Summary of Financial Results for the Fiscal Period Ended February 29, 2024 (REIT)
Name of Issuer:
Stock Exchange Listing:

Mitsubishi Estate Logistics REIT
Investment Corporation (“MEL”)
Tokyo Stock Exchange

Securities Code:3481

Website:https://mel-reit.co.jp/en/

Representative:

Ken Takanashi, Executive Director

Asset Management Company:
Representative:
Inquiries:

Mitsubishi Jisho Investment Advisors, Inc.
Tetsuya Masuda, President & CEO
Ken Takanashi, Executive Officer, General Manager,
Logistics REIT Management Department
Tel. +81-3-3218-0030

Scheduled Date of Filing of Securities Report:
Scheduled Date of Commencement of Distributions Payments:

May 24, 2024
May 23, 2024

Supplementary Materials for Financial Results:
Investors and Analysts Meeting:

Yes
Yes

April 15, 2024

(Values are rounded down to the nearest million yen)
1. Financial Results for the Fiscal Period Ended February 29, 2024 (15th Fiscal Period) (from Sep. 1, 2023 to Feb. 29, 2024)(1) Operating Results(Percentages indicate change from the previous period)

Operating revenues
Operating income% Millions of yen%
Fiscal period ended Millions of yen
Feb. 29, 2024
7,746
3.1
4,034
6.2
Aug. 31, 2023
7,510
5.1
3,800
(0.9)
Net income per unit
Fiscal period ended
Feb. 29, 2024
Aug. 31, 2023

(2) Distributions

Yen
7,386
6,965

Return on unitholders’Equity%2.3
2.2

Ordinary income
Millions of yen
3,719
3,507

Net income% Millions of yen
6.0
3,718
2.2
3,506

Ratio of ordinary income
to total assets
%
1.3
1.3

%
6.0
2.2

Ratio of ordinary income
to operating revenues
%
48.0
46.7

Distributions
per unit
Distributions
Ratio of
Total amount of
Total amount(excluding
Total amount of per unit
Payoutdistributionsof distributions
distributions SCD per unit
surplus cash
SCD
(including
ratio
to net assets(including SCD)
(excluding SCD)
distributions
SCD)(“SCD”))
Yen Millions of yen
Yen Millions of yen
Yen Millions of yen
Fiscal period ended%%
Feb. 29, 2024
7,387
3,719
696
350
8,083
4,069
100.0
2.3
Aug. 31, 2023
6,965
3,506
867
436
7,832
3,943 100.0
2.2
Notes:
1. Total amount of SCD are the refund of investment, which falls under the distributions through reduction in unitholders’ capital undertaxation law.
2. The ratio of net asset value attributable to a reduction in unitholders’ paid-in capital for the fiscal periods ended Aug. 31, 2023 andFeb.29, 2024, is 0.003, respectively. The payment of SCD is deemed a return of capital. This calculation methodology is pursuant to
Article 23, Paragraph 1, Item 4 of the Act on Special Measures Concerning Taxation.

(3) Financial Position
Total assets
Fiscal period ended
Feb. 29, 2024
Aug. 31, 2023

Net assets

Millions of yen
281,003271,357

Millions of yen
159,644
159,869

Cash flows fromoperating activities
Millions of yen
4,569
6,869

Cash flows frominvesting activities
Millions of yen(10,241)(55)

Unitholders’ equity tototal assets

Net assets per unit

%
56.8
58.9

Yen
317,079
317,525(4) Cash Flows
Fiscal period ended
Feb. 29, 2024
Aug. 31, 2023

Cash flows from
Cash and cash equivalents
financing activities
Millions of yen
Millions of yen
14,007
5,922
13,757(6,048)

2. Forecasts for the Fiscal Periods Ending Aug. 31, 2024 (from Mar. 1, 2024 to Aug. 31, 2024) and Feb. 28, 2025 (fromSep. 1, 2024 to Feb. 28, 2025)(Percentages indicate change from the previous period)
Operating revenues Operating income Ordinary income
Fiscal period ending Millions ofyenAug. 31, 2024
9,125Feb. 28, 2025
9,004

% Millions of
yen
5,108
17.8
(1.3)
5,107

% Millions of%yen
4,725 27.0
26.6
0.0
4,754 0.6

Distribution
Distributions
s per unit
Net income
SCD
per unit(including(excluding per unit
SCD)
SCD)
Millions of
%
Yen
Yen
Yen
yen
4,724 27.0
9,382
9,382
4,753
0.6
9,441
9,441
-

(Reference) Forecasted net income per unit for the fiscal period ending Aug. 31, 2024: 9,382 yen
Forecasted net income per unit for the fiscal period ending Feb. 28, 2025: 9,441 yen*Other(1) Changes in accounting policies, accounting estimates, or restatements(a) Changes in accounting policies due to revisions to accounting standards and other regulations:None(b) Changes in accounting policies due to other reasons:None(c) Changes in accounting estimates:
None(d) Restatements:
None(2) Total number of investment units issued and outstanding(a) Total number of units issued and outstanding at the end of the fiscal period (including treasury units)
As of Feb. 29, 2024
503,485 units
As of Aug. 31, 2023
503,485 units(b) Number of treasury units at the end of the fiscal period
As of Feb. 29, 2024
0 units
As of Aug. 31, 2023
0 units
Note: Please refer to “Notes Concerning Per Unit Information” on page 25 for the based calculation for the forecasted net
income per unit.

*Implementation Status of Statutory Audit
At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial
Instruments and Exchange Act have not been completed.
*Explanation on the Appropriate Use of the Forecast of Financial Results and Other Matters of Special Consideration
The forward-looking statements in this material are based on information currently available to us and on certain
assumptions that we believe are reasonable. Actual operating performance may differ substantially due to various
factors. Furthermore, those statements shall not be deemed a guarantee or any commitment of the amount of
future distributions and SCD. Please refer to “Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2024 andFeb. 28, 2025” on page 8 for assumptions regarding forward-looking statements.
Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Index1. Results of Operations(1) Results of Operations ...................................................................................................................................................................... 2(A)Overview of the Current Fiscal Period …....................................................................................................................................... 2(i) Major Operational Results of MEL ........................................................................................................................................... 2(ii) Investment Environment and Operational Results of the Current Fiscal Period……………………………………….......................... 2(iii) Overview of Financing ............................................................................................................................................................ 2(iv) ESG Initiatives ………………......................................................................................................................................... 3(v) Overview of Financial Results and Distributions .................................................................................................................... 4(B) Outlook for the Next Fiscal Period ........................................................................................................................................ 4(i) Future Management Policies ………………................................................................................................................................... 4(ii) Significant Subsequent Events ................................................................................................................................................ 5(iii) Earnings Forecast ................................................................................................................................................................... 7(2) Risk Factors ……..………………….......................................................................................................................................................... 10
2. Financial Statements(1) Balance Sheet .................................................................................................................................................................................. 11(2) Statement of Income and Retained Earnings .................................................................................................................................. 13(3) Statement of Changes in Net Assets................................................................................................................................................ 14(4) Statement of Cash Distributions...................................................................................................................................................... 15(5) Statement of Cash Flows ................................................................................................................................................................. 17(6) Notes Concerning Going Concerns Assumption .............................................................................................................................. 17(7) Notes Concerning Significant Accounting Policies …....................................................................................................................... 18(8) Notes Concerning Financial Statements ........................................................................................................................................ 19(9) Change in Number of Investment Units Issued and Outstanding .................................................................................................. 28
3. Reference Information(1) Composition of MEL’s Assets .......................................................................................................................................................... 30(2) Investment Assets …………................................................................................................................................................................ 30(A) Major Components of Investment Securities…………………………………..…………………………………………………………………………………… 30(B) Investment Properties ………………………………….…………………………………..…………………………………………………………………………………… 30(C) Other Major Investment Assets………………………………………………………..…………………………………………………………………………………… 30(i) Overview of Portfolio ................................................................................................................................................................. 31(ii) Overview of Properties……………………………….……………………………………………………………………………………..................................... 33(iii) Overview of Tenant Agreements ………………..…….…………………………………................................................................................. 35(iv) Overview of Appraisal Reports …….......................................................................................................................................... 38(v) Information Regarding Major Real Estate Properties ………....................................................................................................... 41(vi) Information Regarding Major Tenants…………………………………………………………………………......................................................... 41(vii) Property Distribution ……………………………………………………………………………………………………....................................................... 41(viii) Details of Collateral ……...……………………………………………………………………………………………....................................................... 44(ix) Capital Expenditure for Owned Properties………..…………………………………………………………......................................................... 44(x) Overview of Property Leasing and Status of Operating Income …..…………………………………....................................................... 45-1-

1. Results of Operations(1) Results of Operations(A)Overview of the Current Fiscal Period(i) Major Operational Results of MEL
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) was established on July 14, 2016 under the“Act on Investment Trust and Investment Corporation” (“Investment Trust Law”), and was listed on the REIT
Securities Market of the Tokyo Stock Exchange on September 14, 2017 (securities code: 3481).
MEL focuses on investing in logistics facilities as a listed real estate investment corporation. Mitsubishi EstateCo., Ltd. (“MEC”), one of the largest comprehensive developers in Japan, has been acting as a sponsor. MEL’s
asset management company, Mitsubishi Jisho Investment Advisors, Inc. (“Asset Management Company” or“MJIA”) has an extensive track record in real estate fund management since its establishment in 2001. Through“HYBRID” (Note) utilization of the strengths of both companies, MEL aims for maximization of unitholder value
by building of a high-quality portfolio and steady and stable asset management through selective investments inhighly competitive logistics facilities that meet tenant needs that focus on “location”, “building features” and“stability”.
Furthermore, MEL announced management policy “Three Pillars” on April 17, 2019, as a management plan
designed to maximize unitholder value in the medium-to long-term. The management policy is intended togather the entire MEC Group to work together and increase unitholder value of MEL, focusing on the following
three pillars: “Alignment” (align interest with unitholders), “Discipline” (disciplined growth) and “Hybrid”(enhance MEL’s unique strategy, the Hybrid model).
During the fiscal period ended February 29, 2024, MEL acquired two additional properties (MJ Logipark
Kakogawa1 and MJ Industrial Park Koriyama, aggregate acquisition price of 9,423 million yen, hereinafter“Properties Acquired during 15th FP”) in September 2023. As a result, MEL owned 34 properties (aggregate totalacquisition price: 271,082 million yen), as of the end of the reporting fiscal period (Feb. 29, 2024).
Note: ”HYBRID”, as in the English term “hybrid” meaning a combination of two things, is used in the context of utilization of
the strengths of MEC and MJIA. It refers to the strengths of both companies being utilized creatively and at times
combined depending on the situation and thereby making the most of these in the management of MEL.

(ii) Investment Environment and Operational Results of the Current Fiscal Period
During the reporting fiscal period ended February 29, 2024, while the Japanese economy has positive aspects,
such as strong corporate motivation for investment and inbound demand, and Nikkei Stock Average reached an
all-time high in February 2024, has uncertainty about economic outlook with real wages remaining negative andconsumer spending weaking. Nowadays, wage increases have been spreading, particularly among large
companies, and trend towards entrenched inflation is progressing.
In the real estate transaction market, domestic and overseas investors continue having a strong appetite forinvestment, with active transactions due to factors such as the size of one of the largest markets in Asia andinterest rates that remain low compared to other countries. Especially for logistics facilities that are expected togenerate stable cash flow, the current cap rate has remained low.
In the J-REIT market, TSE REIT Index softened on the back of concerns about changes in the Bank of Japan’s
policy, etc. In September 2023, TSE REIT Index was sometimes just above 1,900 points, in February 2024, it evenfell below 1,700 points. We believe it is necessary to monitor increase in volatility in the financial and capital
market and the impact on the financials of MEL due to the removal of negative interest rates by the Bank ofJapan announced in March 2024, and changes in the interest rate environment in the US and other foreigncountries, as well as geopolitical risks.
In the logistics facilities market, the demand for logistics facilities is expected to increase driven by theincreased online-based consumption and inventories. While new supply has remained at a high level backed bystrong demand and vacancy rate is upward trend, new supply is expected to gradually decrease and supply anddemand is expected to improve due to rising construction costs and land price. As of the end of the reporting
fiscal period, the occupancy rate of our portfolio remained high, at 99.9%.
(iii) Overview of Financing
During the reporting fiscal period, MEL refinanced long-term loans of 3,000 million yen with repayment dateof September 4, 2023 and long-term loans of 1,780 million yen with repayment date of September 14, 2023.
Furthermore, MEL borrowed short-term loans of 2,100 million yen on September 19, 2023 and short-term loansof 3,400 million yen and long-term loans of 4,365 million yen on September 29, 2023 for the purpose of
procuring funds to acquire Properties Acquired in 15th FP.
As of the end of the reporting fiscal period, the balance of MEL’s interest-bearing debt was 113,049 million-2-yen and MEL’s loan-to-value ratio (the ratio of aggregate balance of interest-bearing debt to MEL’s total assets,hereinafter “LTV”) was 40.2%.
MEL’s credit rating as of the end of the reporting fiscal period was as follows:
Rating Agency
Rating Object
RatingJapan Credit Rating Agency, Ltd.
Long-term issuer rating
AA

Outlook
Stable(iv) ESG Initiatives
MEL is committed to endeavoring to enhance consideration towards the environment, social contributions
and corporate governance to improve the sustainability of society. We recognize that this is an important social
responsibility for a listed enterprise to assume, and also believe that it is essential for maximizing our unitholder
value. In addition, MJIA is also strengthening its organization to promote sustainability by clarifying theauthority and responsibilities of the Sustainability Management Officer from April 2023 with regard to the
Sustainability Management Office established in April 2022.
In December 2021, MJIA expressed support for the recommendations of the Task Force on Climate-Related
Financial Disclosures (TCFD) (Note 1) and joined the TCFD Consortium, a group of domestic companies that
support TCFD recommendations. Furthermore, in March 2023, as a strategy based on the TCFD
recommendations, MEL formulated the Transition Plan, a roadmap for reducing GHG emissions. In theTransition Plan, MEL has obtained SBT (Note 2) certification for the goals of GHG emission reduction target withthe aim of achieving science-based emission reductions as well as clearly stating its goal of net zero total GHG
emissions by 2050.
In December 2021, MEL identified important issues (materiality) related to ESG that need to be addressed insustaining its business model in order to achieve sustainable growth and increase corporate value over the
medium to long term, and established policies, targets, and key performance indicators (KPIs) for eachmateriality. MEL recognizes that risks and opportunities related to climate change are of paramount importanceto its business, and it is promoting efforts to reduce carbon emissions and further information disclosure. In
October 2023, MEL published its third Sustainability Report. MEL’s main KPIs and targets in key materiality andthe progress is as follows.
Targets (by FY 2030)

Achievement status

GHG emission reduction target
42% reduction (based on FY
8.4% reduction (FY2022)(Scope 1+2)
2021)
(Obtained SBT certification)
Energy consumption intensity
15% reduction (based on FY
24.4% reduction (FY2022)(kWh/m2)
2017)
Water consumption intensity
No increase (based on FY 2017) 31.4% reduction (FY2022)(m3/m2)
Waste recycling rate
70% or more
70.2% reduction (FY2022)
Green building certification (Note 3)
100%
96.5% (As of Feb. 29, 2024)
acquisition rate (Note 4)
Our efforts for sustainability were highly evaluated in the 2023 survey of GRESB Real Estate Assessment (Note5), and it received the highest "5 Stars" for the fourth consecutive year. Furthermore, MEL has been recognizedwith “A List”(Highest Recognition) company on CDP Climate Change (Note 6) on its first reporting.
Notes:
1. "TCFD(Task Force on Climate-related Financial Disclosures" is an international initiative established by the Financial Stability
Board (“FSB”) at the request of the G20 for the purpose of discussing the disclosures of climate-related financial informationand the responses by financial institutions.. In addition, TCFD Consortium was established for the purpose of encouraging
companies and financial institutions that endorse TCFD to work together to promote initiatives, to effectively disclose
corporate information, and to discuss efforts to link disclosed information to appropriate investment decisions by financial
institutions, etc.
2. “SBT (Science Based Targets)” refers to GHG emission reduction targets based on scientific evidence certified by “Science
Based Targets initiatives (SBTi)”, which is an international initiative jointly administered by CDP, the United Nations Global
Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). In SBT, GHG emission
levels set by the Paris Agreement (which aims to curb global temperature rise to well-below 2°C above pre-industrial
levels and pursuing effort to limit warming to 1.5°C).
3. "Green Building Certification" refers to either DBJ Green Building certification, BELS assessment or CASBEE real estate-3-

certification.
4. "Green Building Certification acquisition rate" is calculated based on total floor area of properties, excluding land.
5. "GRESB Real Estate Assessment" is a benchmark assessment that measures the sustainability considerations of real estatecompanies and investment managers established by the European pension fund group. It is used by major institutional
investors in Europe, the United States, and Asia when selecting investment targets, etc. "Green Star" ratings are awarded
to companies that excel in both the "management component" and "performance component" of sustainability assessment.
6. “CDP Climate Change” refers to the assessment implemented by CDP which was founded in 2000 in UK and is the non-profit
organization that runs the world’s environmental disclosure system for companies and local governments etc. CDP isassessed on an eight-level scale from “A” to “D-“ based on criteria such as the comprehensiveness of disclosure, awarenessand management of environmental risks, and the setting of ambitious targets.

(v) Overview of Financial Results and Distributions
As a result of these investment activities and financings, MEL generated operating revenues of 7,746 million
yen, operating income of 4,034 million yen, ordinary income of 3,719 million yen, net income of 3,718 million
yen and distributions per unit of 8,083 yen for the reporting fiscal period.
MEL’s distribution for the reporting fiscal period were 7,387 yen per unit, which included MEL’s profit
distributions in deductible expenses in accordance with the Section 1 of Article 67-15 of the Act on Special
Taxation Measures Law (a customary practice of J-REITs). The distribution amount was determined to distributeall unappropriated retained earnings for the reporting period, excluding fractions less than one yen. MEL
declared the distribution amount of 3,719,243,695 yen which was the amount equivalent to the maximum
integral multiples of number of investment units issued and outstanding (503,485 investment units) as of thereporting fiscal period.
In addition to the above distributions arising from earnings, MEL intends to regularly distribute cash in excessof the amount of retained earnings (“Regular Surplus Cash Distributions”) in each fiscal period in accordancewith MEL’s distribution policy set forth in its articles of incorporation (Note 1). Furthermore, to maintain thestability of MEL’s distributions per unit in the event that it is expected that an amount of distributions per unit
temporarily decreases by a certain degree due to financing actions or incurrence of large repair andmaintenance, MEL may decide to make distributions as one-time surplus cash distributions (“One-time Surplus
Cash Distributions,” collectively with the Regular Surplus Cash Distributions, “SCD”).
Accordingly, MEL made Regular Surplus Cash Distributions of 350,425,560 yen, equivalent to 25.8% of MEL’s
depreciation expense for the reporting fiscal period, for the purpose of maintaining the stability of its
distributions from temporal decrease of property related expenses. And the total amount of SCD per unit for
the reporting fiscal period was 696 yen.

Notes:
1.

2.

However, MEL may decide not to make any surplus cash distributions for a fiscal period based on a consideration of factors
such as economic or real estate market conditions and MEL’s, financial condition or the amount of anticipated profitability,
which includes capital gains arising from property dispositions. In addition, MEL does not plan to pay surplus cash
distributions from the perspective of continuing stable financial management, in case such payment would cause theAppraisal LTV (Note 2), as defined below, to exceed 60%.
Appraisal LTV (%) = A /B (%)
A = Total interest bearing liabilities on the balance sheet for the fiscal period related to the operating period in question(excluding tax loan) + Reversal from security deposit reserves (excluding cases where security deposits are refunded
according to leasing agreements with tenants)
B = Total assets on the balance sheet for the fiscal period related to the operating period in question – Book value after
depreciation of real estate held in the fiscal period in question + Total appraisal value of real estate held in the fiscal
period in question – Total cash distributions to be paid in the next operating period – Total surplus cash distributions
to be paid in the next operating period(B) Outlook for the Next Fiscal Period(i) Future Management Policies
MEL aims to build a high-quality portfolio and a stable and steady management, and eventually to maximize
unitholder value, through selective investments in highly competitive logistics facilities that meet tenant needs
with a focus on “location,” “building features” and “stability” and considered sustainability, based on theaccumulated expertise of MEC Group.
a. External Growth Strategy
MEL aims to achieve stable and steady external growth (Hybrid external growth) by utilizing both the realestate development track record accumulated as a comprehensive developer of MEC that MEL enters into
sponsor support agreements with, its ability to develop and operate modern and state-of-the-art logistics
facilities that capture various development strategies and tenant needs and the Asset Management
Company’s ability to select investment projects (discernment) and its acquisition strategy through flexible and-4-diverse schemes in line with market and environmental changes.
b. Internal Growth Strategy
MEL aims to achieve internal growth that maximizes the value of properties and contributes to MEL’s steady
growth by making the most of MEC’s leasing capability based on relationships with a wide variety of corporate
customers fostered as a comprehensive real estate developer and MJIA’s capability to stably manage logistics
facilities backed by its track record of fund management (Hybrid internal growth).
c. Financial Strategy
MEL lays the foundation on long-lasting stable financial management leveraging MEC Group’s expertise infinancial strategy and credibility cultivated over the long term, and controls LTV in consideration of growthpotential. In addition, MEL is committed to efficient cash management in order to achieve improvements inunitholder value.
(ii) Significant Subsequent Events
a. Disposition of the property
MEL has decided to dispose the following property on March 29, 2024.
Property Name

MJ Logipark Sendai 1

Category

Logistics Facilities

Location

Tagajo, Miyagi(Anticipated) Disposition Dates(Note 1)

①April 10, 2024

（51.0% of co-beneficiary interest）(Anticipated) Disposition Prices(Note 2)

①5,100 million yen②September 3, 2024
（49.0% of co-beneficiary interest）

10,000 million yen②4,900 million yen

7,094 million yen

Estimated Book Values(Note 3)

①3,630 million yen

Estimated Gain/Loss on
Disposition (Note 4)①1,392 million yen②3,463 million yen

2,754 million yen②1,361 million yen

Appraisal Value (Note 5)

7,850 million yen

Buyer

Not disclosed (Note 6)

Date of Sale and Purchase
Agreement

March 29, 2024

(Note 1) “(Anticipated) Disposition Dates” indicates an anticipated disposition date described in sale and purchase agreement pertaining to theProperty to be disposed (the “Sale and Purchase Agreement”). Note that the Anticipated Disposition Date is 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.

(Reference Information)
Acquisition of the property
MEL has decided to acquire the following property below on April 15, 2024.
Category

Property
Name

Logistics
Facilities

MJ Logipark
Ichinomiya 1

Location

AnticipatedAcquisition Price(Millions of yen)
(Note 1)

Appraisal Value(Millions of yen)
(Note 2)

Appraisal
NOI Yield (%)(Note 3)

Ichinomiya,
Aichi

5,851

6,790

4.9

SellerAnticipatedAcquisition Date
(Note 4)

Brokerage

Not disclosed(Note 5)

August 1, 2024

N/A

(Note 1) “Anticipated Acquisition Price” indicates the purchase price of the trust beneficiary interest of the New Property stated in the sale andpurchase agreement, rounded down to the nearest million yen and does not include national or local consumption taxes or expenses
which will be incurred in connection with the acquisition.

-5-

(Note 2) “Appraisal Value” shows the appraisal value stated on the real estate appraisal report with the price as of March 1, 2024. The appraisal
was conducted by Japan Real Estate Institute.
(Note 3) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the anticipated acquisition price of the New
property in real estate appraisal report, rounded to the first decimal place.
(Note 4) “Anticipated Acquisition Date” indicates an anticipated acquisition date described in sales and purchase agreement pertaining to the New
Property. Note that the Anticipated Acquisition Date is subject to change as agreed upon between MEL and the seller.
(Note 5) Not disclosed as consent has not been obtained.

-6-

(iii) Earnings Forecast
Forecasts for the fiscal period ending August 31, 2024 (from Mar. 1, 2024 to Aug. 31, 2024) are follows.

Operating revenues Operating income Ordinary income

Distributions
Distributions
per unit
Net income
SCD
per unit(including(excluding Per unit
SCD)
SCD)
Millions of yen
Yen
Yen
Yen
4,724
9,382
9,382
-

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Aug. 31, 2024
9,125
5,108
4,725
(Reference)
Fiscal period ending Aug. 31, 2024: Expected number of investment units outstanding at the end of the period: 503,485 units;
Expected net income per unit: 9,382 yen

Forecasts for the fiscal period ending February 28, 2025 (from Sep. 1, 2024 to Feb. 28, 2025) are follows.
Operating revenues Operating income Ordinary income

Distributions
Distributions
per unit
Net income
SCD
per unit(including(excluding per unit
SCD)
SCD)
Millions of yen
Yen
Yen
Yen
4,753
9,441
9,441
-

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Feb. 28, 2025
9,004
5,107
4,754
(Reference)
Fiscal period ending Feb. 28, 2025: Expected number of investment units outstanding at the end of the period: 503,485 units;
Expected net income per unit: 9,441 yen

The forecast information is calculated based on the assumptions described in “Forecast Assumptions for the Fiscal
Periods Ending Aug. 31, 2024 and Feb. 28, 2025”.
Note: Forecast calculations are based on the assumptions as of the date hereof. Actual operating revenues, operating income, ordinary
income, net income, distributions per unit (excluding SCD), and SCD per unit may vary due to changes in MEL’s operational
environment and circumstances. Therefore, these forecasts should not be deemed a commitment or guarantee of the amount of
future cash distributions.

-7-Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2024 and Feb. 28, 2025

Items
Accounting
PeriodAssets Under
Management

Operating
Revenues

OperatingExpensesAssumption
 Fiscal period ending Aug. 31, 2024 (16th fiscal period): From Mar. 1, 2024 to Aug. 31, 2024 (184 days)
 Fiscal period ending Feb. 28, 2025 (17th fiscal period): From Sep. 1, 2024 to Feb. 28, 2025 (181 days)
 MEL owns 34 properties as of Feb. 29, 2024 (“Properties Owned as of the End of 15th Fiscal Period”).
It is assumed there will be no material change (including acquisition of new properties anddispositions of existing properties) excluding the disposition of the Property to be disposed and theacquisition of the New Property except the following.
 It is assumed that MEL will dispose 51% and 49% of the co-beneficiary interest of MJ Logipark Sendai
1 (the “Property to be disposed”), on Apr. 10, 2024 and on Sep. 3, 2024, respectively.
 MEL anticipates acquiring MJ Logipark Ichinomiya 1 (the “New Property”) on Aug. 1, 2024.
 The actual results may change due to the acquisition of new properties or the disposition of existing
properties, etc.
 Operating rental revenues take into account factors such as market trends and the competitiveness,
etc. of each property based on information provided by the seller of the New Property andinformation provided information about the Properties Owned as of the End of 15th Fiscal Period
held by the Asset Management Company.
 It is assumed tenants will pay rents without delinquency or withholding.
 It is assumed that gain on sale of real estate will be 1,392 million yen and 1,361 million yen due tothe disposition of the Property to be disposed in fiscal period ending Aug. 31, 2024 and Feb. 28,
2025, respectively.
 Main items regarding operating expenses are as follows:(Millions of yen)
Fiscal Period Ending
Fiscal Period Ending
Aug. 31, 2024
Feb. 28, 2025
Total Operating Rental Expenses
2,875
2,769
Facility Management Fee
371
287
Utilities Cost
208
212
Repair and Maintenance Expenses
115
108
Property Taxes
764
751
Depreciation
1,365
1,358
Total General and Administrative Expenses
1,142
1,127
Asset Management Fee
898
893
Sponsor Support Fee
135
133 Of operating rental expenses, which is the main operating expense, expenses except depreciation arecalculated by taking into account various factors based on historical data.
 Property taxes and city planning taxes are generally calculated on a pro-rata basis of the calendar year
and settled between the seller and the buyer at the time of acquisition. However, in the case of thetransaction conducted by MEL, the amounts equivalent to the relevant settlement amounts areincluded in the purchase price. Accordingly, property taxes and city planning taxes for the New
Property are settled with the sellers, these taxes will not be expensed during the fiscal period ending
Aug. 31, 2024 nor Feb. 28, 2025, but these taxes will be expensed starting from the fiscal period ending
Aug. 31, 2025.
 For building repair expenses, the amount assumed to be necessary for each property is based on 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 building repair
expenses, the amount assumed to be necessary for each property is based on the repair andmaintenance plans of the Asset Management Company. However, repair expenses may differ
substantially from the anticipated amount due to unexpected factors.

-8- For the fiscal period ending August 31, 2024, it is assumed that 383 million yen will be incurred as
non-operating expenses, in which 336 million yen will be used for interest expenses and other debtNon-operating
related costs
Expenses For the fiscal period ending Feb.28, 2025, it is assumed that 353 million yen will be incurred as nonoperating expenses, which includes interest expenses and other debt-related costs.

Interestbearing Debt

Investment
Units

Distributions
Per Unit(excluding
SCD)

SCD Per Unit

 The balance of MEL’s interest-bearing debt on an accounting basis as of today is 113,049 million yen.
 It is assumed that 2,100 million yen in short-term loan due on Sep. 19, 2024 and 3,400 million yen in
short-term loan due on Sep. 30, 2024, will be refinanced in full during the fiscal period ending Feb. 28,
2025.
 It is assumed that 1,150 million yen in long-term loan due on Sep. 1, 2024, 900 million yen in longterm loan due on Sep. 14, 2024 and 2,500 million yen in long-term loan due on Oct. 9, 2024, will be
refinanced in full during the fiscal period ending Feb. 28, 2025.
 The total expected amount of interest-bearing debt at the end of the fiscal periods ending Aug. 31,
2024 and Feb. 28, 2025, are estimated to be 113,049 million yen.
 LTV at the end of the fiscal periods ending Aug. 31, 2024 and Feb.28, 2025 are estimated to be 40.1%
and 40.0%, respectively. For LTV calculation, please refer to the following formula. The ratios arerounded to the nearest tenth:
LTV (%) = interest-bearing debt / total assets × 100 (%)
 The total number of investment units issued and outstanding as of today is 503,485 units. MEL
assumed that there would be no changes to the number of outstanding units until the end of the fiscal
period ending Feb. 28, 2025.
 Distributions per unit (excluding SCD) for the fiscal periods ending Aug. 31, 2024 and Feb. 28, 2025
are calculated based on 503,485 investment units, which is the total number of investment units
expected to be issued and outstanding at the end of the fiscal periods ending Aug. 31, 2024 and Feb.
28, 2025.
 Distributions per unit (excluding SCD) are calculated based on the premise of the distribution policyin the Articles of Incorporation of MEL.
 Distributions per unit (excluding SCD) may change due to various factors including any additional
acquisitions or dispositions of properties, changes in rent revenues attributable to tenant moves,changes in the property management environment including unexpected repair etc.
 There may be cases where MEL implements distribution of cash in surplus of the distributableamount to investors on the basis of financial statements related to cash distribution approved underthe 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) inother ways to maximize the interest of investors. When MEL implements distribution of cash insurplus of the distributable amount, it limits the amount to the total of the amount of income for theoperating period in question and the amount stipulated under laws and ordinances (inclusive of therules of the Investment Trusts Association, Japan).
 For the time being, 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 an
amount of distributions per unit temporarily decreases due to a series of financing actions such as
the issuance 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 incurrenceof large expenses, MEL may make distributions as one-time surplus cash distributions. However, MEL
may decide not to make any surplus cash distributions for a fiscal period based on a consideration offactors such as economic or real estate market conditions and MEL’s, financial condition or theamount of anticipated profitability, which includes capital gains arising from property 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. MEL
does not plan to pay surplus cash distributions from the perspective of continuing stable financial
management, in case such payment would cause the Appraisal LTV (Note), as defined below, toexceed 60%.
(Note) Appraisal LTV (%) = A /B (%)-9-A = Total interest bearing liabilities on the balance sheet for the fiscal period related to the operating
period in question (excluding tax loan) + Reversal from security deposit reserves (excluding cases
where security deposits are refunded according to leasing agreements with tenants)
B = Total assets on the balance sheet for the fiscal period related to the operating period in question– Book value after depreciation of real estate held in the fiscal period in question + Total appraisal
value of real estate held in the fiscal period in question – Total cash distributions to be paid in thenext operating period – Total surplus cash distributions to be paid in the next operating period
 SCD per unit are calculated based on the assumption that the cash distributions will be distributed inaccordance with the fund distribution policy of the Articles of Incorporation of MEL. For the fiscal
period ending Aug. 31, 2024 and Feb. 28, 2025, it is assumed that surplus cash distributions will not
be implemented taking into the factors such as the profit level including gain on sales of the Property
to be disposed.
 The amount of depreciation expenses may change depending on the amount of total assets undermanagement, ancillary costs, capital expenditure, the allocation method of purchase prices for each
asset and depreciable life, etc. Surplus cash distributions, which will be based on the amount ofdepreciation expenses, may change accordingly.

Others It is assumed that no any 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 real estatemarket conditions, etc.

(2) Risk Factors
No significant changes have occurred to the risk factors since the most recent Securities Report (filed on November
29, 2023); therefore, their descriptions are not stated here.

-10-2. Financial Statements(1) Balance Sheet
Thousands of yen
As ofAugust 31, 2023
ASSETS
Current assets:
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets

4,493,995
9,263,118
79,28430,932-

4,328,182
9,679,179
57,22034,470293,726940

13,867,331

14,393,719*1 106,604,781(8,921,658)*1 111,528,899(10,218,655)

97,683,123

101,310,243

Total current assets
Fixed assets:
Property and equipment
Buildings in trust
Less: accumulated depreciation
Buildings in trust, net
Structures in trust
Less: accumulated depreciation*1

Structures in trust, net
Machinery and equipment in trust
Less: accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Less: accumulated depreciation

February 29, 2024

3,722,070(259,417)*1

3,866,916(300,683)

3,462,653

3,566,232

218,241(71,609)

224,871(83,867)

146,631141,00373,298(20,833)

92,750(28,214)52,46564,535Land in trust

156,048,941

161,437,977

Total property and equipment

Tools, furniture and fixtures in trust, net

257,393,814

266,519,993

Intangible assets
Other intangible assets

391

341

Total intangible assets

391

341

14
86,072
10,0007
79,903
10,000Investments and other assets
Deferred tax assets
Long-term prepaid expenses
Security deposit
Total investments and other assets
Total fixed assets
Total assets-11-

96,086

89,910257,490,292

266,610,245

271,357,624

281,003,965

Thousands of yen
As ofAugust 31, 2023
LIABILITIESOperating accounts payable
Short-term loans payable
Long-term loans payable due within one year
Accounts payable
Distributions payable
Accrued expenses
Income taxes payable
Consumption taxes payable
Advances received
OthersTotal current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities

February 29, 2024

415,959
4,780,000
9,979
4,398
970,677889
473,644
1,323,5502508,051
5,500,000
4,550,000
8,000
4,991
1,011,896
743
1,379,019-

7,979,100

12,962,703

4,500,000
93,904,000
5,105,246

4,500,000
98,499,000
5,397,299

103,509,246

108,396,299

111,488,347

121,359,003

158,791,538(2,429,373)

158,791,538(2,865,895)

156,362,164

155,925,642

3,507,112

3,719,319

NET ASSETS
Unitholders’ equity
Unitholders’ capital
Unitholders’ capital, gross
Deduction from unitholders’ capital
Unitholders’ capital, net
SurplusRetained earnings
Total surplus
Total unitholders’ equity
Total net assets*2

Total liabilities and net assets

3,507,112

3,719,319

159,869,277

159,644,961

159,869,277
271,357,624

-12-

*2

159,644,961
281,003,965

(2) Statement of Income and Retained Earnings
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

Operating revenues:
Operating rental revenues
Other rental revenues
Total operating revenues
Operating expenses:
Expenses related to property rental business
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Commission paid
Other operating expenses
Total operating expenses
Operating income
Non-operating income:Interest income
Reversal of distributions payable
Subsidy income
Total non-operating income
Non-operating expenses:
Interest expenses
Interest expenses on investment corporation bonds
Borrowing related expenses
Investment corporation bond issuance expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings

-13-

*1
*1

7,131,183
379,7937,510,976*1*1

7,404,991
341,045
7,746,036*1

2,782,852
694,940
2,170
22,675
3,200
155,166
49,6063,710,612
3,800,364*1

2,748,735
725,357
2,274
22,9743,600
151,227
57,1683,711,337
4,034,699

66
299
366

64
423
940
1,427

259,356
9,380
6,242
18,025

291,601
18,101
6,684-

293,006
3,507,724
3,507,724
899
4
903
3,506,820
292
3,507,112

316,387
3,719,740
3,719,740
753
6
760
3,718,979
339
3,719,319

(3) Statement of Changes in Net Assets
The Previous Period (from Mar. 1, 2023 to Aug. 31, 2023)
Thousands of yen
Unitholders' equity
Unitholders' capital

Balance as of Mar. 1,
2023
Change during theperiodDistributions inexcess of retained
earnings
Dividends ofsurplus

Total net
assetsUnitholders’capital, gross

Deduction ofunitholders’capitalUnitholders’capital, net

Unappropriat
ed retained
earnings

Total surplus

Totalunitholders'equity158,791,538(2,021,047)

156,770,490

3,432,549

3,432,549

160,203,040

160,203,040-(408,326)(408,326)--(408,326)(408,326)---(3,432,257)(3,432,257)(3,432,257)(3,432,257)

-

-

-

3,506,820

3,506,820

3,506,820

3,506,820-(408,326)(408,326)

74,56374,563(333,763)(333,763)*1 158,791,538(2,429,373)

156,362,164

3,507,112

3,507,112

159,869,277

159,869,277

Net income
Total change during
the period
Balance as of Aug.
31, 2023

Surplus

The Reporting Period (from Sep. 1, 2023 to Feb. 29, 2024)
Thousands of yen
Unitholders' equity
Unitholders' capital

Balance as of Sep. 1,
2023
Change during theperiodDistributions inexcess of retained
earnings
Dividends ofsurplus
Net income
Total change during
the period
Balance as of Feb.
29, 2024

Surplus

Total net
assetsUnitholders’capital, gross

Deduction ofunitholders’capitalUnitholders’capital, net

Unappropriat
ed retained
earnings

Total surplus

Totalunitholders'equity158,791,538(2,429,373)

156,362,164

3,507,112

3,507,112

159,869,277

159,869,277-(436,521)(436,521)--(436,521)(436,521)---(3,506,773)(3,506,773)(3,506,773)(3,506,773)

-

-

-

3,718,979

3,718,979

3,718,979

3,718,979-(436,521)(436,521)

212,206

212,206(224,315)(224,315)*1 158,791,538(2,865,895)

155,925,642

3,719,319

3,719,319

159,644,961

159,644,961-14-

(4) Statement of Cash Distributions
Yen
For the fiscal period from
Mar. 1, 2023 toAug. 31, 2023
I. Unappropriated retained earnings

3,507,112,901

II. Distributions in excess of retained earnings
Deduction from unitholders’ capital
III. Distributions(Distributions per unit)
Of which, distributions of retained earnings(Of which, distributions in retained
earnings per unit)
Of which, distributions in excess ofretained earnings(Of which, distributions in excess of

3,719,319,242

436,521,495

350,425,560

3,943,294,520(7,832)

4,069,669,255(8,083)3,506,773,025

3,719,243,695(6,965)(7,387)436,521,495

350,425,560

(867)

(696)

retained earnings per unit)
IV. Retained earnings carried forward
Calculation method of distribution amountFor the fiscal period from
Sep. 1, 2023 toFeb. 29, 2024

339,876

75,547

Pursuant to the “Policy on the

Pursuant to the “Policy on theDistribution of Funds” as defined in
Article 35, Paragraph 1 of the Articles ofDistribution of Funds” as defined in
Article 35, Paragraph 1 of the Articles ofIncorporation, the amount of
distributions shall be the amount which

Incorporation, the amount of
distributions shall be the amount which

does not exceed the amount of profits
but exceeds 90% of the distributable

does not exceed the amount of profits
but exceeds 90% of the distributableprofit as defined in Article 67-15 of theSpecial Taxation Measures Act. Based on

profit as defined in Article 67-15 of theSpecial Taxation Measures Act. Based on

the policy, MEL declared distribution
amount of 3,506,773,025 yen. This

the policy, MEL declared distribution
amount of 3,719,243,695 yen. This

amount was equivalent to the maximum
integral multiples of number ofamount was equivalent to the maximum
integral multiples of number ofinvestment units issued and outstanding(503,485 units) as of the end of fiscal

investment units issued and outstanding(503,485 units) as of the end of fiscal

period. Based on the distribution policy
as defined in Article 35, Paragraph 2 ofperiod. Based on the distribution policy
as defined in Article 35, Paragraph 2 of

the Articles of Incorporation, MEL shallmake Surplus Cash Distributions (SCD),

the Articles of Incorporation, MEL shallmake Surplus Cash Distributions (SCD)

defined as distributions in excess ofretained earnings, as a return ofaiming for 30% depreciation expenses,
defined as distributions in excess ofunitholders’ capital, each fiscal period on
a continuous basis.

retained earnings, as a return ofunitholders’ capital, each fiscal period on

In addition, MEL made One-time SCD,
equivalent to 3.2% of depreciationa continuous basis.

expense for the reporting fiscal period,
for the purpose of maintaining theAccordingly, MEL declared SCD of
350,425,560 yen as a return ofstability of its distributions from
temporal decline of operating income

unitholders’ capital, which was theamount equivalent to approximatelyfrom property leasing.
Accordingly, MEL declared on top of SCD

25.8% of depreciation expense for the
purpose of maintaining the stability of itsof 394,732,240 yen as a return ofunitholders’ capital, which was the

distributions from temporal decrease inproperty related expenses.

-15-amount equivalent to approximately
30% of depreciation expense, SCD of
41,789,255 yen as a return ofunitholders’ capital, which was theamount equivalent to approximately
3.2% of depreciation expense.
Note: MEL is permitted to distribute cash in excess of the amount of retained earnings if the amount of the accounting income is smaller than
90% of its distributable retained earnings on a tax basis to the extent that such distribution amount does not exceed the amount of
MEL’s depreciation for the same fiscal period, and if MEL determines that such excess distribution amount is appropriate.

-16-

(5) Statement of Cash Flows

Cash flows from operating activities:
Income before income taxes
Depreciation
Investment corporation bond issuance expenses
Interest income
Interest expenses
Interest expenses on investment corporation bonds
Reversal of distributions payable
Loss on retirement of fixed assets
Decrease (Increase) in accounts receivable
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable
Increase (Decrease) in accrued expenses
Increase (Decrease) in consumption taxes payable
Increase (Decrease) in advances received
OthersSubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchases of property and equipment in trust
Proceeds from tenant leasehold and security deposits in
Trust
Repayments from tenant leasehold and security deposits
in trust
Net cash provided by investing activities
Cash flows from financing activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments from long-term loans payable
Proceeds from issuance of investment corporation bonds
Payment of distributions of retained earnings
Payment of distributions in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period

Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

*1(6) Notes Concerning Going Concerns Assumption
Not applicable-17-

3,507,724
1,317,431
18,025(66)
259,356
9,380(299)(6,807)
1,427,954
2,125
13,21829,620(4,715)78,815473,6447,636(7)7,133,037
66(262,502)(983)
6,869,617

3,719,740
1,359,625(64)
291,601
18,101
(423)
2,401
(940)
22,064(293,726)(3,538)6,168
137,894(1,978)37,589(473,644)
55,468(2)
4,876,337
64(306,072)(899)
4,569,430(106,577)(10,533,958)

56,957304,342(5,508)(12,288)(55,128)(10,241,904)

700,000(5,130,000)
1,500,000(1,760,000)
2,481,974(3,432,007)(408,174)(6,048,207)
766,281
12,990,832
13,757,114

5,500,000
9,145,000(4,780,000)(3,505,965)(436,312)
5,922,721
250,247
13,757,114
14,007,361*1

(7) Notes Concerning Significant Accounting Policies
1. Method of depreciation of non-current
assets(1) Property and equipment
Property and equipment are stated at cost. Depreciation of property andequipment, including property and equipment in trust, is calculated by thestraight-line method over the estimated useful lives as follows:
Buildings
2-72 years
Structures
Machinery and equipment

10-59 years
8-12 years

Tools, furniture and fixtures(2) Intangible assets

3-15 years

Intangible assets are stated at cost. Amortization of intangible assets, including
intangible assets in trust, is calculated by the straight-line method over theestimated useful lives.
(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
2. Accounting method of deferred charges
3. Revenue and expenses recognition

4. Cash and cash equivalents as stated in theStatement of Cash Flows
5. Other basic matters for preparing financial
statements

Not applicable(1) Recognition standard for revenue
Details of main performance obligations related to revenues arising fromcontracts with customers of MEL and the normal timing at which such
performance obligations are satisfied (the normal timing for recognizing revenue)
are as follows.
(a)Sale of real estate
Revenue from sales of real estate is recognized once a buyer, who is acustomer, acquires control of a relevant real estate by fulfilling an obligation ofdelivery stipulated in a contract for sales of real estate.
(b)Utilities charge
Revenue from utilities charge is recognized by supplying electricity, water,etc. to lessee who is a customer based on a lease contract for real estate, etc.
and an agreement incidental thereto.
With respect to revenue from utilities charge, in case MEL is determined as
an agent, revenue is recognized at net amount by deducting an amount to be
paid to another party from an amount received as electricity and gas charges
supplied from the same other party.
(2) Accounting treatment of property taxes and other taxes
With respect to property taxes and other taxes including city planning taxes anddepreciable asset taxes, of a tax amount assessed and determined, the amountcorresponding to the relevant fiscal period is accounted for as rental expenses.
Of the amounts paid for acquisitions of real estate or beneficiary right in trustof real estate, an amount equivalent to property taxes is capitalized as part ofacquisition costs of the relevant property instead of being charged as an expense.
Cash and cash equivalents consist of cash on hand and cash in trust, floating
deposits, deposits in trust and short-term investments that are very liquid andrealizable with a maturity of three months or less when purchased and that are
subject to insignificant risks of changes in value.
Accounting treatment of trust beneficiary interests of real estate
As to trust beneficiary interests of real estate, all accounts of assets andliabilities within assets in trust, as well as all income generated and expenses
incurred from assets in trust, are recorded in the relevant accounts of Balance
Sheets and Statement of Income and Retained Earnings. Of which, the following
significant trust assets are shown separately on the Balance Sheet.
(a) Cash and deposits in trust(b) Buildings in trust, structures in trust, machinery and equipment in trust,
tools in trust, furniture and fixtures in trust and land in trust(c) Tenant leasehold and security deposits in trust-18-(8) Notes Concerning Financial Statements(Notes Concerning Balance Sheet)*1 Reduction entry of tangible fixed assets

Buildings in trust
Structures in trust

Aug. 31, 2023

Thousands of yen
As of31,22022,166

Feb. 29, 2024

31,22022,166*2 Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
Aug. 31, 2023

Thousands of yen
As of50,000-19-

Feb. 29, 2024
50,000(Notes Concerning Statement of Income and Retained Earnings)*1 Operating income from property leasing is as follows:

Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2023

A. Property-related revenues
Operating rental revenues
Rental revenues
Common area charges
Total
Other rental revenues
Received utilities cost
Others
Total
Total property-related revenues
B. Property-related expenses
Rental expenses
Facility management fee
Property and other taxes
Insurance
Repair and maintenanceUtilities cost
Depreciation
Custodian fee
OthersTotal rental expenses
C. Operating income from property leasing (A-B)

6,871,518
259,665
7,131,183

7,148,465
256,525
7,404,991

256,208
123,584
379,7937,510,976

220,481
120,564
341,045
7,746,036

330,761
725,760
9,070
120,710249,183
1,317,381
5,772
24,2112,782,852
4,728,123

284,571725,410
9,237
118,512
216,693
1,359,575
6,308
28,4252,748,735
4,997,300(Notes Concerning Statement of Changes in Net Assets)

For the fiscal period from
Mar. 1, 2023 toAug. 31, 2023

For the fiscal period from
Sep. 1, 2023 toFeb. 29, 2024

Number of investment units authorized

10,000,000 units

10,000,000 units

Number of investment units issued andoutstanding

503,485 units

503,485 units(Notes Concerning Statement of Cash Flows)*1. Relationship between cash and cash equivalents in statement of cash flows and accounts and amounts in theaccompanying balance sheet
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

Cash and deposits

4,493,995

4,328,182

Cash and deposits in trust

9,263,118

9,679,179

Cash and cash equivalents

13,757,114

14,007,361(Notes Concerning to Lease Contracts)
Operating lease transactions (as lessor)
Unearned rental revenue

Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

Due within one year

12,807,530

13,669,072

Due after one year

76,560,192

89,024,393

Total

89,367,723

102,693,465-20-

(Notes Concerning Financial Instruments)
1. Overview(1) Policy for Financial Instruments
MEL procures funds for the acquisition of assets and repayment of debt mainly through bank loans, issuance ofinvestment corporation bonds or the issuance of new investment units.
In borrowing funds or issuance of investment corporation bonds, MEL takes consideration in interest rate trend,
debt cost, floating or fixed interest rate, borrowing or issuance period and repayment or redemption date.
In the case of borrowing, the lender shall be limited to qualified institutional investors as stipulated in Article 2,
Paragraph 3, Item of the Financial Instruments and Exchange Act of Japan (limited to institutional investorsprescribed in Article 67-15 of the Taxation Special Measures Law), with in principle no collateral / no guarantee.
However, MEL may provide assets as collateral in consideration of financing environment and economic
conditions. In addition, in order to flexibly procure the necessary funds related to MEL's operation such as
property acquisition and repayment debt financing, MEL may enter into the overdraft agreements, commitmentline agreements or conclude the reserved agreements.
In addition, aiming for long-term and stable growth, MEL will issue additional investment units while paying
due regard to the dilution of investment units, comprehensively taking into account the financial environment,
MEL’s capital structure and the impact on existing unitholders.
MEL also may invest surplus funds in bank deposits etc. for the purpose of efficiency of fund operations.
MEL enters into derivative transactions solely for the purposes of reducing risks of rising interest rates related
to financings and other types of risks. There was no derivative transactions during the reporting period.
(2) Type of Financial Instruments, related Risks and Risk Management System
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties,
repayment of interest-bearing debt. Although MEL is exposed to liquidity risks upon repayment, by diversifying thematurities and lending institutions, securing liquidity of cash in hand and managing such liquidity risks by
preparing and monitoring cash flows projection, such risks are maintained under control. In addition, some loans
bear floating interest rates and are exposed to potential risks of rising interest rates. MEL attempts to mitigate
such risks on its operations by maintaining a conservative loan to value ratio and increasing the ratio of long-term
fixed interest rate loans.
The security deposits which MEL has received from the tenants are exposed to liquidity risk due to cancelationof lease agreement before the maturity date. In the case of trust beneficiary interest in real estate, MEL securessafety by accumulating a portion in the trust account, and in the case of real estate, leasehold rights of real estate,and superficies, MEL secures safety by accumulating a portion in bank savings account or bank time deposit
account. Moreover, MEL ensures safety by accurately tracking the timing of the tenant move-ins and outs andanticipating the fund demand utilizing historical data.
(3) Supplemental Explanation Regarding the Estimated Fair Values of Financial Instruments
The fair value of financial instruments is calculated based on certain assumptions. Accordingly, the fair value offinancial instruments may differ if different assumptions are used.
2. Estimated Fair Value of Financial Instruments
The book value, fair value and differences between the values as of Aug. 31, 2023 are as follows: Financial
instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short-term loans payable” are excluded fromthe following table due to the short maturities and the book value of these instruments which is deemed a reasonableapproximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following
table because of lack of materiality.
Thousands of yen
Book value(1) Long-term loans payable due within one

Fair value (Note)

Difference

4,780,000

4,781,582

1,582(2) Investment corporation bonds

4,500,000

4,299,550(200,450)(3) Long-term loans payable

93,904,000

94,136,965

232,965

Total liabilities

103,184,000

103,218,098

34,098year(Note) Methods to estimate fair values of financial instruments(1) Long-term loans payable due within one year and (3) Long-term loans payable
The fair value of long-term loans payable is determined based on the present value of contractual cash flows which would be applicable to
new loans payable under the same terms. In terms of floating interest rate loans payable, since it reflects the market interest rate in ashort period of time, the fair value is approximately equal to the book value. Thus, the book value is used.

-21-

(2) Investment corporation bonds
Calculated based on the reference values published by the Japan Securities Dealers Association.

The book value, fair value and differences between the values as of Feb. 29, 2024 are as follows: Financial
instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short-term loans payable” are excluded fromthe following table due to the short maturities and the book value of these instruments which is deemed a reasonableapproximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following
table because of lack of materiality.
Thousands of yen
Book value(1) Long-term loans payable due within one

Fair value (Note 1)

4,550,000

year

Difference

4,552,807

2,807(2) Investment corporation bonds

4,500,000

4,295,950△204,050(3) Long-term loans payable

98,499,000

98,736,848

237,848

Total liabilities

107,549,000

107,585,605

36,605(Note 1) Methods to estimate fair values of financial instruments(1) Long-term loans payable due within one year and (3) Long-term loans payable
The fair value of long-term loans payable is determined based on the present value of contractual cash flows which would be applicable to
new loans payable under the same terms. In terms of floating interest rate loans payable, since it reflects the market interest rate in ashort period of time, the fair value is approximately equal to the book value. Thus, the book value is used.
(2) Investment corporation bonds
Calculated based on the reference values published by the Japan Securities Dealers Association.
(Note 2) Repayment schedule for debt after Aug. 31, 2023
Thousands of yen
Due within one Due after one to Due after two to Due after three Due after fouryear
two years
three years
to four years
to five years
Long-term loans payable due
within one year
Investment

corporationbonds
Long-term loans payable
Total

Due after fiveyears

4,780,000

-

-

-

-

-

-

-

-

-

-

4,500,000-

5,900,000

7,970,000

11,790,000

13,690,000

54,554,000

4,780,000

5,900,000

7,970,000

11,790,000

13,690,000

59,054,000

Due within one Due after one to Due after two to Due after three Due after fouryear
two years
three years
to four years
to five years

Due after five
years

Repayment schedule for debt after Feb. 29, 2024
Thousands of yen

Long-term loans payable due
within one year
Investment

corporationbonds
Long-term loans payable
Total

4,550,000

-

-

-

-

-

-

-

-

-

-

4,500,000-

8,320,000

9,890,000

13,590,000

10,963,000

55,736,000

4,550,000

8,320,000

9,890,000

13,590,000

10,963,000

60,236,000(Notes Concerning Investment Securities)
For the periods ended Aug. 31, 2023 and Feb. 29, 2024
Not applicable(Notes Concerning Derivative Transactions)
For the periods ended Aug. 31, 2023 and Feb. 29, 2024
Not applicable(Notes Concerning Retirement Payment)
For the periods ended Aug. 31, 2023 and Feb. 29, 2024
Not applicable-22-

(Notes Concerning Deferred Tax Accounting)
1. Primary components of deferred tax assets and deferred tax liabilities

Thousands of yen
As ofAug. 31, 2023
Enterprise tax payable
Subtotal deferred tax assets
Total deferred tax assets
Net deferred tax assets

Feb. 29, 2024
14
14
14
14

7
7
7
7

2. Reconciliations of major items that caused differences between statutory tax rate and effective tax rate after applying
Deferred tax accounting
For the fiscal period ended
Aug. 31, 2023
Feb. 29, 2024
Statutory tax rate
31.46%
31.46%
Adjustments:
Deductible cash distributions(31.45%)(31.46%)
Other
0.02%
0.02%
Actual effective income tax rate
0.03%
0.02%

(Notes Concerning Equity Earnings of Affiliate Companies)
For the periods from Mar. 1, 2023, to Aug. 31, 2023 and Sep. 1,2023, to Feb. 29, 2024
Not applicable(Notes Concerning Related Party Transaction)
1. Transactions with Account Balances with the Parent company and Major Unit Holders
For the periods from Mar. 1, 2023, to Aug. 31, 2023 and Sep. 1,2023, to Feb. 29, 2024
Not applicable
2.

Transactions and Account Balances with Affiliates
For the periods from Mar. 1, 2023, to Aug. 31, 2023 and Sep. 1,2023, to Feb. 29, 2024
Not applicable

3.

Transactions and Account Balances with Companies under Common Control
For the periods from Mar. 1, 2023, to Aug. 31, 2023 and Sep. 1,2023, to Feb. 29, 2024
Not applicable

4.

Transaction and Account Balances with Board of Directors and Individual Unitholders
For the periods from Mar. 1, 2023, to Aug. 31, 2023 and Sep. 1,2023, to Feb. 29, 2024
Not applicable(Notes Concerning Asset Retirement Obligations)
For the periods ended Aug. 31, 2023 and Feb. 29, 2024
Not applicable-23-

(Notes Concerning Rental Properties)
MEL owns logistics facilities for leasing for the purpose of earning rental income. The book value, changes during thereporting fiscal period and fair value of the properties are as follows:
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

Book value (Note 1)
Balance at the beginning of the period

258,429,311

257,393,814

Changes during the period (Note 2)(1,035,497)

9,126,178

Balance at the end of the period

257,393,814

266,519,993

Fair value at the end of the period (Note 3)
300,755,000(Note 1) Book value is calculated by deducting accumulated depreciation from acquisition cost.

311,142,500(Note 2) The increase for the fiscal period ended Aug. 31, 2023 was primarily a result of capital expenditure, which amounted to281,884 thousand yen. The decrease was primarily a result of the recognition of depreciation, which amounted to 1,317,381
thousand yen. The increase for the fiscal period ended Feb. 29, 2024 was primarily a result of acquiring Real estate trust
beneficiary interests for a total of 9,842,379 thousand yen. The decrease was primarily a result of the recognition ofdepreciation, which amounted to 1,359,575 thousand yen.
(Note 3) The fair value at the end of the period is determined based on appraised value provided by independent real estateappraisers.

Income and loss in connection with investment and rental properties are disclosed in “Notes Concerning Statementsof Income and Retained Earnings.”(Notes Concerning Segment and Related Information)
1. Segment Information
Disclosure is omitted because the real estate leasing business is MEL’s sole business and it has no reportablesegment subject to disclosure.
2. Related Information
For the period from Mar. 1, 2023, to Aug. 31, 2023
(1) Information by Products and Services
Description of this information is not stated herein as operating revenues generated from external customers for asingle product and service have exceeded 90% of total operating revenues on the statement of income and retained
earnings.
(2) Information by Geographic Region(a) Operating Revenues
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating
revenues on the statement of income and retained earnings.
(b) Property and Equipment
Disclosure is omitted because the amount of property and equipment located in Japan accounts for over 90% of
the amount of property and equipment on the balance sheet.
(3) Information by Each Major Customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating
revenues on the statement of income and retained earnings.
For the period from Sep. 1, 2023, to Feb. 29, 2024
(1) Information by Products and Services
Description of this information is not stated herein as operating revenues generated from external customers for asingle product and service have exceeded 90 % of total operating revenues on the statement of income and retained
earnings.

-24-

(2) Information by Geographic Region(a) Operating Revenues
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating
revenues on the statement of income and retained earnings.
(b) Property and Equipment
Disclosure is omitted because the amount of property and equipment located in Japan accounts for over 90% of
the amount of property and equipment on the balance sheet.
(3) Information by Each Major Customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating
revenues on the statement of income and retained earnings.
(Notes Concerning Per Unit Information)
Yen

For the fiscal period from
Mar. 1, 2023 toAug. 31, 2023
Net assets per unit

For the fiscal period from
Sep. 1, 2023 toFeb. 29, 2024

317,525

317,079

Net income per unit
6,965
7,386
(Note 1) Net income per unit is calculated by dividing net income for the period by the weighted average number of investments
units issued and outstanding based on the number of days during the applicable reporting periods. Diluted net income
per unit is not stated as there is no dilutive equity issued and outstanding.
(Note 2) The basis for calculation of the profit per unit is as follows:
For the fiscal period from
For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024
Net income (Thousands of yen)

3,506,820

3,718,979--

3,506,820

3,718,979

503,485

503,485

Amount not attributable to common unitholders(Thousands of yen)
Net income attributable to common unitholders(Thousands of yen)
Average number of investment units during theperiod (Unit)(Notes Concerning Significant Subsequent Events)
Disposition of the property
MEL has decided to dispose the following property on March 29, 2024.
Property Name

MJ Logipark Sendai 1

Category

Logistics Facilities

Location

Tagajo, Miyagi(Anticipated) Disposition Dates(Note 1)

①April 10, 2024
（51.0% of co-beneficiary interest）(Anticipated) Disposition Prices(Note 2)

①5,100 million yen

Estimated Book Values(Note 3)
Estimated Gain/Loss on
Disposition (Note 4)②September 3, 2024
（49.0% of co-beneficiary interest）

10,000 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)

Date of Sale and Purchase
Agreement

March 29, 2024

-25-

(Note 1) “(Anticipated) Disposition Dates” indicates an anticipated disposition date described in sale and purchase agreement pertaining to theProperty to be disposed (the “Sale and Purchase Agreement”). Note that the Anticipated Disposition Date is 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.

(Notes on Revenue Recognition)

1. Breakdown information on revenue from contracts with customers
The previous period (from Mar. 1, 2023 to Aug. 31, 2023)

Thousands of yen

Revenue from contracts withcustomers

Net sales to external customers

256,208

256,208-

7,254,767

Received utilities cost
OthersNote1:

Note2:

Total
256,208
7,510,976
Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," andtransfers of real estate, etc. subject to ASBJ Statement No. 15, "Practical Guidance on Accounting Practical Guidelines forReal Estate Securitization Utilizing Special Purpose Companies," are not included in the above amounts because they are
exempt from the revenue recognition accounting standard. Revenues from contracts with major customers consist ofrevenues from utilities.
Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees whoare customers, based on the lease agreements for real estate, etc. and associated agreements.

The Reporting Period (from Sep. 1, 2023 to Feb. 29, 2024)

Thousands of yen

Revenue from contracts withcustomers

Net sales to external customers

220,481

220,481-

7,525,555

Received utilities cost
OthersNote1:

Note2:

Total
220,4817,746,036
Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," andtransfers of real estate, etc. subject to ASBJ Statement No. 15, "Practical Guidance on Accounting Practical Guidelines forReal Estate Securitization Utilizing Special Purpose Companies," are not included in the above amounts because they are
exempt from the revenue recognition accounting standard. Revenues from contracts with major customers consist ofrevenues from utilities.
Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees whoare customers, based on the lease agreements for real estate, etc. and associated agreements.

2. Basic information for understanding revenue from contracts with customers
As stated in “(7) Notes Concerning Significant Accounting Policies”.

3. Information on relationship between fulfillment of performance obligations based on contracts with customers andcash flow generated from said contracts, and on amount and period of revenues expected to be recognized in thefollowing accounting period or thereafter from contracts with customers existing at the end of the current accounting
period-26-

(1)Balance of contract assets and contract liabilities, etc.

Thousands of yen
For the fiscal period from For the fiscal period from
Mar. 1, 2023 to
Sep. 1, 2023 toAug. 31, 2023
Feb. 29, 2024

Claims generated from contracts with customers (balance at
beginning of fiscal year)
Claims generated from contracts with customers (balance at end of
fiscal year)
Contract assets (balance at beginning of fiscal year)

61,05065,07565,07546,941--

Contract assets (balance at end of fiscal year)--

Contract liabilities (balance at beginning of fiscal year)--

Contract liabilities (balance at end of fiscal year)--(2) Transaction price allocated to the remaining performance obligations
Not applicable.
Revenue from utilities is recognized at the amount that the Company has the right to claim in accordance withparagraph 19 of the accounting standard guidance for revenue recognition, as the Company is entitled to receive from thecustomer the amount of consideration that directly corresponds to the value to the lessee that is the customer for the
portion of performance completed by the end of the period. Accordingly, the Company has applied the provisions ofparagraph 80-22(2) of the Accounting Standard for Revenue Recognition and has not included them in the notes to thetransaction price allocated to its remaining performance obligations.

-27-

(9) Change in Number of Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ capital for the most recent five
years until Feb. 29, 2024 are as follows:
Date

May 21, 2019
Oct. 7, 2019Nov. 7, 2019Nov. 18, 2019

May 20, 2020
Sep. 1, 2020
Sep. 30, 2020

Nov. 20, 2020
Mar. 5, 2021
Apr. 6, 2021

May 20, 2021

Nov. 19, 2021
Mar. 1, 2022
Mar. 23, 2022

May 20, 2022
Oct. 25, 2022
Nov. 21, 2022

Nov. 22, 2022

May 23, 2023

Type of Issue
Surplus cash
distribution(return on
capital)Public offering
Capital increase
through thirdparty allotment
Surplus cash
distribution(return on
capital)Surplus cash
distribution(return on
capital)Public offering
Capital increase
through thirdparty allotment
Surplus CashDistributions(return on
capital)Public offering
Capital increase
through thirdparty allotment
Surplus CashDistributions(return on
capital)Surplus CashDistributions(return on
capital)Public offering
Capital increase
through thirdparty allotment
Surplus CashDistributions(return on
capital)Public offering
Surplus CashDistributions(return on
capital)Capital increase
through thirdparty allotment
Surplus CashDistributions(return on
capital)Unitholders’ Capital(Thousands of yen)(Note 1)
Increase /Total
Decrease

Number of Investment Units
Issued and Outstanding (Units)
Increase /Total
Decrease

Note(179,199)

60,832,644－

245,815(Note 2)

18,556,033

79,388,677

57,150302,965(Note 3)925,366

80,314,044

2,850

305,815(Note 4)(146,014)

80,168,030－

305,815(Note 5)(174,008)

79,994,021－

305,815(Note 6)

16,898,058

96,892,079

40,500346,315(Note 7)801,927

97,694,006

1,922

348,237(Note 8)(181,042)

97,512,964－

348,237(Note 9)16,006,482

113,519,446

41,000389,237(Note 10)

740,982

114,260,429

1,898

391,135(Note 11)(231,925)

114,028,503－

391,135(Note 12)(264,016)

113,764,487－

391,135(Note 13)22,042,048

135,806,535

56,000447,135(Note 14)

1,102,102

136,908,637

2,800

449,935(Note 15)(265,580)

136,643,057－

449,935(Note 16)

19,481,796

156,124,853

51,000500,935(Note 17)

(328,452)

155,796,400－

500,935(Note 18)

974,089

156,770,490

2,550

503,485(Note 19)

(408,326)

156,362,164－

503,485(Note 20)

-28-

Date

Type of Issue

Nov.22, 2023

Surplus CashDistributions(return on
capital)Unitholders’ Capital(Thousands of yen)(Note 1)
Increase /Total
Decrease(436,521)

155,925,642

Number of Investment Units
Issued and Outstanding (Units)
Increase /Total
Decrease－

503,485

Note(Note 21)

Notes:
1. “Unitholders’ capital” is the amount after deducting the “Deduction from unitholders’ capital.”
2. Cash distributions for the fiscal period ended Feb. 2019 in the amount of 729 yen per unit as return of capital. It was
decided on Apr. 15, 2019 and started payment on May 21, 2019.
3. New investment units were issued through public offering at an issue price of 335,887 yen (paid-in amount of 324,690
yen) per unit.
4. New investment units were issued through third-party allotment at a paid-in amount of 324,690 yen per unit.
5. Cash distributions for the fiscal period ended Aug. 2019 in the amount of 594 yen per unit as return of capital. It was
decided on Oct. 17, 2019 and started payment on Nov. 18, 2019.
6. Cash distributions for the fiscal period ended Feb. 2020 in the amount of 569 yen per unit as return of capital. It was
decided on Apr. 17, 2020 and started payment on May 20, 2020.
7. New investment units were issued through public offering at an issue price of 431,701 yen (paid-in amount of 417,236
yen) per unit.
8. New investment units were issued through third-party allotment at a paid-in amount of 417,236 yen per unit.
9. Cash distributions for the fiscal period ended Aug. 2020 in the amount of 592 yen per unit as return of capital. It was
decided on Oct. 15, 2020 and started payment on Nov. 20, 2020.
10. New investment units were issued through public offering at an issue price of 403,650 yen (paid-in amount of 390,402
yen) per unit.
11. New investment units were issued through third-party allotment at a paid-in amount of 390,402 yen per unit.
12. Cash distributions for the fiscal period ended Feb. 2021 in the amount of 666 yen per unit as return of capital. It was
decided on Apr. 15, 2021 and started payment on May. 20, 2021.
13. Cash distributions for the fiscal period ended Aug. 2021 in the amount of 675 yen per unit as return of capital. It was
decided on Oct. 15, 2021 and started payment on Nov. 19, 2021.
14. New investment units were issued through public offering at an issue price of 406,965 yen (paid-in amount of 393,608
yen) per unit.
15. New investment units were issued through third-party allotment at a paid-in amount of 393,608 yen per unit.
16. Cash distributions for the fiscal period ended Feb 2022 in the amount of 679 yen per unit as return of capital. It was
decided on Apr. 15, 2022 and started payment on May. 20, 2022.
17. New investment units were issued through public offering at an issue price of 394,875 yen (paid-in amount of
381,996 yen) per unit.
18. Cash distributions for the fiscal period ended Aug. 2022 in the amount of 730 yen per unit as return of capital. It was
decided on Oct. 14, 2022 and started payment on Nov. 21, 2022.
19. New investment units were issued through third-party allotment at a paid-in amount of 381,996 yen per unit.
20. Cash distributions for the fiscal period ended Feb. 2023 in the amount of 811 yen per unit as return of capital. It was
decided on Apr. 17, 2023 and started payment on May 23, 2023.
21. Cash distributions for the fiscal period ended Aug. 2023 in the amount of 867 yen per unit as return of capital. It was
decided on Oct. 18, 2023 and started payment on Nov 22, 2023.

-29-

3. Reference Information(1) Composition of MEL’s Assets
Type of assets

Real estate in trust

Category

RegionTokyo metropolitan area (Note 2)
Osaka metropolitan area (Note 3)
Nagoya metropolitan area (Note 4)
OthersOthers
Total
Deposit and other assets
Total assets (Note 5)

Logistics
facilities

Amount(Millions of yen)

15th fiscal period(As of Feb. 29, 2024)
Retained amount
Ratio of total assets(Millions of yen)(%)
(Note 1)
137,900
49.1
65,93423.5
27,4609.8
18,128
6.5
17,095
6.1
266,51994.8
14,4835.2
281,003
100.0

15th fiscal period(As of Feb. 29, 2024)

Ratio of total asset(%)

Total liabilities (Note 5)(Note 6)
121,359
43.2
Total net assets (Note 5)
159,644
56.8
Total assets (Note 5)
281,003
100.0
Notes:
1.
The retained amount is the amount allocated in the balance sheet (the book value after depreciation) at the end of the reporting
fiscal period (as of Feb. 29, 2024.)
2.
“Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba, Saitama and Ibaraki prefectures.
3.
“Osaka metropolitan area” refers to Osaka, Hyogo, Kyoto, Nara and Shiga prefectures.
4.
“Nagoya metropolitan area” refers to Aichi, Mie and Gifu prefectures.
5.
“Total liabilities”, “Total net assets” and “Total assets” is the amount allocated in the balance sheet at the end of the reporting
fiscal period (as of Feb. 29, 2024).
6.
“Total liabilities” include the tenant leasehold and security deposits.

(2) Investment Assets(A) Major Components of Investment Securities
Not applicable(B) Investment Properties
Not applicable(C) Other Major Investment Assets
The real estate in trust held by MEL as of the end of Feb. 29, 2024 are as follows.

-30-

(i) Overview of Portfolio
The following summarizes (location, acquisition price, investment ratio, book value, appraisal value, acquisition date) thereal estate or the real estate in trust owned by MEL at the end of the reporting fiscal period:
Category

Property nameLocation

Appraisal
Acquisition price Investment Book value value
Acquisition date(Millions of yen) ratio (%) (Millions of (Millions of(Note 4)(Note 1)
(Note 2)yen)
yen)(Note 3)

Hisayama,
5,770
2.1
5,302
8,020 Sep. 14, 2017
Kasuya, Fukuoka
Logicross Atsugi
Atsugi, Kanagawa
8,440
3.1
8,182
9,520 Sep. 3, 2018
Logicross Kobe Sanda
Kobe, Hyogo
3,900
1.4
3,779
4,450 Sep. 3, 2018
Logicross Osaka
Osaka, Osaka
9,743
3.6
9,548
10,400 Sep. 1, 2020
Logicross Nagoya Kasadera Nagoya, Aichi
14,424
5.3
14,181
17,700 Sep. 1, 2020
Logicross Narashino
Narashino, Chiba
11,851
4.4
11,714
12,600 Mar. 9, 2021
Logicross Atsugi II
Atsugi, Kanagawa
9,838
3.6
9,816
10,600 Mar. 1, 2022
Logicross Yokohama Kohoku Yokohama, Kanagawa
7,821
2.9
7,850
8,150 Oct. 25, 2022
LOGIPORT Sagamihara
Sagamihara,
21,364
7.9
20,232
24,600 Sep. 14, 2017
(Note 5)Kanagawa
LOGIPORT Hashimoto
Sagamihara,
18,2006.7
17,301
21,735 Sep. 14, 2017
(Note 6)
Kanagawa
LOGIPORT Osaka Taisho
Osaka, Osaka
10,484
3.9
10,233
12,262
Oct. 9, 2019
(Note 7)
LOGIPORT Kawasaki Bay
Kawasaki,
36,00013.3
35,67941,625 Mar. 1, 2022
(Note 6)
Kanagawa
LOGiSTA·Logicross Ibaraki
Ibaraki, Osaka
15,1505.6
15,147
15,700 Oct. 25, 2022
Logistics Saito (A) (Note 6)
Facilities
LOGiSTA·Logicross Ibaraki
Ibaraki, Osaka
3,900
1.4
3,906
4,020 Oct. 25, 2022
Saito (B) (Note 6)
MJ Logipark Funabashi 1
Funabashi, Chiba
5,400
2.0
5,682
7,060 Sep. 29, 2016
MJ Logipark Atsugi 1
Atsugi, Kanagawa
6,653
2.5
6,312
7,740 Sep. 14, 2017
MJ Logipark Kazo 1
Kazo, Saitama
1,272
0.5
1,194
1,620 Sep. 14, 2017
MJ Logipark Osaka 1
Osaka, Osaka
6,090
2.2
5,835
8,110 Sep. 14, 2017Umi,
MJ Logipark Fukuoka 1
6,130
2.3
5,694
7,550 Sep. 14, 2017
Kasuya, Fukuoka
MJ Logipark Tsuchiura 1
Tsuchiura, Ibaraki
3,133
1.2
3,056
3,640 Sep. 2, 2019
MJ Logipark Nishinomiya 1
Nishinomiya, Hyogo
2,483
0.9
2,530
2,750
Oct. 9, 2019
MJ Logipark Kasugai 1
Kasugai, Aichi
13,6705.0
13,27915,200Oct. 9, 2019
MJ Logipark Kazo 2
Kazo, Saitama
1,637
0.6
1,661
1,780 Sep. 1, 2020
MJ Logipark Sendai 1
Tagajo, Miyagi
7,388
2.7
7,131
7,850 Sep. 1, 2020
MJ Logipark Inzai 1
Inzai, Chiba
4,353
1.6
4,329
5,150 Oct. 25, 2022
MJ Logipark Takatsuki 1
Takatsuki, Osaka
5,500
2.0
5,498
6,520 Oct. 25, 2022
MJ Logipark Higashi Osaka 1 Higashiosaka, Osaka
1,687
0.6
1,736
2,050 Oct. 25, 2022
MJ Logipark Funabashi 2
Funabashi, Chiba
4,880
1.8
4,885
6,530 Dec. 1, 2022
MJ Logipark Kakogawa 1
Kakogawa, Hyogo
7,423
2.7
7,716
7,740 Sep. 29, 2023
MJ Industrial Park Sakai (Land Sakai, Osaka
5,600
2.1
5,666
5,780
Oct. 9, 2019
MJ Industrial Park Kobe
Kobe, Hyogo
4,970
1.8
5,202
5,720 Mar. 9, 2021
(Land)
MJ Industrial Park Chiba-Kita
Chiba, Chiba
1,800
0.7
1,914
2,000 Mar. 19, 2021
Others (Land)
MJ Industrial Park Kawanishi
Kawanishi, Hyogo
2,125
0.8
2,221
2,630 Oct. 25, 2022
(Land)
MJ Industrial Park Koriyama
Koriyama, Fukushima
2,000
0.7
2,090
2,340 Sep. 19, 2023
(Land)
Total
271,082
100.0 266,519 311,142
Notes:
1.
“Acquisition price” represents the purchase price of each property or beneficiary right in trust as set forth on the relevantpurchase agreement and does not include expenses such as consumption taxes, and is rounded down to nearest million yen.
2.
“Investment ratio” is calculated by dividing the acquisition price for each property by the total acquisition price and is rounded tosecond decimal place. Thus, the sum of the figures in total may not add up to the figure in the total column.
3.
"Appraisal value” represents the appraisal value as set forth on the relevant study reports by real estate appraisers as of Feb. 29,
2024. Please refer to the below mentioned” (iv) Overview of Appraisal Reports”.
4.
“Acquisition date” represents the acquisition date in the relevant sale and purchase agreement. If multiple purchase agreements
Logicross Fukuoka Hisayama

-31-

5.
6.
7.

have been concluded due to additional acquisitions, the earliest acquisition date is indicated.
Appraisal value of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest.
Appraisal value of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito (A) and LOGiSTA·LogicrossIbaraki Saito (B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
Appraisal value of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownershipinterest.

-32-

(ii) Overview of Properties
The following summarizes (land area, total floor area, total leasable area, total leased area, year built) the real estate or
the real estate in trust owned by MEL at the end of the reporting fiscal period:
Category

Property name

Total floor area Total leasable area Total leased area
Land area(m2) (Note 2)(m2) (Note 3)(m2) (Note 1) (m2) (Note 1)

Year built(Note 4)

Logicross Fukuoka Hisayama

18,136.89

36,082.08

34,878.55

34,878.55

Oct. 2014

Logicross Atsugi

14,782.03

29,895.80

29,895.80

29,895.80

Mar. 2017

Logicross Kobe Sanda

20,000.93

12,879.33

12,844.35

12,844.35

Jun. 2017

Logicross Osaka

18,176.07

36,619.48

35,629.46

35,629.46

Sep. 2018

Logicross Nagoya Kasadera

33,224.00

72,376.03

62,289.08

62,289.08

Jan. 2019

Logicross Narashino

19,386.40

36,437.92

39,132.05

39,132.05

Mar. 2018

Logicross Atsugi II

17,383.35

35,067.64

34,580.85

34,580.85

Jul. 2019

Logicross Yokohama Kohoku

7,663.29

16,371.24

16,371.24

16,371.24

May 2019

LOGIPORT Sagamihara (Note 5)

94,197.27

200,252.53(98,123.73)

88,609.64

88,157.91

Aug. 2013

LOGIPORT Hashimoto (Note 6)

67,746.26

145,809.59(65,614.31)

58,487.96

58,487.96

Jan. 2015

LOGIPORT Osaka Taisho(Note 7)55,929.57

117,045.04(43,891.89)

40,081.56

40,001.85

Feb. 2018

LOGIPORT Kawasaki Bay(Note 6)

134,831.45

117,762.91

117,497.28

May 2019

Logistics
LOGiSTA·LogicrossFacilities
Ibaraki Saito (A) (Note 6)

289,900.59(130,455.26)

51,030.30

108,480.05(48,816.02)

45,983.59

45,983.59

May 2021

LOGiSTA·LogicrossIbaraki Saito (B) (Note 6)

15,892.28

31,139.89(14,012.95)

14,012.95

14,012.95

Apr. 2021

MJ Logipark Funabashi 1

7,481.00

18,262.08

18,232.07

18,232.07

Nov. 1989

MJ Logipark Atsugi 1

19,780.93

27,836.15

28,002.44

28,002.44

Jul. 2013

MJ Logipark Kazo 1

7,621.09

7,602.06

7,678.10

7,678.10

Mar. 2006

MJ Logipark Osaka 1

13,028.81

39,157.61

39,082.95

39,082.95

Sep. 2007

MJ Logipark Fukuoka 1

20,297.84

39,797.96

38,143.21

38,143.21

Sep. 2007

MJ Logipark Tsuchiura 1

22,914.37

15,485.00

15,485.00

15,485.00

Oct. 2014

MJ Logipark Nishinomiya 1

23,008.83

13,903.42

13,777.07

13,777.07

Mar. 1991

MJ Logipark Kasugai 1

38,972.99

58,236.48

57,866.98

57,866.98

Jan. 2017

MJ Logipark Kazo 2

11,454.21

7,349.18

7,349.18

7,349.18

Dec. 1998

MJ Logipark Sendai 1

19,877.94

36,854.27

39,098.87

39,098.87

Mar. 2009

MJ Logipark Inzai 1

12,405.04

20,993.81

20,980.63

20,980.63

Jul. 2021-33-

Category

Logistics
Facilities

OthersProperty nameLand area
Total floor area Total leasable area Total leased area(m2) (Note 3)(m2) (Note 1) (m2) (Note 1)(m2) (Note 2)

Year built(Note 4)

MJ Logipark Takatsuki 1

9,915.37

20,842.80

20,897.84

20,897.84

May 2021

MJ Logipark Higashi Osaka 1

4,727.69

10,185.04

10,185.04

10,185.04

Apr. 1991

MJ Logipark Funabashi 2

6,314.44

19,219.10

19,219.10

19,219.10

Feb. 2022

MJ Logipark Kakogawa 1

16,859.59

30,109.47

32,258.13

32,258.13

Jun. 2022

MJ Industrial Park Sakai (Land)87,476.71-

87,476.71

87,476.71-

MJ Industrial Park Kobe (Land)40,050.71-

31,743.99

31,743.99-

MJ Industrial Park Chiba-Kita(Land)

14,986.64-

14,986.64

14,986.64-

MJ Industrial Park Kawanishi(Land)

9,353.48-

9,353.48

9,353.48-

MJ Industrial Park Koriyama(Land)

80,925.09-

80,925.09

80,925.09-

1,035,832.86

1,534,191.64(1,042,478.11)

1,223,302.51

1,222,505.44

-

Total

Notes:
1.
“Land area” and “Total floor area” are the lot area recorded in the register. Total floor area is the total floor area of the mainbuilding and annex. If there is more than one main building, the total floor area is the sum of the total floor area for each mainbuilding. Figures in parentheses for LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki
Bay,LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) are stated corresponding to each co-ownershipinterest (49%, 45%, 37.5%, 45%, 45% and 45%). “Total” are the sum of total floor area of each property owned taking into
account the co-ownership interest of each property. Each figure is rounded down to the nearest hundredth.
2.
“Total leasable area” equals to the gross leasable space in each property or property in trust as of Feb. 29, 2024, based on leaseagreements and floor plans included in lease agreements, plus available space based on floor plans, rounded down to the nearest
hundredth. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
3.
“Total leased area” equals to the gross floor area of leased space in each property or property in trust as of Feb. 29, 2024, basedon the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in thelease agreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.
4.
“Year built” is the date of construction of the building in the register. If there is more than one main building, the oldest dateshown in the register.
5.
Total leasable area and total leased area of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49%
co-ownership interest.
6.
Total leasable area and total leased area of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A)and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
7.
Total leasable area and total leased area of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of
37.5% co-ownership interest.

-34-

(iii) Overview of Tenant Agreements
The following summarizes (total leasable area, total leased area, occupancy, number of tenants, name of major tenant,annual rent, security deposit, average lease term and average remaining lease term) the real estate or the real estate intrust owned by MEL at the end of the reporting fiscal period:
Category

Property name

Logicross Fukuoka
Hisayama
Logicross Atsugi
Logicross Kobe Sanda
Logicross Osaka

Security
Average lease
Total leasable Total leased Occupancy Number ofAnnual rent
deposit term / Average
Name of majorarea (m2)(Millions of (Millions of remaining lease
area (m2)(%)
tenants
tenant (Note 5)yen)(Note 1)
(Note 2)
(Note 3) (Note 4)yen) (Note 6)
term (Years)(Note 7)(Note 8, 9)
Not
Not
5.0
34,878.55
34,878.55
100.0
2 AXions GROUP
disclosed
disclosed(1.9)(Note 10)(Note 10)Not
Not
MITAKA SOKO
10.0
29,895.80
29,895.80
100.0
1
disclosed
disclosed
Co., Ltd.
(3.0)(Note 10)(Note 10)
Not
Not
Fresh Creator
30.0
12,844.35
12,844.35
100.0
1
disclosed
disclosed
Co., Ltd.
(23.3)(Note 10)(Note 10)
Not
Not
Not
35,629.46
35,629.46
100.0
2 e-LogiT co., ltd.
disclosed
disclosed
disclosed(Note 10)(Note 10)(Note 10)
943

387

6.8
(2.3)

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)

Maruwa Unyu
Kikan Co., Ltd.

1,335

317

5.5
(2.5)

KDDI
CORPORATION

991

249

6.3
(1.8)

99.8

SBS TOSHIBA
11 LOGISTICSCORPORATION

584

139

7.7
(5.6)

117,497.28

99.8

10

Not disclosed(Note 10)

1,729

396

8.6
(4.9)

45,983.59

45,983.59

100.0

MITSUI-SOKO
1 LOGISTICS
Co., Ltd.

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)14,012.95

14,012.95

100.0

1 LONCO JAPANMJ Logipark Funabashi 1

18,232.07

18,232.07

100.0

1

Fuji Echo Co.,Ltd.

MJ Logipark Atsugi 1

28,002.44

28,002.44

100.0

1

Sun Toshi
Tatemono K.K.

MJ Logipark Kazo 1

7,678.10

7,678.10

100.0

1Kanda Holdings
Co., Ltd.

MJ Logipark Osaka 1

39,082.95

39,082.95

100.0

1 Sankyu Inc.

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)

Logicross Nagoya
Kasadera

62,289.08

62,289.08

100.0

10

YAGAMI
Co., LTD.

Logicross Narashino

39,132.05

39,132.05

100.0

1

Nihon Realest.,
Ltd.

Logicross Atsugi II

34,580.85

34,580.85

100.0

Logicross Yokohama
Kohoku16,371.24

16,371.24

100.0

88,609.64

88,157.91

99.5

18

58,487.96

58,487.96

100.0

16

LOGIPORT Osaka Taisho(Note 13)40,081.56

40,001.85

LOGIPORT Kawasaki Bay(Note 12)

117,762.91

LOGIPORT Sagamihara
Logistics (Note 11)

Facilities LOGIPORT Hashimoto(Note 12)LOGiSTA·LogicrossIbaraki Saito (A)(Note 12)LOGiSTA·LogicrossIbaraki Saito (B)(Note 12)

Not Nippon Express

disclosed Company,(Note 10) Limited
SBS RICOH
1 LOGISTICS
SYSTEM Co., Ltd.

-35-

Category

Property name

NumberTotal leasable Total leased Occupancyofarea (m2)area (m2)(%)
tenants(Note 1)
(Note 2)
(Note 3)(Note 4)

38,143.21

38,143.21

100.0

Fukuoka
4 Logistics
Systems Corp.

MJ Logipark Tsuchiura
1

15,485.00

15,485.00

100.0

1

MJ Logipark
Nishinomiya 1

13,777.07

13,777.07

100.0

1 F - LINE CO., Ltd.

MJ Logipark Kasugai 1

57,866.98

57,866.98

100.0

2

Kimura-Unity
Co., Ltd.

MJ Logipark Kazo 2

7,349.18

7,349.18

100.0

1MS JAPAN
Co.,Ltd.

EntreX
Incorporated

TohoTransportation
3and Warehouse
Co., Ltd.
Seino
1 Transportation
Co., Ltd.

Logistics
MJ Logipark Sendai 1
Facilities

39,098.87

39,098.87

100.0

MJ Logipark Inzai 1

20,980.63

20,980.63

100.0

MJ Logipark
Takatsuki 1

20,897.84

20,897.84

100.0

1 LONCO JAPANMJ Logipark
Higashi Osaka 1

10,185.04

10,185.04

100.0

1

Nakajima
Express Co., Ltd.

MJ Logipark
Funabashi 2

19,219.10

19,219.10

100.0

1

Oriental EXPRESS
Co., Ltd.

MJ Logipark
Kakogawa 1

32,258.13

32,258.13

100.0

1

Not disclosed(Note 10)

MJ Industrial Park
Sakai (Land)87,476.71

87,476.71

100.0

1

IHI Infrastructure
Systems Co., Ltd.

MJ Industrial Park
Kobe (Land)

31,743.99

31,743.99

100.0

1

ORIX Auto
Corporation

MJ Industrial Park
Others Chiba-Kita (Land)

14,986.64

14,986.64

100.0

Kinugawa
1 Rubber IndustrialCo., Ltd.

MJ Industrial Park
Kawanishi (Land)9,353.48

9,353.48

100.0

180,925.09

100.0

Kinugawa
Rubber1
Industrial Co.,Ltd.

1,223,302.51 1,222,505.44

99.9

Total (Average)

80,925.09

102

Average leaseterm /
Averageremaininglease term
(Years)(Note 8, 9)

422

179

3.0
(1.3)

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)

448

196

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)

15,042

5,322

10.2
(6.8)

Annual rent
Name of major (Millions oftenant (Note 5) yen) (Note6)

MJ Logipark Fukuoka 1

MJ Industrial Park
Koriyama (Land)

Security
deposit(Millions ofyen)(Note 7)

Bigmotor Co.,
Ltd.

－

20.0
(14.4)
10.0
(5.0)
5.1
(2.4)
10.0
(5.8)
3.7
(2.2)

12.0
(10.3)
Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)Notes:
1. “Total leasable area” equals to the gross leasable space in each property or property in trust as of Feb. 29, 2024, based on leaseagreements and floor plans included in lease agreements, plus available space based on floor plans, rounded down to the nearest
hundredth. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
2. “Total leased area” equals to the gross floor area of leased space in each property or property in trust as of Feb. 29, 2024, based on
the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in the leaseagreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.

-36-

3.
4.
5.
6.

7.

8.
9.
10.
11.
12.
13.

“Occupancy” is as of Feb. 29, 2024, calculated by dividing total leased area for each property by the total leasable area. The total
occupancy rate is calculated by dividing the aggregate total leased area for the relevant properties by the aggregate total leasablearea for the relevant properties. Figures are rounded to the nearest tenth.
“Number of tenants” is based on the lease agreements with tenants for each property or property in trust as of Feb. 29, 2024.
However, if one lessee enters into a multiple number of lease agreements for the same property, the total number of tenants will
be calculated on the assumption that such lessee is one party.
“Name of major tenant” is the name of the tenant with the largest leased floor area in the relevant lease agreement for each
property or property in trust as of Feb. 29, 2024
“Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to thenearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 29, 2024. However,if there are different provisions for monthly rent (including common area expenses) depending on the time period in each leaseagreement for each property or property in trust as of Feb. 29, 2024, the annualized amount of rent will be calculated based on themonthly rent (including common area expenses) for Feb. 2024 shown in said lease agreement. The rent-free periods and annual
rent holiday periods (meaning that the payment of rents for specific months is exempted) as of Feb. 29, 2024 shall not be included.
“Security deposit” represent the sum of the outstanding amounts of leasehold/security deposits (the sum of the outstanding
amounts of leasehold/security deposit if a multiple number of lease agreements have been executed), rounded down to thenearest million yen, indicated in the subject lease agreement as of Feb. 29, 2024. However, if there are different provisions for thesum of outstanding leasehold/security deposit depending on the time period in each lease agreement for each property or
property in trust, the amount of tenant leasehold/security deposit for Feb. 2024 shown in said lease agreement is indicated.
“Average lease term” is calculated as the weighted average lease term indicated in the relevant lease agreements for each
property or property in trust as of Feb. 29, 2024, by the rent and figures are rounded down to the second decimal place.
“Average remaining lease term” is calculated as the weighted average remaining lease term indicated in the relevant leaseagreements for each property or property in trust as of Feb. 29, 2024, by the rent and figures are rounded down to the second
decimal place.
Not disclosed as the tenant’s consent has not been obtained.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Sagamihara indicate the figurescorresponding to MEL’s acquisition of 49% co-ownership interest.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45%
co-ownership interest.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Osaka Taisho indicate the figurescorresponding to MEL’s acquisition of 37.5% co-ownership interest.

-37-

(iv) Overview of Appraisal Reports

Return priceCategory

Property
name

Tanizawa
Sogo
Appraisal Co.,Ltd.
Tanizawa
Logicross
Sogo
Appraisal Co.,
AtsugiLtd.
Tanizawa
Logicross
Sogo
Kobe Sanda Appraisal Co.,
Ltd.
Japan Real
Logicross
EstateOsaka
Institute
LogicrossJapan Real
NagoyaEstateInstituteKasadera
Japan Real
Logcross
EstateNarashinoInstituteTanizawa
Logicross
Sogo
Appraisal Co.,
Atsugi IILtd.
Tanizawa
Logicross
Sogo
Yokohama
Appraisal Co.,
KohokuLtd.
DAIWA REALLOGIPORT
Feb. 29,ESTATE
Sagamihara
2024
APPRAISAL(Note 8)
Corporation
LOGIPORT
Japan RealHashimoto
EstateInstitute(Note 9)LOGIPORT
Japan Real
Osaka Taisho Estate
Institute(Note 10)
LOGIPORT
Japan Real
Kawasaki Bay Estate
Institute(Note 9)LOGiSTA·
LogicrossJapan Real
EstateIbaraki
Institute
Saito (A)(Note 9)LOGiSTA·
LogicrossJapan Real
EstateIbaraki
Institute
Saito (B)
(Note 9)Japan RealMJ Logipark
EstateFunabashi 1
InstituteJapan RealMJ Logipark
EstateAtsugi 1
InstituteJapan RealMJ Logipark
EstateKazo 1
Institute

Logicross
Fukuoka
Hisayama

Logistics
Facilities

Appraiser

Direct capitalization
DCF method
Integrated
Appraisal
methodAppraisal
Appraisal
Appraisalvalue based on Value based
NOI
value
NOI Yield
Value based
value
cost method
on direct
Terminal (Millions(Millions of(%)
on DCF
date(Millions of capitalization Directofyen)Discount capitalizat(Note 2)yen)capitalizati
methodyen)methodion rate (Note 1)
rate (%)
on rate (%) (Millions of(Millions of
(%)
yen)
yen)
8,020

7,960

8,080

4.2

8,000

4.1,4.3(Note 3)

4.4

347

6.0

9,520

9,500

9,640

3.9

9,470

3.9,4.0(Note 4)

4.1

379

4.5

4,450

4,200

4,480

4.3

4,440

4.2,4.3(Note 5)

4.5

197

5.1

10,4009,200

10,5004.0

10,200

3.8

4.2

421

4.3

17,70016,80017,9004.0

17,400

3.8

4.2

717

5.0

12,60013,00012,8003.9

12,400

3.7

4.1

500

4.2

10,60011,00010,9003.9

10,400

4.0

4.1

434

4.4

8,150

8,270

8,400

3.8

8,040

3.7,3.9(Note 6)

4.0

320

4.1

24,60018,60024,4004.0

24,700

3.8

4.2

1,006

4.7

21,73522,32022,095

3.8

21,375

3.6

4.0

844

4.6

12,262

10,50012,487

3.8

12,037

3.6

4.0

478

4.6

41,62538,92541,8503.6

41,400

3.3

3.7

1,513

4.2

15,70015,10015,8004.0

15,500

3.7

4.2

637

4.2

4,020

4,150

4,050

4.1

3,990

3.8

4.3

169

4.3

7,060

4,610

7,070

5.2

7,050

4.1

5.8

392

7.3

7,740

8,410

7,860

4.0

7,620

3.8

4.2

329

5.0

1,620

1,330

1,640

4.3

1,590

4.1

4.5

72

5.7

-38-

Return priceCategory

Property
name

Tanizawa
Sogo
Appraisal Co.,
Ltd.
Japan RealMJ Logipark
EstateFukuoka 1
InstituteJapan RealMJ Logipark
EstateTsuchiura 1
InstituteTanizawa
MJ Logipark Sogo
Nishinomiya 1 Appraisal Co.,Ltd.
Tanizawa
MJ Logipark Sogo
Appraisal Co.,
Kasugai 1
Ltd.
Tanizawa
MJ Logipark Sogo
Appraisal Co.,
Kazo 2Ltd.
Japan RealMJ Logipark
EstateSendai 1
InstituteTanizawa
MJ Logipark Sogo
Appraisal Co.,
Inzai 1Ltd.
Tanizawa
MJ Logipark Sogo
Feb. 29,
Takatsuki 1 Appraisal Co.,
2024
Ltd.
MJ Logipark Tanizawa
Sogo
HigashiAppraisal Co.,
Osaka 1Ltd.
Tanizawa
MJ Logipark Sogo
Funabashi 2 Appraisal Co.,
Ltd.
Japan RealMJ Logipark
EstateKakogawa 1
Institute
MJ Industrial Japan RealPark Sakai
EstateInstitute(Land)
MJ Industrial Tanizawa
Sogo
Park Kobe
Appraisal Co.,(Land)Ltd.
MJ Industrial Tanizawa
Sogo
Park ChibaAppraisal Co.,
Kita (Land)Ltd.
MJ Industrial Tanizawa
Park
Sogo
Appraisal Co.,
Kawanishi
Ltd.
(Land)
MJ Industrial Tanizawa
Sogo
Park Koriyama
Appraisal Co.,(Land)Ltd.

MJ Logipark
Osaka 1

Logistics
Facilities

OthersAppraiser

Direct capitalization
DCF method
Integrated
Appraisal
methodAppraisal
Appraisal
Appraisalvalue based on Value based
NOI
NOI Yield
value
Value
based
value
cost method
on direct
Terminal (Millions(%)(Millions ofon DCF
date(Millions of capitalization Directofyen)Discount capitalizat(Note 2)yen)capitalizati
methodyen)methodion rate (Note 1)
rate (%)
on rate (%) (Millions of(Millions of
(%)
yen)
yen)

Total

8,110

7,020

8,180

4.1

8,080

4.0,4.2(Note 10)

4.3

350

5.8

7,550

5,670

7,650

4.3

7,440

4.1

4.5

347

5.7

3,640

2,860

3,690

4.5

3,590

4.3

4.7

165

5.3

2,750

3,140

2,830

4.6

2,720

4.3,4.6(Note 11)

4.8

140

5.7

15,20013,20015,3004.2

15,1004.2,4.3(Note 12)

4.4

652

4.8

1,780

1,720

1,840

4.2

1,750

4.3

4.4

81

5.0

7,850

5,340

7,890

4.4

7,800

4.1

4.5

364

4.9

5,150

5,190

5,260

4.1

5,100

4.0,4.2(Note 13)

4.3

218

5.0

6,520

6,690

6,720

3.9

6,440

3.8,4.0(Note 14)

4.1

265

4.8

2,050

1,980

2,080

4.2

2,030

4.1,4.3(Note 15)

4.4

89

5.3

6,530

6,620

6,700

3.8

6,460

3.7,3.9(Note 16)

4.0

257

5.3

7,740

7,870

7,800

4.3

7,670

4.0

4.5

342

4.6

5,780

-

5,840

3.7

5,710

3.5

3.8

214

3.8

5,720

-

5,820

4.0

5,720

3.9,4.0(Note 17)

4.0

253

5.1

2,000

-

2,070

4.3

2,000

4.2,4.3(Note 18)

4.4

79

4.4

2,630

-

2,790

3.9

2,630

3.8

4.0

94

4.4

2,340

-

2,500

4.5

2,340

4.4,4.5(Note 19)

4.6

99

5.0

311,142

271,175

314,912-308,192--

12,784

4.7-39-

Notes:1. “Appraisal NOI” is the net operating income by the direct capitalization method stated in the appraisal report, rounded down to
the nearest million yen.
2. “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the acquisition price of each
property in each real estate appraisal report, rounded to the first decimal place.
3. Discount rate for Logicross Fukuoka Hisayama is assessed from first to second year as 4.1% and third and thereafter as 4.3%.
4. Discount rate for Logicross Atsugi is assessed first to third year as 3.9% and fourth and thereafter as 4.0%.
5. Discount rate for Logicross Kobe Sanda is assessed first to third year as 4.2% and fourth to 11th as 4.3%.
6. Discount rate for Logicross Yokohama Kohoku is assessed first to sixth year as 3.7% and seventh and thereafter as 3.9%.
7. Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest.
8. Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki
Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
9. Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest.
10. Discount rate for MJ Logipark Osaka 1 is assessed first year to second year as 4.0% and third to 11th as 4.2%.
11. Discount rate for MJ Logipark Nishinomiya 1 is assessed first to fifth year as 4.3% and sixth and thereafter as 4.6%.
12. Discount rate for MJ Logipark Kasugai 1 is assessed first to sixth year as 4.2% and seventh and thereafter as 4.3%.
13. Discount rate for MJ Logipark Inzai 1 is assessed first to seventh year as 4.0% and eighth and thereafter as 4.2%.
14. Discount rate for MJ Logipark Takatsuki 1 is assessed first to seventh year as 3.8% and eighth and to 11th as 4.0%.
15. Discount rate for MJ Logipark Higashi Osaka 1 is assessed first to 10th year as 4.1% and 11th as 4.3%
16. Discount rate for MJ Logipark Funabashi 2 is assessed first to sixth year as 3.7% and seventh and thereafter as 3.9%
17. Discount rate for MJ Industrial Park Kobe (Land) is assessed first to seventh year as 3.9% and eighth and thereafter as 4.0%.
18. Discount rate for MJ Industrial Park Chiba-Kita (Land) is assessed first to second year as 4.2% and third and thereafter as 4.3%.
19. Discount rate for MJ Industrial Park Koriyama (Land) is assessed first to 10th year as 4.4% and 11th and thereafter as 4.5%.

-40-

(v) Information Regarding Major Real Estate Properties
The following summarizes the properties whose annual rent represents 10% or more of the total portfolio annual
rent as of Feb. 29, 2024.
Annual rent (Millions of yen)
Property name
Ratio (%) (Note 2)(Note 1)
LOGIPORT Kawasaki Bay (Note 3)
1,729
11.5
Notes:
1. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to thenearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 29, 2024.
However, if there are different provisions for monthly rent (including common area expenses) depending on the time period ineach lease agreement for each property or property in trust as of Feb. 29, 2024, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Feb. 2024 shown in said lease agreement. The
rent-free periods and annual rent holiday periods (meaning that the payment of rents for specific months is exempted) as ofFeb. 29, 2024 shall not be included.
2. “Ratio” is calculated by dividing property’s total annual rent by the total portfolio annual rent, rounded to the nearest tenth.
3. Annual rent of LOGIPORT Kawasaki Bay indicates the figures corresponding to MEL’s acquisition of 45% co-ownership interest.

(vi) Information Regarding Major Tenants (Note)
Not applicable

Note: “Major Tenants” represents tenant whose leased floor space accounts for 10% or more of the total leased floor space inthe entire portfolio as of Feb 29, 2024.

(vii) Property Distribution
a. Distribution by category
Number ofproperties

Category

Acquisition price (Millions of yen)
(Note 1)

Investment Ratio (%)(Note 2)

Logistics facilities

29

254,586

93.9

OthersTotal

5
34

16,496
271,0826.1
100.0

Notes:
1. “Acquisition price” represents the purchase price of each property or beneficiary right in trust as set forth on the relevantpurchase agreement and does not include expenses such as consumption taxes, and is rounded down to nearest million yen.
Same applies below (vii) Property Distribution.
2. “Investment ratio” is calculated by dividing the acquisition price for each property by the total acquisition price and is rounded
to the nearest tenth. Thus, the sum of the figures in total may not add up to the figure in the total column. Same applies below(vii) Property Distribution.

b. Distribution by region<Based on total floor area (Note 1)>
RegionTokyo metropolitan area (Note 3)
Osaka metropolitan area (Note 4)
Nagoya metropolitan area (Note 5)
Others
Total

Number ofproperties
14
10
2
3
29

-41-

Total floor area(m2)
(Note 2)
870,482.69
420,362.13
130,612.51
112,734.31
1,534,191.64

Ratio (%)
56.7
27.4
8.5
7.3
100.0

<Based on acquisition price>

Number ofproperties

RegionTokyo metropolitan area (Note 3)
Osaka metropolitan area (Note 4)
Nagoya metropolitan area (Note 5)
Others
Total

15
13
2
4
34

Acquisition price(Millions of yen)

142,643
79,05628,094
21,288271,082

Investment
ratio (%)

52.6
29.2
10.4
7.9
100.0

Notes:
1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park
Kawanishi (Land) and MJ Industrial Park Koriyama (Land) are not included in the calculation.
2. “Total floor area” indicates sum of the floor area of the main building and annex recorded in the register. If there is more than
one main building, the total floor area is the sum of the total floor area for each main building. Same applies below (vii)
Property Distribution.
3. “Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba, Saitama and Ibaraki prefectures.
4. “Osaka metropolitan area” refers to Osaka, Hyogo, Kyoto, Nara and Shiga prefectures.
5. “Nagoya metropolitan area” refers to Aichi, Mie and Gifu prefectures.

c. Distribution by property age (Note 1)
Property age
Number ofproperties(Note 2)5 years or lessMore than 5 years and
10 years or lessOver 10 years
Total

Total floor area(m2)

Acquisition price(Millions of yen)

Ratio (%)

Investment
ratio (%)

9
10572,124.59
560,866.75

37.3
36.6

94,865
99,615

37.3
39.1

10
29

401,200.30
1,534,191.64

26.2
100.0

60,105
254,586

23.6
100.0

Notes:
1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park Kawanishi(Land) and MJ Industrial Park Koriyama (Land) are not included in the calculation.
2. “Property age” is calculated based on the date recorded in the register up to Feb. 29, 2024.

d. Distribution by total floor area (Note)
Total floor area
Less than 10,000 m2
10,000 m2or more and less than 30,000 m2
30,000m2 or more
Total

Number ofproperties

2
11
16
29

Total floor area(m2)

Ratio (%)

14,951.24
205,873.77
1,313,366.63
1,534,191.64

1.0
13.4
85.6
100.0

Acquisition price Investment(Millions of yen)ratio (%)

2,909
54,251
197,425
254,586

Note: MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park
Kawanishi (Land) and MJ Industrial Park Koriyama (Land) are not included in the calculation.

e. Distribution by lease term
Lease term
(Note 1)
10 years or more
7 years or more and less than 10 years
5 years or more and less than 7 years
Less than 5 years
Total

Annual rent
(Millions of yen) (Note 2)(Note 3)

7,683
692
4,985
1,682
15,042

1.1
21.3
77.5
100.0

Ratio (%)

51.1
4.6
33.1
11.2
100.0

Notes:
1. “Lease term” represents the lease term indicated in the relevant lease agreements for each property or property in trust as of
Feb.29, 2024. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
2. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to the

-42-

3.

nearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 29, 2024.
However, if there are different provisions for monthly rent (including common area expenses) depending on the time period ineach lease agreement for each property or property in trust as of Feb. 29, 2024, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Feb. 2024 shown in said lease agreement. The
rent-free periods and annual rent holiday periods (meaning that the payment of rents for specific months is exempted) as ofFeb. 29, 2024 shall not be included. Same applies below (vii) Property Distribution.
LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki
Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of co-ownership interest
ratios (49%, 45%, 37.5%, 45%, 45% and 45% respectively). Same applies below (vii) Property Distribution.

f. Distribution by remaining lease term
Remaining lease term
(Note)
7 years or more
5 years or more and less than 7 years
3 years or more and less than 5 years
1 year or more and less than 3 years
Less than 1 year
Total

Annual rent
(Millions of yen)

Ratio (%)
4,517
2,171
3,188
3,090
2,074
15,042

30.0
14.4
21.2
20.5
13.8
100.0

Note: “Remaining lease term” represents remaining lease term indicated in the relevant lease agreements for each property or
property in trust as of Feb. 29, 2024. It does not include the leased area indicated in the lease agreements concerning shops, vending
machines, photovoltaic power generation facilities and parking lots.

-43-

(viii) Details of Collateral
Not applicable(ix) Capital Expenditure for Owned Properties
a. Future plans for capital expenditure
Not applicableb. Capital expenditure incurred for the reporting fiscal period
The following summarizes the major capital expenditure in the reporting fiscal period. MEL conducted construction
work worth 764 million yen in the reporting fiscal period which is a sum of capital expenditures of 645 million yen andrepair and maintenance expenses of 118 million yen.
Estimated construction cost
(Millions of yen) (Note)
Property namePurposePlanned period(Location)
Total
Paid during the
Total amountamount reporting period
already paid
MJ Logipark Funabashi 1(Funabashi, Chiba)

Refrigerationequipment
construction

From Sep. 2023
to Feb. 2024

394

-

-

MJ Logipark Fukuoka 1(Umi, Kasuya, Fukuoka)

Repair work of
exterior wall
(2nd term)

From Sep. 2023
to Feb. 2024

59

-

-

Note: Figures are rounded down to the nearest million yen.

c. Reserved Amount for Long-Term Repairs, Maintenance and Renovation Plans

Reserved balance at the
beginning of the period
Reserved amount during
the period
Reversal of reserved
amount during the period
Reserved balance at theend of the period(Thousands of yen)

11th fiscal
period12th fiscal
period13th fiscal
period14th fiscal
period15th fiscal
PeriodSep. 1, 2021 toFeb. 28, 2022

Mar. 1, 2022 toAug. 31, 2022

Sep. 1, 2022 toFeb. 28, 2023

Mar. 1, 2023 toAug. 31, 2023

Sep. 1, 2023 toFeb. 29, 2024

659,295

760,477

907,717

1,080,434

1,230,990

101,182

147,240

172,716

190,842

192,475---

40,285

637,774

760,477

907,717

1,080,434

1,230,990

785,692

Note: For the time being, MEL intends to target a level of surplus cash distributions (as a return of unitholders’ capital, considered asa reduction of capital under the Japanese tax laws) on an ongoing basis at an amount equivalent to approximately 30% of thedepreciation expense for the relevant fiscal period, unless it affects its long-term repair plan and its financial condition,
considering anticipated capital expenditure based on the long-term repair plan.

-44-

(x) Overview of Property Leasing and Status of Operating Income
15th fiscal period from Sep. 1, 2023, to Feb. 29, 2024
(Units: Thousands of yen)
Property name

Logicross
Fukuoka
Hisayama

LogicrossAtsugi

Logicross
Kobe Sanda

Operating days

Logicross
Osaka

Logicross
NagoyaKasadera

182 days(A) Property related revenues

509,864

Property revenues

470,440

Other property related
revenues

39,423(B) Property related expenses

225,634

Facility management fee

45,230Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

Not disclosed

Not disclosed

Not disclosed

Not disclosed(Note)(Note)(Note)(Note)

57,799630
9,907

Utilities cost

30,633Custodian fee

150

Other expenses

3,102(C) Depreciation

45,07435,520

16,29853,63778,181(D) Property related income(=A-B)

135,745

153,617

82,250138,500

284,229(E) NOI (=C+D)

180,820

189,137

98,549192,138

362,410

Logicross
Yokohama
KohokuLOGIPORT
Sagamihara

LOGIPORT
Hashimoto(A) Property related revenues

720,045545,651

Property revenues
Other property related
revenues

655,170495,348

64,87550,303(B) Property related expenses

299,079

202,560

46,25818,686

57,46543,292831

633

19,74913,956

Utilities cost

43,36332,439Custodian fee

61

56

Property name

Logicross
Narashino

LogicrossAtsugi II

Operating days

182 days

Facility management fee
Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

Other expenses

10,6791,269

120,670

92,225(C) Depreciation

51,99547,834

26,371(D) Property related income(=A-B)

192,760

163,369

124,776

420,966

343,090(E) NOI (=C+D)

244,755

211,203

151,147

541,636435,316

Note: Not disclosed as the tenant’s consent has not been obtained-45-

(Units: Thousands of yen)

Property name

LOGIPORT
Osaka Taisho

LOGIPORT
Kawasaki Bay

Operating days

LOGiSTALogicrossIbaraki Saito(A)

LOGiSTALogicrossIbaraki Saito(B)

MJ Logipark
Funabashi 1

182 days(A) Property related revenues

287,986

936,459

Property revenues
Other property related
revenues

270,882

864,931

17,10371,527(B) Property related expenses

117,134

327,833

Facility management fee

17,28526,973

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

32,93599,760 Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)
1,124

2,701

1,893

Utilities cost

14,03336,088Custodian fee

37

112

Other expenses

256

3,816

49,482

158,063

71,144

17,466

51,270170,852

608,626

260,644

69,286

144,151

220,334

766,690

331,788

86,752

195,421

MJ Logipark
Atsugi 1

MJ Logipark
Kazo 1

MJ Logipark
Osaka 1

MJ Logipark
Fukuoka 1

MJ Logipark
Tsuchiura 1(C) Depreciation(D) Property related income(=A-B)(E) NOI (=C+D)

Property name403

Operating days

182 days(A) Property related revenues

225,326

Property revenues
Other property related
revenues

211,008(B) Property related expenses

106,995

Facility management fee

8,480

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

14,317

Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)

13,832 Not disclosed(Note)
379
11,527

Utilities cost

10,770

Custodian fee

240

Other expenses

318(C) Depreciation(D) Property related income(=A-B)(E) NOI (=C+D)

32,483

10,75042,30561,446

12,894

139,21225,560137,304

118,330

70,214

171,696

36,310179,610

179,777

83,108

Note: Not disclosed as the tenant’s consent has not been obtained-46-

(Units: Thousands of yen)
Property name

MJ Logipark
Nishinomiya 1

MJ Logipark
Kasugai 1

Operating days

MJ Logipark
Kazo 2

MJ Logipark
Sendai1

182 days(A) Property related revenues

238,784

Property revenues

210,632

Other property related
revenues

28,151(F) Property related expenses

132,141

Facility management fee

14,527

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

MJ Logipark
Inzai 1

Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)

20,932 Not disclosed(Note)
318
16,505

Utilities cost

15,772Custodian fee

290

Other expenses

437(G) Depreciation

12,764

71,5887,138

63,35831,699(H) Property related income(=A-B)

44,304

233,841

28,318106,642

71,652(I) NOI (=C+D)

57,068305,42935,457

170,001

103,351

MJ Logipark
Takatsuki 1

MJ Logipark
Higashi Osaka
1

MJ Logipark
Funabashi 2

MJ Logipark
Kakogawa 1

MJ Industrial
Park Sakai(Land)

154 days

182 days

Property nameOperating days

182 days(A) Property related revenues
Property revenues
Other property related
revenues(F) Property related expenses
Facility management fee
Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

Not disclosed Not disclosed Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)(Note)(Note)

Utilities cost
Custodian fee
Other expenses(G) Depreciation(H) Property related income(=A-B)(I) NOI (=C+D)

28,651

12,803

23,21935,635-93,83032,24799,507

133,491

107,329

122,48145,050122,727

169,126

107,329

Note: Not disclosed as the tenant’s consent has not been obtained-47-

(Units: Thousands of yen)

Property name

MJ Industrial
MJ Industrial MJ Industrial MJ Industrial
Park KawanishiPark Kobe
Park Chiba-Kita Park Kawanishi(Land)(Land)(Land)(Land)
182 days

Operating days

Total

164 days(A) Property related revenues

7,746,036

Property revenues

7,404,991

Other property related
revenues

341,045(B) Property related expenses

2,748,735

Facility management fee

284,571

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

725,410
9,237
118,512

Utilities cost

216,693

Custodian fee

6,308

Other expenses(C) Depreciation

26,023----

1,361,976(D) Property related income(=A-B)

127,410

39,50047,054

48,682

4,997,300(E) NOI (=C+D)

127,410

39,50047,054

48,682

6,359,277

Note: Not disclosed as the tenant’s consent has not been obtainedThis 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.