March 29, 2024

For Immediate Release

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

Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2024 (16th Fiscal Period)
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) announces today revisions to its forecast for the fiscal
period ending August 31, 2024 (March 1, 2024 to August 31, 2024) as noted in “Summary of Financial Results for theFiscal Period Ended August 31, 2023 (REIT)” announced on October 18, 2023. The revisions and calculations aredescribed below.
1.

Reasons for Revision and Announcement
MEL decided today to dispose the Property to be disposed (as defined in “Assets Under Management” inAttachment 1, “Forecast Assumptions for the Fiscal Periods Ending August 31, 2024”). In addition, we reviewed
operating status of existing property. The forecast of operating results for the fiscal period ending August 31, 2024,
announced on October 18, 2023, has been revised due to the changes in the assumptions underlying the calculationof estimated operating revenues, which are expected to change by 10% or more and DPU, which are expected tochange by 5% or more.
A forecast of operating results for the fiscal period ending February 28, 2025 will be noted in “Summary of Financial
Results for the Fiscal Period Ended February, 2024 (REIT)” which will be announced on April 15, 2024.

2. Revised Forecast for the Fiscal Period Ending August 31, 2024

Previously
Announced
Forecast (A)Revised
Forecast (B)Net Change(C)((B)-(A))
Rate ofChange(C)/(A)

Operating
Revenues(Millions ofyen)

Operating
Income(Millions ofyen)

Ordinary
Income(Millions ofyen)

Net
Distributions
Distributions
Incomeper Unit
SCD
per Unit(Millions (including SCD)
per Unit(excluding(Yen)of yen)(Yen)SCD) (Yen)

7,872

3,989

3,652

3,651

8,080

7,252

828

9,097

5,099

4,716

4,715

9,366

9,366-

1,2241,110

1,064

1,064

1,286

2,114(828)

15.6%

27.8%

29.1%

29.1%

15.9%

29.2%

(100)%

Note: SCD stands for the “surplus cash distributions”. The same shall apply hereinafter.

(Reference)
Expected number of investment units outstanding at the end of the period: 503,485 units; Expected Net income perunit: 9,366 yen

1

Notes:1. The forecast information is calculated based on the assumptions described in Attachment 1, “Forecast Assumptions for the Fiscal Periods Ending
August 31, 2024”. Actual operating revenues, operating income, ordinary income, net income, distributions per unit (including surplus cashdistributions), distributions per unit (excluding surplus cash distributions) and surplus cash distributions per unit may vary due to acquisitions ordispositions of properties etc., changes in rent revenues attributable to tenant replacements etc., changes in the property management
environment due to unexpected repairs etc., changes in interest rates, the actual number of new units issued and the issue price of such units, orthe issuance of additional investment units etc. These forecasts should not be deemed a commitment or guarantee of the amount of cash
distributions and surplus cash distributions.
2. These forecasts may be revised if a substantial variation from the current forecast is anticipated.
3. The figures are rounded down to the nearest million yen or yen, and ratios are rounded to the nearest tenth.

This is the English translation of original Japanese documents and is provided solely for information purposes. If there
are any discrepancies between the translation and the Japanese original, the latter shall prevail.
For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/2

<Attachment 1>

Forecast Assumptions for the Fiscal Periods Ending August 31, 2024

Items
Accounting Period

Assets UnderManagementOperating RevenuesOperating Expenses

Non-operatingExpensesInterest-bearing Debt


Assumptions
Fiscal period ending August 31, 2024 (16th fiscal period): From March 1, 2024 toAugust 31, 2024 (184 days)
It is assumed that MEL will dispose 51% of the co-beneficiary interest of MJ Logipark
Sendai 1 (the “Property to be disposed”) on April 10 2024. For details about theProperty to be disposed, please refer to the press release “Notice Concerning
Disposition of Real Estate Trust Beneficiary Interest” dated today.
Excluding disposition of the Property to be disposed, it is also assumed that there will
be no change in the operational status of the existing properties held today (34properties) until August 31, 2024.
The actual results may change due to the acquisition of new properties or thedisposition of existing properties, etc. other than the disposition of the Property to bedisposed.
Operating rental revenues take into account factors such as market trends and thecompetitiveness, etc. of each property based on information provided by Mitsubishi
Jisho Investment Advisors, Inc. (the “Asset Management Company”)
It is assumed that tenants will not be delinquent on or withhold rental payments.
It is assumed that gain on sale of real estate will be 1,392 million yen due to thedisposition of the Property to be disposed.
Main items regarding operating expenses are as follows:(Millions of yen)
Fiscal Period Ending
August 31, 2024
Total Operating Rental Expenses
2,865
Operational Management Fee370
Utilities Cost208
Repair and Maintenance111
Property Taxes
764
Depreciation
1,360
Total General and Administrative Expenses
1,132
Asset Management Fee
889
Sponsor Support Fee
134
Of operating rental expenses, which is the main operating expense, expenses except
depreciation are calculated by taking into account various factors based on historical
data after acquisition.
For building repair expenses, the amount assumed to be necessary for each property
is based on the mid-to long-term repair and maintenance plans prepared by the AssetManagement Company. However, due to the possibility that emergency repair
expenses may be incurred as a result of unexpected damage to the building, given thefact that the amount of the repair expenses generally varies greatly from year to year,and given the fact that repair expenses are not regularly incurred, it is possible thatthe amount of the repair expenses for each fiscal period may differ substantially fromthe anticipated amount.
For the fiscal period ending August 31, 2024, it is assumed that 383 million yen will beincurred as non-operating expenses, in which 336 million yen will be used for interest
expenses and other debt-related costs.
The balance of MEL’s interest-bearing debt on an accounting basis as of today is
113,049 million yen. It is assumed that there will be no change to the interest-bearing
debt until August 31, 2024.
LTV at the end of the fiscal periods ending August 31, 2024 is estimated to be 40.1%.
For LTV calculation, please refer to the following formula. The ratios are rounded to3Investment UnitsDistributions Per Unit
(excluding surplus
cash distributions)Surplus CashDistributions Per Unit

the nearest tenth:LTV (%) = interest-bearing debt/total assets ×100 (%)
The number of investment units that are issued and outstanding as of today are503,485 invest units. It is assumed that there will be no change in the number ofinvestment units through new issuance of investment units by the end of the fiscal
period ending August 31, 2024.
Distributions per unit (excluding surplus cash distributions) are calculated based on
the assumption that the distributions will be distributed in accordance with thedistribution policy of the Articles of Incorporation of MEL.
Distributions per unit (excluding surplus cash distributions) may change due to various
factors including any additional acquisitions or dispositions of properties, changes inrent revenues attributable to tenant replacements, changes in the property
management environment including unexpected repair etc.
MEL may implement cash distributions in excess of the distributable amount tounitholders based on the financial statements related to cash distribution approved
under the Act on Investment Trusts and Investment Corporations (Act No. 198 of June4, 1951, as amended) if the board of directors of MEL deems such distribution to beappropriate (1) in light of the economic environment, real estate market, leasing
market or other trends; (2) when the amount of income fails to meet the amountequivalent to 90% of distributable income; (3) when the distribution amount fails tomeet the requirements for the Special Provisions for Taxation on Investment
Corporations; or (4) in other ways to maximize the interests of unitholders. When MEL
implements cash distributions in excess of the distributable amount, the distribution
is limited to the total amount of income for the relevant operating period and theamount set forth under laws and ordinances (including the rules of the Investment
Trusts Association, Japan, etc.)
Currently, MEL intends to target a level of surplus cash distributions on an ongoingbasis at an amount equivalent to approximately 30% of the depreciation expense forthe relevant fiscal period. Furthermore, to maintain the stability of MEL’s distributions
per unit in the event that the amount of distributions per unit temporarily decreases
due to a series of financing activities such as an issuance of new investment units orlarge-scale repair and maintenance, MEL may make distributions as one-time surplus
cash distributions. However, MEL may decide not to make any surplus cash
distributions in a fiscal period based on a consideration of factors such as theeconomic environment or trends in the real estate market and the leasing market, thestatus of the held properties, and MEL’s financial condition.
In addition, in the event that MEL needs to allocate its cash to emergency capital
expenditures for unexpected damages on MEL’s assets, etc., surplus cash distributions
per unit may be reduced. In order to continue stable financial management, MEL does
not plan to pay surplus cash distributions where such payment would cause theAppraisal LTV (Note), as defined below, to exceed 60%.
(Note) Appraisal LTV (%) = A/B (%)
A = Total interest-bearing liabilities on the balance sheet for the relevant fiscal period(excluding consumption 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 relevant fiscal period - Book value after
depreciation of real estate held in the relevant fiscal period + Total appraisal valueof real estate held in the relevant fiscal period - Total cash distributions to be paidin the following operating period - Total surplus cash distributions to be paid in thefollowing operating period.
Surplus cash distributions per unit are calculated based on the assumption that thecash distributions will be distributed in accordance with the fund distribution policy of
the Articles of Incorporation of MEL. For the fiscal period ending August 31, 2024, it is4Others

assumed that surplus cash distributions will not be implemented taking into thefactors 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 under management, ancillary costs, capital expenditure, the allocation methodof purchase price for each asset and depreciable life, etc. Surplus cash distributions,which will be based on the amount of depreciation expenses, may change accordingly.
It is assumed that no revision that will have an impact on the forecast information
above will be made with regard to the laws and regulations, tax system, accounting
standards, listing rules of the Tokyo 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 estate market conditions, etc.

5