March 29, 2024
For Immediate Release

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

Notice Concerning Disposition of Domestic Real Estate Trust Beneficiary Interest
Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”), to which Mitsubishi Estate Logistics REIT
Investment Corporation (“MEL”) entrusts the management of its assets, announces today that it has decided to dispose (the“Disposition”) a property (the “Property to be disposed”) in the form of trust beneficiary interest as described below.
1. Overview of the Disposition
Property Name

MJ Logipark Sendai 1

Category

Logistics Facilities

Location
Anticipated Disposition Dates(Note 1)
Anticipated Disposition Prices(Note 2)Estimated Book Values(Note 3)
Estimated Gain/Loss on
Disposition (Note 4)

Tagajo, Miyagi①April 10, 2024

②September 3, 2024
（49.0% of co-beneficiaryinterest）（51.0% of co-beneficiaryinterest）

10,000 million yen①5,100 million yen②4,900 million yen

7,094 million yen①3,630 million yen②3,463 million yen

2,754 million yen①1,392 million yen②1,361 million yen

Appraisal Value (Note 5)

7,850 million yen

Buyer

Not disclosed (Note 6)

Brokerage

BrokeredDate of Sale and Purchase
Agreement

March 29, 2024

Settlement Method

To be paid in a lump sum on each Anticipated Disposition Date(Note 1) “Anticipated Disposition Dates” indicates an anticipated disposition date described in sale and purchase agreement pertaining to the Property
to be disposed (the “Sale and Purchase Agreement”). Note that the Anticipated Disposition Dates are subject to change as agreed upon
between MEL and the buyer.
(Note 2) “Anticipated Disposition Prices” indicates the sale prices of the Property to be disposed stated in the Sale and Purchase Agreement,rounded down to the nearest million yen and does not include national or local consumption taxes or expenses which will be incurred inconnection with the disposition.
(Note 3) “Estimated Book Values” shows the estimated book values of the co-beneficiary interest in the Property to be disposed on each Anticipated
Disposition Date and the total amount. It may fluctuate.
(Note 4) “Estimated Gain/Loss on Disposition” calculated by deducting Estimated Book Values and estimated expenses related to the sale from
Anticipated Disposition Prices on each Anticipated Disposition Date and the total amount. It may fluctuate.
(Note 5) “Appraisal Value” shows the appraisal value stated on the real estate appraisal report with the price as of February 29, 2024. The appraisal
was conducted by Japan Real Estate Institute.
(Note 6) Not disclosed as consent has not been obtained.
(Note 7) The Sale and Purchase Agreement is considered a Forward Commitment, etc. (a postdated sale and purchase agreement under which
payment and delivery will be made at least one month after the conclusion of the contract, or any other contract similar thereto; the same
shall apply throughout this document), which is defined in the “Comprehensive Guidelines for Supervision of Financial Instruments Business
Operators, etc.” of Financial Services Agency. For the details of Forward Commitment etc., please refer to the below, “4. Financial Impact on
MEL When the Forward Commitment, etc. Cannot be Fulfilled.”- 1 -2. Rationale for the Disposition
The Property to be disposed was built approximately 15 years ago, and we believe the Disposition will improve
profitability of our portfolio since we can avoid major repair costs, etc.
In addition, the sale of the Property to be disposed in two parts at a price well above Estimated Book Values andAppraisal Value, will take advantage of the favorable buying and selling market, and contribute to raising in DPU over two
fiscal periods.
For these reasons, MEL determined that the Disposition would enhance investor value and decided the Disposition.
We expect to use the proceeds from the Disposition for future acquisitions, returns to unitholders or prepayment ofborrowings, etc. after considering market environment, equity costs and other factors.
3. Details of the Property to be disposed
The table below shows a summary of the Property to be disposed individually (the “Individual Asset Table”). The
terms used in the Individual Asset Table are as follows; when referring to the Individual Asset Table, please refer to thefollowing explanation regarding the terms used therein.
In principle, unless otherwise noted, all information included in the Individual Asset Table is current as of February 29,2024.
(1) Explanation concerning Classification·“Category” represents the purpose of the Property to be disposed in accordance with the classification prescribed in
MEL’s investment policy.
(2) Explanation concerning Summary of Specified Asset·”Land area” of “Land” is based on the register.
·“Total floor area” of “Building” is based on the record in the register. “Total floor area” is the total floor area of themain building and annex. If there is more than one main building, the total floor area is the sum of the total floor areafor each main building.
·“Details of the lease” shows the figures as of February 29,2024.
(3) Special Notes·“Special notes” are matters that are deemed to be material considering the potential impact on the entitlements,
usage, safety, etc. of the Property to be disposed as well as the appraisal value, profitability or disposability thereof asof the date hereof.
(4) Explanation of Summary of Appraisal Report·“Summary of appraisal report” describes the summary of the appraisal report of the Property to be disposed which
was appraised upon request from MEL and the Asset Management Company. Such appraisal report only represents
the judgment and opinion of the appraiser as of a certain point in time, and the validity and accuracy of its contents,
as well as the feasibility of a transaction at the appraisal value, are not guaranteed. The numbers included in thesummary of the appraisal report are rounded down to the nearest unit, and the ratios are rounded to the seconddecimal.

- 2 -Property name

MJ Logipark Sendai 1

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interest

Buyer

Not disclosed (Note)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Entrustment date

March 30, 2012

Trust maturity date

March 31, 2027

Ownership form

Proprietary ownership

Location

2-202-4, Sakae, Tagajo, Miyagi

Land area

19,877.94 m2

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

March 30, 2009

Total floor area

36,854.27m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet roof
/ 4 story building
Warehouse, OfficeCollateral

Not applicable

Appraisal value

7,850,000,000 yen (as of February 29, 2024)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Details of thelease

Special notes

2.6% (obtained from the earthquake risk assessment report prepared byTokio Marine dR Co., Ltd.)CBRE K.K.

Number of tenants

3

Name of major tenant

Toho Transportation and Warehouse Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

448 million yen

Total leased area

39,098.87 m2

Total leasable area

39,098.87 m2

Occupancy rate

100.0%
・MEL has concluded a lease agreement for a portion of land, rooftop,
roof and photovoltaic power generation facilities of the Property tobe disposed for implementing photovoltaic power generation
business.
(1) Lessee: JAPAN BENEX CORPORATION(2) Term: From September 1, 2020 to August 31, 2021. Provided,

196 million yen- 3 -however, that if the parties do not give written notice of their desire
to terminate the lease agreement by six months prior to theexpiration date of the term of the lease agreement, the leaseagreement shall be renewed for another one year with the samecontents, and the same shall apply thereafter.
(3) Monthly rent fee: The 97% of the electricity sales income fromphotovoltaic power generation business conducted by JAPAN BENEXCORPORATION based on power supply and demand contracts, etc.
with Tohoku Electric Power Co., Inc.
・MEL has executed the Sale and Purchase Agreement with the buyer
stating that 51% of the co-beneficiary interest in the Property to bedisposed will be delivered on April 10, 2024 and 49% of the cobeneficiary interest in the Property to be disposed will be delivered
on September 3, 2024. If disposition of 51% of the co-beneficiaryinterest in the Property to be disposed is implemented in accordancewith the Sale and Purchase Agreement, until disposition of theremaining 49% of the co-beneficiary interest in the Property to bedisposed is implemented, MEL will have a co-beneficiary interest in
the Property to be disposed with the buyer. Therefore, when
disposition of the initial 51% of the co-beneficiary interest in theProperty to be disposed is implemented, MEL will execute a “Coownership beneficiary interest agreement” with the buyer. Note that
the Anticipated Disposition Dates are subject to change as agreed
upon between MEL and the buyer.
(Note) Not disclosed as consent has not been obtained.

- 4 -(Thousands of yen)
Summary of appraisal report
MJ Logipark Sendai 1

Property nameAppraisal value

7,850,000
Items

Appraisal value based on income method
Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
7,850,000

30,0004,488⑤Losses due to vacancies

14,8940120,433
26,38835,624⑨Repair expenses

8,204⑩Property tax⑪Property management fees

43,3072,580⑫Tenant soliciting fees etc.

3,753

⑭Other expenses(3) Net operating income(NOI: (1)-(2))

25364,619
1,921(5) Capital expenditure

19,533(6) Net cash flow
(NCF: (3)+(4)-(5))

347,007(7) Capitalization rate

4.4%

Terminal capitalization rate
Integrated value based on cost method

Assessed based on actual property tax amount.

552(4) Earnings from temporary deposits

Appraisal value based on discounted cash
flow method
Discount rate

As of February 29, 2024

OutlineAssessed using the direct capitalization method and the DCF
method.

454,492

10,966⑬Insurance premiums

Valuation date

485,052④Other income⑧Utility expenses

Japan Real Estate Institute7,890,000③Parking lot income⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Appraiser

Assessed based on an investment yield of 1.0%.
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

7,800,000
4.1%
4.5%
5,340,000

Proportion of land

52.3%

Proportion of building

47.7%

Other matters for consideration by the appraiser- 5 -Appraisal Value was decided by using the income method assessedby direct capitalization method and the DCF method, and the cost
method was used as a reference.

4. Financial Impact on MEL When the Forward Commitment, etc. Cannot be Fulfilled
The Anticipated Disposition Date is September 3, 2024 for the second scheduled date of the Disposition, and is morethan one month after the date of conclusion of the Sale and Purchase Agreement. Therefore, the Sale and Purchase
Agreement falls under a Forward Commitment, etc., which is defined in the “Comprehensive Guidelines for Supervision ofFinancial Instruments Business Operators, etc.” of Financial Services Agency.
Under the Sale and Purchase Agreement, in the event either party fails to perform any material obligation under theSale and Purchase Agreement and the purpose of the Sale and Purchase Agreement cannot be achieved or a material breachof the representations and warranties of either party stipulated in the Sale and Purchase Agreement is found and thepurpose of the Sale and Purchase Agreement cannot be achieved (the party that fails to perform its obligations under theSale and Purchase Agreement or is found to be in material breach of any of its representations and warranties is hereinafterreferred to as the "defaulting party”.), the non-defaulting party may terminate the Sale and Purchase Agreement, if thenon-defaulting party demands a cure of such default or breach within a certain period of time and the defaulting party fails
to cure such default or breach within such period. In addition, in the event the Sale and Purchase Agreement is terminated,the defaulting party shall pay to the non-defaulting party an amount equivalent to 10% of the sales price (excluding theamount equivalent to the consumption tax and local consumption tax) as a penalty. Since MEL is the seller and there areno financing risks or other concerns with respect to the execution of the Sale and Purchase Agreement, it is unlikely that
MEL will be liable for damages and have a material impact on its financial condition, etc.
5. Buyer Profile
The company name has not been disclosed, as the consent of the buyer, which is a domestic company, has not beenobtained. MEL and the Asset Management Company have no capital, personnel, or business relationship with the buyerthat should be noted. In addition, the buyer does not fall under the category of Interested party, etc., as set forth in the Act
on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended, hereinafter, the “Investment TrustsAct”), or an Interested Party as set forth in the Rules Regarding Related-party Transactions of the Asset Management
Company.
6. Status of the Buyer
Not applicable as the buyer is not a related party of MEL or the Asset Management Company.
7. Brokerage
As the broker is not an interested party, etc. stipulated in the Investment Trusts Act, or does not fall under the categoryof an Interested Party as set forth in the Rules Regarding Related-party Transactions of the Asset Management Company,
the description including the company name of the broker is omitted.
8. Outlook
For more details on the business outlook of MEL, please refer to the “Notice Concerning Revisions to Forecast for theFiscal Period Ending August 31, 2024 (16th Fiscal Period)” announced today.
This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any
discrepancies between the translation and the Japanese original, the latter shall prevail.
For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/- 6 -