Summary of Financial Results for the Interim Fiscal Period Ending January 31, 2017 (REIT)
September 13, 2016
Stock
Name of Issuer
Mitsui Fudosan Logistics Park Inc.
Exchange
Tokyo Stock Exchange
ListingSecurities Code3471
Websitehttp://www.mflp-r.co.jp/en/
Representative
Masayuki Isobe, Executive Director
Asset Management Company
Mitsui Fudosan Logistics REIT Management Co., Ltd.
Chishu Zushi, President and Chief Executive Officer
Representative
Inquiries
Tatsu Makino, Director & General Manager of Financial DivisionTel.
+81-3-6327-5160
October 19, 2016

Scheduled date of submission of the interim financial results report:
Supplementary materials for interim financial results:
Holding investor presentation for interim financial results:

NoNo(Amounts less than ¥1 million have been rounded down)
1. Financial Results for the Interim Fiscal Period Ended July 31, 2016 (March 4, 2016–July 31, 2016)(1) Results of Operations(% figures denote year-on-year change)
Operating revenue
Operating loss
Millions of yen% Millions of yen
Interim fiscal
period ended
July 31, 2016——(7)

Ordinary loss
% Millions of yen

Net loss% Millions of yen%———

(80)

(80)

Net loss
per unit
Yen
Interim fiscal
period ended(67,446)
July 31, 2016
Notes:
1. For Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), the interim fiscal period ended July 31, 2016 was 150 days, from March
4, 2016 to July 31, 2016. As this period is prior to the acquisition of investment assets, no effective asset investments were begun.
2. A two-for-one split of units occurred with an effective date of June 15, 2016. Net loss per unit is calculated as if the split had
occurred at the beginning of the fiscal period ending January 1, 2017.
3. Presentation of percentage figures for operating revenue, operating loss), ordinary loss, and net loss is the rate of year-on-yearchange, but this is not applicable for the fiscal period under review as this is the first fiscal period.
(2) Financial Position

Interim fiscal
period ended
July 31, 2016
(3) Cash Flows

Interim fiscal
period ended
July 31, 2016

Total assets
Millions of yen

Net assets
Millions of yen

234%

Net assets per unit
Yen

219

93.4

182,553

Operatingcash flows
Millions of yen

Investingcash flows
Millions of yen

Financing
cash flows
Millions of yen

Cash and cash
equivalents
Millions of yen

(80)

(44)

294

169–

1–

Equity ratio

2. Forecast for the Fiscal Period Ending January 31, 2017 (March 4, 2016–January 31, 2017)(% figures denote year-on-year change)

Operatingrevenue

Millions ofyen

Operatingincome%Millionsof yenOrdinary income%Millionsof yen%Distribution
per unit(including
distributions
in excess ofearnings)

Net income

Millionsof yen%Distribution
per unit
Distribution in(excludingexcess ofdistributio earnings perns inunit
excess ofearnings)

YenYenYen

Fiscal period
2,345 —
1,219—
1,007 —
1,006 —4,923
4,491
432
ending January
31, 2017(Reference) Expected net income per unit: (Expected net income for the fiscal period under review / Expected average number ofunits during the period)(Fiscal period ending January 31, 2017) ¥4,520
Expected average number of units during the period is calculated by using August 2, 2016, the date of commencementof actual management deemed as the beginning of the fiscal period.
Notes:
1. Distribution per unit is calculated by using 224,000 units as the expected total number of units issued and outstanding at the end of
the fiscal period ending January 31, 2017.
2. Presentation of percentage figures for operating revenue, operating income, ordinary income, and net income is the rate of year-onyear change, but this is not applicable for the fiscal period under review as this is the first fiscal period.
• Other(1) Changes in accounting policies, changes in accounting estimates, restatements(i) Changes in accounting policies due to revisions to accounting standards, etc.:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting estimates:(iv) Retrospective restatements:

NoNoNoNo(2) Total number of units outstanding(i) Total number of units issued and outstanding at the end of the fiscal period (including treasury units)Interim fiscal
period ended July
1,200 units
31, 2016(ii) Treasury units at the end of the fiscal period
Interim fiscal
period ended July
―units31, 2016• Presentation of the status of implementation of audit procedures
At the time of this document’s release, the audit procedure of the interim financial results under the Financial Instruments andExchange Act has not been completed.
• Appropriate use of the forecast of operating results; other special items
Forecasts of operating results and other forward-looking statements contained in this document are based on information
available to MFLP-REIT at the time of this report’s announcement and assumptions it considers rational. Actual operating results
may differ significantly from these forecasts due to a variety of factors. Forecast distribution amounts do not represent
guarantees.
MFLP-REIT’s first fiscal period is from March 4, 2016, to January 31, 2017. Interim fiscal results are being reported because thefirst fiscal period exceeds nine months. In the future, MFLP-REIT’s closing dates will be January 31 and July 31.

–2–Forecast Assumptions for the Fiscal Periods ending January 2017
ItemAssumptions

Calculation
period・The fiscal period ending January 31, 2017 (the first fiscal period) (March 4, 2016 to January 31, 2017)(334 days)

Investment
assetsOperatingrevenue

Operatingexpenses・It is assumed that MFLP-REIT will continue holding beneficiary interests in trust assets (total of nine
properties) that are currently held (the “acquired assets”) until the end of the fiscal period ending January
31, 2017 and will not acquire any additional new properties other than the acquired assets that are existing
properties.
・Actual numbers may change due to the future acquisitions of new properties and/or disposals of existing
properties, outside of the acquired assets.
・Leasing business revenues are calculated based on lease contracts already concluded for properties inwhich MFLP-REIT presently holds trust beneficiary interests, tenant movements and market trends.
・Calculations assume that losses will not emerge from the sale of real estate assets.
・Leasing business expenses (subcontracting expenses, etc.) are major operating expenses. Expenses,excluding depreciation, have been calculated taking into consideration changes to expenses, including
anticipated leasing costs based on lease agreements already concluded, with past results used as abenchmark.
・Depreciation expenses are calculated using the straight-line method. Depreciation expenses are expected
to total ¥569 million for the first fiscal period.
・Leasing business income (excluding profit from the sale of real estate or other assets) after the deductionof leasing business expenses (including depreciation) is expected to total ¥1,492 million in the fiscal
period ending January 31, 2017.
・In general, property taxes, city planning taxes and other charges levied on real estate transactions aresettled at the time of acquisition by prorating for the period held with the present owner. However, as
MFLP-REIT includes an amount equivalent to the settled amount in the acquisitions costs for theproperty, the amount is not recorded as expenses during the operating period that includes the day on
which the property is acquired. As such, expenses relating to property taxes, city planning taxes and othercharges for presently held trust beneficiary interests will be booked from the fiscal period ending July 31,
2017.
・Repair expenses for buildings are expected to total ¥33 million for the fiscal period ending January 31,2017 based on the medium- to long-term repair plan prepared by the asset management company.
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 largely from the forecast amount.
・It is assumed that non-operating expenses will be ¥212 million in the fiscal period ending January 31,
2017. Of these, it is assumed that interest expenses and other expenses related to borrowings will total
Non-operating¥33 million, and expenses related to the issuance of new investment units, the listing of these investment
expensesunits and the public offering resolved at MFLP-REIT’s July 1, 2016 Board of Directors meeting will total¥116 million.
・It is assumed that total interest-bearing debt will be ¥22,400 million at the end of the fiscal period ending
January 31, 2017.
・MFLP-REIT is conducting new borrowings totaling ¥22,400 million from qualified institutional investors
Interest-bearing
as defined in Article 2-3-1 of the Financial Instruments and Exchange Act.
debt
・The loan to value ratio (LTV) is expected to be 26.9% at the end of the fiscal period ending January 31,
2017. The following formula is used to calculate LTV.
LTV = Interest-bearing debt ÷ total assets × 100
・It is assumed that the number of investment units currently issued and outstanding is 224,000 units as oftoday, and MFLP-REIT will not change the number of investment units by issuing new investment units
Investment
until the period ending January 31, 2017.
units
・Distribution per unit (not including distributions in excess of earnings) and distribution in excess ofearnings per unit are calculated based on the 224,000 units of expected investment units issued andoutstanding at the end of fiscal periods ending January 31, 2017
・Cash distribution per unit (excluding distribution in excess of earnings) is calculated according to MFLPDistribution
REIT’s distribution policy described in its Articles of Incorporation and assumes that all profits will beper unit (excludingdistributed.
distributions in excess of ・However, cash distribution per unit (excluding distribution in excess of earnings) may change for aearnings)
variety of reasons 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.
–3–Distributions inexcess of earnings
per unit

・Distribution in excess of earning 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. Total distributions in excess of earnings are assumed to be ¥96 million in thefiscal period ending January ¥2017.
・MFLP-REIT emphasizes cash flow generated by asset management, such as the leasing of investment
assets, excluding profits and losses from the sale of real estate. For an interim period, it is MFLP-REIT’s
policy to calculate the amount distributable, including distributions in excess of earnings, to be around
70% of FFO up to a maximum of 75% of FFO and continually distribute the amount of this that exceeds
the cash distribution, within a scope where financial stability can be secured and owned assets can be
maintained for a long duration of time, as distribution in excess of earnings determined based on acomprehensive judgment of the situation (“continuous distribution in excess of earnings”). However, thecontinuous distribution in excess of earnings may be terminated given the economic environment, trends
in the real estate market or leasing market, the situation surrounding owned assets, the percentagedistribution in excess of earnings accounted for in depreciation during MFLP-REIT’s applicable operating
period(*1), and the situation pertaining to LTV level and retained cash and deposits, among other factors.
・In addition to the continuous distribution in excess of earnings, in cases where the distribution amount for
cash distribution per unit (including distribution in excess of earnings) is expected to temporarily decline
at a noticeable rate due to the procurement of funds through the issuance of new investment units, atemporary distribution in excess of earnings may be executed in order to standardize the amount of thedistribution per unit (including distribution in excess of earnings).
・However, from the perspective of maintaining owned assets for a long period of time, in cases where theabove distribution is executed, and where the amount equal to the equivalent of depreciation for theapplicable operating period subtracted from the amount of the distribution in excess of earnings for theapplicable operating period falls below the standard amount of capital for building maintenance (*2), thedistribution in excess of earnings will decrease up to a maximum amount that does not fall below the totalof the distribution of earnings, and distribution in excess of earnings will not be executed.
・In addition, from the perspective of continuing stable financial management, distribution in excess ofearnings will not be executed in cases where the appraised LTV(*3) exceeds 60% in the event that theabove distribution of cash is executed.
(*1)

The maximum will be an amount equivalent to 60% of the depreciation for the applicable operatingperiod.
(*2)“Standard amount of capital for building maintenance” refers to an amount equal to the capital
expenditure amount noted in the Building Condition Evaluation Report averaged over 12 years, with anamount equal to six months multiplied by two.
(*3)
Appraised LTV (%) = 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

Other

after depreciation of owned real estate on the applicable accounts settlement date + appraisedvalue of owned real estate on the applicable accounts settlement date・Calculations and operating forecasts are based on the assumption that there will be no change inlegislation, taxation, accounting standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan, which will impact the aforementioned
forecasts.
・Calculations and operating forecasts are also based on the assumption that there will be no materialchanges in general economic and real estate market conditions in Japan.

–4–