for the Fiscal Period Ending August 31, 2021
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) today revised its forecast for the fiscal period ending
Feb. 28, 2021 (Sept. 1, 2020 to Feb. 28, 2021), as noted in “Summary of Financial Results for the Fiscal Period Ended
February 29, 2020 (REIT),” dated Apr. 17, 2020, and announced its new forecast for the fiscal period ending Aug. 31,
2021 (Mar. 1, 2021 to Aug. 31, 2021). The revisions and calculations are described below. There is no change in theforecast for the fiscal period ending Aug. 31, 2020 (Mar. 1, 2020 to Aug. 31, 2020) as noted in “Summary of Financial
Results for the Fiscal Period Ended February 29, 2020 (REIT),” dated Apr. 17, 2020.
1.

Reasons for Revision and Announcement
A resolution was reached at MEL’s board of directors meeting held today concerning the issuance of new investment
units to appropriate the portion of funds for acquiring the Five New Properties (as defined in “Assets Under
Management” in the Attachment, “Forecast Assumptions for the Fiscal Periods Ending Feb. 28, 2021 and Aug. 31,
2021.”). The forecast of operating results for the fiscal period ending Feb. 28, 2021, announced on Apr. 17, 2020, hasbeen revised due to changes in the assumptions underlying the calculation of estimated operating revenues, which are
expected to change by 10% or more, and estimated distributions per unit, which are expected to change by 5% ormore.
In addition, MEL is announcing a new forecast of operating results for the fiscal period ending Aug. 31, 2021, basedon these assumptions.
2.

Revised Forecast for the Fiscal Period Ending Feb. 28, 2021, and Announcement of Forecast for the Fiscal PeriodEnding Aug. 31, 2021
(1) Details of the Revised Forecast for the Fiscal Period Ending Feb. 28, 2021 (9th fiscal period) (Sept. 1, 2020 to Feb. 28,
2021)

Previously
Announced
Forecast (A)Revised
Forecast (B)Net Change (C)((B)-(A))
Rate of Change(C) / (A)Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Ordinary
Income(Millions ofyen)

Net Income(Millions ofyen)Distributions
per Unit(includingSCD) (Yen)

3,375

1,694

1,617

1,616

4,222

2,182

2,041

847

488

25.1%

28.8%

Distributions
per Unit(excludingSCD) (Yen)SCD
per Unit
(Yen)

5,968

5,286

682

2,040

6,520

5,857

663

423

423

552

571

(19)

26.2%

26.2%

9.2%

10.8%

(2.8)%*SCD stands for the “Surplus Cash Distributions.”
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending February 28, 2021, and forecast for the fiscal period ending August 31, 2021, and has not been prepared forthe purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

1(2) Details of the Forecast for the Fiscal Period Ending Aug. 31, 2021 (10th fiscal period) (Mar. 1, 2021 to Aug. 31, 2021)

Forecast for the
Fiscal PeriodEnding Aug. 31,
2021(10th fiscal
period)Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Ordinary
Income(Millions ofyen)

Net Income(Millions of
yen)

4,215

2,080

1,978

1,977

Distributions
Distributions
per Unit
per Unit(including(excludingSCD) (Yen)
SCD) (Yen)

6,438

5,677

SCD
per Unit
(Yen)

761

(Reference)
Fiscal period ending Feb. 28, 2021: Expected number of investment units outstanding at the end of the period: 348,315 units;
Expected Net income per unit: 5,857 yen
Fiscal period ending Aug. 31, 2021: Expected number of investment units outstanding at the end of the period: 348,315 units;
Expected Net income per unit: 5,677 yen
Notes:
1. The forecast information is calculated based on the assumptions described in the Attachment, “Forecast Assumptions for the
Fiscal Periods Ending Feb. 28, 2021 and Aug. 31, 2021”. Actual operating revenues, operating income, ordinary income, net
income, distributions per unit (including surplus cash distributions), distributions per unit (excluding surplus cash distributions)and surplus cash distributions per unit may vary due to acquisitions or dispositions of properties etc., changes in rent revenues
attributable to tenant replacements etc., changes in the property management environment due to unexpected repairs etc.,
changes in interest rates, the actual number of new units issued and the issue price of such units, or the issuance of additional
investment units etc. These forecasts should not be deemed a commitment or guarantee of the amount of cash distributions andsurplus cash distributions.
2. These forecasts may be revised if a substantial variation from the current forecast information is anticipated.
3. The figures are rounded down to the nearest million yen or yen, and ratios are rounded to the nearest tenth.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending February 28, 2021, and forecast for the fiscal period ending August 31, 2021, and has not been prepared forthe purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

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【Attachment】
Forecast Assumptions for the Fiscal Periods Ending Feb. 28, 2021 and Aug. 31, 2021
Items
Accounting
PeriodAssets Under
Management

Operating
Revenues

OperatingExpensesAssumption
 Fiscal period ending Feb. 28, 2021 (9th fiscal period): From Sept. 1, 2020 to Feb. 28, 2021 (181days)
 Fiscal period ending Aug. 31, 2021 (10th fiscal period): From Mar. 1, 2021 to Aug. 31, 2021 (184days)
 It is assumed that MEL will acquire the real estate trust beneficiary interests in five new properties(the “Five New Properties”) (Note) on Sept. 1, 2020, in addition to its 15 properties (the “Current
Properties”) it holds as of today.
For details about the Five New Properties, please refer to the press release “Notice Concerning
Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease Contracts with New
Tenants,” dated today. It is also assumed that there will be no change in the operational status of
the properties held after the scheduled acquisitions on Sept. 1, 2020, up until Aug. 31, 2021.
Changes include acquisitions of new properties and dispositions of existing properties.
<Five New Properties>
Logicross Osaka (60% co-beneficiary interest), Logicross Nagoya Kasadera (60% co-beneficiaryinterest), LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest), MJ Logipark Kazo 2
and MJ Logipark Sendai 1(Note) With regard to LOGIPORT Osaka Taisho, we will acquire an additional 17.5%
co-beneficiary interest, and the number of properties is shown with this additional
acquisition as one property.
 The actual results may change due to the acquisition of new properties in addition to Five New
Properties or the disposition of existing properties, etc.
 Operating rental revenues take into account factors such as market trends and thecompetitiveness, etc. of each property based on information provided by the current owner of theFive New Properties and operating results for the Current Properties held by Mitsubishi Jisho
Investment Advisors, Inc. (the “Asset Management Company”)
 It is assumed that tenants will not be delinquent on or withhold rental payments.
 It is assumed that there is no gain or loss on sale of real estate.
 Main items regarding operating expenses are as follows:(Millions of yen)
Fiscal Period Ending
Fiscal Period Ending
Feb. 28, 2021
Aug. 31, 2021
Total Operating Rental Expenses
1,552
1,617
Facility Management Fee
132
131
Property Management Fee
25
25
Utilities Cost
135
129
Repair and Maintenance8752
Property Taxes
314
418
Depreciation
770
780
Total General and Administrative Expenses
488
518
Asset Management Fee
348
368
Sponsor Support Fee
7071 Of operating rental expenses, which is the main operating expense, expenses except depreciation
are calculated by taking into account various factors based on historical data provided by thecurrent owner etc., in the case of the Five New Properties, and historical data after acquisition in
the case of the Current Properties.
 Property taxes and city planning taxes are generally included in the purchase price of properties on
a pro-rata basis of the calendar year and will begin to be expensed from the following calendar
year. Accordingly, property taxes and city planning taxes for the Five New Properties will be
expensed starting from the fiscal period ending Aug. 31, 2021.
 For building repair expenses, the amount assumed to be necessary for each property is based on

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending February 28, 2021, and forecast for the fiscal period ending August 31, 2021, and has not been prepared forthe purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

3

the repair and maintenance plans of the Asset Management Company. However, repair expenses
may differ substantially from the anticipated amount due to unexpected factors.
 For the fiscal period ending Feb. 28, 2021, it is assumed that 141 million yen will be incurred as
non-operating expenses, which includes 97 million yen for interest expenses and otherdebt-related costs, 6 million yen as amortization of organization expenses and 37 million yen in
Non-operating
relation to the offerings of the new investment units.
Expenses For the fiscal period ending Aug. 31, 2021, it is assumed that 101 million yen will be incurred as
non-operating expenses, which includes 97 million yen for interest expenses and otherdebt-related costs and 4 million yen as amortization of organization expenses.
 The balance of MEL’s interest-bearing debt on an accounting basis as of today is 35,374 millionyen.
 It is assumed that, on Sept. 1, 2020, MEL will obtain a loan of up to 13,600 million yen for the
purpose of allocating a portion of such funds to acquire the Five New Properties described in“Assets Under Management” above. In addition, it is assumed that, MEL will obtain a third-party
allotment loan of 800 million yen on Sept. 1, 2020 for the purpose of allocating a portion of suchfunds to acquire the Five New Properties, which it plans to repay in full using the proceeds fromthe third-party allotment or cash reserves.
 It is assumed that 950 million yen in short-term borrowings due on Oct. 9, 2020 will be refinanced
in full.
Interest-bearing As a result, the total expected amount of interest-bearing debt at the end of the fiscal periods
Debt
ending Feb. 28, 2021 and Aug. 31, 2021 is estimated to be 48,974 million yen and 47,674 million
yen, respectively.
 LTV at the end of the fiscal periods ending Feb. 28, 2021 and Aug. 31, 2021 is estimated to be
32.1% and 31.5%, respectively. For LTV calculation, please refer to the following formula. The ratios
are rounded to the nearest tenth:
LTV (%) = interest-bearing debt / total assets × 100 (%)
 However, the total expected amount of interest-bearing debt and the actual LTV may differ
considerably from this assumption, depending on the final number of investment units to beissued and the final issue amount.
 It is assumed that, in addition to the 305,815 investment units that are issued and outstanding asof today, all of the 42,500 investment units to be newly issued, which will comprise 40,500
investment units to be issued through a primary offering based on a resolution of MEL’s board of
directors adopted at a meeting held today and 2,000 investment units (maximum) through athird-party allotment, will be issued.
 In addition to the above, it is assumed that there will be no change to the number of investment
Investment
units through new issuance of investment units by the end of the fiscal period ending Aug. 31,
Units2021 or by other means.
 Distributions per unit (excluding surplus cash distributions) and surplus cash distributions per unit
for the fiscal periods ending Feb. 28, 2021 and Aug. 31, 2021 are calculated based on 348,315
investment units, which is the total number of investment units expected to be issued andoutstanding at the end of the fiscal periods ending Feb. 28, 2021 and Aug. 31, 2021, including
42,500 investment units, which is the maximum number of the investment units to be newly
issued according to the above.
 Distributions per unit (excluding surplus cash distributions) are calculated based on the assumption
Distributions
that the distributions will be distributed in accordance with the distribution policy of the Articles of
Per Unit
Incorporation of MEL.
(excluding Distributions per unit (excluding surplus cash distributions) may change due to various factors
surplus cash
including any additional acquisitions or dispositions of properties, changes in rent revenues
distributions)
attributable to tenant replacements, changes in the property management environment including
unexpected repair etc.
 Surplus cash distributions per unit are calculated based on the assumption that the cash
distributions will be distributed in accordance with the fund distribution policy of the Articles ofSurplus Cash
Incorporation of MEL. It is assumed that the surplus cash distributions (on an ongoing basis) in theDistributions
fiscal period ending Feb. 28, 2021 will be 231 million yen, assuming that an amount equivalent to
Per Unit
30% of depreciation of the period will be distributed. For the fiscal period ending Aug. 31, 2021,
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending February 28, 2021, and forecast for the fiscal period ending August 31, 2021, and has not been prepared forthe purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

4Surplus CashDistributions
Per Unit

Othersthe amount of distributions per unit (excluding surplus cash distributions) is expected totemporarily decrease due to a temporary decline in operating rental revenues. It is therefore
assumed that 234 million yen as ongoing surplus cash distributions (an amount equivalent to 30%
of depreciation of the period) and 31 million yen as surplus cash distributions on a one-time basis(an amount equivalent to 4.0% of depreciation of the period) will be distributed for the purpose ofequalizing the amount of distributions per unit (including surplus cash distributions). These areinvestment refunds categorized as a distribution from unitholders’ capital for tax purposes andthere are no refunds from the distribution of the allowance for temporary difference adjustments.
 The amount of depreciation expenses may change depending on the amount of total assets undermanagement, ancillary costs, capital expenditure, the allocation method of purchase price for each
asset and depreciable life, etc. Surplus cash distributions, which will be based on the amount ofdepreciation expenses, may change accordingly.
 MEL may implement cash distributions in excess of the distributable amount to unitholders basedon the financial statements related to cash distribution approved under the Act on Investment
Trusts and Investment Corporations (Act No. 198 of June 4, 1951, as amended) if the board of
directors of MEL deems such distribution to be appropriate (1) in light of the economic
environment, real estate market, lease market or other trends; (2) when the amount of income
fails to meet the amount equivalent to 90% of distributable income; (3) when the distribution
amount fails to meet the requirements for the Special Provisions for Taxation on Investment
Corporations; or (4) in other ways to maximize the interests of unitholders. When MEL implements
cash distributions in excess of the distributable amount, the distribution is limited to the total
amount of income for the relevant operating period and the amount set forth under laws andordinances (including the rules of the Investment Trusts Association, Japan, etc.).
 Currently, MEL intends to target a level of surplus cash distributions on an ongoing basis at an
amount equivalent to approximately 30% of the depreciation expense for the relevant fiscal
period.
Furthermore, to maintain the stability of MEL’s distributions per unit in the event that the amountof distributions per unit temporarily decreases due to a series of financing activities such as theissuance of new investment units (including investment unit third-party allotment) or large scale
repair and maintenance, which may result in a temporary dilution of investment units or
incurrence of large expenses, MEL may make distributions as one-time surplus cash distributions.
However, MEL may decide not to make any surplus cash distributions in a fiscal period based on aconsideration of factors such as economic or real estate market conditions, MEL’s financial
condition or the amount of anticipated profitability, which includes capital gains in connection withproperty dispositions.
 In addition, in the event that MEL needs to allocate its cash to emergency capital expenditures forunexpected damages on MEL’s assets, etc., surplus cash distributions per unit may be reduced. Inorder to continue stable financial management, MEL does not plan to pay surplus cash
distributions where such payment would cause the Appraisal LTV (Note), as defined below, toexceed 60%.
(Note) Appraisal LTV (%) = A /B (%)
A = Total interest-bearing liabilities on the balance sheet for the relevant fiscal period (excluding
consumption tax loans) + Reversal from security deposit reserves (excluding cases wheresecurity deposits are refunded according to leasing agreements with tenants)
B = Total assets on the balance sheet for the relevant fiscal period – Book value after depreciationof real estate held in the relevant fiscal period + Total appraisal value of real estate held in thefiscal period in question – Total cash distributions to be paid in the following operating period– Total surplus cash distributions to be paid in the following operating period
 It is assumed that no revision that will have an impact on the forecast information above will bemade with regard to the laws and regulations, tax system, accounting standards, listing rules of theTokyo Stock Exchange and rules of the Investment Trusts Association, Japan, etc.
 It is assumed that no unexpected material change will arise in overall economic trends and realestate market conditions, etc.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending February 28, 2021, and forecast for the fiscal period ending August 31, 2021, and has not been prepared forthe purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

5