Security Code：3481

Fiscal Period Ended February 29, 2020

Asset Management Company:

April 17, 2020

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

Table of Contents
1. Financial Results and Forecasts

4

2. Growth Strategy

7

3. ESG Initiatives

16

4. Logistics Market Overview

195.

Mitsubishi Estate’s Logistics
Facilities Business

6. Appendix

22
26

Highlights of Fiscal Period Ended Feb. 29, 2020 (7th Period)

External Growth●Expanded portfolio size to 15 properties / 113.7 bn yen through 2nd follow-on offering●Added 1 pipeline asset through Asset Management Company (MJIA) sourcing
Internal Growth●Maintained high occupancy and achieved rent growth for the 4 consecutive periods
Average rent growth(Note 1) 7th period: +2.2%

8th period: +9.5%

Financial Strategy●Flexible financing through LTV control backed by Sponsor’s high credibility●Filed shelf registration for investment corporation bonds to diversify financing methods
Initiatives for ESG●Continued ESG initiatives, including Signing of the Principles for Responsible Investment（”PRI”)●Announced the Mitsubishi Estate Group’s Sustainable Development Goals 2030
Financial Results●Achieved stable DPU growth of 5,907 yen
vs 6th period +383 yen (+6.9%)

vs forecast +68yen (+1.2%) (Note2)

Note 1: Average rent growth for the leases that expired or will expire during the relevant period. Estimated number for the 8th period
Note 2: Forecast as of Oct. 17, 20192

Management Policy Designed to Maximize Unitholders’ Value in Mid-to Long-term
Progress of Management Policy based on “Three Pillars”
Execution of Growth Strategy based on “Three Pillars”(Since April 2019)

Alignment
Align interest
withunitholders

Discipline
Achievedisciplined
growthHybridEnhance MEL’s
uniquestrategyHybrid Model

Asset
management
fee fully linked
to unit priceperformance

Received
SponsorContinual
GRESB
announced
same-boat“4 Star” Rating,long-term plan
investment by signed PRI andand continued
sponsorpromote green
supportportfolio

External
growthutilizing LTV

External
growth withattention to
portfolio yieldand implied
cap rate

FlexiblefinancingContinual“Hybrid”
internal growth

Enhancedcollaboration
with Tokyo
Ryutsu Center(TRC)

Securedpipelines fromsponsor
Securedpipelines
through MJIA
sourcing

Flexible
propertyacquisition
throughutilizing bridge
funds

Measures for the Future Aim for inclusion of major global
indices Introduce cumulative investment

 Maximize unitholder value throughutilizing low LTV and disciplined
property acquisition
 Consider potential issuance ofinvestment corporation bonds withan aim to diversify financing
methods

The entire Mitsubishi
Estate Group will work
together to improve
unitholder value

 Secure pipelines from sponsor
consistently
 Secure pipelines through CRE
proposals and other various sourcing
methods of MJIA
 Continue “hybrid” internal growth3

Financial Results and Forecasts

Financial Results for the Fiscal Period Ended Feb. 2020
FP Ended Feb.
2020 Forecast(As of Oct. 17,2019)(7th FP)

FP Ended Aug.
2019 Actual(6th FP) (A)FP Ended Feb.
2020 Actual(7th FP) (B)

2,530

3,200

+670

3,213

Operating Rental Revenues

2,530

3,200

+670

3,213

Operating Rental Expenses(excluding depreciation)

472

495

+23

516

2,058

2,705

+647

2,696

Depreciation

487

580

+94

587

Operating Income

1,253

1,749

+496

1,743

1,212

1,633

+421

1,610

1,211

1,632

+421

1,609

Distributions Per Unit
(including SCD)

5,524

5,907

+383

5,839

・Depreciation for newly acquired properties in 7th FP
・Rental revenue from newly acquired properties in 7th FP(excluding depreciation)
・AM Fee due to newly acquired properties in 7th FP
・G&A expenses from newly acquired properties in 7th FP
・Revenues for properties held end of 6th FP(including depreciation)

Distributions Per Unit
(excluding SCD)

4,930

5,338

+408

5,263

《Non-operating Revenues》((35)mn yen)

Operating Results（mn yen）

Operating Revenues

NOI

Ordinary Income
Net Income

Difference(B)－(A)

Distributions Per Unit (yen)Surplus Cash Distributions (SCD)Per Unit

594

569

(25)

576

Number of investment units issued
and outstanding (units)245,815305,815+60,000

305,815

AFFO (mn yen)

1,647

2,175

+527

2,131

AFFO payout ratio

82.4％

83.0％

+0.6％

83.8％

LTV

27.0％

30.0％

+3.0％

30.1%

275,236

293,133+17,897

-

99.9%

99.9%

±0％

99.9%

Average Occupancy《Operating Revenues》(+670mn yen)

・Revenue from newly acquired properties in 7th FP
・Utility cost for existing properties held in 6th FP《Operating Expenses》(+175mn yen)

+682mn yen(9)mn yen

+98mn yen
+44mn yen
+42mn yen
+15mn yen(25)mn yen

・Reactionary fall for insurance payment from typhoon damages(6th FP 42mn yen→7th FP 15mn yen)
(26)mn yen
・Reactionary fall of property tax refund due to review in asset valuation(6th FP 14mn yen→7th FP 5mn yen)
(8)mn yen《Non-operating Expenses》(+41mn yen)

Other Statistics

NAV per unit

Main Factors of Variance
6th FP Actual vs. 7th FP Actual

・Investment unit issuance cost・Interest expenses for new debt
・Repair cost incurred by typhoon damage
・Loss on reduction of fixed assets+47mn yen
+16mn yen
+11mn yen(28)mn yen

5Forecasts for the Fiscal Periods Ending Aug. 2020 and Feb. 2021
FP Ended
Feb. 2020
Actual (7thFP) (A)FP EndedAug. 2020
Forecast (8thFP) (B)

Difference(B)－(A)FP Ended Feb.
2021 Forecast(9th FP) (B)

3,200

3,346

+146

3,375

Operating Rental Revenues

3,200

3,346

+146

3,375

Operating Rental Expenses(excluding depreciation)

495

597

+102

652

2,705

2,749

+44

2,722

Depreciation

580

605

+25

613

Operating Income

1,749

1,715

(34)

1,694

1,633

1,638

+4

1,617

1,632

1,637

+4

1,616

Operating Results（mn yen）

Operating Revenues

NOI

Ordinary Income
Net Income

Main Factors of Variance
7th FP Actual vs. 8th FP Forecast《Operating Revenues》(+146mn yen)・Newly acquired properties in 7th FP fully contributed+133mn yen
・Utility costs fully contributed from newly acquired properties in 7th FP+13mn yen

《Operating Expenses》(+180mn yen)・Property tax fully expensed for newly acquired properties in 7th FP+99mn yen・AM Fee for newly acquired properties in 7th FP+54mn yen・Depreciation for newly acquired properties in 7th FP+22mn yen・Rental expenses increase (excluding property tax and depreciation)+3mn yen《Non-operating Revenues》((21)mn yen)

・No insurance payment from typhoon damages and no refund inproperty tax due to review in asset valuation(21)mn yen《Non-operating Expenses》((59)mn yen)

Distributions Per Unit (yen)Distributions Per Unit
(including SCD)

5,907

5,947

+40

5,968

Distributions Per Unit
(excluding SCD)

5,338

5,353

+15

5,286

Surplus Cash Distributions (SCD)Per Unit

569

594

+25

682

Number of investment units issued
and outstanding (units)

305,815305,815±0305,815

AFFO (mn yen)

2,175

2,135

(40)

2,061

AFFO payout ratio

83.0％

85.2％

+2.1％

88.5％

LTV

30.0％

29.4％

(0.7)％

29.4%

Average Occupancy

99.9%

99.9%

±0％

99.9%

Other Statistics

・No investment unit issuance cost
・No repair cost incurred by typhoon damage(47)mn yen(12)mn yen

Main Factors of Variance
8th FP Forecast vs. 9th FP Forecast《Operating Revenues》(＋29mn yen)・Rent increase from existing properties
・Utility cost increase
・Green lease fee and other revenue
・Temporarily decline in rental revenue《Operating Expenses》(＋50mn yen）

・Increase in rental revenue (excluding depreciation)
・Increase in depreciation
・G&A expense decrease+20mn yen
+5mn yen+3mn yen(1)mn yen
+55mn yen
+8mn yen(13)mn yen

6Growth Strategy

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

Asset Size /No. of Properties

1,137bn yen/15 properties

Average Occupancy

99.9%

Appraisal
NOI Yield

Forecasted LTV（2020/8）

Credit Rating（JCR）

Average
Debt Cost (Note)

4.8%

29.4%

AA-

0.39%

（Stable）

Asset Management Company

SponsorDevelopment/
Facilities Management
Overview

 Dedicated to city development in the Marunouchi area (Tokyo) for over 120 years
 Contributing to the society through a variety of business activities as one of thelargest comprehensive real estate developers
 Promoting the logistics facility business as a growth area
Support Constant supply of pipeline properties from sponsor through development /operation of advanced logistics facilities
 Utilization of Sponsor’s know-how and corporate customer relations in the leasing
activities
 Formulation of capital market-oriented long-term management plan to promote
recycling business in domestic asset business and to expand AUM consistently
in non-asset businesses

Investment/
Asset Management
Overview

 Established in 2001, when the scheme of real estate securitization was
emerging in Japan
 Its track record includes structuring and managing various types of real estate
funds, such as the larger private REIT in Japan
 Proven track records in a variety of asset types in investment and asset
management
Support Unique property sourcing capacity with discerning judgment
 Flexible and diverse acquisition strategies, using a wide range of schemes,
including bridge funds
 Competitive real estate fund management capability backed by a diverse deal
track record

Note: Excluding short-term debt.

8External Growth Strategy
 Capability to develop logistics facilities independently
based on extensive land information
 Capability to co-develop facilities backed by MEC’s ability
and credibility for development Capability to assess properties backed by experience incontinuous acquisitions of properties since 2001
 Flexible and diversified property acquisition strategy byleveraging the capability to manage real estate funds
LogicrossSponsor-developed properties
with expected preferential negotiation right

Brand of logistics facilities that MEC
develops throughout Japan

MJ Logipark

Properties which MEL acquired
or intends to acquire from 3rd parties

MEC Group

MJIA-sourced properties
with expected preferential negotiation rightBridge Fund・3rd Party Bridge
Newly Added Properties

Occupancy
100%

Logicross Yokohama Kohoku（16,000㎡）
Completed in FY2019(Independently)

Occupancy
100%

Occupancy
100%

Logicross Atsugi II（35,000㎡）
Completed in FY2019(Independently)

Logicross Hasuda(tentative name)（79,000㎡）
To be completed in FY2020

Logicross Osaka（36,000㎡）
Completed in FY2018 (Jointly)

Occupancy
100%

Saitomoegi Logistics Facilities
Project B (tentative name)（31,000㎡）
To be completed in FY2021

Saitomoegi Logistics Facilities
Project A (tentative name)（123,000㎡）
To be completed in FY2021

Logicross Kasukabe(tentative name)（38,000㎡）
To be completed in FY2021

Logicross Narashino（39,000㎡）
Completed in FY2017(Independently)

15properties/
1,137,000㎡
Logicross Funabashi(tentative name)（23,000㎡）
To be completed in FY2021

Logicross Zama
(tentative name)（183,000㎡）
To be completed in FY2023

Occupancy
100%

Logicross Nagoya Kasadera（72,000㎡）
Completed in FY2018 (Independently)
Occupancy
99.9%

LOGIPORT Osaka Taisho(117,000㎡)
Completed in FY2017 (Jointly)

Occupancy
100%

LOGIPORT Kawasaki Bay（296,000㎡）
Completed in FY2019（Jointly）

CRE/
Newly
Announced

Occupancy
100%

MJ Logipark Kazo 2(tentative name)（7,000㎡）
Completed in FY1998

Occupancy
100%

Other
multiple projects
MJ Logipark Sendai 1（36,000㎡）
Completed in FY2008

Note：As of Apr. 17,2020

9

Portfolio Map

Note：As of Apr. 17,202010

Internal Growth Strategy Ⅰ
Rent Revision (Based on leased area)
賃料増額rent revision
UpwardFP 2018/8
2018年8月期（4th FP）

57%

FP 2019/2
2019年2月期（5th FP）

43%

賃料据置
Rent
unchanged

11,000㎡

4%
40%

60%

FP 2020/2
2020年2月期（7th FP）

88%

12% 19,000㎡

40,000㎡

7% 21,000㎡

93%

FP 2021/2
2021年2月期（9th FP）(Forecasted)

62,000㎡

96%

FP 2019/8
2019年8月期（6th FP）

FP 2020/8
2020年8月期（8th FP）(Forecasted)

未定
Undecided

25%

69%

Average Rent Growth

Average Rent Growthof Increased Portion

+1.8%

+3.2%

+0.2%

+3.4%

+3.1%

+6.8%

+2.2%

+2.5%

+9.5%

+10.4%

22,000㎡

Full contribution
from 9th FP

6%

0

15,00030,00040,00045,00040,00065,00060,00065,000 （㎡）69% contracted

MJ Logipark Fukuoka 1

As a result of negotiations by MEC, which is
responsible for tenant relations in the Fukuoka area
where demand and supply are tight, rent increases
were realized upon the renewal of the contract.

Leased area：Approx. 2,000㎡

Rent growth:＋13.9%LOGIPORT Hashimoto

Through MJIA’s proposal, MEL installed LED
lighting at MEL’s cost. Tenants’ electricity
bills were reduced, resulting in an increase
in rent.
Leased area：Approx.5,500㎡
Rent growth:＋14.6%

Accumulation of internal growth through rent revisions
and our unique initiatives（mn yen）
35

Rent
revision
賃料改定

Initiatives
other than rent revision
賃料改定以外の取り組み

Refundof property tax due to review in asset valuation
建物固定資産評価の見直しによる過去分の一括還付

30
25
20
15
10
5
0

FP 2019/2
2019年2月（5th FP）（第5期）

FP 2019/8
2019年8月（6th FP）（第6期）

FP 2020/2
2020年2月（7th FP）（第7期）

FP 2020/8
2020年8月（8th FP）（第8期）(Forecasted)（見込み）

FP 2021/2
2021年2月（9th FP）（第9期）(Forecasted)（見込み）

Note：As of Feb. 29,202011

Internal Growth Strategy Ⅱ
Tenant Data
Type of Cargo

Tenant Diversification

7.4%■KimuraUnity
キムラユニティー株式会社

5.7%
5.4%
5.1%
3.4%

4.3%

4.8% 4.9%

5.0%■MITAKA
SOKO
株式会社三鷹倉庫■Household Goods
日用品■Food and Drink
食品・飲料■Pharmaceuticals
医薬品・医療用機器■andMedical Devices■Home
Appliance
家電・精密機器■andPrecision equipment
原材料・部材■Raw / Component Materials
衣料品■Clothing
家具・雑貨■Furnitureand Home Goods
その他■Others■HondaLogicom
ホンダロジコム株式会社■Mitsubishi
Estate
三菱地所株式会社■Fukuoka
Logistic System
福岡ロジテム株式会社

12.0%

■KDDI
KDDI株式会社

3.6%■S.V.D.
株式会社エス・ブイ・デー■Others
その他

Average Occupancy and Lease Agreements
Average occupancy
since IPO
Fixed-termlease ratio

More than 99%

83.0%
17.0%

32.9%

9.9%

■Sun
City Building
サン都市建物株式会社

BtoC

63.7%

6.4%

山九株式会社■Sankyu
7.1%

38.5%

(Based on leased area)(Note)

Daily Necessities

0.6%

株式会社IHIインフラシステム■IHI
Infrastructure Systems

15.9%

Delivery Destination(Based on leased area)(Note)（Based on leased area）

27.2%

BtoC
83.0%

BtoB

Lease Agreement Expiration Schedule (Note)
（㎡）

#REF!
Lease agreements that expired#REF!lease agreements#REF!
Contracted

Rent ratio

80,000100.0%

15

60,00010

40,0005

20,000Weighted averageremaining expiry

6.5years

0

（%）

20

100,000

2020/8 2021/8 2022/8 2023/8 2024/8 2025/8 2026/8 2027/8 2028/8 2029/8 2038/8 2027/8

02021/2 2022/2 2023/2 2024/2 2025/2 2026/2 2027/2 2028/2 2029/2

Note：Excludes land12

Financial Strategy
Financial Strategy

Preparation for Bond IssuanceLong-term
debt ratio

Fixed interest
rate ratio

94.4

94.4

Credit rating(JCR)

Forecasted LTV

%

AA-

%

Average remaining
debt duration

5.4(FP 2020/8)

29.4

%

（Stable）(all/excluding short-term)/5.7 years

years

Average debt cost(all/excluding short-term)

0.38 /0.39%

Debt capacity(up to 40%)

21

Approx.

Lendersbn yen%

MEL filed the shelfregistration for issuance ofInvestment corporation
bonds.

Diversification offinancing method

Debt capacity(up to 50%)Further expansionof investor base50

Reinforcementof credit

Approx.

bn yenDebt Maturity Schedule（mn yen）
10,0003.4% 1.1%
4.1%
4.8%
29.1%

5.5%
5.6%

MUFG Bank, Ltd.
8,000

Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.

Total Debt
Balance
36,474 mn yen

8.0%

Mizuho Bank, Ltd.

6,000

The Norinchukin Bank
Shinkin Central Bank

4,000

Shinsei Bank Limited
Development Bank of Japan

18.5%

19.9%

2,000

The Shinkumi Federation Bank
The 77 Bank, Ltd.

0
2020

2021

2022

2023

2024

2025

2026

2027

2028

2029 （CY)

Note：As of February 29,2020

13

Initiatives for ESG
Sustainability Policy

MEL promotes initiatives for ESG, in collaboration with the AssetManagement Company and the Sponsor, following the basic policies as
below:
1. Pursue energy efficiency
and low carbon
2. Improve water resource
management and waste
management
3. Enhance tenant safety,
security and satisfaction

4. Empower our people
5. Collaborate with external
stakeholders
6. Disclose ESG informationand obtain environmental
certifications
7. Ensure compliance and risk
management

Signing of PRI
Asset Management Company became asignatory of PRI, the Principles for
Reasonable Investment in March 2020.

Mitsubishi Estate Group’s Initiatives for ESG
Mitsubishi Estate Group’s Sustainable Development
Goals 2030 (Long-term Business Plan)
1. Environment
Sustainable urban developmentthat proactively addresses climatechange and environmental issues
2. Diversity & Inclusion
Urban development that responds tolifestyle and human resources trends andfacilitates active participation for all
3. Innovation
Innovative urban development that
continuously renew society
4. Resilience
Dynamic, flexible urban development thatbuilds disaster-resilient communities andprioritizes safety and security

External Evaluation on Mitsubishi Estate GroupGRESB assessment

MEL participated in the 2019 GRESB Real
Estate Assessment for the first time andwas awarded the prestigious “Green Star”
rating and received “4 Star” rating.

Participate in United Nations Global Compact (UNGC)
Mitsubishi Estate became a signatory of
the UNGC and Mitsubishi Estate Group was
registered as participants in April 2018.
Along with this, the Asset Management
Companry has participated in this initiative
as a member of Mitsubishi Estate Group.

14Mid-to Long-Term Growth Strategy
Asset size target and transition of key financial figures
1st follow-on
offering

Asset Size
70.8 bn yen

Asset size target
200 bn yen

2nd follow-on
offering

Realized
external growth
annually since IPO

30.5 bn yen 113.7 bn yen
83.2
bn
yen
83.2 bn yen

Mid-to-long term
asset size target
300 bn yen

Increased Asset Sizefrom 70.8 bn yen
at IPO to113.7 bn yen
in 2 years

 Aims for early inclusion
in major indices+2.4 %
increase

LTV

25.0%

27.0%

27.0%

30.0%

29.4%

29.4%

5,907 yen

5,947 yen

5,968 yen

Stabilized LTV
40%～50%+7.7 %
increase

DPU

5,292 yen

5,492 yen

5,524 yen

+6.5 %
increase

NAV PerUnit

269,217 yen 270,016 yen

FP 2018/8

FP 2019/2

 Aims to increase DPU
through disciplined
growth Aims to steadily grow
NAV per unit andimprove unitholder value

293,133 yen

Aims forcontinued growth275,236 yen

FP 2019/8

Aims forcontinued growth Continue property
acquisitions throughequity offerings andflexible use of LTV,
lowest level among all
J-REITsFP 2020/2

FP 2020/8

FP 2021/2

Note：As of Feb. 29,2020

15

ESG Initiatives

Initiatives for ESG (Environment)
Environment
Promotion of Green Portfolio
Ratio of Green Properties in Portfolio (GFA basis)
Certification System# of Properties

Building-Housing Energy-Efficiency
Labeling System (BELS)
Comprehensive Assessment System for
Built Environment Efficiency (CASBEE)
for Real Estate
DBJ Green Building Certification

4
5
1

64.4%

Property Name

Evaluation

Logicross Atsugi

BELS: ★★★★★
CASBEE S Rank for Real Estate

Logicross Kobe Sanda

BELS: ★★★★
CASBEE A Rank for Real Estate

MJ Logipark Kazo１

BELS: ★★★★★

LOGIPORT Sagamihara

CASBEE S Rank for Real Estate

LOGIPORT Hashimoto

BELS: ★★
CASBEE S Rank for Real Estate

MJ Logipark Kasugai 1

CASBEE A Rank for New Construction Aichi

Logicross Fukuoka Hisayama

DBJ Green Building Certification: ★★★★

ExamplesEnergy saving initiatives

Insulated sandwich panels
for exterior walls

Installation of motion-detection
sensors

Insulated solar panels

Seismic isolators

Reuse of OA floor panels of Renovation with LED installed based
office buildings in Marunouchi
on Green Lease contract

Use of renewable energy /BCP initiatives
Installation of private power
generators

Measures against infectious
diseases (with hand sanitizers)

17

Initiatives for ESG (Social & Governance)
SocialGovernance

Proactive participation in CSR activities

Asset Management Structure●MEL introduced an asset management fee structure reflecting theperformance of DPU and investment unit price for the purpose of aligningwith unitholders’ interest
Asset management fee Ⅰ(AUM-linked)
Asset management fee Ⅱ(Real estate profit-linked)

Clean up volunteer activity
after Atsugi Ayu Firework
Festival near MJ Logipark
Atsugi 1

Free beverage service fortenants at LOGIPORT
Sagamihara

Lawn-mowing at greeneryareas in MJ Logipark Atsugi
1

Collaboration with Local Educational Institute andImprovement in Tenant Satisfaction

Asset management fee Ⅲ(Unitholder interestlinked)

Local universities andvocation schools in theregion were involved aspart of the redesigning of
the employee lounge at MJ
Logipark Fukuoka 1

Total assets as of the end of previous period × 0.2%
(upper limit)
Adjusted NOI × 5.0% (upper limit)
Adjusted net income before tax × net income before tax
per unit × 0.001% (upper limit)
1st in J-REIT“Fee linked to Investment Unit Price”
Performance against TSE REIT Index ((a)-(b)) × market
capitalization (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)

Fee linked to Investment Unit Price
Investment unit price
TSE REIT Index (incl. dividends)

BeforeAfter

Offering Comfortable Working Environment
Examples●Introduction of flextime working system●Installation of community spaces within the office area
●Invitation of personnel from group companies andoutside professionals●Specialized training for skill improvement●Employee satisfaction survey

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

Pt2+D
Reference date (previous period)：t1
Reference date (current period)：t2
Closing price of MEL as of t1：Pt1 Closing
price of MEL as of t2：Pt2
TSE REIT Index (incl. dividends) as of t1：It1
TSE REIT Index (incl. dividends) as of t2：It2
Distribution per unit：D

It2
It1
Pt1

t1

＜Formula＞(a)＝(Pt2- Pt1 ＋D)/ Pt1×100%t2(b) ＝(It2 / It1 -1)×100%

Same-boat investment by
Mitsubishi Estate
as of Feb. 29, 2020c. 4.1%18

Logistic Market Overview

Logistics Market Overview Ⅰ
E-commerce Market Size

3PL Market Size

Eコマース売上高
Salesof E-commerce（100 bn yen）
200

40

150

30

100

20

50

10

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 （CY）

Source: Data compiled by the Asset Management Company based on data from “Establishment of infrastructure for data
malignant society in Japan (FY2018 E-Commerce Market Survey)" (May 2019) by the Ministry of Economy,
Trade and Industry
Note: “Sales of E-commerce " in the above figure is an estimate of the transaction amount on the Internet at B2C, and thefigure to be estimated is the sum of transaction amount through the Internet among all goods and services in personal
consumption.

E-commerce Rate
英国
UK

米国
U.S.
10.5%

Source: Data created by the Asset Management Company based on "Monthly Logistics Business Sept. 2019“
Note: Each FY refers to a period commencing on April 1 and ending on March 31 of the following year It does not coincidewith the FP of MEL.

190

百貨店
Department
store

スーパー
Super market

インターネット通販
Onlineshop

ドラッグストア
Drug store

Convenience
コンビニ store

160
9.9%

8

2

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018（CY）（100 bn yen）

10

4

0

Retail Market Size

日本
Japan

（%）
12

6

3PL Market size
3PL売上高（100 bn yen）

4.9%

6.2%

100
70

4.4%
2.8%
2010

130

2011

2012

2013

2014

2015

2016

2017

Source: Data created by the Asset Management Company based on data from Ministry of Economy,
Trade and Industry (Japan), Office for National Statistics（UK）and U.S. Census Bureau (USA)2018 （CY)40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 （CY）

Source: Data compiled by the Asset Management Company based on data from “Current Survey of Commerce FY 2019”(March 2020) by the Ministry of Economy, Trade and Industry and "Establishment of infrastructure for data
malignant society in Japan (FY 2018 E-Commerce Market Survey )" (May 2019) by the Ministry of Economy,
Trade and Industry

20

Logistics Market Overview Ⅱ
Tokyo Metropolitan Area
New supply(left axis)
New demand(left axis)

Forecast new supply(left axis)
Forecast new demand(left axis)(Thousands ㎡)
3,000

Osaka Metropolitan Area
Vacancy rate(right axis)
Vacancy rate after 1 year
after completion(right axis)
（%）
10

2,500

1,500
1,000

(Thousands ㎡)
1,400

12
10

6

800

8

4

600

6

400

4

200

2

2

0

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (CY)
Forecast
予測

0

CBRE K.K

Nagoya Metropolitan Area
New supply(left axis)
New demand(left axis)(Thousands ㎡)
400

Forecast new supply(left axis)
Forecast new demand(left axis)

Vacancy rate(right axis)
Vacancy rate after 1 year
after completion(right axis)
（%）
14

1,000

500

Source:Forecast new supply(left axis)
Forecast new demand(left axis)

1,200

8

2,000

New supply(left axis)
New demand(left axis)

02009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021（CY)Forecast
予測

Source:CBRE K.K

Kyushu Area
Vacancy rate(right axis)
Vacancy rate after 1 year
after completion(right axis)
（%）
40
35

300

30

New supply(left axis)(Thousands ㎡)
200

Forecast new supply(left axis)

Vacancy rate(right axis)
（%）
20

150

15

100

10

50

5

25
20

200

15
10

100

5
0

0
(100)

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

Source:Forecast

CBRE K.K

(5)
(CY)
(10)

0

2009

Source:

2010

2011

2012

2013

2014

2015

2016

2017

2018

0
2019 （CY)

CBRE K.K

Notes:
1. “Tokyo Metropolitan Area” refers to Tokyo, Chiba, Saitama, Kanagawa and Ibaraki prefectures, “Osaka Metropolitan Area” refers to Osaka, Hyogo and Kyoto prefectures, “Nagoya Metropolitan Area” refers to Aichi, Mie and Gifu prefectureand “Kyushu Area” refers to Fukuoka and Saga prefectures.
2. “New Supply” refers to total leasable floor area of newly constructed leasable logistics facilities and “New Demand” refers to change in occupied floor area. Change in occupied floor area is calculated by subtracting tenant withdrawal floor area fromfloor area under new agreements.
3: Based on data for leasable logistics facilities with 5,000㎡ or more of gross floor area owned by real estate investment company, real estate developer, etc. Excluding leasable logistics facilities owned by logistics company.

21

Mitsubishi Estate’s Logistics Facilities BusinessFeatures of MEC Group’s Logistics Facility Business Ⅰ
History of Logistics Facility Business of 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
Completed LOGIPORT
Sagamihara

Investment inTokyo Ryutsu
Center (TRC)

1967

Completed LogicrossFukuoka Hisayama

Completed Tatsumi
Logistics Center(Formerly Nakano
Shokai Tatsumi
Center)2012

Established Tokyo Ryutsu Center Inc.
in 1967～Built track record as a pioneer in theJapanese logistics facilities sector～●Has received investment from MEC since
its establishment●Has built a track record in operating

logistics facilities in prime locations in Tokyo

Completed
Logicross Narashino

Completed four properties incl.
Logicross Nagoya Kasadera
Scheduledcompletion of
Logicross series
properties

MEC made TRC a
consolidated
subsidiary

2013

2014

2015

2016

2017

2018

2019

2020 and

2020

after

Strengthened Efforts in Logistics Facilities Development at MEC●Restructured Facilities Development Department in 2013 to enhanceefforts to the relevant business●Achieved further growth through not only joint development but also
its own brand Logicross series launched on a stand-alone basis in
2014● Made TRC a consolidated subsidiary in 2016

Taken from “Medium-term Management Plan from2018/3 to 2020/3”
Value Chain of Capital Recycling Investment
Land acquisition
and Development
Platform ofLogistics Facilities
Business
Facility
Management

Completed
Logicross Atsugi

Completed LOGIPORT
Hashimoto

AssetManagement

Announced
Medium-termManagement
Plan

Completed Logicross
Kobe Sanda

Completed LOGIPORTOsaka Taisho

LOGIPORT
Kawasaki Bay

Announced
Long-termManagement
Plan

Taken from “Mitsubishi Estate Group Long-Term Management Plan 2030”

Domestic AssetBusiness
International
Asset Business
Non-asset
Business●Advance and commercialize redevelopment PJ,
including Marunouchi●Promote capital recycling business in response to realestate market conditions●Increase AUM to 5 trillion yen by the mid-2020s●Utilization of the latest technologies such as AI andRobotics

23

Features of MEC Group‘s Logistics Facility Business Ⅱ
Strengths of MEC group
Diversified business portfolio
Advanced development
capabilities

Strengths4
as acomprehensive Corporate customer relations
developer

5

Customer network
supported by branches

Numerous joint projectexperiences
Strengths of
the Logistics
Facilities
Business

1
2

Land Acquisition

Development

Obtain a variety ofland information

Manage development cost

Consolidate plots of land frommultiple landowners

Experiences of joint projects requiring coordinations between stakeholders with different interests

Collaboration with TRC

Capture information from tenants ofmanaged facilities

Obtaining a variety of land information throughgroup-wide information sharing
Logicross
Nagoya KasaderaGroup-wide leasing
Explore tenants’ needs
at various locations

Explore land information on site

Reflect tenants’ needs in landacquisition

1 Diversified business portfolio

Coordination among stakeholders andthe administration

Land information and development utilizing relations

Strengthening of value chain
through in-house PM
63

Operation & Management

among stakeholders and3 Coordinations
the administration

Understand tenants’ needs for facility
specifications

Understand tenants’ usage needs
Utilize relations with tenants ofmanaged facilities

4 Corporate customer relations

network supported by
5 Customer
branches

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

Collaborative project making fulluse of relation with office tenant in
Daimaru area

Use the regional network mainly inthe areas where MEC’s head officeand branches are located toachieve tenant leasing activities

Logicross Hasuda (tentative)

LOGIPORT Kawasaki Bay

Logicross Kobe Sanda

2 Consolidate plots of land from multiple landowners
Efforts such as acquiring development lands
through land consolidation of multiple
owners
Logicross Kasugai (tentative)

24

6Partnership with TRC
Outsourced Operation to TRC

Approx. 50 yearsof experience

Logicross Atsugi

Logicross Kobe Sanda

Logicross Narashino

Logicross Osaka

Logicross Nagoya Kasadera

Logicross Yokohama Kohoku

Logicross AtsugiⅡ

MJ Logipark Tsuchiura 1

MJ Logipark Kasugai 1

MJ Industrial Park Sakai(Land)

MJ Logipark Kazo 2● Operation & management of 11
sponsor-developed properties
are outsourced to TRC● Promoting in-house operation& management by utilizing
TRC’s know-how

Overview of Tokyo Ryutsu Center (TRC)●Established in 1967 to operate large distribution facilities thattake a critical role for streamlining logistics in the Tokyo
Metropolitan area, and became a consolidated subsidiary of
MEC since 2016.
●Rebuilt Logistics Building, B-wing as the first in-premise redevelopment project (completed in June, 2017, with floorarea of 171,300m2) . MEC entered “Project Management
Support consignment contract” associated with rebuilding.
C
D

B

A

Personnel Exchange with TRC(As of Apr. 1, 2020)
6 seconded

Development of Facility Management Service
Utilizing Drones●Started the joint development of an advanced andefficient operation/management method, utilizing
TRC’s operational/management know-how●The MEC Group promotes digital transformation3 accepted●Five employees are seconded from MEC
to TRC, while two employees from TRC
to MEC

unbound by the traditional Real Estate business,through the fusion of Real Estate Assets and digitaltechnology●One employee is seconded from MJIA to
TRC, while one from TRC to MJIA
●Promoting the accumulation of knowhow through personnel exchange

25Appendix

Overview of 2nd Follow-on Offering and 5 New Properties Ⅰ
Overview of 5 new properties

Offering Summary
Transaction

Domestic Public Offering(with Extraordinary Report)

Launch date

Sept. 19, 2019

Pricing date

Sept. 30, 2019

Issue price335,887 yen per unit

Total # of units issued

Public offering: 57,150units(including Sponsor: 2,450units)

Total amount issued

20,153 mn yen

No. of Properties /Total Acquisition Price

Average Property Age

Average Occupancy

Average Appraisal NOI Yield/
Average Appraisal NOI Yield excluding Land

5 properties/30,568 mn yen
100.0%
Total Acquisition Price vs.
Total Appraisal Value

Third party allotment: 2,850units

Sponsor-developed property

96.3%

5.0 years

4.7%/4.9%
Weighted Average
Lease Expiry

13.0 years

LOGIPORT Osaka Taisho (20% co-ownership interest)

Acquisition price

5,682 mn yen

Appraisal value

6,020 mn yen

Appraisal NOI yield

4.6%

Location

Osaka, Osaka

Total floor area

117,045m2

Main tenant

TOSHIBA LOGISTICS CORPORATION, others

Note： Data at the time of 2nd follow-on offering.

27

Overview of 2nd Follow-on Offering and 5 New Properties Ⅱ
Asset Management Company (MJIA)-sourced properties
Improved
Pre-leased
Occupancy

CRE

MJ Logipark Nishinomiya 1

MJ Logipark Kasugai 1
Acquisition price

13,670 mn yen

Acquisition price

2,483 mn yen

Appraisal value

13,900 mn yen

Appraisal value

2,630 mn yen

Appraisal NOI yield
Location
Total floor area
Main tenant

4.8%

Appraisal NOI yield

Kasugai, Aichi

Location
Total floor area

58,236m2
KIMURA UNITY Co., Ltd., others
SponsorRelationｖ

Main tenant

5.7%
Nishinomiya, Hyogo
13,903m2
F-LINE Co., Ltd.

CRE

CRE

MJ Logipark Tsuchiura 1

MJ Industrial Park Sakai (Land)
Acquisition price5,600 mn yen

Appraisal value

5,780 mn yen

Appraisal NOI yield
Location
Total floor area
Main tenant

3.8%
Sakai, Osaka
87,476m2
IHI Infrastructure Systems Co., Ltd.

Acquisition price

3,133 mn yen

Appraisal value

3,420 mn yen

Appraisal NOI yield
Location
Total floor area
Main tenant

5.3%
Tsuchiura, Ibaraki
15,485m2
EntreX Incorporated

Note： Data at the time of 2nd follow-on offering.

28

Accretion and Effect through Offering and Acquisitions(Data as of Oct. 17, 2019 at the time of earnings announcement for the 6th FP)

Stabilized DPU

Asset Size

(yen)
6,000

5,933

5,800

+8.0%

5,600

Propertytax
expensed

5,492

2019/2 (5th FP)

新規取得資産取得後
Post-Offering（2020年8月期予想）
Forecasted
2020/8 (8th FP)

NAV per Unit
279,523+3.5%

270,016

265,000

260,000

Achieved
100 bnyen

0

2019年2月期（第5期）
Pre-Acquisition

2019/2 (5th FP)

新規取得資産取得後
Post-Acquisitions
Pre-Acquisition（2019年10月9日）(asof Oct. 2019/2
9, 2019)(5th FP)

LTV

(yen)
280,000

270,000

832

1,137

400

2019年2月期（第5期）
Pre-Offering

275,000+36.7%

800

5,400

5,200

(bn yen)
1,200

2019年2月期（第5期）
Pre-Offering

2019/2 (5th FP)

2019/2 (5th FP)
2019年2月期（第5期）

Pre-Offering

Post-Offering
新規取得資産取得後
2020/8 (8th FP)
2020年8月期末

LTV

Forecasted LTV

27.0%

29.4%

新規取得資産取得後（予想）Post-Offering (Forecast)

29

Portfolio Overview
Number of properties

15

properties

Property Name
Acquisition PriceAppraisal NOI Yield

Logicross Fukuoka
Hisayama

5,770 mn yen
5.2%

Average occupancy

99.9

%

Total acquisition price

1,137

Average appraisal NOI yield

4.8

bn yen%Average property age

7.6

years

Property Name

LOGIPORT Sagamihara

Property Name

MJ Logipark Funabashi 1

Property Name

MJ Logipark Atsugi 1

Property Name

MJ Logipark Kazo 1

Acquisition Price

21,364 mn yen

Acquisition Price

5,400 mn yen

Acquisition Price

6,653 mn yen

Acquisition Price

1,272 mn yen

Appraisal NOI Yield

4.6%

Appraisal NOI Yield

6.5%

Appraisal NOI Yield

4.5%

Appraisal NOI Yield

5.7%

Property Name

Logicross Atsugi

Property Name

LOGIPORT Hashimoto

Property Name

MJ Logipark Osaka 1

Property Name

MJ Logipark Fukuoka 1

Property Name

MJ Logipark Tsuchiura 1

Acquisition Price

8,440 mn yen

Acquisition Price

18,200 mn yen

Acquisition Price

6,090 mn yen

Acquisition Price

6,130 mn yen

Acquisition Price

3,133 mn yen

Appraisal NOI Yield

4.5%

Property Name

Logicross Kobe Sanda

Acquisition Price

3,900 mn yen

Appraisal NOI Yield

5.1%

Appraisal NOI Yield

4.4%

Property Name

LOGIPORT Osaka Taisho

Acquisition Price

5,682 mn yen

Appraisal NOI Yield

4.6%

Appraisal NOI Yield

5.0%

Property Name

MJ Logipark Kasugai 1

Acquisition Price

13,670 mn yen

Appraisal NOI Yield

4.8%

Appraisal NOI Yield

5.3%

Property Name

MJ Logipark
Nishinomiya 1

Acquisition Price

2,483 mn yen

Appraisal NOI Yield

5.7%

Appraisal NOI Yield

Property Name
Acquisition PriceAppraisal NOI Yield

5.3%

MJ Industrial Park Sakai(Land)

5,600 mn yen
3.8%

Note: As of Feb. 29, 202030

Portfolio Details
Property Name

Properties
Held as ofthe end of
6th FP(Note 2)

Properties
Acquired inthe 7th FP(Note 2)

Location

AcquisitionPrice(mn yen)Total Floor
Area（m2）(Note 1)

Appraisal
NOI yield(%)

Occupancy
PropertyRate
Age (years)（%）

Property
Type

Logicross Fukuoka Hisayama

Kasuya, Fukuoka

5,770

36,082

5.2

100.0

5.4

Multi

Logicross Atsugi

Atsugi, Kanagawa

8,440

29,895

4.5

100.0

3.0

Multi

Logicross Kobe Sanda

Kobe, Hyogo

3,900

12,879

5.1

100.0

2.7

BTS

LOGIPORT Sagamihara(Beneficiary interest 49%)

Sagamihara,
Kanagawa

21,364200,252(98,123)

4.6

99.7

6.5

Multi

LOGIPORT Hashimoto(Beneficiary interest 45%)

Sagamihara,
Kanagawa

18,200145,809(65,614)

4.4

99.9

5.1

Multi

MJ Logipark Funabashi 1

Funabashi, Chiba

5,400

18,262

6.5

100.0

30.2

Multi

MJ Logipark Atsugi 1

Atsugi, Kanagawa

6,653

27,836

4.5

100.0

6.6

Multi

MJ Logipark Kazo 1

Kazo, Saitama

1,272

7,602

5.7

100.0

14.0

Multi

MJ Logipark Osaka 1

Osaka, Osaka

6,090

39,157

5.0

100.0

12.4

Multi

MJ Logipark Fukuoka 1

Kasuya, Fukuoka

6,130

39,797

5.3

100.0

12.4

Multi

MJ Logipark Tsuchiura 1

Tsuchiura, Ibaraki

3,133

15,485

5.3

100.0

5.3

BTS

LOGIPORT Osaka Taisho(Beneficiary interest 20%)

Osaka, Osaka

5,682

117,045(23,409)

4.6

99.9

2.0

Multi

MJ Logipark Nishinomiya 1

Hyogo, Osaka

2,483

13,903

5.7

100.0

29.0

BTS

MJ Logipark Kasugai 1

Kasugai, Aichi

13,67058,236

4.8

100.0

3.1

Multi

MJ Industrial Park Sakai(Land)

Sakai, Osaka

5,600

-

3.8

100.0

-

Land

113,787

762,245(486,285)

4.8

99.9

7.6

-

Total / Average

Notes:
1. “Total Floor Area” of LOGIPORT Sagamihara, LOGIPORT Hashimoto and LOGIPORT Osaka Taisho are shown with the values corresponding to each beneficiary interest (49%,45% and 20%, respectively). The figure in parentheses in the“Total / Average” column is the sum of total floor area of properties calculated based on the values corresponding to each beneficiary interest ratio.
2. As of Feb. 29, 202031

Summary of Latest Appraisals(Units: Millions of yen)

Properties
Acquired inthe 7th FP(Note 2)

6th FP(Ended Aug. 31, 2019)(Note 2）

Appraisalvalue

Direct cap
rate (%)

Appraisalvalue

Direct cap
rate (%)

Appraisalvalue

Direct cap
rate (%)

Acquisition
Date

Acquisition
Price

Logicross Fukuoka Hisayama

Sept. 2017

5,770

5,639

6,150

4.8

6,110

4.8

+40

±0.0

510

Logicross Atsugi

Sept. 2018

8,440

8,450

9,000

4.2

8,780

4.3

+220

(0.1)

549

Logicross Kobe Sanda

Sept. 2018

3,900

3,907

4,140

4.7

4,100

4.7

+40

±0.0

232

LOGIPORT Sagamihara(Beneficiary interest 49%)

Sept. 2017

21,36421,062

23,3004.2

23,300

4.2

±０

±0.0

2,237

LOGIPORT Hashimoto(Beneficiary interest 45%)

Sept. 201718,20017,98519,8004.0

19,305

4.1

+495

(0.1)

1,814

MJ Logipark Funabashi 1

Sept. 2016

5,400

5,261

6,560

4.9

6,440

5.0

+120

(0.1)

1,298

MJ Logipark Atsugi 1

Sept. 2017

6,653

6,573

7,020

4.2

6,910

4.3

+110

(0.1)

446

MJ Logipark Kazo 1

Sept. 2017

1,272

1,262

1,400

5.0

1,370

5.1

+30

(0.1)

137

MJ Logipark Osaka 1

Sept. 2017

6,090

6,011

6,830

4.3

6,670

4.4

+160

(0.1)

818

MJ Logipark Fukuoka 1

Sept. 2017

6,130

5,950

6,440

4.8

6,390

4.8

+50

±0.0

489

MJ Logipark Tsuchiura 1

Sept. 2019

3,133

3,159

3,420

4.8

3,420

4.8

±０

±0.0

260

LOGIPORT Osaka Taisho(Beneficiary interest 20%)

Oct. 2019

5,682

5,730

6,020

4.2

6,020

4.2

±０

±0.0

289

MJ Logipark Nishinomiya 1

Oct. 2019

2,483

2,583

2,640

4.8

2,630

4.8

+10

±0.0

56

MJ Logipark Kasugai 1

Oct. 201913,67013,776

14,0004.5

13,900

4.5

+100

±0.0

223

MJ Industrial Park Sakai(Land)

Oct. 2019

5,600

5,666

5,780

3.7

5,780

3.7

±０

±0.0

113

113,787

113,023

122,500-

121,125-+1,375-

9,476

Property Name

Properties
Held as ofthe end of
6th FP

7th FP(Ended Feb. 29, 2020)（Note 1）

Book
Value atend of
7th FP

Total

Difference

Unrealized
gain

Notes
1. As of Feb. 29, 2020
2. As of Aug. 31, 2019. As of June 30, 2019 for Properties Acquired in the 7th FP.

32

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）

Actual3,200,880
3,046,460
154,419
1,451,155
1,076,349
251,817

Asset custody fee

1,099

Administrative service fee

18,624

Director’s compensations

2,400

Commission paid

66,301Other operating expenses

34,562

Operating income
Non-operating income
Interest income

1,749,725
20,75533

Balance Sheet（Unit：Thousands of yen）

Item

Current assets
Cash and deposits

Actual8,331,030
3,003,699

Cash and deposits in trust

4,283,495

Consumption taxes receivable

1,005,408

Other current assets
Total fixed assets
Property and equipment

38,427113,077,964
113,023,624

Intangible assets

5,626

Investments and other assets

48,712

Deferred assets
Total assets

Current liabilities
Operating accounts payable
Short-term loans payable

16,127
121,425,122

3,070,548
89,8912,050,000

Insurance income

15,442

Accrued expenses

355,054

Refund of property taxes

5,279

Advances received

558,492

Other current liabilities

17,108Non-operating expenses

136,956

Interest expenses

65,512

Borrowing related expenses

3,055

Long-term loans payable

34,424,000

Amortization of organization expenses

6,047

Tenant leasehold and security deposits in trust

2,129,916

Amortization of investment unit issuance

47,254Losses due to disaster

11,885

Reduction entry of tangible fixed assets

3,200

Ordinary income

1,633,525

Net income

1,632,579

Unappropriated retained earnings

1,632,627

Non-current liabilities

36,553,916

Total liabilities

39,624,465

Total unitholders’ equity

81,800,657

Unitholders’ capital, net

80,168,030

Surplus1,632,627

Total net assets

81,800,657

Total liabilities and net assets

121,425,122

33

Debt
Category
ShorttermLongterm

Lenders

MUFG Bank
Floating
Shinkin Central Bank
rate
Mizuho Bank
Mizuho Bank
Development Bank of Japan
MUFG Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank
Mizuho Bank
The Bank of Fukuoka
The Bank of Fukuoka
MUFG BankMUFG BankMUFG Bank
Sumitomo Mitsui Banking Corporation
Mizuho Bank
Sumitomo Mitsui Banking Corporation
Fixed
rate
The Norinchukin Bank
Shinsei Bank
Mizuho Bank
The Bank of Fukuoka
Shinkin Central Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank
The Norinchukin BankThe Shinkumi Federation BankMUFG Bank
Mizuho Bank
The 77 Bank
Shinsei Bank
The Bank of Fukuoka
Total

Balance(mn yen)
200
750
1,100
720
1,491
430
2,050
1,760
1,330
450
900
620
710
2,680
880
880
830
800
500
830
807
1,256
3,000
4,000
1,250
1,250
200
2,400
400
1,250
750
36,474

Interest Rate

Borrowing Date

Repayment Date

Base rate(JBA 1-month JPY
TIBOR)+0.07000%

Oct. 9, 2019

Oct. 9, 2020

0.32630%

Sept. 14, 2021

0.35750%

Sept. 14, 2022

0.39130%
0.42880%
0.46750%0.50750%

Sept. 14, 2017

Sept. 14, 2023
Sept. 14, 2024
Sept. 14, 2025
Sept. 14, 2026

0.55000%

Sept. 14, 2027

0.24000%
0.39500%
0.45380%

Sept. 14, 2022
Sept. 14, 2025
Sept. 14, 2026

Sept. 14, 2018

0.57500%
0.25000%
0.49000%

Sept. 2, 2019
Sept. 30, 2019

Sept. 2, 2023
Sept. 30, 2029
Oct. 9, 2024

0.21600%

Oct. 9, 2025

0.24000%
0.42000％-

Unsecured,
Unguaranteed

Sept. 14, 2028

0.18000%

0.26000%

CollateralOct. 9, 2019-

Oct. 9, 2026
Oct. 9, 2027
Oct. 10, 2028--

Note: As of Feb. 29, 202034

Unitholders Composition
Major Unitholders

Breakdown by Units

Number of
Units

1.7%

11.0%

18.0%

Financial institutions ：186,254units

305,815

8.4%

Domestic individuals ：33,522units
and others

units

60.9%

Domestic entities：25,706units

Foreign entities：55,127units

Securities Companies ：5,206units

Breakdown by Unitholders
1.7%

1.2%

2.5%

0.2%
Domestic individuals ：8,878unitholders
and others
Financial institutions ：155unitholders

9,404

unitholders

Domestic entities：238unitholders

Foreign entities：115unitholders

Ratio

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

46,91915.34%

Japan Trustee Services Bank, Ltd. (Trust Account)

41,59113.60%The Nomura Trust and Banking Company, Ltd.
(Trust Account)

14,382

4.70%

Mitsubishi Estate Co., Ltd.

12,450

4.07%

Trust and Custody Services Bank, Ltd.
(Securities Investment Trust Account)

11,045

3.61%

The Chugoku Bank, Limited

6,226

2.03%

Tokyo Century Corporation

6,069

1.98%

The Shinkumi Federation Bank

5,748

1.87%

ＳＳＢＴＣ ＣＬＩＥＮＴ ＯＭＮＩＢＵＳ
ＡＣＣＯＵＮＴ

4,440

1.45%

The Hokkoku Bank, Ltd.

4,260

1.39%

153,13050.07％

Total

Same-boat Investment by MEC

Securities Companies ：18unitholders
94.4%

Investment in
MEL by MEC

4.1%

Note: As of Feb. 29, 202035

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 orsolicitation to trade in any 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 andInvestment 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 thisinformation. Furthermore, MEL and Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”) assume no responsibility for the accuracy of the data, indices and otherinformation 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 forward-looking 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, and involve 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 expressedor 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.