Fiscal Period Ended February 28, 2022

Asset Management Company
April 15, 2022

Securities Code：3481

Table of Contents
1. Summary of 5th Public Offering

4

2. Financial Results and Forecasts

8

3. Growth strategy

11

4. ESG Initiatives

17

5. Mid-to Long-Term Growth Strategy

23

6.

Features of Mitsubishi Estate Group’s
Logistics Facilities Business25

7. Logistics Market Overview

30

8. Appendix

33

Logicross Atsugi Ⅱ

Highlights Since October 2021

Hybrid External Growth●Successfully completed the first global offering to acquire 2 sponsor-developed properties on March 1, 2022,
and expanded the asset size to 216.2 bn yen with 24 properties●Achieved Tax-stabilized DPU growth after the global offering to 7,392 yen (+7.0% vs pre-offering),(Note 1)and NAV to 363,869 yen (+5.8％ from the previous fiscal period)

Hybrid Internal Growth●Achieved rent growth for 8 consecutive fiscal periods, and maintaining the strong upward trend
Average rent growth(Note 2)

11th period +6.5%

12th period +5.3%●Built track record in property management consignment and accumulated knowledge through utilization oftechnology at Mitsubishi Estate Group

Financial Strategy●Financed via the first green equity offering and sustainability linked loan
●Leveraged low LTV, and diversified the lender base with seven new lenders added●Upgraded in JCR credit rating outlook from AA- (Stable) to AA- (Positive)

ESG●Supported the recommendation by the Task Force on Climate-related Financial Disclosures (TCFD)
and set KPIs and targets at MJIA
●Set up an ESG-focused website and issued 1st sustainability report●Enhanced the structure for promoting sustainability at MJIA
Note 1: Calculated as of Feb. 7, 2022. when 5th Public offering was resolved.
Note 2: Average rent growth for the leases that expired or will expire during the relevant period, and lease contracts that are not yet contracted are assumed to be unchanged for the calculation.

2

Management Policy based on “Three Pillars” (Amended in Oct. 2021)
Maximization of Unitholders’ Value in Mid-to Long-term

Measures continued from the past andto be taken in the future

Alignment

Discipline

HybridAlign interest with unitholders

Achieve disciplined growth

Enhance MEL’s unique strategy
Hybrid Model

ESG

Initiatives to
Accomplish KPIs and Targets

External growth utilizing LTV

Hybrid external growth（Supply of properties fromboth Sponsor and MJIA)

ESG

Promotion of efforts for
Low-Carbon

Property acquisition with attention to
portfolio yield and implied cap rate

Hybrid internal growth(Utilizing management capability of MJIA
and leasing capacity of Sponsor)

Further inclusion in major indicesand improvement in liquidity
ESG
New
ESG
ESG

Flexible property acquisition strategy utilizing bridge funds

More in-depth ESG commitment anddiversification of financing methods through green financing

Support from Sponsor andcontinued same-boat investment

Flexible financing carefully watching
the market conditions

Expanding pipelines through utilizing
MJIA’s various sourcing methods,
such as CRE proposals and PDP
Track record in PM consignmentand built-up knowledge throughutilization of technology at Sponsor Group

Measuresexecuted andachieved

ESG Supported the recommendation by the TCFD and Established KPI and Targets (Dec. 2021)

ESG

 Acquisition of 5 Stars rating from GRESB for the second consecutive year(Oct. 2021 and Nov. 2020)

ESG Introduction of cumulative investment for employees of Sponsor and MJIA (Mar. 2021)
 Continued growth through execution of public offerings based on “Three Pillars” (Feb. 2022, Feb. 2021, Aug. 2020 and Sept.2019)

ESG Inclusion in the FTSE EPRA Nareit Global Real Estate Index Series (Jun. 2020)
 Introduction of the asset management fee structure fully linked to unit price performance, first among J-REITs (May 2019)3

Summary of 5th Public OfferingOverview of 5th Public Offering
Offering Type

Global Offering（Reg.S+144A）
Green Equity Offering

Launch dateFeb. 7, 2022

Pricing dateFeb. 16, 2022

Issue Price

406,965 yen

number of units

Public Offering：56,000 units（including for the sponsor :2,400 units）

Total Capital Raised

23.9 bn yen

Appraisal Value

40,365 mn yen

Multi

Sponsordeveloped

CASBEE A rank

Renewable energy

Appraisal NOI yield 4.3%

50.8 bn yen

4.3%

Average
Building Age

AverageOccupancy Rate

Tokyo Metropolitan
Area Ratio

2.5 years

100.0%

100.0%

Logicross Atsugi II (Atsugi,Kanagawa)

LOGIPORT Kawasaki Bay(45% trust beneficiary co-ownership)(Kawasaki, Kanagawa)

36,000 mn yen

Average Appraisal
NOI Yield

2 properties/
45.8 bn yen

Third-party Allotment：2,800 units

Acquisition Price

Total
Appraisal Value

No. of Properties /Total Acquisition Price

Acquisition Price

9,838 mn yen

Appraisal Value

10,500 mn yen

Occupancy rate

100.0%

Occupancy rate

100.0%

289,900.59m2

Total Floor Area

35,067.64m2

Main Tenant

Nippon Express
Company, Ltd.

Main TenantYear Built

May 2019

Sponsordeveloped

CASBEE B+ rank

Renewable energy

Appraisal NOI yield 4.4%

Total Floor Area

KOHNAN SHOJI Co.,
Ltd. and others

MultiYear Built

July 2019

Note: Calculated as of Feb. 7, 2022. when 5th Public offering was resolved and Feb. 16, 2022.

5

1

Summary of Green Financing on 5th PO

HybridEnhance
MEL's uniquestrategyHybrid Model

2

Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

Property Acquisition through Green Financing
 In this Offering, MEL procured funds using green financing for both equity and loan portions
 Appealing the MEL’s commitment to ESG through implementation of ESG measures for both equity and debt
MEL’s Green Portfolio
Ratio of Green Building
Certification

87.6%

Properties Acquired through this Offering

LOGIPORT Kawasaki Bay(45% trust beneficiary co-ownership)
CASBEE: A Rank for New Construction

Green Loan andSustainability Linked Loan
LenderLoan AmountMizuho Bank

1,000 million yen

Shinkin Central
Bank

2,000 million yen

Shinsei Bank

1,000 million yen

YamaguchiBank

1,000 million yen

Norinchukin
Bank

2,000 million yen

Loan
Type

Maturity
9 years

Green Loan
10 years

Sustainability Linked Loan

MEL will be evaluated in every assessment period based
on KPI and following SPTs including the targets below that
MEL stipulates toward FY 2030, and also will be granted
lower loan spread as an incentive according to theachievement status.
1. 30% reduction in CO2 emissions (compared with FY 2017）
2. Increase in the ratio of Green Properties to 100%
3. 15% reduction in energy consumption (compared with FY
2017）
4. Retention of 4 Stars in GRESB Real Estate Assessment

Sustainability
10 years
Linked Loan

First Green Equity Offering

Green Equity Offering

Green Equity Framework (Formulated on Dec. 14, 2021)
Use of Proceeds
Process for
Project Evaluationand Selection

Logicross Atsugi II
CASBEE Kanagawa: B+ Rank for New Construction

MEL obtained a second-party
opinion for the green equity
framework from DNVManagement ofProceeds

ReportingFunds for acquisition of Green Building Assets orfor refinancing of funds required for such funds
After MJIA’s investigations, assessments andselections of specified properties based on eligible
criteria, green equity offering will be reported tothe sustainability committee
As soon as the funds are procured, MEL will use
the net proceeds for acquisition of specified
properties or for refinancing of funds required for
acquisition of such properties
MEL will disclose the allocation status of theproceeds from financing and environment-related
figures such as CO2 emissions for the properties tobe acquired

Note: Calculated as of Feb. 7, 2022. when 5th Public offering was resolved. However, Ratio of Green Properties after acquisition is calculated based on Apr. 15, 2022.

6

Effects of public offering
Tax-stabilized DPU

Asset size
（bn yen）+45.8 bn yen

2,500
250

2,000
200

2,162億円
216.2
bn yen

7,500
7,000

1,704億円
170.4
bn yenyen
7,392円yen
6,910円

6,500

1,500
150

0
1,000

+7.0%

（yen）

6,000

Post-5th
第5回公募増資後

Aug. 2021
2021年8月期

Follow-on Offering（10th FP）

NAV per unit（yen）

Post-4th
第4回公募増資後
Follow-on Offering

Post-5th
第5回公募増資後
Follow-on Offering

LTV・Acquisition capacity+5.8%

380,000

0
5,500

yen
363,869円

360,000yen
343,818円

LTV
Aug. 2021（10th FP）

LTV (forecast)
Feb. 2023（13th FP）

32.7%

35.4%

Acquisition capacity with
LTV 40%Acquisition capacity with
LTV 50%17 bn yen

65 bn yen

340,000
320,000
300,0000

Aug. 2021
2021年8月期（10th FP）

Post-5th
第5回公募増資後

Follow-on Offering

Note: Calculated as of Feb. 7, 2022. when 5th Public offering was resolved. However, LTV after 5th PO is calculated with forecast based on Apr. 15, 2022. NAV per unit of the FP ended Aug. 2021 shows before paying
Surplus Cash Distribution NAV

7

Financial Results and Forecasts

Financial Results for the Fiscal Period Ended Feb. 2022
FP EndedAug. 2021
Actual(10th FP)(A)FP Ended
Feb. 2022
Actual(11th FP)(B)

4,953

5,028

Operating Rental Revenues

4,953

Operating Rental Expenses(excluding depreciation)

Operating Results (mn yen)

Difference（B）－（A）

1

FP Ended Feb.
2022 Forecast(As of Oct. 15,2021)(11th FP)

+75

5,028

5,028

+75

5,028

916

845

-62

864

4,032

4,171

+138

4,163

Depreciation

881

886

+5

896

General and Administrative Expense

595

644

+48

637

2,555

2,640

+84

2,628

Operating Revenues

NOI

Operating Income

2

-173

-99

+74

-119

Ordinary Income

2,382

2,541

+159

2,509

Net Income

2,381

2,540

+158

2,508

Non operating profit and loss

3

（Contribution to Net Income）

1

・Full contribution from properties
acquired in 10th FP+35mn yen・Rent increase and others from existing properties +40mn yen
Rent increase+44mn yen

Increase in utility cost

+5mn yen

Decrease in solar power income（seasonal variation）-6mn yen

2・Increase in Operating Revenue (above①)+75mn yen・Decrease in Operating Expenses+8mn yen

Decrease in repair expenses
Increase in utility cost
Increase in depreciation
Increase in leasing fee+79mn yen
-13mn yen
-5mn yen-5mn yen

Increase in general and administrative expenses-48mn yen

3

Distributions Per Unit (yen)Distributions Per Unit
(including SCD)
Distributions Per Unit
(excluding SCD)
Surplus Cash Distributions (SCD)Per Unit
Number of investment units issued andoutstanding (units)

Main Factors of Variance10th FP Actual vs. 11th FP Actual

6,764

7,174

+410

7,099

6,089

6,495

+406

6,412

675

679

+4

687

391,135

391,135±0391,135

Other Statistics
AFFO (mn yen)

3,098

3,298

+200

3,151

AFFO payout ratio

85.4%

85.1%

-0.3%

88.1％

LTV

32.7%

32.4%

-0.3%

32.3％

NAV per unit (yen)343,143

350,110+6,967-

Average Occupancy

99.8%

99.7%

-0.1%

99.8%

・Increase in Operating Income (above②)+84mn yen・Increase in non-operating profit and loss

+74mn yen

Loss of Investment unit issuance expenses andInvestment corporation bond issuance expenses
Increase in Other non-operating expenses+51mn yen
+22mn yen

Logicross Narashino

Logicross Osaka (Note)

Logicross Nagoya
Kasadera (Note)

MJ Industrial Park Kobe (Land)

MJ Industrial Park
Chiba-Kita(Land)

Properties Acquiredin 10th FP
Total Acquisition
Price 28.2 bn yen

Note：40% additional co-beneficiary interest

9Forecasts for the Fiscal Periods Ending Aug. 2022 and Feb. 2023
FP Ended
Feb. 2022
Actual(11th FP)(A)FP EndingAug. 2022
Forecast(12th FP)(B)

5,028

6,198

Operating Rental Revenues

5,028

Operating Rental Expenses(excluding depreciation)

Operating Results (mn yen)
Operating Revenues

NOI

Difference（B）－（A）

1(Reference)
FP Ending Feb.
2023 Forecast(13th FP)

6,224

6,198

+1,1696,224

・Increase in revenue from properties
acquired in 12th FP

854

1,035

+181

1,056

・Rent increase and others from existing
properties

4,171

5,158

+987

5,164

886

1,100

+213

1,108

General and Administrative Expense

644

725

+81

777

2,640

3,332

-99

-373

-274

-177

Ordinary Income

2,541

2,958

+417

3,101

Net Income

2,540

2,957

Non operating profit and loss

2

3

+692

+417

1

2

3,279

Distributions Per Unit
(excluding SCD)
Surplus Cash Distributions (SCD)Per Unit
Number of investment units issued andoutstanding (units)

2・Increase in Operating Revenue (above①)

7,307

+133

7,628

6,495

6,574

+79

6,890

679

733

+54

738

391,135

449,935+58,800

449,935

Other Statistics
AFFO (mn yen)

3,298

3,776

+478

4,113

AFFO payout ratio

85.1%

87.1%

+2.0%

83.4％

LTV

32.4%

36.0%

+3.6%

35.4％

Average Occupancy

99.7%

99.7%

±0%

100.0%+20mn yen
+1,169mn yen-381mn yen

・Increase in expenses from existing properties-95mn yen

Increase in depreciation
Increase in operating rental expenses
Increase in general and administrative expenses
Property tax for properties acquired in 10th FP
Increase in repair and maintenance expenses
Decrease in utility cost
Increase in leasing fee

3
7,174

+1,149mn yen

・Increase in expenses fromproperties acquired in 12th FP

3,100

Distributions Per Unit (yen)Distributions Per Unit
(including SCD)（Contribution to Net Income）

1+1,169Depreciation

Operating Income

Main Factors of Variance11th FP Actual vs. 12th FP Forecast-207mn yen-93mn yen
-80mn yen
-67mn yen
-27mn yen
+22mn yen
-13mn yen・Increase in operating income(above②)+692mn yen

・Decrease in non-operating profit and loss

-274mn yen

1

Investment unit issuance expenses-195mn yen

Increase in interest paid

-55mn yen

Loss of Other non-operating expenses-22mn yen

Main Factors of Variance12th FP Forecast vs. 13th FP Forecast（Contribution to Net Income）
・Rent increase and reduction of vacancy, etc.

＋26mn yen・Increase in Operating expenses mainly
in general and administrative expenses-79mn yen

2・Loss of investment unit issuance expenses
for the 12th fiscal term

+195mn yen

10Growth Strategy

Features of Mitsubishi Estate Logistics REIT Investment Corporation
Stable Growth Strategy with Hybrid Model “Developer × Real Estate Asset Manager”

No. of Properties /Asset Size

24 properties/
216.2bn yen

Sponsor-developed
Properties / AssetManagement
Company-sourced
Properties

69.4%/
30.6%

AverageOccupancy

Appraisal
NOI Yield

Forecasted LTV(FP 2023/2)

Credit Rating
（JCR）

99.7%

4.7%

35.4%

AA-

SponsorAsset Management Company
Development /Facilities Management

Overview● Dedicated to city development in the Marunouchi area (Tokyo) forover 120 years● Contributing to the society through a variety of business activities as

one of the largest comprehensive real estatedevelopers

Investment /Asset Management● Established in 2001, when the scheme of real estate
securitization was emerging in Japan

Overview● Constant supply of pipeline properties from Sponsor
through development of advanced logistics facilities Refer to P.13
● Utilization of Sponsor’s know-how and corporate customer relationsin the leasing activities Refer to P.15, 27● Promotion of capital recycling business in domestic
asset business and consistent expansion of AUM and DX
promotion in non-asset business Refer to P.26, 28● Track record including structuring and management of various typesof real estate funds, such as the largest private REIT in Japan● Proven track records in a variety of asset types in investment andasset management● Promoting the logistic facility business as a growth area

Support(Positive)

Support● Flexible and diverse acquisition strategies, using awide range of schemes, such as bridge funds including valueup, PDP and CRE Refer to P.13, 29● Internal growth leveraging unique know-how in addition torent revision, such as installation of LED lighting and solar
panels Refer to P.15

Note: As of Feb. 28, 2022. However, the properties acquired on Mar. 1, 2022. are included.

12

External Growth Strategy
Seeking for further external growth leveraging 16 properties (with preferential negotiation rights) with total floorarea of 835,000㎡ including 9 completed properties with total floor area of 412,000㎡
Total floor
area

Property Name

Sponsor-developed
properties with expected
preferential negotiation right

Logicross Yokohama Kohoku

Occupancy
100%

16,000m2

2019

Logicross Hasuda

Occupancy
100%

79,000m2

2021

Logista・Logicross Ibaraki Saito (B)Occupancy
100%

31,000m2

2021

Logista・Logicross Ibaraki Saito (A)Occupancy
100%

116,000m2

2021

39,000m2

2021

23,000m2

2021

44,000m2

2022

Logicross KasukabeOccupancy
100%

Logicross Funabashi

LogicrossBrand of logistics facilities
MEC develops throughout Japan

Asset Management
Company-sourced properties
with expected preferential
negotiation right

MJ Logipark

Properties which MEL acquired orintends to acquire from third parties*Tentative name

Schedule

Completed

Logicross Zama Komatsubara
Pre-leased
100%

Logiscross Osaka Katano

183,000m2

Sagamihara Chuo Fuchinobe Project*

173,000m2

New

FP2023/8

FP2024/2

Included inbridge scheme

Development

GroundbreakingGroundbreaking

Logiscross Osaka Katano

Completion

Development

Completion

Groundbreaking and Development (Plan)

MJ Logipark Higashi Osaka1*

CRE

Occupancy
100%

10,000m2

1991

MJ Logipark Takatsuki 1*

PDP

Occupancy
100%

19,000m2

2021

MJ Logipark Inzai 1*

PDP

Occupancy
100%

22,000m2

2021

MJ Logipark Aisai 1*

PDP

Occupancy
100%

10,000m2

2022

MJ Logipark Kakogawa 1*

PDP

Pre-leased
100%

33,000m2

MJ Logipark Daito 1*

PDP

Pre-leased
100%

11,000m2

Groundbreaking835,000㎡

412,000㎡

Total

New

FP2023/2

Logicross Yokohama Kohoku

20,000m2

Logicross Zama*

FP2022/8

Groundbreaking

Logicross Zama*

Development

Completion

Development

Completion

99,000㎡

20,000㎡

183,000㎡

173,000㎡

MJ Logipark Higashi Osaka1 *Note: As of Apr. 15, 2022. MEC Group-developed properties and MJIA-sourced properties are highlighted in blue and in green, respectively

13Portfolio Map

Note: As of Apr. 15, 2022

14

1

Hybrid2

Enhance
MEL's uniquestrategyHybrid Model

Internal Growth Strategy

Discipline

3 Alignment

Achievedisciplined
growthAlign interest
withunitholders

Rent Revision Track Record and Lease Agreement Expiration Schedule

Floor area of tenants whose leaseagreements are set to expire

Achieved rent growth for 8 consecutive periods
Upward trend is expected to continue for 12 th FP and 13 th FP（㎡）
120,000

Upward rent revision (left axis)

Rent unchanged (left axis)

100.0%

99.9% 99.9% 99.9% 99.9% 99.9% 99.8% 99.8% 99.7%

90,00095.0%

60,00090.0%

30,000

85.0%

0

FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
2018/8 2019/2 2019/8 2020/2 2020/8 2021/2 2021/8 2022/2 2022/8 2023/2 2023/8 2024/2 2024/8 2025/2 2025/8 2026/2 2026/8 2027/2 2027/8 2028/2 2028/8 2029/2 2029/8 2030/2

Average rent
growth (%)
Average Rent Growthof Increased Portion
(%)

+1.8

+3.0

+0.2

+3.4

+3.1

+6.8

+2.2

+2.5

+9.5

+10.4

+8.7

+9.2

+13.9

+14.9

+6.5

+6.5

+5.3

Rent revision

120

Fixed-term
Lease(Note 2)

+5.5

Initiatives other thanrent revision

Refund of property tax due toreview in asset valuation

90
60



Contribution
to DPU

Weighted Average
Remaining Expiry(Note 2)

6.4
years

Revenue growth through installation of LED lighting

MJ Logipark Fukuoka 1, LOGIPORT Sagamihara, LOGIPORT Hashimoto
MJ Logipark Nishinomiya 1Achieved income increase by Solar Panels

Improved tenant satisfaction andprofitability by increasing parking space

300

100.0%

80.0%

Unique Initiatives by Asset Management Company

Steady Internal Growth（mn yen）

Average occupancy rate* (right axis)

Undecided (left axis)

MJ Logipark Fukuoka 1, MJ Logipark Atsugi 1

MJ Logipark Fukuoka 1

LOGIPORT Osaka Taisho, MJ Logipark Sendai 1
FP
2019/2

FP
2019/8FP
2020/2FP
2020/8FP
2021/2FP
2021/8FP
2022/2+9 yen+74 yen +63 yen +58 yen

+111
yen

+156
yen

+222
yen

Forecasted

Reduced property tax due to review in asset
valuation

MJ Logipark Funabashi 1、LOGIPORT Sagamihara、
MJ Logipark Kazo 1、Logicross Atsugi、LOGIPORTOsaka Taisho

MJ Logipark Atsugi 1

Note 1： As of Apr. 15, 2022
Note 2： As of Feb. 28, 2022. However, the properties acquired on Mar. 1, 2022. are included.

15

1

HybridEnhance
MEL's uniquestrategyHybrid Model

Financial Strategy

2Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

Financial Highlight (As of Apr. 15, 2022)
Long-term Debt Ratio

Average Remaining
Debt Duration

Fixed Interest Rate Ratio

96.7 ％

96.7 %

Credit Rating (JCR)

Forecasted LTVAA-（Positive）

35.4 %(all / excluding short-term)

5.8 years /5.9 years
Total/
Limits of Green Finance(FP 2023/2)

Approx.

9/ 59 bn yen

Average Debt Cost

(all / excluding short-term)

0.44 %/ 0.45 %Debt Capacity(LTV up to 40%/50%)
Approx.

17/ 65 bn yen

Debt Maturity ScheduleLenders

Total Debt
Balance

82,074mn yen

MUFG Bank, Ltd.

19.7%

Mizuho Bank, Ltd.

15.4%

Sumitomo Mitsui
Banking Corporation（mn yen）
15,000

12.5%

The Norinchukin Bank

7.6%

The Bank of Fukuoka, Ltd. 6.5%

Shinkin Central Bank

6.0%

The Shinkumi Federation
Bank

Shinsei Bank, Limited

3.4%

The Yamaguchi Bank, Ltd. 3.0%

The 77 Bank, Ltd.

2.3%

The Yamanashi Chuo
Bank, Ltd.
Development Bankof Japan Inc.

1.8%

The Nishi-Nippon City
Bank, Ltd.

1.8%

1.8%

The Chiba Bank, Ltd.

1.6%

1.2%

The Gunma Bank, Ltd.

1.2%

The Hachijuni Bank, Ltd.

1.2%

1.2%

The Yamagata Bank, Ltd.

1.2%

Kansai Mirai Bank,
LimitedSumitomo Mitsui Trust
Bank, Limited

The Keiyo Bank, Ltd.

0.6%

The Chugoku Bank, Ltd. 0.6%

0.4%

Investment
Corporation Bonds

Daiwa Next Bank, Ltd.

Borrowings from new lenders
Keiyo Bank

Chugoku Bank

Gunma Bank

Yamagata Bank

Daiwa Next Bank Kansai Mirai Bank
Hachijuni Bank

The Bank of Toyama, Ltd.

5.8%

Long-term borrowings
Investment Corporation Bonds

Short-term borrowings
Green Finance (Debt)
Sustainability Linked Loan

12,000

9,000

6,000

0.6%

3,000

2.4%

Green Finance (Debt)

11.1%

Sustainability Linked Loan

2.4%

0

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 （Year）

16

ESG Initiatives

1

ESG Initiatives
International Initiatives and Participation

Materiality

Supported the recommendation by the “Task Forceon Climate-related Financial Disclosures (TCFD)”

Key Materiality

TCFD is an international initiative established for the purpose of
discussing the disclosures of climate-related financial information andthe responses by financial institutions.
Asset Management Company has expressed support for therecommendations of the TCFD and joined the TCFD consortium in
Dec. 2021.

HybridEnhance
MEL's uniquestrategyHybrid Model

2

Discipline

3

Achievedisciplined
growthAlignment
Align interest
withunitholders

Responding to Climate Change / Enhancing Portfolio Resilience

Environment（E）Promotion of Resource Conservation
Promotion of Green Portfolio /Active Receipt of Green Building Certification
Improvement of Health, Safety and Comfort / Improvement of Tenant
Satisfaction
Contribution to Local communities and implementation of community
contribution programs

Social（S）

Creating a safe and comfortable work environment for everyone andimproving employee satisfaction
Human Resource Development by Enhancing Continuous Training

Signing of PRI

Thorough Compliance and Risk Management

Asset Management Company became a signatoryof PRI, the Principles for Reasonable Investment
in March 2020.
PRI encourages the incorporation of Environment,
Social and Governance issues into investment
decision-making processes.

Participation in UNGC
UNGC is a voluntary, global initiative supporting a
global framework for sustainable growth through thedemonstration of creative, responsible leadership by
the respective corporations and organizations as
principled members of society.
Mitsubishi Estate Co., Ltd. became a signatory of the
UNGC and Mitsubishi Estate Group was registered as
participants in April 2018. Along with this, AssetManagement Company has participated in this initiative
as a member of Mitsubishi Estate Group.

Governance（G）Enhancing Governance
Enhance Clear Information Disclosure and Engagement with Stakeholders(Investors)

Materiality Identification Process
Step 1

Identification of Issue Items

With reference to the evaluation items of the main evaluation organizations (GRESB, etc.) anddisclosure frameworks (GRIs, etc.) related to sustainability of the Investment Corporation, issues
were identified over a wide area based on the expectations of stakeholders and the status of othercompanies in the same industry.
Step 2Focusing and Prioritizing

Formulate materiality (draft) by organizing and integrating issues as appropriate and prioritizingthem in light of social trends and expectations demanded by internal and external stakeholders andthe impact on the business and performance of the Investment Corporation.

STEP 3 Meetings, Validation and Approval by Management
The materiality (draft) is discussed external specialized institution and management, including
President ＆ Chief Executive officer of MIJA, and approved by Management Committee of MIJA
identify materiality.

18

1Progress of KPIs and Targets

HybridEnhance
MEL's uniquestrategyHybrid Model

2

Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

We are promoting efforts to achieve the set KPIs and Targets
Main KPIs

FY2017（based）

CO2 Emission Intensity(t-CO2/㎡)

0.025

FY2020（latest）
0.019（21.3% Reduction）

FY2030（Target）

30% Reduction

Energy Consumption
Intensity

50.20

Waste Recycling Rate

54.9%

63.4%

70% or more

Water Consumption
Intensity
(㎥/㎡)

0.114

0.092
（18.9% Reduction ）No Increase

－

87.6%

100%

(kWh/㎡)

Ratio ofGreen Building Certification(Note)

45.30（9.7% Reduction）

15% Reduction

Note：Ratio of Green building certification is calculated based on Mar. 4, 2022

19

1Enhancement of ESG disclosure / GRESB Real Estate Assessment

HybridEnhance
MEL's uniquestrategyHybrid Model

2

Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

Establishment of ESG special site and Issuance of 1st Sustainability Report MEL has opened ESG special site and issued 1st Sustainability Report for the purpose of reporting to stakeholders about ourideas and efforts toward ESG.

ESG special site
URL
https://mel-reit.co.jp/en/esg/index.html

Sustainability Report
URL
https://mel-reit.co.jp/en/esg/assets/img/disclosure/doc_sustainability_202201.pdf

GRESB Assessment (2021)
 MEL was awarded the highest
rating”5 Stars” for two consecutive
years and “Green Star” for threeconsecutive years

 MEL was awarded the highest rank
“A Level” in the “GRESB Public
Disclosure” (5-level rating) for thesecond consecutive year20

1

HybridEnhance
MEL's uniquestrategyHybrid Model

Structure to Promote ESG

2

Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

Change of Organization in MJIA
Reposition Sustainability Committee as a formal committee and established Sustainability
Management Office
Meeting of
Shareholders
Independent
Auditors

Statutory Auditors
Board of Directors

Compliance &Risk
Management
Committee

Chairman
Valuation
Committee

Internal Audit
Department

President and CEO
Executive
Committee

Sustainability
Committee

Fund Management
Council for Internal
ReportingFund Investment
Council for Internal
Reporting

Reposition Sustainability Committee
as a Formal Committee
 MJIA established the Sustainability Committee in February 2019,with the aim of improving sustainability and enhancing unitholder
value. The committee has been deliberating, discussing andmanaging the progress of specific proposals for targets andmeasures related to sustainability.
In January 2022, MJIA positioned the Sustainability Committee as
the core of its management, and in order to sophisticate and clarify
its system for promoting sustainability, it has established theSustainability Committee Rules and made it to a formal committee

Establishment of Sustainability Management OfficeComplianceDepartment

Human
Resources andGeneral Affairs
Department

Corporate
Management
Department

Fund Management
Department

Fund Planning
Department

Logistics REITManagement
Department

Private REITManagement
Department

Transaction
Advisory
Department

 MJIA set up Sustainability Management Office within the Corporate
Management Department as of April 1, 2022, aiming for further
enhancing its commitment to sustainability, which is becoming
increasingly sophisticated and complicated. MJIA appointed
a sustainability officer to strengthen the structure further

Sustainability
Management Office21

1

ESG FinanceGreen Loan / Green Bond

59,367

15,00060,000FP 2021/8
2021年8月期

FP 2022/2
2022年2月期

0As of April 15, 2022

The upper limit ofGreen FinanceWe support the Sustainable Development Goals

MEL reached an agreement on Sustainability Linked Loan with The Norinchukin
Bank in March 2022. MEL will be evaluated in every assessment period based on
KPI and following SPTs including the targets below that MEL stipulates toward
FY2030, and also will be granted lower loan spread as an incentive according to
the achievement status

Borrowing dateAmount / Period
SPTs

MEL procured approx. 22 billion yen
through the 5th Follow-on Offering
conducted as Green Equity Offering

MEL obtained a second-party opinion for
the green equity framework from DNV

Use of Proceeds

Management ofProceeds

Sustainability Linked Loan



Process for
Project Evaluationand Selection

9,070

10,0004,070

Discipline
Achievedisciplined
growth3

Alignment
Align interest
withunitholders

Green Equity Framework (Formulated on Dec. 14, 2022)

 Total amount of Green Finance (mn yen)

3,350

2

Green Equity Offering MEL obtained “Green 1(F)” (highest for JCR Green
Finance Evaluation), and procured 7.0 billion yen and2.0 billion yen via Green Loan and Green Bond,
respectively, as of April 15, 2022

5,000

HybridEnhance
MEL's uniquestrategyHybrid Model

March 1, 2022
2 billion yen / 10 years① 30% reduction in CO2 emissions (compared with FY2017)② Increase in the ratio of Green Properties to 100%
③ 15% reduction in energy consumption (compared with FY2017)④ Retention of 4 Starts in GRESB Real Estate Assessment

ReportingFunds for acquisition of Green Building Assets or for refinancing
of funds required for such funds
After MJIA’s investigations, assessments and selections ofspecified properties based on eligible criteria, green equity
offering will be reported to the sustainability committee
As soon as the funds are procured, MEL will use the net
proceeds for acquisition of specified properties or forrefinancing of funds required for acquisition of such properties
MEL will disclose the allocation status of the proceeds fromfinancing and environment-related figures such as CO2
emissions for the properties to be acquired

Other ESG Financing

 MEL received the highest rank of “S” in “MUFG
ESG Evaluation for J-REIT supported by JCR” andborrowed “MUFG ESG Evaluation Loan for J-REIT”
from MUFG Bank as the first case

 First case in J-REIT financing from SMBC as partof financing initiatives “SDGs Promotion Loan”

22Mid-to Long-Term Growth Strategy

Mid-to Long-Term Growth Strategy
Asset size target and transition of key financial figures
Sponsor-Developed

Asset Size

1st
Follow-on
Offering

LTV
70.8 bn yen
25.0%Market Cap

DPU

Asset Size
5th
Follow-on
TargetAsset Management Company-Sourced
Offering
300 bn yen
4th
216.2 bn yen
Carefully monitor the
Follow-on
3rdOffering
market and acquire
Follow-on
properties through170.4 bn yen 170.4 bn yen
2ndOffering
Follow-on
equity offerings and142.1 bn yen
Offering
flexible use of LTV
113.7 bn yen 113.7 bn yen

83.2 bn yen 83.2 bn yen
27.0%

27.0%

29.4%

31.4%

32.7%

36.0%

32.4%

As of
Mar. 1, 201856.9 bn yen

35.4%

As of
Mar. 31, 2022
213.0 bn yen

6,794yen 7,174yen 7,307yen 7,628yen
6,003yen 6,619yen
5,292yen 5,492yen 5,524yen 5,907yen

NAV Per
Unit (Note)

30.0%

268,610yen 269,286yen 274,641yen

FP 2018/8(4th FP)FP 2019/2(5th FP)FP 2019/8(6th FP)292,563yen 297,440yen

FP 2020/2(7th FP)FP 2020/8(8th FP)323,071yen

FP 2021/2(9th FP)Aim for Further
Growth in
Asset Size

Stabilized LTV
40%～50%

Aim for further inclusion
in major indices

Aim to increase DPU
through disciplined
growth343,143yen 350,110yen

Aim to steadily grow NAV
per unit and maximize
unitholder value
FP 2021/8(10th FP)FP 2022/2(11th FP)FP 2022/8(12th FP)FP 2023/2(13th FP)

注：NAV Per Unit shows after paying Surplus Cash Distributions NAV

24

Features of Mitsubishi Estate Group’s
Logistic Facilities BusinessProjects in Mitsubishi Estate Group’s Logistics Facilities BusinessHistory of Logistics Facility Business in Mitsubishi Estate Group MEC Group has developed safe and secure logistics facilities proactively and consistently, since the commencement of the business in 1967, and strengthened capacity with the establishment of
Logistics Facilities Development Office within Urban Project Development Department in 2012
 MEC Group aims to enhance social infrastructure and quality of life through this high-growth business, leveraging expertise and relations cultivated as a comprehensive real estate developer

Invested in Tokyo
Ryutsu Center (TRC)

1967

Completed Tatsumi
Logistics Center(former Nakano
Shokai Tatsumi
Center)Completed LOGIPORT
Sagamihara

2012

Completed LogicrossFukuoka Hisayama

Completed rebuilding of
TRC Building B

Completed LOGIPORT
HashimotoCompleted LogicrossNarashinoCompleted 4 properties incl.
Logicross Nagoya Kasadera

Made TRC a
consolidated
subsidiary

2013

2014

2015

2016

2017

2018

Strengthened Efforts in Logistics Facilities
Development at MEC

Outline of Tokyo Ryutsu Center (TRC) Established in 1967 under the support from the government and economic
circles, for the purpose of streamline commercial distribution that faced
challenges due to population concentration, etc. caused by the rapid
economic growth, through operating a large-scale distribution center Operating logistics facilities business for more than five decades at ideal
locations near central Tokyo, adjacent to Oi Container Terminal andHaneda Airport, which are convenient for land-sea-and-air transportation
 Promoting new projects (PM business and use of logistics technology, etc.)
in recent years to meet diversified needs by leveraging know-how ofproperty management

Medium-term Management Plan (2017)
MEC announced its plan to accelerate “capital
recycling investment” to enhance the logistics facilities
business through development, ownership andoperation and management of facilitiesLong-Term Management Plan 2030 (2020)
MEC indicated its plan to enhance “capital recycling
business” in the Domestic Asset Business and toincrease AUM and utilize new technologies in the Nonasset Business

2019

2020

Completed Logicross
Atsugi and Logicross
Kobe Sanda

Completed 5 properties incl.
Logicross Hasuda
Scheduledcompletion of
Logicross series
and other
properties

2021

Completed LOGIPORT
Kawasaki Bay

2022 andafter

Scheduled completionof rebuilding of TRC
Building A

Characteristics of Logicross Series, Logistics Facilities Offered by Mitsubishi Estate

MOVINGTOMORROW

Logistics facilities moving the future
Logicross, the brand of logistics facilities offered by
Mitsubishi Estate, is developed under the vision ofcreating the future of logistics by integrating values of
the new era into logistics facilities.
Our aim is to move the future, let alone things.
Mitsubishi Estate will continue efforts for non-stop
evolution in logistics facilities for a sustainable andenriched society.

SAFETYAMENITY

BCP Measures Large-scale
emergency generator

FUNCTIONALITY• Effective height under beam of 5.5m
or more• Pillar interval of 10m×10m or wider• Floor weight capacity of 1.5ｔ/㎡ or more

Warehouse

Truck berth

Vertical conveying
capacity

Commonspace

FLEXIBILITY

Manpowersaving
measuresThinning-out Sufficient powerof pillars at
capacity
the top floor

Potential
floor slab
opening26

Features of MEC Group’s Logistics Facilities Business
Strengths of MEC Group
Diversified business portfolio
Advanced development
capabilities

Strengths as a 4comprehensive Corporate customer relations
developer

5

Customer network
supported by branches
Numerous joint projectexperiences

Strengths of
the Logistics
Facilities
Business

6
7

1

Land Acquisition

Development

Obtaining of a variety of land
information

Management of development cost

2 Consolidation of plots of land frommultiple landowners

3 Coordination among stakeholders
and the administration

Collection of land information utilizing relations and land development

Exploration of tenants’ needs atvarious locations

Experiences of joint projects requiring coordination between stakeholders with different interests
Reflection of tenants’ needsin land acquisition

Collaboration with TRC

Capturing of information from tenantsof facilities in operation

Understanding of tenants’ needs forfacility specifications

Logicross Nagoya
Kasadera

2 Consolidation of plots of land from multiple
landowners

Efforts such as acquiring development lands throughland consolidation of multiple owners

Logicross Kasukabe

Understanding of tenants’usage needs
Utilization of relations with tenants offacilities in operation

Logistics solutions utilizing
technologies

Obtaining a variety of land information throughgroup-wide information sharing

Group-wide leasing

Exploration of land information
on siteStrengthening of value chain
through in-house PM

1 Obtaining of a variety of land information

Operation & Management

Efforts to improve operational
efficiency and meet tenants’ needs

3 Coordination among stakeholders andthe administration

MEL’s ability to respond to complex
schemes for ownership interest swaps
were highly rated

Logicross
Hasuda4 Corporate customer relations
Collaborative project making full use of
relation with office tenant in Otemachi,
Marunouchi and
Yurakucho area

LOGIPORT
Kawasaki Bay

5

Customer network supported bybranches

Use of the regional network mainly inthe areas where MEC’s head officeand branches are located to achievetenant-leasing activities

Logicross Kobe Sanda

6

Collaboration with TRC
Promotion of accumulation of know-how
through personnel exchange
Floor area of 1,000k㎡ under PM
consignment

TRC’s Track Record in PM Consignment(#)(10k㎡)

40

150
100

Needs of logistics bases
Kansai Branch
Provision ofInformation

Provide BTS
Logistic
Facilities
Logicross Kobe Sanda

Logistics Facility Business

20

0

50

2018/3

2019/32020/3Area(Right Axis)

2021/32022/30

No. ofproperties(Left Axis)

27

Features of MEC Group’s Logistics Facilities Business (ii)7

Logistics Solutions through Use of Technologies

Launch of project for first “next-gen core logistics facility”
directly connected to expressway IC in Japan●A development project of a “next-gen flagship
Renderinglogistics facility” directly connected to an
expressway interchange, first in Japan, waslaunched in Aodani Advance Maintenance Area
in the hillside area in the east of Joyo, Kyoto●A dedicated rampway directly connected to an
IC will enable the facility to accept trucks
under fully autonomous driving and truck
platooning, which will allow next-generation
mobility to access the facility directly from the MEC development site (Block A)
expressway, without passing through local
roads and eventually address social challenges,
including ever-increasing demand for cargotransportation and serious shortage of truck
drivers●This facility will be able to accept doublecoupled trucks that are already in practical use●MEC is also discussing a development plan for next-generation corelogistics facility in the Kanto region, with a view to automation andmanpower-saving in the logistics network connecting the three
metropolitan areas

Solutions for Warehouse Operation Using AI-based Analytics●AI-based solution for measuring works inside the warehouse
Measurement andanalysis of traffic
flow and idle time
for review oflocation changes
and pick-up
procedures

Arrivalmanagement

Warehousemanagement

Use for daily warehouse
operation including
minimization of waiting time
Minimize waiting time of truck drivers●Solution for entrance control●“TRC LODGE”, a permanent exhibition space
where visitors can learn the latest logistics
tech to help solve problems of all sizes faced
by logistics companies is launched● “Whiz”, an AI robot cleaner is introduced at
Logicross Ebina●“Seminar and Co-working Space” is available
for exhibiting companies to hold seminars, etc.

Time Share
Warehouse

Seminar andCo-working Space

Prevent accidents
by measuring
traffic lines andstagnant
operation

Extract issues to be
improved in daily
operation
Detect pedestrians

Enhancement of safety of trucks,
public vehicles and pedestrians
coming in and out of the facility

Introduction of AI robot cleaner“TRC LODGE”, a permanent exhibition space

Shipping
management●AI-based solution for managing truck berths

Launch of a co-working showroom that aims to solve
problems through logistics tech●“Time Share Warehouse” is an experimental
space where companies can rent the entire
latest warehouse for an hour or more to test
and demonstrate new products

Improve job safety

Improve efficiency in in-warehouse works“Whiz”, an AI robot cleaner● Part of the janitorial services that used to be
human labor is covered by the robot● The possibility of introducing the robot to Logicrossproperties to be completed is under review, withan aim to establish a new method or property
management in the era of labor shortage andcontactless mode under the COVID-19 pandemic©SoftBank Robotics

28

Progress in MJIA(the Asset Management Company)’s Sourcing
Bridge Scheme

PDP
Partner

3rd Party Bridge

PDP Scheme

BrokerMEL

Based on the track recordand credibility of theestablished real estate AM

SellerTenantConstructor

MJIA arrange wholedevelopment project bymatching each partners’ need

Developer

Bridge Fund
Based on the relations
with a number ofinvestors

MJ Logipark Takatsuki 1*

MJ Logipark Kakogawa 1*

MJ Logipark Inzai 1*

 MJIA leads the project in amanner that compensates theneeds of partners each other MEL can preferentially consider
acquisition after the building iscompleted and leased up

MJ Logipark Aisai 1*

MJ Logipark Daito 1*

The optimal method will be chosen inconsideration of the timing and size ofacquisition, and information sources, etc.
MEL will acquire a property whenconditions for acquisition, including thetiming and price, are set out

Value-up
MJ Logipark Kasugai 1

Reduction in Book Value
1,200
Book
value
1,000
800
600

Anticipatedacquisition
price

400
200
0

Inclusion into
bridge fund

Improved
occupancy rate
Anticipatedacquisition
price

Anticipatedacquisition
price MJIA’s leasing capacity
MJ Logipark Sendai 1
helped the property
achieve early lease-up
 The occupancy rate of
46% as of the acquisitionby the bridge fundimproved to 100% by the
Improved
time of acquisition
earnings

 Installation of the vertical machinery
has improved tenants’ convenienceand resulted in rent increase
Increase rate
＋10.7％
Floor area covered c.5,000㎡
 Installation of toilets outside thebuilding for drivers has also
improved the convenience

CRE
Anticipatedacquisition
price

Term

Properties are acquired based on strategic proposals tailored to the portfolio of the seller, leveraging the credibility of MEC
Group and network of MJIA

MJ Logipark Kazo 2

MJ Logipark Tsuchiura 1

MJ Logipark Higashi
Osaka 1 *MJ Industrial Park Kobe
(Land)

MJ Industrial Park
Chiba-Kita (Land)

Timing of acquisition is adjusted and theacquisition price can be reduced along with the
reduction in book value at the bridge fund
* Tentative name29

Logistics Market Overview

Logistics Market Overview ①
Tokyo Metropolitan Area*

Osaka Metropolitan Area*

New supply (left axis)
Vacancy rate (right axis)

New supply (left axis)
Vacancy rate (right axis)

New demand (left axis)
Forecast new supply (left axis)
Vacancy rate of one year after completion (right axis)(thousand m2）

（％）

3,500

10

3,000

8

2,500
2,000

6

1,500

4

1,000

2

500
0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Forecast

0(thousand m2）

600

16

1,200

12

800

8

400

4

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Forecast

0（year）

Kyushu Area*

New demand (left axis)
Forecast new supply (left axis)
Vacancy rate of one year after completion (right axis)
（％）
60

500

50

400

40

300

30

200

20

100

10

0

1,600

（year）

Nagoya Metropolitan Area*
New supply (left axis)
Vacancy rate (right axis)(thousand m2）

New demand (left axis)
Forecast new supply (left axis)
Vacancy rate of one year after completion (right axis)（％）

02009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 （year）

Forecast

New supply (left axis)

New demand (left axis)

Vacancy rate (right axis)（％）(thousand m2）

160

16

120

12

80

8

40

4

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

0（year）

Source: CBRE
Note1: “Tokyo Metropolitan Area” refers to Tokyo, Chiba, Saitama, Kanagawa and Ibaraki. “Osaka Metropolitan Area” refers to Osaka, Hyogo and Kyoto. “Nagoya Metropolitan Area” refers to Aichi, Mie and Gifu. “Kyushu Area” refers to Fukuoka and Saga.
Note2: “New supply” refers to the total leasable area of newly constructed logistics facilities for lease. “New demand” refers to an increase or decrease in occupied floor space. An increase or decrease in occupied floor space is newly contracted floor
space minus vacated floor space.
Note3: The survey covers logistics facilities for lease with a total floor area of 5,000㎡ or more, which are owned by real estate investment companies and real estate development companies, etc.
The survey does not include logistics facilities for lease owned by logistics companies, etc., and does not cover all logistics facilities for lease with a total floor space of 5,000㎡ or more.

31

Logistics Market Overview ②
Expansion of E-commerce Market（Goods Sales）（100 bn yen）
150

３PL Market Size

3PL market size（100 bn yen）
40

Sales of E-commerce（Goods Sales）

30

100

20
50

10
0

0
Note:
Source：

2013

2014

2015

2016

2017

2018

2019

2020 （year）“Sales of E-commerce（Goods Sales）” in the chart above is an estimate of the value of transactions on the Internet between
companies and consumers (BtoC). The figures are for all goods consumed by individuals. Market estimates are calculated and totaled
for goods sales sector
Data compiled by the Asset Management Company based on data from "FY2020 Industrial Economic Research Commissioned Project(E-Commerce Market Survey)" (July 2021) by the Ministry of Economy, Trade and Industry

E-commerce Penetration Rate
32
24
16
8
0

（%）
40

0

2013

2014

2015

2016

2017

2018

2020（FY）

2019

Depertment store

Super market

Drug Store

Online shop

Convenience store

30.5
110
12.9

8.5

70

8.1

4.4
2.8
2010

Source:2012

Retail Market Size
150

24

8

Source:2011

Each fiscal year is the period beginning on April 1 and ending on March 31 of the following year. It does not coincide with the fiscal
period of MEL
Data compiled by the Asset Management Company based on "Monthly Logistics Business Sep. 2021“（100 bn yen）

8…
4…
2
Japan
U.S.
UK
26.7
13.5
8.1
201020112012201320142015201620172018201920202021

32

16

2010

Note:

30
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Data compiled by the Asset Management Company based on data from “FY2020 International Economic Research Project for
Establishing a Domestic and Foreign Economic Growth Strategy” (July 2021) by the Ministry of Economy, Trade and Industry (Japan),
Office for National Statistics(UK) and U.S. Census Bureau (USA). Refer to press release disclosed information until FY 2021 for U.S.
and UK, while until 2020 for JapanThe Percentage of Households Using Online Shopping
（%）

2019

60

2020

2021

2011

2021 （year）
Source:

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021 （year）

Data compiled by the Asset Management Company based on data from “Monthly Report on the Current Survey of Commerce
Januaryl 2022” (March 2022) by the Ministry of Economy, Trade and Industry and "FY2020 Industrial Economic ResearchCommissioned Project (E-Commerce Market Survey)" (July 2021) by the Ministry of Economy, Trade and Industry

Monthly Trends in Cargo delivery (Ministry of Land, Infrastructure,
Transport and Tourism)

2022

Cargo delivery(left axis)

500

YoY(right axis)

（%）
25

55

400

20

50

300

15

200

10

100

5

45
40
Jan.
Source：

Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Data compiled by the Asset Management Company based on data from “Monthly Report on the Survey of Household Economy") by
Statistics Bureau of Japan0

Source:

Jan.
2021

Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.
2022

0

Data compiled by the Asset Management Company based on data from “Transportation bytruck“ (January 2022) by the Ministry of Land, Infrastructure, Transport and Tourism

32

Appendix

ESG Initiatives (Environment)
Environment
Promotion of Green Portfolio
Building-Housing Energy-Efficiency
Labeling System (BELS)

Ratio of Green
Properties in
Portfolio(Total Floor Area basis)

87.6%

Evaluate and indicate energy conservation
performance of new and existing buildings

Comprehensive Assessment System
for Built Environment Efficiency(CASBEE)
Evaluate comprehensively environmental
performance of buildings, incl. reductionof environmental burden andconsideration for scenery

10 properties

13 properties

Logicross Fukuoka
Hisayama
Logicross Atsugi-

S Rank for real estate★★★★★

S Rank for real estate

Logicross Kobe Sanda★★★★

A Rank for real estate

Energy Saving Initiatives andReduction of Paper Use(Target 9)
Industry,
Innovation andInfrastructure(Target 12)
Responsible
Consumption
and Production

Logicross Osaka★★★★★

S Rank for real estate★★★★★

S Rank for real estate

Logicross Narashino★★★★★

S Rank for real estate

Logicross Atsugi II-

B+ Rank for new construction(Kanagawa)

LOGIPORT Sagamihara★★★★

S Rank for real estate

LOGIPORT Hashimoto★★

S Rank for real estate

LOGIPORT Osaka Taisho★★★★★
(ZEB Ready)

S Rank for real estate

LOGIPORT Kawasaki Bay-

A Rank for new construction

MJ Logipark Kasugai １-

S Rank for real estate

★★★★★

-

(Target 13)
Climate Action★★★★★
(ZEB Ready)

S Rank for real estate

SDGs

MJ Logipark Fukuoka 1

Change of the size of asset management
reports to reduce paper use

Reuse of OA floor panels of officebuildings in Marunouchi

Renovation with LED installation
based on Green Lease Contract(Target 15)
Life on Land

Logicross Nagoya
Kasadera

MJ Logipark Kazo 1

Size change
Insulated sandwich panels forexterior walls

SDGs

Use of Renewable Energy for Reducing Carbon
Emissions / BCP Initiatives(Target 7)
Affordable
andClean Energy(Target 11)
Sustainable
Cities andCommunities

Installation of solar panels

Seismic isolators

Installation of emergency
power generators

Installation of RE100(MJ Logipark Sendai 1)

34

ESG Initiatives (Social)SocialProactive Participation in CSR ActivitiesParticipation in flower bed
maintenance activities ofcommunity near Logicross Atsugi

Register for Disaster Cooperation

 Building (LOGIPORT Sagamihara,
LOGIPORT Hashimoto, Logicross
Nagoya Kasadera)

Tenant Satisfaction Survey

Conducted a tenant satisfaction survey in collaboration with a third party
agency to improve facility management. The survey included hardware /software aspects and tenants’ opinions on the facilities.
During the 10th FP, the survey results were utilized in improvement in day-today service through installation of thermos cameras and AEDs, and measures toease bird damages.

Logicross Nagoya Kasadera

 Cleanup activities around our offices Renovation of cafeteria（LOGIPORT Sagamihara）

Logicross Nagoya Kasadera

MJ Logipark Sendai 1

Collaboration with Local Educational Institute andImprovement in Tenant Satisfaction

Conducted a survey to employees and reflected the result on the renovation

 of the employee lounge. Also, a wall design contest involving local universities
and vocational schools was held and the design of the winner is used for thelounge’s wall design of MJ Logipark Fukuoka 1

Before

Securing reserves in case of
emergency (food, beverage &portable toilet)

Free salt candy service for tenants in properties as a heatstroke measure(for all properties held as of Aug. 2021)



Donation of 1,900 unused surgical masks
stored to the Chiyoda Ward Health CenterDonation of unused calendars to elementary
schools in developing countries throughsupport organizations as a substitute fornotebooks
Donation of disaster prevention supplies

are no longer needed to volunteer
 thatfirefighters and rescue teams in developing
countries through support organizations

After

Measures for Employees’ Comfort
 Offering Comfortable Working Environment
Examples in the Asset Management Company
 Introduction of flexible working hour Installation of community spaces within office area
 Invitation of personnel from group companies andoutside professionals
 Specialized training for skill improvement
 Annual employee satisfaction survey

These initiatives are intended to maximize asset management performance by improving productivity,
skills and motivation of employees

35

ESG Initiatives (Governance)
Governance
Asset Management Fee Structure Introduced an asset management fee structure reflecting theperformance of investment unit price for the purpose of aligninginterest with unitholders
Asset management
fee I (AUM-linked)

Total assets as of the end of the previous period × 0.2% (upper
limit)

Asset management
fee Ⅱ (Real estate
profit-linked)

Adjusted NOI × 5.0% (upper limit)

Asset management
fee Ⅲ (unitholderinterest-linked)

Measures to Address Conflict of Interests
in Asset Management

 Any asset acquisition from or sale to stakeholders of MEL is determinedthrough a transparent decision-making process at MJIA

Drafting by Logistics REIT Management Department

Adjusted net income before tax × net income before tax per
unit × 0.001% (upper limit)
1st in J-REITs

TSE REIT Index (incl. dividends)
X + DPU

If MEL’s growth rate is
greaterY

Increase fee

Y

If MEL’s growth rate islower

X + DPU
Reference date (Previous period)

Reference date (Present period)

Ratio of same-boat investment by
Mitsubishi Estate

Deliberation by Compliance & Risk Management Committee※Need to be attended by an external expert (legal counsel)

Decrease fee

c. 4.1%

Cumulative Investment for Employees Introduced cumulative investment for employees of Sponsor and MJIA
with the aim of continued increase in unitholders’ value and provisionof benefits to employees

Approval by President and CEO(Report to Board of Directors)

MEL(As of Apr. 15, 2022)

Deliberation by Executive Committee※Need to be attended by a third party appraiser(If voted down)

Investment unit price of MEL

Examination by Compliance Department

MJIA“Fee linked to Investment Unit Price”
Performance against TSE REIT Index ((a)-(b)) × market cap(for fiscal period of each term) × 0.1% (upper limit)(a): Fluctuations in MEL’s investment unit price (incl. dividends)(b): Fluctuations in the TSE REIT Index (incl. dividends)

Approval by MEL’s Board of Directors

Note: An example of the decision-making flow in cases that fall under the category of transactions withstakeholders, etc. requiring approval of the board of directors of the investment corporation pursuant to
Article 201-2 of the Act on Investment Trusts and Investment Corporations

36

Mitsubishi Estate Group’s Initiatives for ESG
Mitsubishi Estate Group 2030 Sustainable Development Goals

Obtaining SBT Recognition
In March 2019, Mitsubishi Estate Group establishedGroup-wide medium to long-term greenhouse gas
emissions reductions targets, which were approvedby the Science Based Targets (SBT) initiative in April
2019 for being founded on scientific evidence.

In order to help realize a sustainable world and provide even more
profound value to a wider range of stakeholders, the Mitsubishi EstateGroup is implementing world-class initiatives on the four key themes of“Environment”, “Diversity & Inclusion”, “Innovation” and“Resilience”.

Introduction of Renewable Energy-derived Electricity at Buildingsin Marunouchi Area
With an aim to meet the target of RE100, Mitsubishi
Estate Group is steadily implementing a switch of theelectricity used in the buildings it owns and operates
to that derived from renewable power.
<Buildings introducing renewable power in 2021>●18 buildings in Marunouchi area: approx. 160,000 tons

Shin-Marunouchi Building
Year of introduction:(FY 2021)（*Equivalent to around 80% of the CO2 emissions of buildings ownedby the company in the Marunouchi area)●Yokohama Landmark Tower: approx. 20,000 tons

Promotion of Use of Renewable Power in Logistics Facilities
Joining RE100

Mitsubishi Estate Group aims to use 100% renewableelectricity for its sustainable urban development
business, and as part of this effort, joined RE100, a
collaborative initiative under which businesses commit
to using 100% renewable electricity in January 2020.

Mitsubishi Estate is working to install solar
panels on the roof space of the Logicrossseries of logistics facilities it develops wheresuch installations are possible. At LogicrossEbina, completed in November 2020, theinitiative uses the PPA* model.
Logicross Ebina
Completed in November 2020

*PPA…Power Purchase Agreement
A third-party ownership model for self-consumption
solar power generation facilities

37

Portfolio Summary
No. of Properties/ Total Acquisition Price

Total Appraisal value

Average Appraisal NOI Yield

Average Occupancy Rate

Average Property Age

Ratio of Green Properties

4.7％

242.3bn yen

24 property/ 216.2 bn yen

87.6％

7.1 years

99.7％
Sponsor-developed Properties /Asset Management Company-sourced Properties（Based on acquisition price）

Logistics facility /Others

Area Diversification（Based on acquisition price）（Based on acquisition price）

5.7%
8.9%

Tenant Diversification

30.6%(Based on leased area)

Property Age

13.0%（Based on acquisition price）

58.1%
9.2%

69.4%

14.9%

5.0%

94.3%

Sponsor-developed
Properties
Asset Management
Company-sourced
Properties

51.3%
33.7%

～5 yrs

5.2%

56.4%

Ratio of Top 10
Tenants 43.6%

Logistics
facility
Others5-10 yrs

10 yrs ～

20.0%

4.1%
4.1%

3.3%
3.3%
3.1%
3.1%
3.1%

IHI Infrastructure Systems

ORIX Auto

Nippon Express Company
Not Disclosed
Nihon Realest

Kimura Unity
MITAKA SOKO
KOHNAN SHOJI

SankyuFukuoka Logistics System
OthersTokyo
Metropolitan
Area

Osaka
Metropolitan
Area

NagoyaMetropolitan
Area

OthersNote: As of Feb. 28, 2022. However, the properties acquired on Mar. 1, 2022. are included.

38

Portfolio Summary
Sponsor-Developed Properties

Asset Management Company-Sourced Properties

The Properties Acquired in the 12th Fiscal Period
LOGIPORT Kawasaki Bay

Logicross Atsugi II

MJ Logipark Funabashi 1

MJ Logipark Fukuoka 1

MJ Logipark Kazo 2

LOGIPORT Sagamihara(49% trust beneficiary co-ownership)

LOGIPORT Hashimoto(45% trust beneficiary co-ownership)

MJ Logipark Atsugi 1

MJ Logopark Tsuchiura1

MJ Logipark Sendai 1

Logicross Nagoya Kasadera

Logicross Narashino

MJ MJ Logipark Kazo 1

MJ Logipark Nishinomiya1

MJ Industrial Park Sakai（Land）

Logicross Osaka

LOGIPORT Osaka Taisho(37.5% trust beneficiary co-ownership)

MJ Logipark Osaka 1

MJ Logipark Kasugai 1

MJ Industrial Park Kobe（Land）

Logicross Atsugi

Logicross Fukuoka Hisayama

Logicross Kobe Sanda

MJ Industrial Park Chiba-Kita（Land）(45% trust beneficiary co-ownership)

Note: As of Feb. 28, 2022 . However, the properties acquired on Mar. 1, 2022. are included.

39

Overview of Portfolio
Property Name

AppraisalValue(mn yen)Appraisal
NOI Yield
(%)

7,650

6.1

9,440

4.5

3,900

4,400

Osaka, Osaka

Logicross Nagoya Kasadera

Nagoya, Aichi

Logicross Narashino

Kasuya, Fukuoka

Logicross Atsugi

Atsugi, Kanagawa

Logicross Kobe Sanda

Kobe, Hyogo

Logicross Osaka

Total
Leasable
Area (㎡)

Ratio
(%)

Occupancy Property
Property
Rate
Age
Type
（%）
(years)34,878.55

2.7

100.0

7.4

Multi

29,895.80

3.9

100.0

5.0

Multi

5.1

12,844.35

1.8

100.0

4.7

BTS

9,743

10,3004.3

35,616.58

4.5

100.0

3.4

Multi

14,424

16,9005.0

62,289.08

6.7

100.0

3.1

Multi

Narashino, Chiba

11,851

12,400

4.3

39,132.05

5.5

100.0

4.0

Multi

Sagamihara, Kanagawa

21,36424,0004.7

88,609.64

9.9

99.7

8.5

Multi

Sagamihara, Kanagawa

18,20021,600

4.7

58,487.96

8.4

97.8

7.1

Multi

Osaka, Osaka

10,484

11,8504.6

40,081.57

4.8

96.0

4.0

Multi

18,232.07

2.5

100.0

32.2

Multi

28,002.44

3.1

100.0

8.6

Multi

5,770

MJ Logipark Funabashi 1

Funabashi, Chiba

5,400

6,690

6.6

MJ Logipark Atsugi 1

Atsugi, Kanagawa

6,653

7,190

4.5

MJ Logipark Kazo 1

Kazo, Saitama

1,272

1,520

5.7

7,678.10

0.6

100.0

16.0

Multi

MJ Logipark Osaka 1

Osaka, Osaka

6,090

7,130

5.1

39,082.95

2.8

100.0

14.4

Multi

MJ Logipark Fukuoka 1

Kasuya, Fukuoka

6,130

6,720

5.4

38,143.21

2.8

100.0

14.4

Multi

MJ Logipark Tsuchiura 1

Tsuchiura, Ibaraki

3,133

3,490

5.3

15,485.00

1.4

100.0

7.3

BTS

MJ Logipark Nishinomiya 1

Nishinomiya, Hyogo

2,483

2,690

5.7

13,777.07

1.1

100.0

31.0

BTS

MJ Logipark Kasugai 1

Kasugai, Aichi

13,67014,7004.8

57,866.98

6.3

100.0

5.1

Multi

MJ Logipark Kazo 2

Kazo, Saitama

1,637

1,720

5.0

7,349.18

0.8

100.0

23.2

BTS

MJ Logipark Sendai 1

Tagajo, Miyagi

7,388

7,670

5.2

39,098.87

3.4

100.0

12.9

Multi

MJ Industrial Park Sakai（Land）

Sakai, Osaka

5,600

5,780

3.8

87,476.71

2.6

100.0

-

Land

MJ Industrial Park Kobe（Land）

Kobe, Hyogo

4,970

5,710

5.1

31,743.99

2.3

100.0

-

Land

Chiba, Chiba

1,800

1,970

4.4

14,986.64

0.8

100.0

-

Land

MJ Industrial Park Chiba-Kita（Land）
Sub total
Properties
acquiredin 12th FP

AcquisitionPrice(mn yen)

8,440

Logicross Fukuoka Hisayama

LOGIPORT Sagamihara(49% co-beneficiary interest)
LOGIPORT Hashimoto(45% co-beneficiary interest)
LOGIPORT Osaka Taisho(37.5% co-beneficiary interest)
Properties
AcquiredBy 11th FP

Location

170,404

191,5204.9

800,758.79

78.8

99.6

8.3

-

Logicross Atsugi II

Atsugi, Kanagawa

9,838

10,500

4.4

34,580.85

4.5

100.0

2.6

Multi

LOGIPORT Kawasaki Bay(45 % co-beneficiary interest)

Kawasaki, Kanagawa

36,00040,365

4.3

117,762.91

16.6

99.9

2.8

Multi

Sub total

45,83850,865

4.3

152,343.76

21.2

99.9

2.8

-

Total / Average

216,242

242,385

4.7

953,102.55

100.0

99.7

7.1

-

Note: As of Feb. 28, 2022 . However, for the properties acquired on Mar. 1, 2022. appraisal value and appraisal NOI yield are as of Dec. 20, 2021.

40

Summary of Latest Appraisals
Property Name

Sept. 2017

5,770

Logicross Atsugi

Sept. 2018

8,440

Logicross Kobe Sanda

Sept. 2018

3,900

Book
Value
at endof
11th FP

11th FP (Ended Feb.28,2022) (Note 1)

10th FP (Ended Aug. 31,2021) (Note 2)

Appraisalvalue

Direct cap
rate (%)

Appraisal
value

7,650

4.5

7,480

4.6

+170

-0.1

2,182

9,440

4.0

9,420

4.0

+20

±0

1,126

4,400

4.4

4,310

4.5

+90

-0.1

555

9,753

10,3004.0

10,100

4.1

+200

-0.1

546

14,477

16,9004.2

16,500

4.3

+400

-0.1

2,422

12,4004.0

12,400

4.0

±0

±0

478

5,467
8,313
3,844

Unrealized
gain
Direct cap rate Appraisal Direct cap rate(%)

Difference

value

(%)

Logicross Osaka (Note 3)① Sept.2020② Mar. 2021

Logicross Nagoya Kasadera (Note 3)① Sept.2020② Mar. 2021

① 5,874② 3,868
Sub total:9,743① 8,705② 5,719
Sub total:14,424

Mar. 2021

11,851

11,921

21,364

20,64824,000

4.1

24,000

4.1

±0

±0

3,351

Sept. 201718,20017,64921,6003.9

21,060

4.0

+540

-0.1

3,950

① Oct. 2019
② Sept.2020

10,424

11,8504.0

11,850

4.0

±0

±0

1,425

MJ Logipark Funabashi 1① 5,682② 4,802
Sub total:10,484

Sept. 2016

5,400

5,330

6,690

4.9

6,590

4.9

+100

±0

1,359

MJ Logipark Atsugi 1

Sept. 2017

6,653

4.1

7,190

4.1

±0

±0

749

MJ Logipark Kazo 1

7,190

Sept. 2017

1,272

4.6

1,490

4.7

+30

-0.1

298

MJ Logipark Osaka 1

1,520

Sept. 2017

6,090

4.2

7,130

4.2

±0

±0

1,246

MJ Logipark Fukuoka 1

7,130

Sept. 2017

6,130

6,720

4.7

6,610

4.7

+110

±0

969

MJ Logipark Tsuchiura 1

Sept. 2019

3,133

4.7

3,420

4.8

+70

-0.1

381

MJ Logipark Nishinomiya 1

3,490

Oct. 2019

2,483

4.7

2,680

4.7

+10

±0

129

MJ Logipark Kasugai 1

2,690

Oct. 201913,6704.3

14,400

4.4

+300

-0.1

1,193

MJ Logipark Kazo 2

14,700

Sept.2020

1,637

1,720

4.3

1,720

4.3

±0

±0

29

MJ Logipark Sendai 1

Sept.2020

7,388

7,670

4.7

7,510

4.8

+160

-0.1

366

LOGIPORT Osaka Taisho(37.5% co-beneficiary interest)(Note 4)

MJ Industrial Park Sakai（Land）

Sept. 2017

6,440
1,221
5,883
5,750
3,108
2,560
13,506
1,690
7,303
5,666

MJ Industrial Park Kobe（Land）

Oct. 2019

5,600

3.7

5,780

3.7

±0

±0

113

4,970

5,202

5,780

Mar. 2021

5,710

4.0

5,690

4.0

+20

±0

507

MJ Industrial Park Chiba-Kita（Land）

Mar. 2021

1,800

1,914

1,970

4.3

1,970

4.3

±0

±0

55

Sub total
Properties
acquiredIn 12th FP

Acquisition Price

Logicross Fukuoka Hisayama

Logicross Narashino
LOGIPORT Sagamihara(49% co-beneficiary interest)
LOGIPORT Hashimoto(45% co-beneficiary interest)
Properties
AcquiredBy 11th FP

Acquisition Date（unit：million yen)

170,404

168,078

191,520-

189,300-+2,220-23,441

Logicross Atsugi II

Mar. 2022

9,838

-

10,500

4.0

-

-

-

-

-

LOGIPORT Kawasaki Bay(45 % co-beneficiary interest)

Mar. 2022

36,000-40,365

3.8

-

-

-

-

-

50,865

-

-

-

-

-

-

242,385

-

-

-

-

-

-

Sub total
Total

45,838216,242-

Note 1: As of Feb. 28, 2022 However, for the properties acquired on Mar. 1, 2022. appraisal value and direct cap rate are as of Dec. 20, 2021.
Note 2: As of Aug. 31, 2022. However, for Logicross Atsugi and LOGIPORT Kawasaki Bay（45 % co-beneficiary interest, the appraisal value and direct cap rate are as of Dec. 1, 2021
Note 3: "Acquisition Date" and "Acquisition Price" of "Logicross Osaka" and "Logicross Nagoya Kasadera" is shown with The number on the top refers to the 60% co-beneficiary interest acquired on Sept. 1,2020 and the bottom refers to the 40% co-beneficiary interest acquired on Mar. 9, 2021
Note 4: "Acquisition Date" and "Acquisition Price" of "LOGIPORT Osaka Taisho" is shown with The number on the top refers to the 20 % co-beneficiary interest acquired on Oct. 9, 2019, and the bottom refers to the 17.5% co-beneficiary interest acquired on Sept. 1, 2020

41

Statement of Income and Balance Sheet
Statement of Income
Item
Operating revenues
Operating rental revenues
Other rental revenues
Operating expenses
Expenses related to property rental business
Asset management fee(Unit：Thousands of yen)

5,028,898
4,798,577
230,320
2,388,405
1,744,322
475,962
1,570

Administrative service fee

17,686

Director’s compensations

2,400

Commission paid

102,961

Other operating expenses

43,502Non-operating income
Interest income
Compensation income for damage or loss
Reversal of distributions payableNon-operating expenses
Interest expenses(Unit：Thousands of yen)

Item

ActualAsset custody fee

Operating income

Balance Sheet

2,640,493

Current assets

Actual12,280,146

Cash and deposits

5,380,624

Cash and deposits in trust

6,836,890

Other current assets
Total fixed assets
Property and equipment
Intangible assets
Investments and other assets
Total assets

Current liabilities
Operating accounts payable
Long-term loans payable due within one year

62,632
168,123,573
168,078,592
1,626
43,354
180,403,720

5,322,587
189,127
3,310,000

37,182

Accrued expenses

12,75457

Advances received

876,143

Other current liabilities

18,37536,387
737

Non-current liabilities

58,776,060

136,283

Investment Corporation Bonds

2,000,000

111,309

Long-term loans payable

53,064,000

Tenant leasehold and security deposits in trust

3,712,060

Interest expenses on investment corporation bonds

6,916

Borrowing related expenses

2,899

Reduction entry of tangible fixed assets

15,157

Ordinary income

2,541,392

Net income
Unappropriated retained earnings

Total liabilities

64,098,648

Total unitholders’ equity

116,305,071

Unitholders’ capital, net

113,764,487

2,540,482

Surplus2,540,583

Total net assets

116,305,071

2,540,583

Total liabilities and net assets

180,403,720

42

Debt ① (As of Apr. 15, 2022)
Category

Short-term

Floating
rate

Lenders
Mizuho Bank
Sub-total
MUFG Bank

Long-term

Fixed rate

Balance(mn yen)Interest Rate

Borrowing Date

Repayment Date

Collateral

2,700

Base rate(JBA 1-month JPY TIBOR)+0.0700%

Mar. 1, 2022

Mar. 1, 2023

Unsecured
Unguaranteed

2,700

-

-

-

-

430

Sumitomo Mitsui Banking Corporation

2,050

MUFG Bank

1,760

Mizuho Bank

1,330

0.35750%

Sept. 14, 2022

0.39130%

Sept. 14, 2023

The Bank of Fukuoka

450

The Bank of Fukuoka

900

0.42880%

MUFG Bank620

0.46750%

Sept. 14, 2025

MUFG Bank

710

0.50750%

Sept. 14, 2026

MUFG Bank

2,680
0.55000%

Sept. 14, 2027

Sumitomo Mitsui Banking Corporation

880

Sept. 14, 2017

Sept. 14, 2024

Mizuho Bank

880

Sumitomo Mitsui Banking Corporation

830

0.24000%

Sept. 14, 2022

The Norinchukin Bank

800

0.39500%

Sept. 14, 2025

Shinsei Bank500

0.45380%

Sept. 14, 2026

Mizuho Bank

830

The Bank of Fukuoka

807

Sept. 14, 2018

0.57500%

Sept. 14, 2028

Shinkin Central Bank

1,256

Sumitomo Mitsui Banking Corporation

3,000

0.25000%

Sept. 2, 2019

Sept. 2, 2023

MUFG Bank

4,000

0.49000%

Sept. 30, 2019

Sept. 30, 2029

The Norinchukin Bank

1,250

The Shinkumi Federation Bank

1,250

0.18000%

Oct. 9, 2024

0.21600%

Oct. 9, 2025

MUFG Bank

200

Mizuho Bank

2,400

The 77 Bank400

Shinsei Bank

1,250

0.24000%

Oct. 9, 2027

750

0.42000％

Oct. 10, 2028

The Bank of Fukuoka

0.26000%

Unsecured
Unguaranteed

Oct. 9, 2019

Oct. 9, 2026

43

Debt ② (As of Apr. 15, 2022)
Category

Lenders

1,150

The Shinkumi Federation Bank

1,500
300

Borrowing Date

0.20000％

The Norinchukin Bank

800

0.26630%500

0.31250%

The Bank of Fukuoka

900

The 77 Bank

500

Mizuho Bank

1,750

0.41822%

MUFG Bank

2,000

0.46832%

0.42380%

Repayment Date

Sept. 1, 2025

Sept. 1, 2026
Sept. 1, 2020

Sept. 1, 2028
Sept. 1, 2029

The Yamanashi Chuo Bank

500

The Yamaguchi Bank

500

Shinkin Central Bank

750

0.24130％

1,350

0.21000%

Mar. 9, 2025

900

0.36630%

Mar. 9, 2027

0.43130%

Mar. 9, 2028

Shinkin Central Bank
The Norinchukin Bank

900

The Chiba Bank

800

The Bank of Fukuoka

500

The 77 Bank

500

THE NISHI-NIPPON CITY BANK

500

Aug. 30, 2030

0.50000%

0.50130%

Oct. 9, 2020

Mar. 9, 2021

Oct. 9, 2025

1,050

0.55487%

Mar. 9, 2030

MUFG Bank

1,000

0.61761%

Mar. 7, 2031

The Yamaguchi Bank

1,000

0.65000%

Mar. 9, 2033

MUFG Bank

800

0.39630%

Mar. 19, 2028

MUFG Bank

1,000

0.46630%

Sumitomo Mitsui Trust Bank500

0.25000％720

0.37380%1,491

0.44000%

Development Bank of Japan

Mar. 19, 2021
Sept. 1, 2021
Apr. 14, 2021

Unsecured
Unguaranteed

Mar. 9, 2029

Mizuho Bank

Mizuho Bank

Collateral

Sept. 1, 2024

0.20000%

The Norinchukin Bank

Sumitomo Mitsui Banking Corporation
Fixed rate

Interest Rate

Sumitomo Mitsui Banking Corporation

The Bank of ToyamaLong-term

Balance(mn yen)Mar. 19, 2029
Sept. 1, 2026
Sept. 14, 2028
Sept. 14, 2029

44

Debt ③ (As of Apr. 15, 2022)
Category

Longterm

Fixed rate

Lenders

Borrowing Date

Repayment Date

Sumitomo Mitsui Banking Corporation

1,000

0.22000%

Mar. 1, 2026

2,000

0.25000%

Mar. 1, 2027

THE NISHI-NIPPON CITY BANK

500

0.45750%

Mar.1, 2028

0.52630％

Mar. 1, 2029

MUFG Bank

1,000

The 77 Bank

500

The Chiba Bank

500

The Hachijuni Bank

1,000

Daiwa Next Bank

1,000

The Keiyo Bank

500

The Chugoku Bank

500

The Bank of Fukuoka

1,000

Mizuho Bank

1,000
500

0.56615%

Mar. 1, 2022

0.63400%

Mar. 1, 2030

Collateral

Unsecured
Unguaranteed

Mar. 1, 2031

Shinkin Central Bank

2,000

Shinsei Bank

1,000

The Yamaguchi Bank

1,000

The Yamagata Bank

1,000

The Gunma Bank

1,000

Kansai Mirai Bank

1,000

The Norinchukin Bank

2,000

0.71250%

The Yamanashi Chuo Bank

1,000

0.50000%

Sub-total

77,374----80,074

-

-

-

-

2,000

0.70000％

Apr. 14, 2021

Apr. 14,2036

Unsecured
Unguaranteed

82,074----Sub-total
Fixed-rate

Interest Rate

The Shinkumi Federation Bank

THE NISHI-NIPPON CITY BANK

Investment
Corporation
Bond

Balance(mn yen)

1st Series Unsecured Bonds
Total

0.7025％Mar. 1, 2032

45

Unitholders Composition
Major Unitholders

Breakdown by Units

Number of
Units

Ratio
(%)

The Master Trust Bank of Japan, Ltd. (Trust Account)

66,458

16.99

Custody Bank of Japan, Ltd. (Trust Account)

51,412

13.14

2.7%

8.1%
21.4%

6.9%

391,135
units

60.9%

Domestic individuals
and others：31,647 units

Financial institutions：238,360 units

Domestic entities：27,018 units

Custody Bank of Japan, Ltd.
(Securities Investment Trust Account)

18,4794.72

Foreign entities：83,614 units

The Nomura Trust and Banking Company, Ltd.
(Trust Account)

17,275

4.41

Mitsubishi Estate Co., Ltd.

15,950

4.07

The Shinkumi Federation Bank

6,520

1.66

STATE STREET BANK WEST CLIENT – TREATY 505234

6,453

1.64

Mitsubishi UFJ Trust and Banking Corporation

5,413

1.38

Securities Companies ：10,496 units

Breakdown by Unitholders

1.8%

2.3%

2.5%

0.2%

9,100

unitholders
93.2%

Domestic individuals
and others：8,478 unitholders

The Chugoku Bank, Limited

5,266

1.34

Financial institutions：164 unitholders

SSBTC CLIENT OMNIBUS ACCOUNT

5,071

1.29

Domestic entities：231 unitholders

198,29750.70

Foreign entities：206 unitholders

Securities Companies：21 unitholders

Total

Same-boat Investment by MEC (as of Apr. 15, 2022)
Investment in
MEL by MEC

c. 4.1%

Note: As of Feb. 28, 2022

46

Disclaimer
This document is provided solely for informational purpose with regard to Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) and is not intended to serve as an inducement or solicitation to trade inany product offered by MEL.
Purchase, sale and such of MEL’s investment units entail the risk of incurring a loss due to fluctuations of the investment unit price.
Please consult with a securities company regarding the purchase of MEL’s investment units or investment corporation bonds. Information presented on this document should not be interpreted, unless otherwise
specified, as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations.
The information contained in this document is the best available at the time of publication, however, no assurances can be given regarding the accuracy, validity and completeness of this information.
Furthermore, MEL and Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”) assume no responsibility for the accuracy of the data, indices and other information release by third parties(including data based on real estate appraisal reports).
This document includes forward-looking statements that reflect MEL’s plans and expectations. Any information contained in this document except facts about the past and present is referred to as such forwardlooking statements. These forward-looking statements are based on the current assumptions and beliefs of MEL or the Asset Management Company in light of the information currently available to them, andinvolve known and unknown risks, uncertainties and other factors, and may be affected by such factors. These factors include risks related to MEL’s internal and external growth and risks related to the
profitability per investment unit. Such risks, uncertainties and other factors may cause MEL’s actual results, performance, achievements or financial position expressed or implied by these forward-looking
statements. MEL and the Asset Management Company undertake no obligation to publicly update any forward-looking statements after the date of this document.
The content of this document is subject to change or repeal without prior notice.
Duplication or reproduction of any content presented in this document without the prior consent of MEL or Mitsubishi Jisho Investment Advisors, Inc. is strictly prohibited.
The document is prepared solely for use by residents of Japan and is not intended for use by non-residents of Japan