Summary of Financial Results for the Fiscal Period Ended February 28, 2023 (REIT)
April 17, 2023
Name of Issuer:
Stock Exchange Listing:

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

Securities Code:3481

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

Representative:

Ken Takanashi, Executive Director

Asset Management Company:
Representative:
Inquiries:

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

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

May 30, 2023
May 23, 2023

Supplementary Materials for Financial Results:
Investors and Analysts Meeting:Yes
Yes(Values are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Period Ended February 28, 2023 (13th Fiscal Period) (from Sept. 1, 2022 to Feb. 28, 2023)(1) Operating Results(Percentages indicate change from the previous period)
Operating revenues
Operating income
Ordinary income
Net income% Millions of yen% Millions of yen% Millions of yen%
Fiscal period ended Millions of yen
Feb. 28, 2023
7,149
13.9
3,833
15.1
3,433
15.2
3,432
15.2
Aug. 31, 2022
6,276
24.8
3,329
26.1
2,980
17.3
2,979
17.3
Ratio of ordinary income Ratio of ordinary income
to total assets
to operating revenues
Fiscal period ended
Yen
%
%
%
Feb. 28, 2023
7,046
2.3
1.4
48.0
Aug. 31, 2022
6,627
2.3
1.5
47.5
Note: MEL issued new investment units of 51,000 units and 2,550 units on Oct. 25, 2022 and Nov. 22, 2022, respectively. For the fiscal
period ended Feb. 28, 2023, net income per unit is calculated by dividing net income based on the day-weighted average numberof investment units outstanding during the period 487,114 units. MEL issued new investment units of 56,000 units and 2,800
units on Mar. 1, 2022 and Mar. 23, 2022, respectively. For the fiscal period ended Aug. 31, 2022, net income per unit iscalculated by dividing net income based on the day-weighted average number of investment units outstanding during the period
449,600 units.
Net income per unit

Return on unitholders’Equity(2) Distributions
Distributions
per unit
Distributions
Ratio of
Total amount of
Total amount(excluding
Total amount of per unit
Payoutdistributions
distributions SCD per unitof distributions
surplus cash
SCD
(including
ratio
to net assets(excluding SCD)
(including SCD)
distributions
SCD)(“SCD”))
Yen Millions of yen
Yen Millions of yen
Yen Millions of yen
Fiscal period ended%%
Feb. 28, 2023
6,817
3,432
811
408
7,628
3,840 100.0
2.2
6,623
2,979
730
328
7,353
3,308 100.0
Aug. 31, 2022
2.2
Notes:
1. Total amount of SCD are the refund of investment, which falls under the distributions through reduction in unitholders’ capital undertaxation law.
2. The ratio of net asset value attributable to a reduction in unitholders’ paid-in capital for the fiscal periods ended Aug. 31, 2022 andFeb. 28, 2023, is 0.003 and 0.003, respectively. The payment of SCD is deemed a return of capital. This calculation methodology is
pursuant to Article 23, Paragraph 1, Item 4 of the Act on Special Measures Concerning Taxation.
3. With the issuance of new investment units conducted in the fiscal periods ended Feb. 28, 2023, and ended Aug. 31, 2022, the payout
ratio is calculated using the following formula.
Payout ratio = Total amount of distributions (excluding SCD)/Net income ×100

(3) Financial Position
Total assets
Fiscal period ended
Feb. 28, 2023
Aug. 31, 2022

Unitholders’ equity tototal assets

Net assets

Millions of yen
273,063
228,173

Millions of yen
160,203
139,623

Cash flows fromoperating activities
Millions of yen
5,329
2,641

Cash flows frominvesting activities
Millions of yen(45,411)(45,945)

%
58.7
61.2

Net assets per unit
Yen
318,188
310,318(4) Cash Flows

Fiscal period ended
Feb. 28, 2023
Aug. 31, 2022

Cash flows from
Cash and cash equivalents
financing activities
Millions of yen
Millions of yen
12,99040,284
12,78843,875

2. Forecasts for the Fiscal Periods Ending Aug. 31, 2023 (from Mar. 1, 2023 to Aug. 31, 2023) and Feb. 29, 2024 (fromSept. 1, 2023 to Feb. 29, 2024)(Percentages indicate change from the previous period)
Distribution
Distributions
s per unit
Operating revenues Operating income Ordinary income
Net income
SCD
per unit(including(excluding per unit
SCD)
SCD)
Millionsof%Millionsof%Millionsof%Millions
of
%
Yen
Yen
Yen
Fiscal period ending
yen
yen
yen
yen
Aug. 31, 2023
7,547
5.6
3,756 (2.0)
3,485 1.5
3,484
1.5
7,832
6,920
912
Feb. 29, 2024
7,604
0.8
3,798
1.1
3,522 1.1
3,521
1.1
7,835
6,994
841
(Reference) Forecasted net income per unit for the fiscal period ending Aug. 31, 2023: 6,920 yen
Forecasted net income per unit for the fiscal period ending Feb. 29, 2024: 6,994 yen*Other(1) Changes in accounting policies, accounting estimates, or restatements(a) Changes in accounting policies due to revisions to accounting standards and other regulations:None(b) Changes in accounting policies due to other reasons:None(c) Changes in accounting estimates:
None(d) Restatements:
None(2) Total number of investment units issued and outstanding(a) Total number of units issued and outstanding at the end of the fiscal period (including treasury units)
As of Feb. 28, 2023
503,485 units
As of Aug. 31, 2022
449,935 units(b) Number of treasury units at the end of the fiscal period
As of Feb. 28, 2023
0 units
As of Aug. 31, 2022
0 units
Note: Please refer to “Notes Concerning Per Unit Information” on page 24 for the based calculation for the forecasted net
income per unit.

*Implementation Status of Statutory Audit
At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial
Instruments and Exchange Act have not been completed.
*Explanation on the Appropriate Use of the Forecast of Financial Results and Other Matters of Special Consideration
The forward-looking statements in this material are based on information currently available to us and on certain
assumptions that we believe are reasonable. Actual operating performance may differ substantially due to various
factors. Furthermore, those statements shall not be deemed a guarantee or any commitment of the amount of
future distributions and SCD. Please refer to “Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2023 andFeb. 29, 2024” on page 7 for assumptions regarding forward-looking statements.
Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Index1. Results of Operations(1) Results of Operations ...................................................................................................................................................................... 2(A)Overview of the Current Fiscal Period …....................................................................................................................................... 2(i) Major Operational Results of MEL ........................................................................................................................................... 2(ii) Investment Environment and Operational Results of the Current Fiscal Period……………………………………….......................... 2(iii) Overview of Financing ............................................................................................................................................................ 3(iv) ESG Initiatives ………………......................................................................................................................................... 3(v) Overview of Financial Results and Distributions .................................................................................................................... 4(B) Outlook for the Next Fiscal Period ........................................................................................................................................ 5(i) Future Management Policies ………………................................................................................................................................... 5(ii) Significant Subsequent Events ................................................................................................................................................ 5(iii) Earnings Forecast ................................................................................................................................................................... 6(2) Risk Factors ……..………………….......................................................................................................................................................... 9
2. Financial Statements(1) Balance Sheet .................................................................................................................................................................................. 10(2) Statement of Income and Retained Earnings .................................................................................................................................. 12(3) Statement of Changes in Net Assets................................................................................................................................................ 13(4) Statement of Cash Distributions...................................................................................................................................................... 14(5) Statement of Cash Flows ................................................................................................................................................................. 16(6) Notes Concerning Going Concerns Assumption .............................................................................................................................. 16(7) Notes Concerning Significant Accounting Policies …....................................................................................................................... 17(8) Notes Concerning Financial Statements ........................................................................................................................................ 18(9) Change in Number of Investment Units Issued and Outstanding .................................................................................................. 27
3. Reference Information(1) Composition of MEL’s Assets .......................................................................................................................................................... 29(2) Investment Assets …………................................................................................................................................................................ 29(A) Major Components of Investment Securities…………………………………..…………………………………………………………………………………… 29(B) Investment Properties ………………………………….…………………………………..…………………………………………………………………………………… 29(C) Other Major Investment Assets………………………………………………………..…………………………………………………………………………………… 29(i) Overview of Portfolio ................................................................................................................................................................. 30(ii) Overview of Properties……………………………….……………………………………………………………………………………..................................... 32(iii) Overview of Tenant Agreements ………………..…….…………………………………................................................................................. 34(iv) Overview of Appraisal Reports …….......................................................................................................................................... 37(v) Information Regarding Major Real Estate Properties ………....................................................................................................... 40(vi) Information Regarding Major Tenants…………………………………………………………………………......................................................... 40(vii) Property Distribution ……………………………………………………………………………………………………....................................................... 40(viii) Details of Collateral ……...……………………………………………………………………………………………....................................................... 43(ix) Capital Expenditure for Owned Properties………..…………………………………………………………......................................................... 43(x) Overview of Property Leasing and Status of Operating Income …..…………………………………....................................................... 44-1-

1. Results of Operations(1) Results of Operations(A)Overview of the Current Fiscal Period(i) Major Operational Results of MEL
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) was established on July 14, 2016 under the“Act on Investment Trust and Investment Corporation” (“Investment Trust Law”), and was listed on the REIT
Securities Market of the Tokyo Stock Exchange on September 14, 2017 (securities code: 3481).
MEL focuses on investing in logistics facilities as a listed real estate investment corporation. Mitsubishi EstateCo., Ltd. (“MEC”), one of the largest comprehensive developers in Japan, has been acting as a sponsor. MEL’s
asset management company, Mitsubishi Jisho Investment Advisors, Inc. (“Asset Management Company” or“MJIA”) has an extensive track record in real estate fund management since its establishment in 2001. Through“HYBRID” (Note) utilization of the strengths of both companies, MEL aims for maximization of unitholder value
by building of a high-quality portfolio and steady and stable asset management through selective investments inhighly competitive logistics facilities that meet tenant needs that focus on “location”, ”building features” and“stability”.
Furthermore, MEL announced management policy “Three Pillars” on April 17, 2019, as a management plan
designed to maximize unitholder value in the medium-to long-term. The management policy is intended togather the entire MEC Group to work together and increase unitholder value of MEL, focusing on the following
three pillars: “Alignment” (align interest with unitholders), “Discipline” (disciplined growth) and “Hybrid”(enhance MEL’s unique strategy, the Hybrid model).
During the reporting fiscal period, MEL acquired seven additional properties on October 25, 2022: Logicross
Yokohama Kohoku, LOGiSTA·Logicross Ibaraki Saito (A) (45% co-ownership interest), LOGiSTA·Logicross Ibaraki
Saito (B) (45% co-ownership interest), MJ Logipark Inzai 1, MJ Logipark Takatsuki 1, MJ Logipark Higashi Osaka 1
and MJ Industrial Park Kawanishi (Land), and acquired MJ Logipark Funabashi 2 on December 1, 2022 (eightproperties with aggregate acquisition price of 45,417 million yen, hereinafter ”Properties Acquired during 13thFP”). As a result, MEL owned 32 properties (aggregate total acquisition price: 261,659 million yen), as of the endof the reporting fiscal period (Feb. 28, 2023).
Note: ”HYBRID”, as in the English term “hybrid” meaning a combination of two things, is used in the context of utilization of
the strengths of MEC and MJIA. It refers to the strengths of both companies being utilized creatively and at times
combined depending on the situation and thereby making the most of these in the management of MEL.

(ii) Investment Environment and Operational Results of the Current Fiscal Period
During the reporting fiscal period ended February 28, 2023, the Japanese economy has shown a gradual
recovery as it moves toward normalization of economic activities through easing of movement restrictions,despite concerns about inflation and the economic downturn caused by the tight monetary policy implemented
globally. Although the economy is expected to recover as economic activities normalize through further easingof restrictions from the pandemic, it is necessary to closely monitor the trends of rising prices caused by global
supply constraints and financial markets going forward. The actual GDP (gross domestic product) growth for the
fourth quarter of 2022 (from Oct. to Dec.) remained flat from the previous period at +0.1% on an annualizedbasis, due to a decrease in domestic demand reflecting a decline in private non-residential investment and otherfactors, despite an increase in net export.
In the real estate transaction market, domestic and overseas investors continue having a strong appetite forinvestment, with active transactions due to factors such as the size of one of the largest markets in Asia andinterest rates that remain low compared to other countries. Especially for logistics facilities that are expected togenerate stable cash flow, the current cap rate have remained low.
In the J-REIT market, TSE REIT Index remained weak due to the risk of rising interest rates and uncertainty inthe office market. In late December 2022, after interest rates rose in response to BOJ’s change in Yield Curve
Control, the Index was plunging temporarily to 1,800 points level, and continued to be hovering around 1,800 to
mid-1,800 point level. We believe it is necessary to monitor the impact of soaring energy and other costs on realestate rental business profits and losses, the increase in capital market volatility and the impact on the financial
condition of the investment corporation accompanying changes in the interest rate environment, geopoliticalrisks, and other factors.
In the logistics facilities market, the use of e-commerce has been accelerated since the outbreak of pandemic
and further increase in demand for logistics facilities is expected, driven by the increased online-based
consumption and inventories. Under these circumstances, new supply has remained at a high level backed bystrong demand, and the vacancy rate in the Tokyo metropolitan area is still at a low level but the trend is
upward as in some cases leasing takes time depending on the location and specifications of the property.
As of the end of the reporting fiscal period, the occupancy rate of our portfolio remained high, at 100.0%.

-2-

(iii) Overview of Financing
MEL issued new investment units through its public follow-on offering (51,000 units) and raised 19,481 million
yen equity capital, with a payment date of October 25, 2022, to procure funds to acquire Properties Acquired
during 13th FP. MEL additionally issued units through a third-party allotment (2,550 units) and raised 974 million
yen equity capital, with a payment date of November 22, 2022. As a result of these offerings, the balance of
MEL’s unitholders’ capital was 156,770 million yen and the total number of units issued and outstanding was
503,485 as of the end of the reporting fiscal period.
During the reporting fiscal period, MEL refinanced long-term loans of 3,310 million yen with repayment dateof September 14, 2022. Of the refinanced loans, 2,880 million yen was prepaid on December 14, 2022, andrefinance for the same amount with long-term Green Loan. Furthermore, for the purpose of procuring funds toacquire Properties Acquired during 13th FP associated with ancillary costs and expenses, MEL borrowed shortterm loans of 2,900 million yen and long-term loans of 17,000 million yen including Green Loans andSustainability Linked Loan on October 25, 2022, short-term loans of 2,500 million yen on November 15, 2022
and long-term loans of 5,000 million yen, including Sustainability Linked Loan and ESG loan for J-REIT fromMUFG Bank, Ltd., on December 1, 2022. Of those short-term loan dated October 25, 2022, MEL prepaid 1,100
million yen with the cash on hand including the proceeds from third-party allotment on November 25, 2022.
Also, MEL prepaid short-term loans of 2,000 million yen dated March 1, 2022 with cash on hand including
consumption tax refund for the properties acquired during fiscal period ended August 31, 2022 on January 4,
2023. Moreover, MEL prepaid short-term loans of 1,000 million yen dated November 15, 2022 with cash on
hand on February 15, 2023.
As of the end of the reporting fiscal period, the balance of MEL’s interest-bearing debt was 105,374 million
yen and MEL’s loan-to-value ratio (the ratio of aggregate balance of interest-bearing debt to MEL’s total assets,hereinafter “LTV”) was 38.6%.
MEL’s credit rating as of the end of the reporting fiscal period was as follows:
Rating Agency
Rating Object
RatingJapan Credit Rating Agency, Ltd.
Long-term issuer rating
AA

Outlook
Stable(iv) ESG Initiatives
MEL is committed to endeavoring to enhance consideration towards the environment, social contributions
and corporate governance to improve the sustainability of society. We recognize that this is an important social
responsibility for a listed enterprise to assume, and also believe that it is essential for maximizing our unitholder
value. In addition, MJIA is also strengthening its organization to promote sustainability by clarifying theauthority and responsibilities of the Sustainability Management Officer from April 2023 with regard to the
Sustainability Management Office established in April 2022.
In December 2021, MJIA expressed support for the recommendations of the Task Force on Climate-Related
Financial Disclosures (TCFD) (Note 1) and joined the TCFD Consortium, a group of domestic companies that
support TCFD recommendations. Furthermore, in March 2023, as a strategy based on the TCFD
recommendations, MEL formulated the Transition Plan, a roadmap for reducing GHG emissions. In theTransition Plan, MEL applied for SBTi (Note 2) certification with the aim of achieving science-based emission
reductions as well as clearly stating its goal of net zero total GHG emissions by 2050. The goals accredited by
SBTi are as follows
GHG emission
Scope of coverage
Base year
Target Year
reduction target
Scope 1+2
All properties
FY 2021
FY 2030
42% reduction
Also, MEL is certified and registered under Eco Action 21 (Note 3) in March 2023.
In December 2021, MEL identified important issues (materiality) related to ESG that need to be addressed insustaining its business model in order to achieve sustainable growth and increase corporate value over the
medium to long term, and established policies, targets, and key performance indicators (KPIs) for eachmateriality. MEL recognizes that risks and opportunities related to climate change are of paramount importanceto its business, and it is promoting efforts to reduce carbon emissions and further information disclosure. In
June 2022, MEL published its second Sustainability Report. MEL’s main KPIs and targets in key materiality andthe progress is as follows.

-3-

GHG emissions intensity (t-CO2/m2)

Targets (by FY 2030)
30% reduction (based on FY
2017)
15% reduction (based on FY
2017)

Achievement status
34.7% reduction (FY2021)

Energy consumption intensity
23.3% reduction (FY2021)(kWh/m2)
Water consumption intensity
No increase (based on FY 2017) 27.6% reduction (FY2021)(m3/m2)
Waste recycling rate
70% or more
62.3% reduction (FY2021)
Green building certification (Note 4)100%
88.8% (As of Feb. 28, 2023)
acquisition rate (Note 5)
Our efforts for sustainability were highly evaluated in the 2022 survey of GRESB Real Estate Assessment (Note6), and it received the highest "5 Stars" for the third consecutive year and the "Green Star" for the fourthconsecutive year. Furthermore, in the 2022 GRESB Disclosure Assessment, which measures the level ofenhancement of ESG information disclosure, we received an "A" rating, the highest level for the third
consecutive years, in recognition of our excellence in disclosing information on environmental considerations
and sustainability initiatives.
Notes:
1. "TCFD(Task Force on Climate-related Financial Disclosures" is an international initiative established by the Financial Stability
Board (“FSB”) at the request of the G20 for the purpose of discussing the disclosures of climate-related financial informationand the responses by financial institutions.. In addition, TCFD Consortium was established for the purpose of encouraging
companies and financial institutions that endorse TCFD to work together to promote initiatives, to effectively disclose
corporate information, and to discuss efforts to link disclosed information to appropriate investment decisions by financial
institutions, etc.
2. “SBTi (Science Based Targets initiative)” refers to an international initiative jointly administered by CDP, the United Nations
Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) to recognize
companies that set SBT targets. “SBT (Science Based Targets)” refers to GHG emission reduction targets set by companies
for the next 5 to 15 years, alignment with the levels required by the Paris Agreement (which aims to curb global temperaturerise to well-below 2°C above pre-industrial levels and pursuing effort to limit warming to 1.5°C).
3. “Eco Action 21” refers to a third-party certification and registration program for businesses that appropriately implement
environmental initiatives; establish, operate, and maintain a framework for environmental management and conduct
environmental communication, based on the Eco Action 21 Guidelines established by the Ministry of the Environment ofJapan.“ Eco Action 21 Guidelines” refers to the guidelines established by the Ministry of the Environment and set forth 14
action items (requirements) based on the PDCA cycle, which consists of the three elements ; "environmental management
system," "environmental performance assessment," and "environmental reporting".
4. "Green Building Certification" refers to either DBJ Green Building certification, BELS assessment or CASBEE real estatecertification.
5. "Green Building Certification acquisition rate" is calculated based on total floor area of properties, excluding land.
6. "GRESB Real Estate Assessment" is a benchmark assessment that measures the sustainability considerations of real estatecompanies and investment managers established by the European pension fund group. It is used by major institutional
investors in Europe, the United States, and Asia when selecting investment targets, etc. "Green Star" ratings are awarded
to companies that excel in both the "management component" and "performance component" of sustainability assessment.

(v) Overview of Financial Results and Distributions
As a result of these investment activities and financings, MEL generated operating revenues of 7,149 million
yen, operating income of 3,833 million yen, ordinary income of 3,433 million yen, net income of 3,432 million
yen and distributions per unit of 7,628 yen for the reporting fiscal period.
MEL’s distribution for the reporting fiscal period were 6,817 yen per unit, which included MEL’s profit
distributions in deductible expenses in accordance with the Section 1 of Article 67-15 of the Act on Special
Taxation Measures Law (a customary practice of J-REITs). The distribution amount was determined to distributeall unappropriated retained earnings for the reporting period, excluding fractions less than one yen. MEL
declared the distribution amount of 3,432,257,245 yen which was the amount equivalent to the maximum
integral multiples of number of investment units issued and outstanding (503,485 investment units) as of thereporting fiscal period.
In addition to the above distributions arising from earnings, MEL intends to regularly distribute cash in excessof the amount of retained earnings (“Regular Surplus Cash Distributions”) in each fiscal period in accordancewith MEL’s distribution policy set forth in its articles of incorporation (Note 1). Furthermore, to maintain thestability of MEL’s distributions per unit in the event that it is expected that an amount of distributions per unit
temporarily decreases by a certain degree due to financing actions or incurrence of large repair andmaintenance, MEL may decide to make distributions as one-time surplus cash distributions (“One-time Surplus-4-Cash Distributions,” collectively with the Regular Surplus Cash Distributions, “SCD”).
Accordingly, MEL made Regular Surplus Cash Distributions of 373,585,870 yen, equivalent to 30% of MEL’s
depreciation expense for the reporting fiscal period. In addition, MEL made One-time Surplus Cash Distributionsof 34,740,465 yen, equivalent to 2.8% of MEL’s depreciation expense for the reporting fiscal period, for the
purpose of maintaining the stability of its distributions from the dilution caused by the issuance of new
investment units. And the total amount of SCD per unit for the reporting fiscal period was 811 yen.
Notes:
1.

2.

However, MEL may decide not to make any surplus cash distributions for a fiscal period based on a consideration of factors
such as economic or real estate market conditions and MEL’s, financial condition or the amount of anticipated profitability,
which includes capital gains arising from property dispositions. In addition, MEL does not plan to pay surplus cash
distributions from the perspective of continuing stable financial management, in case such payment would cause theAppraisal LTV (Note 2), as defined below, to exceed 60%.
Appraisal LTV (%) = A /B (%)
A = Total interest bearing liabilities on the balance sheet for the fiscal period related to the operating period in question(excluding tax loan) + Reversal from security deposit reserves (excluding cases where security deposits are refunded
according to leasing agreements with tenants)
B = Total assets on the balance sheet for the fiscal period related to the operating period in question – Book value after
depreciation of real estate held in the fiscal period in question + Total appraisal value of real estate held in the fiscal
period in question – Total cash distributions to be paid in the next operating period – Total surplus cash distributions
to be paid in the next operating period(B) Outlook for the Next Fiscal Period(i) Future Management Policies
MEL aims to build a high-quality portfolio and a stable and steady management, and eventually to maximize
unitholder value, through selective investments in highly competitive logistics facilities that meet tenant needs
with a focus on “location,” “building features” and “stability” and considered sustainability, based on theaccumulated expertise of MEC Group.
a. External Growth Strategy
MEL aims to achieve stable and steady external growth (Hybrid external growth) by utilizing both the realestate development track record accumulated as a comprehensive developer of MEC that MEL enters into
sponsor support agreements with, its ability to develop and operate modern and state-of-the-art logistics
facilities that capture various development strategies and tenant needs and the Asset Management
Company’s ability to select investment projects (discernment) and its acquisition strategy through flexible anddiverse schemes in line with market and environmental changes.
b. Internal Growth Strategy
MEL aims to achieve internal growth that maximizes the value of properties and contributes to MEL’s steady
growth by making the most of MEC’s leasing capability based on relationships with a wide variety of corporate
customers fostered as a comprehensive real estate developer and MJIA’s capability to stably manage logistics
facilities backed by its track record of fund management (Hybrid internal growth).
c. Financial Strategy
MEL lays the foundation on long-lasting stable financial management leveraging MEC Group’s expertise infinancial strategy and credibility cultivated over the long term, and controls LTV in consideration of growthpotential. In addition, MEL is committed to efficient cash management in order to achieve improvements inunitholder value.
(ii) Significant Subsequent Events
None

-5-

(iii) Earnings Forecast
Forecasts for the fiscal period ending August 31, 2023 (from Mar. 1, 2023 to Aug. 31, 2023) are follows.

Operating revenues Operating income Ordinary income

Distributions
Distributions
per unit
Net income
SCD
per unit(including(excluding Per unit
SCD)
SCD)
Millions of yen
Yen
Yen
Yen
3,484
7,832
6,920
912

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Aug. 31, 2023
7,547
3,756
3,485
(Reference)
Fiscal period ending Aug. 31, 2023: Expected number of investment units outstanding at the end of the period: 503,485 units;
Expected net income per unit: 6,920 yen

Forecasts for the fiscal period ending February 29, 2024 (from Sept. 1, 2023 to Feb. 29, 2024) are follows.

Operating revenues Operating income Ordinary income

Distributions
Distributions
per unit
Net income
SCD
per unit(including(excluding per unit
SCD)
SCD)
Millions of yen
Yen
Yen
Yen
3,521
7,835
6,994
841

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Feb. 29, 2024
7,604
3,798
3,522
(Reference)
Fiscal period ending Feb. 29, 2024: Expected number of investment units outstanding at the end of the period: 503,485 units;
Expected net income per unit: 6,994 yen

The forecast information is calculated based on the assumptions described in “Forecast Assumptions for the Fiscal
Periods Ending Aug. 31, 2023 and Feb. 29, 2024”.
Note: Forecast calculations are based on the assumptions as of the date hereof. Actual operating revenues, operating income, ordinary
income, net income, distributions per unit (excluding SCD), and SCD per unit may vary due to changes in MEL’s operational
environment and circumstances. Therefore, these forecasts should not be deemed a commitment or guarantee of the amount of
future cash distributions.

-6-Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2023 and Feb. 29, 2024

Items
Accounting
PeriodAssets Under
Management

Operating
Revenues

OperatingExpensesAssumption➢ Fiscal period ending Aug. 31, 2023 (14th fiscal period): From Mar. 1, 2023 to Aug. 31, 2023 (184 days)➢ Fiscal period ending Feb. 29, 2024 (15th fiscal period): From Sept. 1, 2023 to Feb. 29, 2024 (182 days)➢ It is assumed there will be no material change (including acquisition of new properties anddispositions of existing properties) from 32 properties MEL owned as of Feb. 28, 2023 (“Properties
Owned as of the End of 13th Fiscal Period”).
➢ The actual results may change due to the acquisition of new properties or the disposition of existing
properties, etc.
➢ Operating rental revenues take into account factors such as market trends and the competitiveness,
etc. of each property based on information provided information about the Properties Owned as of
the End of 13th Fiscal Period held by the Asset Management Company.
➢ It is assumed tenants will pay rents without delinquency or withholding.
➢ The forecasts of operating revenues are made on the assumption that there will be no profit or loss
from sale of real estate.
➢ Main items regarding operating expenses are as follows:(Millions of yen)
Fiscal Period Ending
Fiscal Period Ending
Aug. 31, 2023
Feb. 29, 2024
Total Operating Rental Expenses
2,863
2,886
Facility Management Fee
333
289
Utilities Cost
315
325
Repair and Maintenance Expenses
123
171
Property Taxes
721
721
Depreciation
1,316
1,328
Total General and Administrative Expenses
926
919
Asset Management Fee
690
697
Sponsor Support Fee
131
130➢ Of operating rental expenses, which is the main operating expense, expenses except depreciation arecalculated by taking into account various factors based on historical data.
➢ Property taxes and city planning taxes are generally calculated on a pro-rata basis of the calendar year
and settled between the seller and the buyer at the time of acquisition. However, in the case of thetransaction conducted by MEL, the amounts equivalent to the relevant settlement amounts areincluded in the purchase price. Accordingly, property taxes and city planning taxes for the Properties
Acquired in 12th Fiscal Period and for in the 13th Fiscal Period are settled with the sellers, these taxes
will not be expensed during the fiscal year ended Feb. 28, 2023, but these taxes will be expensed
starting from the fiscal period ending Aug. 31, 2023.
➢ For building repair expenses, the amount assumed to be necessary for each property is based on the
repair and maintenance plans of the Asset Management Company. However, repair expenses may
differ substantially from the anticipated amount due to unexpected factors. For building repair
expenses, the amount assumed to be necessary for each property is based on the repair andmaintenance plans of the Asset Management Company. However, repair expenses may differ
substantially from the anticipated amount due to unexpected factors.

➢ For the fiscal period ending Aug. 31, 2023, it is assumed that 271 million yen will be incurred as nonoperating expenses, which includes interest expenses and other debt-related costs.
Non-operating➢ For the fiscal period ending Feb. 29, 2024, it is assumed that 276 million yen will be incurred as nonExpenses
operating expenses, which includes interest expenses and other debt-related costs.
➢ The balance of MEL’s interest-bearing debt on an accounting basis as of today is 105,374 million yen.
Interestbearing Debt

➢ It is assumed that MEL will receive a consumption tax refund for the fiscal period ended Feb. 28,
2023, during the fiscal period ending Aug. 31, 2023, which will be used to repay in full 1,800 million-7-

Investment
Units

Distributions
Per Unit(excluding
SCD)

SCD Per Unit

yen in the short-term loan obtained on Oct. 25, 2022 during the fiscal period ending Aug. 31, 2023.
➢ It is assumed that 700 million yen in short-term loan due on Mar. 1, 2023, will be refinanced in full.
➢ It is assumed that 1,500 million yen in short-term loan obtained on Nov. 15, 2022, will be refinanced
in full during the fiscal period ending Aug. 31, 2023.
➢ It is assumed that 6,540 million yen in long-term loan and 430 million yen in short-term loan due in
Sept. 2023, will be refinanced in full during the fiscal period ending Feb. 29, 2024.
➢ The total expected amount of interest-bearing debt at the end of the fiscal periods ending Aug. 31,
2023 and Feb. 29, 2024, are estimated to be 103,574 million yen.
➢ LTV at the end of the fiscal periods ending Aug. 31, 2023 and Feb. 29, 2024 are estimated to be
38.2%. For LTV calculation, please refer to the following formula. The ratios are rounded to thenearest tenth:
LTV (%) = interest-bearing debt / total assets × 100 (%)➢ The total number of investment units issued and outstanding as of today is 503,485 units. MEL
assumed that there would be no changes to the number of outstanding units until the end of the fiscal
period ending Feb. 29, 2024.
➢ Distributions per unit (excluding SCD) and SCD per unit for the fiscal periods ending Aug. 31, 2023 andFeb. 29, 2024 are calculated based on 503,485 investment units, which is the total number ofinvestment units expected to be issued and outstanding at the end of the fiscal periods ending Aug.
31, 2023 and Feb. 29, 2024.
➢ Distributions per unit (excluding SCD) are calculated based on the premise of the distribution policyin the Articles of Incorporation of MEL.
➢ Distributions per unit (excluding SCD) may change due to various factors including any additional
acquisitions or dispositions of properties, changes in rent revenues attributable to tenant moves,changes in the property management environment including unexpected repair etc.
➢ SCD per unit are calculated based on the assumption that the cash distributions will be distributed inaccordance with the fund distribution policy of the Articles of Incorporation of MEL. For the fiscal
period ending Aug. 31, 2023, the amount of distributions per unit (excluding surplus cash
distributions) is expected to temporarily decrease due to a temporary decline in operating rental
revenue and a temporary increase in operating rental expenses (mainly utilities and repair expenses).
It is assumed that surplus cash distributions will be distributed on a one-time basis, with which a total
amount to be distributed will be equivalent to 34.9% of depreciation of the period along with ongoingsurplus cash distributions. For the fiscal period ending Feb. 29, 2024, the amount of distributions perunit (excluding surplus cash distributions) is expected to temporarily decrease due to a temporary
decline in operating rental revenue and a temporary increase in operating rental expenses (mainly
repair expenses). It is assumed that surplus cash distributions will be distributed on a one-time basis,
with which a total amount to be distributed will be equivalent to 31.9% of depreciation of the periodalong with ongoing surplus cash distributions. Therefore, it is assumed that surplus cash distributionsof 459 million yen and 423 million yen will be distributed for the fiscal periods ending ending Aug. 31,
2023, and Feb. 29, 2024, respectively. These are investment refunds categorized as a distribution
from unitholders’ capital for tax purposes and there are no refunds from the distribution of theallowance for temporary difference adjustments.
➢ The amount of depreciation expenses may change depending on the amount of total assets undermanagement, ancillary costs, capital expenditure, the allocation method of purchase prices for each
asset and depreciable life, etc. Surplus cash distributions, which will be based on the amount ofdepreciation expenses, may change accordingly.
➢ There may be cases where MEL implements distribution of cash in surplus of the distributableamount to investors on the basis of financial statements related to cash distribution approved underthe Act on Investment Trusts and Investment Corporations (Act No. 198 of June 4, 1951, as amended)
if the board of directors of MEL deems such distribution to be appropriate (1) in light of the economic
environment, real estate market, lease market or other trends; (2) when the amount of income fails
to meet the amount equivalent to 90% of distributable income; (3) when the distribution amount fails
to meet the requirements for the Special Provisions for Taxation on Investment Corporations; or (4) inother ways to maximize the interest of investors. When MEL implements distribution of cash insurplus of the distributable amount, it limits the amount to the total of the amount of income for theoperating period in question and the amount stipulated under laws and ordinances (inclusive of therules of the Investment Trusts Association, Japan).
➢ For the time being, MEL intends to target a level of surplus cash distributions on an ongoing basis at
an amount equivalent to approximately 30% of the depreciation expense for the relevant fiscal-8-

Others

period. Furthermore, to maintain the stability of MEL’s distributions per unit in the event that an
amount of distributions per unit temporarily decreases due to a series of financing actions such as
the issuance of new investment units (including investment unit third-party allotment) or large scale
repair and maintenance, which may result in a temporary dilution of investment units or incurrenceof large expenses, MEL may make distributions as one-time surplus cash distributions. However, MEL
may decide not to make any surplus cash distributions for a fiscal period based on a consideration offactors such as economic or real estate market conditions and MEL’s, financial condition or theamount of anticipated profitability, which includes capital gains arising from property dispositions.
➢ In addition, in the event that MEL needs to allocate its cash to emergency capital expenditures forunexpected damages on MEL’s assets, etc., surplus cash distributions per unit may be reduced. MEL
does not plan to pay surplus cash distributions from the perspective of continuing stable financial
management, in case such payment would cause the Appraisal LTV (Note), as defined below, toexceed 60%.
(Note) Appraisal LTV (%) = A /B (%)
A = Total interest bearing liabilities on the balance sheet for the fiscal period related to the operating
period in question (excluding tax loan) + Reversal from security deposit reserves (excluding cases
where security deposits are refunded according to leasing agreements with tenants)
B = Total assets on the balance sheet for the fiscal period related to the operating period in question– Book value after depreciation of real estate held in the fiscal period in question + Total appraisal
value of real estate held in the fiscal period in question – Total cash distributions to be paid in thenext operating period – Total surplus cash distributions to be paid in the next operating period➢ It is assumed that no any revision that will have an impact on the forecast information above will bemade with regard to the laws and regulations, tax system, accounting standards, listing rules of theTokyo Stock Exchange and rules of the Investment Trusts Association, Japan, etc.
➢ It is assumed that no unexpected material change will arise in overall economic trends and real estatemarket conditions, etc.

(2) Risk Factors
No significant changes have occurred to the risk factors since the most recent Securities Report (filed on Nov. 29,2022); therefore, their descriptions are not stated here.

-9-2. Financial Statements(1) Balance Sheet
Thousands of yen
As ofAugust 31, 2022
ASSETS
Current assets:
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Total current assets
Fixed assets:
Property and equipment
Buildings in trust
Less: accumulated depreciation
Buildings in trust, net
Structures in trust
Less: accumulated depreciation
Structures in trust, net

February 28, 2023

4,241,958
8,546,883
70,995
24,771
1,777,083
14,661,691

3,892,773
9,098,058
72,47733,057
1,427,954
14,524,321

88,264,585(6,468,958)
81,795,626*1 3,253,880(182,807)
3,071,073*1 106,351,860(7,660,886)
98,690,974*1
3,720,686(220,386)
3,500,299

210,718(47,632)
163,085
50,345(10,610)

210,718(59,529)
151,189
53,242(15,334)*1

Machinery and equipment in trust
Less: accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Less: accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment
Intangible assets
Software
Other intangible assets
Total intangible assets
Investments and other assets
Deferred tax assets
Long-term prepaid expenses
Security deposit
Total investments and other assets
Total fixed assets
Total assets-10-

39,73537,907

128,389,735
213,459,256

156,048,941
258,429,311

135
491

441

626

441

11
42,022
10,00052,03318
99,29010,000109,308

213,511,916

258,539,062

228,173,608

273,063,384

Thousands of yen
As ofAugust 31, 2022

February 28, 2023

LIABILITIESOperating accounts payable
Short-term loans payable
Long-term loans payable due within one year
Accounts payable
Distributions payable
Accrued expenses
Income taxes payable
Advances received
Deposits received
OthersTotal current liabilities

313,4822,700,000
3,310,000
12,075
5,065
745,555835
1,107,517
125,235
10,3378,330,104

211,0314,430,000
6,540,000
14,694
4,296
885,627973
1,315,914
9
13,402,546

Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits in trust

2,000,000
74,064,000
4,156,439

2,000,000
92,404,000
5,053,797

Total non-current liabilities
Total liabilities

80,220,439
88,550,544

99,457,797
112,860,343

138,335,652(1,692,595)
136,643,057

158,791,538(2,021,047)
156,770,490

2,980,006

3,432,549

2,980,006
139,623,063

3,432,549
160,203,040

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

*2

-11-

139,623,063
228,173,608*2

160,203,040
273,063,384

(2) Statement of Income and Retained Earnings
Thousands of yen
For the fiscal period from For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Operating revenues:
Operating rental revenues
Other rental revenues
Total operating revenues
Operating expenses:
Expenses related to property rental business
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Commission paid
Other operating expenses
Total operating expenses
Operating income
Non-operating income:Interest income
Interest on refund
Surrender value of insurance
Reversal of distributions payable
Total non-operating income
Non-operating expenses:
Interest expenses
Interest expenses on investment corporation bonds
Borrowing related expenses
Investment unit issuance expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings

-12-

*1
*1

5,934,447
342,352
6,276,799*1*1

6,759,061
390,769
7,149,831*1

2,221,313
527,144
1,690
18,8602,400
136,11239,366
2,946,887
3,329,911*12,450,675
631,224
2,014
22,2222,400
154,063
53,6583,316,258
3,833,573

58
529
587

64
477
165
425
1,132

175,254
7,038
4,328
163,186
349,8072,980,692
2,980,692
844
3
847
2,979,844
162
2,980,006

225,451
6,961
5,779
163,074
401,267
3,433,438
3,433,438
982
(6)
976
3,432,462
87
3,432,549

(3) Statement of Changes in Net Assets
The Previous Period (from Mar. 1, 2022 to Aug. 31, 2022)
Thousands of yen
Unitholders' equity
Unitholders' capital

Balance as of Mar. 1,
2022
Change during theperiodIssuance of new
investments
Distributions inexcess of retained
earnings
Dividends ofsurplusTotal
unitholders'equityTotal net
assetsUnitholders’capital, gross

Deduction ofunitholders’capitalUnitholders’capital, net

Unappropriat
ed retained
earnings

115,191,501(1,427,014)

113,764,487

2,540,583

23,144,150-

23,144,150--

23,144,150

23,144,150-(265,580)(265,580)--(265,580)(265,580)---(2,540,421)(2,540,421)(2,540,421)(2,540,421)

-

-

-

2,979,844

2,979,844

2,979,844

2,979,844

23,144,150(265,580)

22,878,569

439,422439,422

23,317,992

23,317,992*1 138,335,652(1,692,595)

136,643,057

2,980,006

Net income
Total change during
the period
Balance as of Aug.
31, 2022

Surplus
Total surplus

2,540,583 116,305,071 116,305,071

2,980,006 139,623,063 139,623,063

The Reporting Period (from Sept. 1, 2022 to Feb. 28, 2023)
Thousands of yen
Unitholders' equity
Unitholders' capital

Balance as of Sept.
1, 2022
Change during theperiodIssuance of new
investments
Distributions inexcess of retained
earnings
Dividends ofsurplus
Net income
Total change during
the period
Balance as of Feb.
28, 2023

SurplusTotal
unitholders'equityTotal net
assetsUnitholders’capital, gross

Deduction ofunitholders’capitalUnitholders’capital, net

Unappropriat
ed retained
earnings

138,335,652(1,692,595)

136,643,057

2,980,006

20,455,885-

20,455,885--

20,455,885

20,455,885-(328,452)(328,452)--(328,452)(328,452)---(2,979,919)(2,979,919)(2,979,919)(2,979,919)

-

-

-

3,432,462

3,432,462

3,432,462

3,432,462

20,455,885(328,452)

20,127,433

452,543452,543

20,579,976

20,579,976*1 158,791,538(2,021,047)

156,770,490

3,432,549-13-

Total surplus

2,980,006 139,623,063 139,623,063

3,432,549 160,203,040 160,203,040

(4) Statement of Cash Distributions
Yen
For the fiscal period from
Mar. 1, 2022 toAug. 31, 2022
I. Unappropriated retained earnings
II. Distributions in excess of retained earnings
Deduction from unitholders’ capital
III. Distributions(Distributions per unit)
Of which, distributions of retained earnings(Of which, distributions in retained
earnings per unit)
Of which, distributions in excess ofretained earnings(Of which, distributions in excess of

2,980,006,749

3,432,549,801

328,452,550
3,308,372,055(7,353)
2,979,919,505

408,326,335
3,840,583,580(7,628)3,432,257,245(6,623)(6,817)

328,452,550

408,326,335

(730)

(811)

retained earnings per unit)
IV. Retained earnings carried forward
Calculation method of distribution amountFor the fiscal period from
Sept. 1, 2022 toFeb. 28, 2023

87,244

292,556

Pursuant to the “Policy on theDistribution of Funds” as defined in

Pursuant to the “Policy on theDistribution of Funds” as defined in

Article 35, Paragraph 1 of the Articles ofIncorporation, the amount of
distributions shall be the amount which
does not exceed the amount of profits
but exceeds 90% of the distributableprofit as defined in Article 67-15 of theSpecial Taxation Measures Act. Based on
the policy, MEL declared distribution

Article 35, Paragraph 1 of the Articles ofIncorporation, the amount of
distributions shall be the amount which
does not exceed the amount of profits
but exceeds 90% of the distributableprofit as defined in Article 67-15 of theSpecial Taxation Measures Act. Based on
the policy, MEL declared distribution

amount of 2,979,919,505 yen. This
amount was equivalent to the maximum
integral multiples of number ofinvestment units issued and outstanding

amount of 3,432,257,245 yen. This
amount was equivalent to the maximum
integral multiples of number ofinvestment units issued and outstanding(449,935 units) as of the end of fiscal
period. Based on the distribution policy
as defined in Article 35, Paragraph 2 of
the Articles of Incorporation, MEL shall(503,485 units) as of the end of fiscal
period. Based on the distribution policy
as defined in Article 35, Paragraph 2 of
the Articles of Incorporation, MEL shallmake Surplus Cash Distributions (SCD),
defined as distributions in excess ofretained earnings, as a return ofunitholders’ capital, each fiscal period on

make Surplus Cash Distributions (SCD),
defined as distributions in excess ofretained earnings, as a return ofunitholders’ capital, each fiscal period on

a continuous basis. Accordingly, MEL
declared SCD of 328,452,550 yen as areturn of unitholders’ capital, which was
the amount equivalent to approximately

a continuous basis.
In addition, MEL made One-time SCD,
equivalent to 2.8% of depreciation
expense for the reporting fiscal period,

30% of depreciation expense.

for the purpose of maintaining thestability of its distributions from thedilution caused by the issuance of new
investment units.
Accordingly, MEL declared on top of
SCD of 373,585,870 yen as a return ofunitholders’ capital, which was theamount equivalent to approximately-14-30% of depreciation expense, SCD of
34,740,465 yen as a return ofunitholders’ capital, which was theamount equivalent to approximately
2.8% of depreciation expense.
Note: MEL is permitted to distribute cash in excess of the amount of retained earnings if the amount of the accounting income is smaller than
90% of its distributable retained earnings on a tax basis to the extent that such distribution amount does not exceed the amount of
MEL’s depreciation for the same fiscal period, and if MEL determines that such excess distribution amount is appropriate.

-15-(5) Statement of Cash Flows
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Cash flows from operating activities:
Income before income taxes
Depreciation
Investment unit issuance expenses
Interest income
Interest expenses
Interest expenses on investment corporation bonds
Reversal of distributions payable
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable
Increase (Decrease) in accrued expenses
Increase (Decrease) in consumption taxes payable
Increase (Decrease) in advances received
OthersSubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchases of property and equipment in trust
Proceeds from tenant leasehold and security deposits intrust
Repayments from tenant leasehold and security deposits
in trust
Net cash provided by investing activities
Cash flows from financing activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments from long-term loans payable
Proceeds from issuance of new investment units
Payment of distributions of retained earnings
Payment of distributions in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period*1(6) Notes Concerning Going Concerns Assumption
Not applicable-16-

2,980,692
1,096,994
163,186(58)
175,2547,038(529)(32,537)(1,777,083)(2,487)(8,682)
37,838(679)
84,203(281,822)
231,374
137,379
2,810,080
58(168,059)(913)
2,641,165

3,433,438
1,246,312
163,074(64)
225,451
6,961(425)(1,482)
349,129(8,286)(57,268)(9,543)
2,619
132,396
208,396(135,563)
5,555,146
64(224,738)(845)
5,329,627(46,390,140)(46,309,091)

475,849

919,812(31,470)(22,455)(45,945,761)(45,411,734)

3,800,000(1,100,000)
21,000,000
22,980,964(2,539,745)(265,296)
43,875,923
571,327
12,217,514
12,788,842

8,710,000(6,980,000)
24,880,000(3,310,000)
20,292,811(2,980,366)(328,349)
40,284,096
201,990
12,788,842
12,990,832*1

(7) Significant Accounting Policies
1. Method of depreciation of non-current
assets(1) Property and equipment
Property and equipment are stated at cost. Depreciation of property andequipment, including property and equipment in trust, is calculated by thestraight-line method over the estimated useful lives as follows:
Buildings
2-63 years
Structures
10-59 years
Machinery and equipment
8-12 years
Tools, furniture and fixtures 3-15 years(2) Intangible assets
Intangible assets are stated at cost. Amortization of intangible assets, including
intangible assets in trust, is calculated by the straight-line method over theestimated useful lives.
(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.

2. Accounting method of deferred charges

3. Revenue and expenses recognition

4. Cash and cash equivalents as stated in theStatement of Cash Flows

5. Other basic matters for preparing financial
statements

Investment unit issuance expenses
All investment unit issuance expenses are recorded as expense at the time of
expenditure.
(1) Recognition standard for revenue
Details of main performance obligations related to revenues arising fromcontracts with customers of MEL and the normal timing at which such
performance obligations are satisfied (the normal timing for recognizing revenue)
are as follows.
(a)Sale of real estate
Revenue from sales of real estate is recognized once a buyer, who is acustomer, acquires control of a relevant real estate by fulfilling an obligation ofdelivery stipulated in a contract for sales of real estate.
(b)Utilities charge
Revenue from utilities charge is recognized by supplying electricity, water,etc. to lessee who is a customer based on a lease contract for real estate, etc.
and an agreement incidental thereto.
With respect to revenue from utilities charge, in case MEL is determined as
an agent, revenue is recognized at net amount by deducting an amount to be
paid to another party from an amount received as electricity and gas charges
supplied from the same other party.
(2) Accounting treatment of property taxes and other taxes
With respect to property taxes and other taxes including city planning taxes anddepreciable asset taxes, of a tax amount assessed and determined, the amountcorresponding to the relevant fiscal period is accounted for as rental expenses.
Of the amounts paid for acquisitions of real estate or beneficiary right in trustof real estate, an amount equivalent to property taxes is capitalized as part ofacquisition costs of the relevant property instead of being charged as an expense.
Cash and cash equivalents consist of cash on hand and cash in trust, floating
deposits, deposits in trust and short-term investments that are very liquid andrealizable with a maturity of three months or less when purchased and that are
subject to insignificant risks of changes in value.
Accounting treatment of trust beneficiary interests of real estate
As to trust beneficiary interests of real estate, all accounts of assets andliabilities within assets in trust, as well as all income generated and expenses
incurred from assets in trust, are recorded in the relevant accounts of Balance
Sheets and Statement of Income and Retained Earnings. Of which, the following
significant trust assets are shown separately on the Balance Sheet.
(a) Cash and deposits in trust(b) Buildings in trust, structures in trust, machinery and equipment in trust,
tools in trust, furniture and fixtures in trust and land in trust(c) Tenant leasehold and security deposits in trust-17-(8) Notes Concerning Financial Statements(Notes Concerning Balance Sheet)*1 Reduction entry of tangible fixed assets
Thousands of yen
As ofAug. 31, 2022
Buildings in trust
Structures in trust

Feb. 28, 2023
31,22022,166

31,22022,166*2 Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
Thousands of yen
As ofAug. 31, 2022

Feb. 28, 2023
50,000-18-

50,000(Notes Concerning Statement of Income and Retained Earnings)*1 Operating income from property leasing is as follows:
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
A. Property-related revenues
Operating rental revenues
Rental revenues
Common area charges
Total
Other rental revenues
Received utilities cost
Others
Total
Total property-related revenues
B. Property-related expenses
Rental expenses
Facility management fee
Property and other taxes
Insurance
Repair and maintenanceUtilities cost
Depreciation
Custodian fee
OthersTotal rental expenses
C. Operating income from property leasing (A-B)

5,682,416
252,030
5,934,447

6,511,627
247,434
6,759,061

220,513
121,839
342,352
6,276,799

274,781
115,988
390,769
7,149,831

275,605
475,490
10,631
105,563
231,154
1,095,994
4,047
22,8262,221,313
4,055,485

322,841
475,402
9,063
90,105277,105
1,246,127
5,208
24,8202,450,675
4,699,156(Notes Concerning Statement of Changes in Net Assets)
For the fiscal period from
Mar. 1, 2022 toAug. 31, 2022

For the fiscal period from
Sept. 1, 2022 toFeb. 28, 2023

Number of investment units authorized

10,000,000 units

10,000,000 units

Number of investment units issued andoutstanding

449,935 units

503,485 units(Notes Concerning Statement of Cash Flows)*1. Relationship between cash and cash equivalents in statement of cash flows and accounts and amounts in theaccompanying balance sheet
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Cash and deposits

4,241,958

3,892,773

Cash and deposits in trust

8,546,883

9,098,058

Cash and cash equivalents

12,788,842

12,990,832(Notes Concerning to Lease Contracts)
Operating lease transactions (as lessor)
Unearned rental revenue
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Due within one year

10,998,039

12,886,130

Due after one year

61,448,292

78,271,999

Total

72,446,331

91,158,129-19-

(Notes Concerning Financial Instruments)
1. Overview(1) Policy for Financial Instruments
MEL procures funds for the acquisition of assets and repayment of debt mainly through bank loans, issuance ofinvestment corporation bonds or the issuance of new investment units.
In borrowing funds or issuance of investment corporation bonds, MEL takes consideration in interest rate trend,
debt cost, floating or fixed interest rate, borrowing or issuance period and repayment or redemption date.
In the case of borrowing, the lender shall be limited to qualified institutional investors as stipulated in Article 2,
Paragraph 3, Item of the Financial Instruments and Exchange Act of Japan (limited to institutional investorsprescribed in Article 67-15 of the Taxation Special Measures Law), with in principle no collateral / no guarantee.
However, MEL may provide assets as collateral in consideration of financing environment and economic
conditions. In addition, in order to flexibly procure the necessary funds related to MEL's operation such as
property acquisition and repayment debt financing, MEL may enter into the overdraft agreements, commitmentline agreements or conclude the reserved agreements.
In addition, aiming for long-term and stable growth, MEL will issue additional investment units while paying
due regard to the dilution of investment units, comprehensively taking into account the financial environment,
MEL’s capital structure and the impact on existing unitholders.
MEL also may invest surplus funds in bank deposits etc. for the purpose of efficiency of fund operations.
MEL enters into derivative transactions solely for the purposes of reducing risks of rising interest rates related
to financings and other types of risks. There was no derivative transactions during the reporting period.
(2) Type of Financial Instruments, related Risks and Risk Management System
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties,
repayment of interest-bearing debt. Although MEL is exposed to liquidity risks upon repayment, by diversifying thematurities and lending institutions, securing liquidity of cash in hand and managing such liquidity risks by
preparing and monitoring cash flows projection, such risks are maintained under control. In addition, some loans
bear floating interest rates and are exposed to potential risks of rising interest rates. MEL attempts to mitigate
such risks on its operations by maintaining a conservative loan to value ratio and increasing the ratio of long-term
fixed interest rate loans.
The security deposits which MEL has received from the tenants are exposed to liquidity risk due to cancelationof lease agreement before the maturity date. In the case of trust beneficiary interest in real estate, MEL securessafety by accumulating a portion in the trust account, and in the case of real estate, leasehold rights of real estate,and superficies, MEL secures safety by accumulating a portion in bank savings account or bank time deposit
account. Moreover, MEL ensures safety by accurately tracking the timing of the tenant move-ins and outs andanticipating the fund demand utilizing historical data.
(3) Supplemental Explanation Regarding the Estimated Fair Values of Financial Instruments
The fair value of financial instruments is calculated based on certain assumptions. Accordingly, the fair value offinancial instruments may differ if different assumptions are used.
2. Estimated Fair Value of Financial Instruments
The book value, fair value and differences between the values as of Aug. 31, 2022 are as follows: Financial
instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short-term loans payable” are excluded fromthe following table due to the short maturities and the book value of these instruments which is deemed a reasonableapproximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following
table because of lack of materiality.
Thousands of yen
Book value(1) Long-term loans payable due within one

Fair value (Note)

Difference

3,310,000

3,311,351

1,351(2) Investment corporation bonds

2,000,000

1,950,000(50,000)(3) Long-term loans payable

74,064,000

75,026,006

962,006

Total liabilities

79,374,000

80,287,357

913,357

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

-20-

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

The book value, fair value and differences between the values as of Feb. 28, 2023 are as follows: Financial
instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short-term loans payable” are excluded fromthe following table due to the short maturities and the book value of these instruments which is deemed a reasonableapproximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following
table because of lack of materiality.
Thousands of yen
Book value(1) Long-term loans payable due within one

Fair value (Note 1)

6,540,000

year

Difference

6,547,887

7,887(2) Investment corporation bonds

2,000,000

1,877,000(123,000)(3) Long-term loans payable

92,404,000

92,399,962(4,037)

Total liabilities

100,944,000

100,824,850(119,149)(Note 1) Methods to estimate fair values of financial instruments(1) Long-term loans payable due within one year and (3) Long-term loans payable
The fair value of long-term loans payable is determined based on the present value of contractual cash flows which would be applicable to
new loans payable under the same terms. In terms of floating interest rate loans payable, since it reflects the market interest rate in ashort period of time, the fair value is approximately equal to the book value. Thus, the book value is used.
(2) Investment corporation bonds
Calculated based on the reference values published by the Japan Securities Dealers Association.
(Note 2) Repayment schedule for debt after Aug. 31, 2022
Thousands of yen
Due within one Due after one to Due after two to Due after three Due after fouryear
two years
three years
to four years
to five years
Long-term loans payable due
within one year
Investment

corporationbonds
Long-term loans payable
Total

Due after fiveyears

3,310,000

-

-

-

-

-

-

-

-

-

-

2,000,000-

6,540,000

5,900,000

5,970,000

7,910,000

47,744,000

3,310,000

6,540,000

5,900,000

5,970,000

7,910,000

49,744,000

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

Due after five
years

Repayment schedule for debt after Feb. 28, 2023
Thousands of yen

Long-term loans payable due
within one year
Investment

corporationbonds
Long-term loans payable
Total

6,540,000

-

-

-

-

-

-

-

-

-

-

2,000,000-

4,550,000

8,320,000

9,890,000

13,590,000

56,054,000

6,540,000

4,550,000

8,320,000

9,890,000

13,590,000

58,054,000(Notes Concerning Investment Securities)
For the periods ended Aug. 31, 2022 and Feb. 28, 2023
Not applicable(Notes Concerning Derivative Transactions)
For the periods ended Aug. 31, 2022 and Feb. 28, 2023
Not applicable(Notes Concerning Retirement Payment)
For the periods ended Aug. 31, 2022 and Feb. 28, 2023
Not applicable-21-

(Notes Concerning Deferred Tax Accounting)
1. Primary components of deferred tax assets and deferred tax liabilities
Thousands of yen
As ofAug. 31, 2022
Enterprise tax payable
Subtotal deferred tax assets
Total deferred tax assets
Net deferred tax assets

Feb. 28, 2023
11
11
11
11

18
18
18
18

2. Reconciliations of major items that caused differences between statutory tax rate and effective tax rate after applying
Deferred tax accounting
For the fiscal period ended
Aug. 31, 2022
Feb. 28, 2023
Statutory tax rate
31.46%
31.46%
Adjustments:
Deductible cash distributions(31.45%)(31.45%)
Other
0.02%
0.02%
Actual effective income tax rate
0.03%
0.03%

(Notes Concerning Equity Earnings of Affiliate Companies)
For the periods from Mar. 1, 2022, to Aug. 31, 2022 and Sept. 1, 2022, to Feb. 28, 2023
Not applicable(Notes Concerning Related Party Transaction)
1. Transactions with Account Balances with the Parent company and Major Unit Holders
For the periods from Mar. 1, 2022, to Aug. 31, 2022 and from Sept. 1, 2022, to Feb. 28, 2023
Not applicable
2.

Transactions and Account Balances with Affiliates
For the periods from Mar. 1, 2022, to Aug. 31, 2022 and from Sept. 1, 2022, to Feb. 28, 2023
Not applicable

3.

Transactions and Account Balances with Companies under Common Control
For the periods from Mar. 1, 2022, to Aug. 31, 2022 and from Sept. 1, 2022, to Feb. 28, 2023
Not applicable

4.

Transaction and Account Balances with Board of Directors and Individual Unitholders
For the periods from Mar. 1, 2022, to Aug. 31, 2022 and Sept. 1, 2022, to Feb. 28, 2023
Not applicable(Notes Concerning Asset Retirement Obligations)
For the periods ended Aug. 31, 2022 and Feb. 28, 2023
Not applicable-22-

(Notes Concerning Rental Properties)
MEL owns logistics facilities for leasing for the purpose of earning rental income. The book value, changes during thereporting fiscal period and fair value of the properties are as follows:
Thousands of yen
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Book value (Note 1)
Balance at the beginning of the period

168,078,592

213,459,256

Changes during the period (Note 2)

45,380,664

44,970,055

Balance at the end of the period

213,459,256

258,429,311

Fair value at the end of the period (Note 3)
246,147,500
299,350,000(Note 1) Book value is calculated by deducting accumulated depreciation from acquisition cost.
(Note 2)The increase for the fiscal period ended Aug. 31, 2022 was primarily a result of acquiring Real estate trust beneficiaryinterests for a total of 46,294,212 thousand yen. The decrease was primarily a result of the recognition of depreciation,
which amounted to 1,095,994 thousand yen. The increase for the fiscal period ended Feb. 28, 2023 was primarily a result of
acquiring Real estate trust beneficiary interests for a total of 46,138,283 thousand yen. The decrease was primarily a result of
the recognition of depreciation, which amounted to 1,246,127 thousand yen.
(Note 3) The fair value at the end of the period is determined based on appraised value provided by independent real estateappraisers.

Income and loss in connection with investment and rental properties are disclosed in “Notes Concerning Statementsof Income and Retained Earnings.”(Notes Concerning Segment and Related Information)
1. Segment Information
Disclosure is omitted because the real estate leasing business is MEL’s sole business and it has no reportablesegment subject to disclosure.
2. Related Information
For the period from Mar. 1, 2022, to Aug. 31, 2022
(1) Information by Products and Services
Description of this information is not stated herein as operating revenues generated from external customers for asingle product and service have exceeded 90% of total operating revenues on the statement of income and retained
earnings.
(2) Information by Geographic Region(a) Operating Revenues
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating
revenues on the statement of income and retained earnings.
(b) Property and Equipment
Disclosure is omitted because the amount of property and equipment located in Japan accounts for over 90% of
the amount of property and equipment on the balance sheet.
(3) Information by Each Major Customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating
revenues on the statement of income and retained earnings.
For the period from Sept. 1, 2022, to Feb. 28, 2023
(1) Information by Products and Services
Description of this information is not stated herein as operating revenues generated from external customers for asingle product and service have exceeded 90 % of total operating revenues on the statement of income and retained
earnings.

-23-

(2) Information by Geographic Region(a) Operating Revenues
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating
revenues on the statement of income and retained earnings.
(b) Property and Equipment
Disclosure is omitted because the amount of property and equipment located in Japan accounts for over 90% of
the amount of property and equipment on the balance sheet.
(3) Information by Each Major Customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating
revenues on the statement of income and retained earnings.
(Notes Concerning Per Unit Information)
Yen
For the fiscal period from
Mar. 1, 2022 toAug. 31, 2022
Net assets per unit

For the fiscal period from
Sept. 1, 2022 toFeb. 28, 2023

310,318

318,188

Net income per unit
6,627
7,046
(Note 1) Net income per unit is calculated by dividing net income for the period by the weighted average number of investments
units issued and outstanding based on the number of days during the applicable reporting periods. Diluted net income
per unit is not stated as there is no dilutive equity issued and outstanding.
(Note 2) The basis for calculation of the profit per unit is as follows:
For the fiscal period from
For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Net income (Thousands of yen)Amount not attributable to common unitholders(Thousands of yen)
Net income attributable to common unitholders(Thousands of yen)
Average number of investment units during theperiod (Unit)(Notes Concerning Significant Subsequent Events)
Not applicable-24-

2,979,844

3,432,462--

2,979,844

3,432,462

449,600

487,114

(Notes on Revenue Recognition)

1. Breakdown information on revenue from contracts with customers
The previous period (from Mar. 1, 2022 to Aug. 31, 2022)
Thousands of yen
Revenue from contracts withcustomers

Net sales to external customers

220,513220,513-

6,056,286

Received utilities cost
OthersNote1:

Note2:

Total
220,513
6,276,799
Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," andtransfers of real estate, etc. subject to ASBJ Statement No. 15, "Practical Guidance on Accounting Practical Guidelines forReal Estate Securitization Utilizing Special Purpose Companies," are not included in the above amounts because they are
exempt from the revenue recognition accounting standard. Revenues from contracts with major customers consist ofrevenues from utilities.
Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees whoare customers, based on the lease agreements for real estate, etc. and associated agreements.

The Reporting Period (from Sept. 1, 2022 to Feb. 28, 2023)
Thousands of yen
Revenue from contracts withcustomers

Net sales to external customers

274,781274,781-6,875,050

Received utilities cost
OthersNote1:

Note2:

Total
274,781
7,149,831
Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," andtransfers of real estate, etc. subject to ASBJ Statement No. 15, "Practical Guidance on Accounting Practical Guidelines forReal Estate Securitization Utilizing Special Purpose Companies," are not included in the above amounts because they are
exempt from the revenue recognition accounting standard. Revenues from contracts with major customers consist ofrevenues from utilities.
Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees whoare customers, based on the lease agreements for real estate, etc. and associated agreements.

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

3. Information on relationship between fulfillment of performance obligations based on contracts with customers andcash flow generated from said contracts, and on amount and period of revenues expected to be recognized in thefollowing accounting period or thereafter from contracts with customers existing at the end of the current accounting
period(1)Balance of contract assets and contract liabilities, etc.
Thousands of yen
For the fiscal period from For the fiscal period from
Mar. 1, 2022 to
Sept. 1, 2022 toAug. 31, 2022
Feb. 28, 2023
Claims generated from contracts with customers (balance at
beginning of fiscal year)
Claims generated from contracts with customers (balance at end of
fiscal year)
Contract assets (balance at beginning of fiscal year)

29,511

59,15359,15361,050--Contract assets (balance at end of fiscal year)--

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

Contract liabilities (balance at end of fiscal year)

-

-

-25-

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

-26-

(9) Change in Number of Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ capital for the most recent five
years until Feb. 28, 2023 are as follows:
Unitholders’ Capital(Thousands of yen)(Note 1)
Increase /Total
Decrease

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

Date

Type of Issue

May 21, 2018

Surplus cash
distribution(return on capital)(120,910)

53,564,490-

214,000(Note 2)

Sept. 10, 2018

Public offering

7,216,429

60,780,919

30,300244,300(Note 3)360,821

61,141,741

1,515

245,815(Note 4)

(129,898)

61,011,843-

245,815(Note 5)

(179,199)

60,832,644-

245,815(Note 6)

18,556,033

79,388,677

57,150302,965(Note 7)925,366

80,314,044

2,850

305,815(Note 8)(146,014)

80,168,030-

305,815(Note 9)(174,008)

79,994,021-

305,815(Note 10)

16,898,058

96,892,079

40,500346,315(Note 11)801,927

97,694,006

1,922

348,237(Note 12)(181,042)

97,512,964-

348,237(Note 13)

16,006,482

113,519,446

41,000389,237(Note 14)740,982

114,260,429

1,898

391,135(Note 15)

(231,925)

114,028,503－

391,135(Note 16)

(264,016)

113,764,487－

391,135(Note 17)

22,042,048

135,806,535

56,000447,135(Note 18)

1,102,102

136,908,637

2,800

449,935(Note 19)

(265,580)

136,643,057－

449,935(Note 20)

19,481,796

156,124,853

51,000500,935(Note 21)(328,452)

155,796,400－

500,935(Note 22)974,089

156,770,490

2,550

503,485(Note 23)

Oct. 11, 2018

Nov. 19, 2018

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

May 20, 2020
Sept. 1, 2020
Sept. 30, 2020

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

May 20, 2021

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

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

Nov. 22, 2022

Capital increase
through third-party
allotment
Surplus cash
distribution(return on capital)
Surplus cash
distribution(return on capital)
Public offering
Capital increase
through third-party
allotment
Surplus cash
distribution(return on capital)
Surplus cash
distribution(return on capital)
Public offering
Capital increase
through third-party
allotment
Surplus CashDistributions(return on capital)
Public offering
Capital increase
through third-party
allotment
Surplus CashDistributions(return on capital)
Surplus CashDistributions(return on capital)
Public offering
Capital increase
through third-party
allotment
Surplus CashDistributions(return on capital)
Public offering
Surplus CashDistributions(return on capital)
Capital increase
through third-party
allotment

-27-

Note

Notes:1. “Unitholders’ capital” is the amount after deducting the “Deduction from unitholders’ capital.”
2. Cash distributions for the fiscal period ended Feb. 2018 in the amount of 565 yen per unit as return of capital. It was
decided on Apr. 13, 2018 and started payment on May 21, 2018.
3. New investment units were issued through public offering at an issue price of 246,772 yen (paid-in amount of 238,166
yen) per unit.
4. New investment units were issued through third-party allotment at a paid-in amount of 238,166 yen per unit.
5. Cash distributions for the fiscal period ended Aug. 2018 in the amount of 607 yen per unit as return of capital. It was
decided on Oct. 15, 2018 and started payment on Nov. 19, 2018.
6. Cash distributions for the fiscal period ended Feb. 2019 in the amount of 729 yen per unit as return of capital. It was
decided on Apr. 15, 2019 and started payment on May 21, 2019.
7. New investment units were issued through public offering at an issue price of 335,887 yen (paid-in amount of 324,690
yen) per unit.
8. New investment units were issued through third-party allotment at a paid-in amount of 324,690 yen per unit.
9. Cash distributions for the fiscal period ended Aug. 2019 in the amount of 594 yen per unit as return of capital. It was
decided on Oct. 17, 2019 and started payment on Nov. 18, 2019.
10. Cash distributions for the fiscal period ended Feb. 2020 in the amount of 569 yen per unit as return of capital. It was
decided on Apr. 17, 2020 and started payment on May 20, 2020.
11. New investment units were issued through public offering at an issue price of 431,701 yen (paid-in amount of 417,236
yen) per unit.
12. New investment units were issued through third-party allotment at a paid-in amount of 417,236 yen per unit.
13. Cash distributions for the fiscal period ended Aug. 2020 in the amount of 592 yen per unit as return of capital. It was
decided on Oct. 15, 2020 and started payment on Nov. 20, 2020.
14. New investment units were issued through public offering at an issue price of 403,650 yen (paid-in amount of 390,402
yen) per unit.
15. New investment units were issued through third-party allotment at a paid-in amount of 390,402 yen per unit.
16. Cash distributions for the fiscal period ended Feb. 2021 in the amount of 666 yen per unit as return of capital. It was
decided on Apr. 15, 2021 and started payment on May. 20, 2021.
17. Cash distributions for the fiscal period ended Aug. 2021 in the amount of 675 yen per unit as return of capital. It was
decided on Oct. 15, 2021 and started payment on Nov. 19, 2021.
18. New investment units were issued through public offering at an issue price of 406,965 yen (paid-in amount of 393,608
yen) per unit.
19. New investment units were issued through third-party allotment at a paid-in amount of 393,608 yen per unit.
20. Cash distributions for the fiscal period ended Feb 2022 in the amount of 679 yen per unit as return of capital. It was
decided on Apr. 15, 2022 and started payment on May. 20, 2022.
21. New investment units were issued through public offering at an issue price of 394,875 yen (paid-in amount of
381,996 yen) per unit.
22. Cash distributions for the fiscal period ended Aug. 2022 in the amount of 730 yen per unit as return of capital. It was
decided on Oct. 14, 2022 and started payment on Nov. 21, 2022.
23. New investment units were issued through third-party allotment at a paid-in amount of 381,996 yen per unit.

-28-

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

Real estate in trust

Category

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

Logistics
facilities

13th fiscal period(As of Feb. 28, 2023)
Retained amount
Ratio of total assets(Millions of yen)(%)
(Note 1)
138,705
50.8
58,75021.5
27,705
10.1
18,261
6.7
15,005
5.5
258,42994.6
14,6345.4
273,063
100.0

13th fiscal period(As of Feb. 28, 2023)
Amount(Millions of yen)

Ratio of total asset(%)

Total liabilities (Note 5)(Note 6)
112,860
41.3
Total net assets (Note 5)
160,203
58.7
Total assets (Note 5)
273,063
100.0
Notes:
1.
The retained amount is the amount allocated in the balance sheet (the book value after depreciation) at the end of the reporting
fiscal period (as of Feb. 28, 2023.)
2.
“Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba, Saitama and Ibaraki prefectures.
3.
“Osaka metropolitan area” refers to Osaka, Hyogo, Kyoto, Nara and Shiga prefectures.
4.
“Nagoya metropolitan area” refers to Aichi, Mie and Gifu prefectures.
5.
“Total liabilities”, “Total net assets” and “Total assets” is the amount allocated in the balance sheet at the end of the reporting
fiscal period (as of Feb. 28, 2023).
6.
“Total liabilities” include the tenant leasehold and security deposits.

(2) Investment Assets(A) Major Components of Investment Securities
Not applicable(B) Investment Properties
Not applicable(C) Other Major Investment Assets
The real estate in trust held by MEL as of the end of Feb. 28, 2023 are as follows.

-29-

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

Property nameLocation

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

Hisayama,
5,770
2.2
5,383
7,910 Sept. 14, 2017
Kasuya, Fukuoka
Logicross Atsugi
Atsugi, Kanagawa
8,440
3.2
8,249
9,470 Sept. 3, 2018
Logicross Kobe Sanda
Kobe, Hyogo
3,900
1.5
3,811
4,420 Sept. 3, 2018
Logicross Osaka
Osaka, Osaka
9,743
3.7
9,648
10,300 Sept. 1, 2020
Logicross Nagoya Kasadera Nagoya, Aichi
14,424
5.5
14,33517,800 Sept. 1, 2020
Logicross Narashino
Narashino, Chiba
11,851
4.5
11,81812,400 Mar. 9, 2021
Logicross Atsugi II
Atsugi, Kanagawa
9,838
3.8
9,904
10,600 Mar. 1, 2022
Logicross Yokohama Kohoku Yokohama, Kanagawa
7,821
3.0
7,903
8,130 Oct. 25, 2022
LOGIPORT Sagamihara
Sagamihara,
21,364
8.2
20,43424,500 Sept. 14, 2017
(Note 5)Kanagawa
LOGIPORT Hashimoto
Sagamihara,
18,2007.0
17,47521,780 Sept. 14, 2017
(Note 6)
Kanagawa
LOGIPORT Osaka Taisho
Osaka, Osaka
10,4844.0
10,33012,225 Oct. 9, 2019
(Note 7)
LOGIPORT Kawasaki Bay
Kawasaki,
36,00013.8
35,98940,995 Mar. 1, 2022
(Note 6)
Kanagawa
Logistics LOGiSTA·Logicross Ibaraki
Ibaraki, Osaka
15,1505.8
15,28915,700 Oct. 25, 2022
Facilities Saito (A) (Note 6)
LOGiSTA·Logicross Ibaraki
Ibaraki, Osaka
3,900
1.5
3,941
3,990 Oct. 25, 2022
Saito (B) (Note 6)
MJ Logipark Funabashi 1
Funabashi, Chiba
5,400
2.1
5,256
7,060 Sept. 29, 2016
MJ Logipark Atsugi 1
Atsugi, Kanagawa
6,653
2.5
6,375
7,590 Sept. 14, 2017
MJ Logipark Kazo 1
Kazo, Saitama
1,272
0.5
1,215
1,620 Sept. 14, 2017
MJ Logipark Osaka 1
Osaka, Osaka
6,090
2.3
5,862
8,160 Sept. 14, 2017Umi,
MJ Logipark Fukuoka 1
6,130
2.3
5,641
7,260 Sept. 14, 2017
Kasuya, Fukuoka
MJ Logipark Tsuchiura 1
Tsuchiura, Ibaraki
3,133
1.2
3,082
3,650 Sept. 2, 2019
MJ Logipark Nishinomiya 1
Nishinomiya, Hyogo
2,483
0.9
2,548
2,720 Oct. 9, 2019
MJ Logipark Kasugai 1
Kasugai, Aichi
13,6705.2
13,36915,200 Oct. 9, 2019
MJ Logipark Kazo 2
Kazo, Saitama
1,637
0.6
1,675
1,740 Sept. 1, 2020
MJ Logipark Sendai 1
Tagajo, Miyagi
7,388
2.8
7,237
7,670 Sept. 1, 2020
MJ Logipark Inzai 1
Inzai, Chiba
4,353
1.7
4,392
5,190 Oct. 25, 2022
MJ Logipark Takatsuki 1
Takatsuki, Osaka
5,500
2.1
5,556
6,530 Oct. 25, 2022
MJ Logipark Higashi Osaka 1 Higashiosaka, Osaka
1,687
0.6
1,762
2,050 Oct. 25, 2022
MJ Logipark Funabashi 2
Funabashi, Chiba
4,880
1.9
4,932
6,570 Dec. 1, 2022
MJ Industrial Park Sakai (Land) Sakai, Osaka
5,600
2.1
5,666
5,780 Oct. 9, 2019
MJ Industrial Park Kobe
Kobe, Hyogo
4,970
1.9
5,202
5,720 Mar. 9, 2021
(Land)
Others MJ Industrial Park Chiba-Kita
Chiba, Chiba
1,800
0.7
1,914
1,990 Mar. 19, 2021
(Land)
MJ Industrial Park Kawanishi
Kawanishi, Hyogo
2,125
0.8
2,221
2,630 Oct. 25, 2022
(Land)
Total
261,659
100.0 258,429 299,350
Notes:
1.
“Acquisition price” represents the purchase price of each property or beneficiary right in trust as set forth on the relevantpurchase agreement and does not include expenses such as consumption taxes, and is rounded down to nearest million yen.
2.
“Investment ratio” is calculated by dividing the acquisition price for each property by the total acquisition price and is rounded tosecond decimal place. Thus, the sum of the figures in total may not add up to the figure in the total column.
3.
"Appraisal value” represents the appraisal value as set forth on the relevant study reports by real estate appraisers as of Feb. 28,
2023. Please refer to the below mentioned” (iv) Overview of Appraisal Reports”.
4.
“Acquisition date” represents the acquisition date in the relevant sale and purchase agreement. If multiple purchase agreements
have been concluded due to additional acquisitions, the earliest acquisition date is indicated.
5.
Acquisition price and appraisal value of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% coownership interest.
Logicross Fukuoka Hisayama

-30-

6.
7.

Acquisition price and appraisal value of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito (A) andLOGiSTA·Logicross Ibaraki Saito (B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
Acquisition price and appraisal value of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5%
co-ownership interest.

-31-

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

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

Year built(Note 4)

Logicross Fukuoka Hisayama

18,136.89

36,082.08

34,878.55

34,878.55

Oct. 2014

Logicross Atsugi

14,782.03

29,895.80

29,895.80

29,895.80

Mar. 2017

Logicross Kobe Sanda

20,000.93

12,879.33

12,844.35

12,844.35

Jun. 2017

Logicross Osaka

18,176.07

36,619.48

35,616.58

35,616.58

Sept. 2018

Logicross Nagoya Kasadera

33,224.00

72,376.03

62,289.08

62,289.08

Jan. 2019

Logicross Narashino

19,386.40

36,437.92

39,132.05

39,132.05

Mar. 2018

Logicross Atsugi II

17,383.35

35,067.64

34,580.85

34,580.85

Jul. 2019

Logicross Yokohama Kohoku

7,663.29

16,371.24

16,371.24

16,371.24

May 2019

LOGIPORT Sagamihara (Note 5)

94,197.27

200,252.53(98,123.73)

88,609.64

88,376.62

Aug. 2013

LOGIPORT Hashimoto (Note 6)

67,746.26

145,809.59(65,614.31)

58,487.96

58,487.96

Jan. 2015

LOGIPORT Osaka Taisho(Note 7)55,929.57

117,045.04(43,891.89)

40,081.56

40,081.56

Feb. 2018

LOGIPORT Kawasaki Bay(Note 6)

134,831.45

289,900.59(130,455.26)

117,762.91

117,631.49

May 2019

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

51,030.30

108,480.05(48,816.02)

45,983.59

45,983.59

May 2021

LOGiSTA·LogicrossIbaraki Saito (B) (Note 6)

15,892.28

31,139.89(14,012.95)

14,012.95

14,012.95

Apr. 2021

MJ Logipark Funabashi 1

7,481.00

18,262.08

18,232.07

18,232.07

Nov. 1989

MJ Logipark Atsugi 1

19,780.93

27,836.15

28,002.44

28,002.44

Jul. 2013

MJ Logipark Kazo 1

7,621.09

7,602.06

7,678.10

7,678.10

Mar. 2006

MJ Logipark Osaka 1

13,028.81

39,157.61

39,082.95

39,082.95

Sept. 2007

MJ Logipark Fukuoka 1

20,297.84

39,797.96

38,143.21

38,143.21

Sept. 2007

MJ Logipark Tsuchiura 1

22,914.37

15,485.00

15,485.00

15,485.00

Oct. 2014

MJ Logipark Nishinomiya 1

23,008.83

13,903.42

13,777.07

13,777.07

Mar. 1991

MJ Logipark Kasugai 1

38,972.99

58,236.48

57,866.98

57,866.98

Jan. 2017

MJ Logipark Kazo 2

11,454.21

7,349.18

7,349.18

7,349.18

Dec. 1998

MJ Logipark Sendai 1

19,877.94

36,854.27

39,098.87

39,098.87

Mar. 2009

MJ Logipark Inzai 1

12,405.04

20,993.81

20,980.63

20,980.63

Jul. 2021-32-

Category

Property name
MJ Logipark Takatsuki 1

Year built(Note 4)

9,915.37

20,842.80

20,897.84

20,897.84

May 2021

4,727.69

10,185.04

10,185.04

10,185.04

Apr. 1991

MJ Logipark Funabashi 2

6,314.44

19,219.10

19,219.10

19,219.10

Feb.2022

MJ Industrial Park Sakai (Land)87,476.71-

87,476.71

87,476.71-

MJ Industrial Park Kobe (Land)40,050.71-

31,743.99

31,743.99-

MJ Industrial Park Chiba-Kita(Land)

14,986.64-

14,986.64

14,986.64-

MJ Industrial Park Kawanishi(Land)

9,353.48-

9,353.48

9,353.48-

938,048.18

1,504,082.17(1,012,368.64)

1,110,106.41

1,109,741.97-

Logistics
MJ Logipark Higashi Osaka 1
Facilities

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

Total

Notes:
1.
“Land area” and “Total floor area” are the lot area recorded in the register. Total floor area is the total floor area of the mainbuilding and annex. If there is more than one main building, the total floor area is the sum of the total floor area for each mainbuilding. Figures in parentheses for LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki
Bay,LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) are stated corresponding to each co-ownershipinterest (49%, 45%, 37.5%, 45%, 45% and 45%). “Total” are the sum of total floor area of each property owned taking into
account the co-ownership interest of each property. Each figure is rounded down to the nearest hundredth2.
“Total leasable area” equals to the gross leasable space in each property or property in trust as of Feb. 28, 2023, based on leaseagreements and floor plans included in lease agreements, plus available space based on floor plans, rounded down to the nearest
hundredth. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
3.
“Total leased area” equals to the gross floor area of leased space in each property or property in trust as of Feb. 28, 2023, basedon the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in thelease agreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.
4.
“Year built” is the date of construction of the building in the register. If there is more than one main building, the oldest dateshown in the register.
5.
Total leasable area and total leased area of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49%
co-ownership interest.
6.
Total leasable area and total leased area of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A)and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
7.
Total leasable area and total leased area of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of
37.5% co-ownership interest.

-33-

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

Property name

Logicross Fukuoka
Hisayama
Logicross Atsugi

Logicross Kobe Sanda

Logicross Osaka

Security
Average lease
Total leasable Total leased Occupancy Number ofAnnual rent
deposit term / Average
Name of majorarea (m2)area (m2)(%)
tenants(Millions of (Millions of remaining leasetenant (Note 5)(Note 1)
(Note 2)
(Note 3) (Note 4)yen) (Note 6)
yen)term (Years)(Note 7)(Note 8, 9)
Not
Not
5.0
34,878.55
34,878.55
100.0
2 AXions GROUP
disclosed
disclosed(2.9)(Note 10)(Note 10)Not
Not
MITAKA SOKO
10.0
29,895.80
29,895.80
100.0
1
disclosed
disclosed
Co., Ltd.
(4.0)(Note 10)(Note 10)
Not
Not
Fresh Creator
30.0
12,844.35
12,844.35
100.0
1
disclosed
disclosed
Co., Ltd.
(24.3)(Note 10)(Note 10)
Not
Not
Not
35,616.58
35,616.58
100.0
2 e-LogiT co., ltd.
disclosed
disclosed
disclosed(Note 10)(Note 10)(Note 10)

Logicross Nagoya
Kasadera

62,289.08

62,289.08

100.0

10

YAGAMI
Co., LTD

Logicross Narashino

39,132.05

39,132.05

100.0

1

Nihon Realest.,
Ltd.

Logicross Atsugi II

34,580.85

34,580.85

100.0

941

386

6.7
(3.0)

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

16,371.24

16,371.24

100.0

SBS RICOH
1 LOGISTICS
SYSTEM Co., Ltd.

Not
disclosed(Note 10)Not
disclosed(Note 10)Not
disclosed(Note 10)88,609.64

88,376.62

99.7

17 S･V･D Co., Ltd.

1,288

304

7.3
(1.3)

58,487.96

58,487.96

100.0

16

KDDI
CORPORATION

988

248

6.3
(2.5)

LOGIPORT Osaka Taisho(Note 13)40,081.56

40,081.56

100.0

SBS TOSHIBA
11 LOGISTICSCORPORATION

583

140

5.6
(1.6)

LOGIPORT Kawasaki Bay(Note 12)

117,762.91

117,631.49

99.9

12

Not disclosed(Note 10)

1,733

397

8.6
(5.9)

45,983.59

45,983.59

100.0

MITSUI-SOKO
1 LOGISTICS
Co., Ltd.

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

14,012.95

100.0

1 LONCO JAPANMJ Logipark Funabashi 1

18,232.07

18,232.07

100.0

1

Fuji Echo Co.,Ltd.

MJ Logipark Atsugi 1

28,002.44

28,002.44

100.0

1

Sun Toshi
Tatemono K.K.

MJ Logipark Kazo 1

7,678.10

7,678.10

100.0

1Kanda Holdings
Co., Ltd.

MJ Logipark Osaka 1

39,082.95

39,082.95

100.0

1 Sankyu Inc.

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

Not Nippon Express
disclosed Company,(Note 10) Limited
Logicross Yokohama
KohokuLOGIPORT Sagamihara
Logistics (Note 11)
Facilities LOGIPORT Hashimoto(Note 12)LOGiSTA·LogicrossIbaraki Saito (A)(Note 12)LOGiSTA·LogicrossIbaraki Saito (B)(Note 12)-34-

Category

Property name

Total leasablearea (m2)(Note 1)

NumberTotal leased Occupancyofarea (m2)(%)
tenants(Note 2)
(Note 3)(Note 4)

38,143.21

38,143.21

100.0

Fukuoka
4 Logistics
Systems Corp.

MJ Logipark Tsuchiura
1

15,485.00

15,485.00

100.0

1

MJ Logipark
Nishinomiya 1

13,777.07

13,777.07

100.0

1 F - LINE CO., Ltd

MJ Logipark Kasugai 1

57,866.98

57,866.98

100.0

2

Kimura-Unity
Co., Ltd.

MJ Logipark Kazo 2

7,349.18

7,349.18

100.0

1MS JAPAN
Co.,Ltd.

EntreX
Incorporated

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

MJ Logipark Sendai 1

39,098.87

39,098.87

100.0

MJ Logipark Inzai 1

20,980.63

20,980.63

100.0

MJ Logipark
Takatsuki 1

20,897.84

20,897.84

100.0

1 LONCO JAPANMJ Logipark
Higashi Osaka 1

10,185.04

10,185.04

100.0

1

Nakajima
Express Co., Ltd.

MJ Logipark
Funabashi 2

19,219.10

19,219.10

100.0

1

Oriental EXPRESS
Co., Ltd.

MJ Industrial Park
Sakai (Land)87,476.71

87,476.71

100.0

1

IHI Infrastructure
Systems Co., Ltd

MJ Industrial Park
Kobe (Land)

31,743.99

31,743.99

100.0

1

ORIX Auto
Corporation

MJ Industrial Park
Chiba-Kita (Land)

14,986.64

14,986.64

100.0

Kinugawa
1 Rubber IndustrialCo., Ltd.

MJ Industrial Park
Kawanishi (Land)9,353.48

9,353.48

100.0

11,110,106.41 1,109,741.97

100.0

101

OthersTotal (Average)

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

421

179

3.0
(2.1)

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

441

188

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

14,367

4,999

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

MJ Logipark Fukuoka 1

Logistics
Facilities

Security
deposit(Millions ofyen)(Note 7)

Bigmotor Co.,
Ltd.
－

20.0
(15.4)
10.0
(6.0)
5.1
(0.7)
10.0
(6.8)
3.8
(1.9)
Not
Disclosed(Note 10)Not
Disclosed(Note 10)Not
Disclosed(Note 10)Not
Disclosed(Note 10)Not
disclosed(Note 10)Not
Disclosed(Note 10)Not
disclosed(Note 10)Not
Disclosed(Note 10)
10.1
(6.3)

Notes:
1. “Total leasable area” equals to the gross leasable space in each property or property in trust as of Feb. 28, 2023, based on leaseagreements and floor plans included in lease agreements, plus available space based on floor plans, rounded down to the nearest
hundredth. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
2. “Total leased area” equals to the gross floor area of leased space in each property or property in trust as of Feb. 28, 2023, based on
the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in the leaseagreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.
3. “Occupancy” is as of Feb. 28, 2023, calculated by dividing total leased area for each property by the total leasable area. The total
occupancy rate is calculated by dividing the aggregate total leased area for the relevant properties by the aggregate total leasablearea for the relevant properties. Figures are rounded to the nearest tenth.
4. “Number of tenants” is based on the lease agreements with tenants for each property or property in trust as of Feb. 28, 2023.
However, if one lessee enters into a multiple number of lease agreements for the same property, the total number of tenants will
be calculated on the assumption that such lessee is one party.
5. “Name of major tenant” is the name of the tenant with the largest leased floor area in the relevant lease agreement for each

-35-

6.

7.

8.
9.

10.
11.
12.

13.

property or property in trust as of Feb. 28, 2023
“Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to thenearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 28, 2023. However,if there are different provisions for monthly rent (including common area expenses) depending on the time period in each leaseagreement for each property or property in trust as of Feb. 28, 2023, the annualized amount of rent will be calculated based on themonthly rent (including common area expenses) for Feb. 2023 shown in said lease agreement. The rent-free periods and annual
rent holiday periods (meaning that the payment of rents for specific months is exempted) as of Feb. 28, 2023 shall not be included.
“Security deposit” represent the sum of the outstanding amounts of leasehold/security deposits (the sum of the outstanding
amounts of leasehold/security deposit if a multiple number of lease agreements have been executed), rounded down to thenearest million yen, indicated in the subject lease agreement as of Feb. 28, 2023. However, if there are different provisions for thesum of outstanding leasehold/security deposit depending on the time period in each lease agreement for each property or
property in trust, the amount of tenant leasehold/security deposit for Feb. 2023 shown in said lease agreement is indicated.
“Average lease term” is calculated as the weighted average lease term indicated in the relevant lease agreements for each
property or property in trust as of Feb. 28, 2023, by the rent and figures are rounded down to the first decimal place.
“Average remaining lease term” is calculated as the weighted average remaining lease term indicated in the relevant leaseagreements for each property or property in trust as of Feb. 28, 2023, by the rent and figures are rounded down to the firstdecimal place.
Not disclosed as the tenant’s consent has not been obtained.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Sagamihara indicate the figurescorresponding to MEL’s acquisition of 49% co-ownership interest.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45%
co-ownership interest.
Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Osaka Taisho indicate the figurescorresponding to MEL’s acquisition of 37.5% co-ownership interest.

-36-

(iv) Overview of Appraisal Reports

Return priceCategory

Property
nameAppraiser

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

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

Logicross
Fukuoka
Hisayama

Logistics
Facilities

Feb. 28,
2023

7,910

8,150

7,920

4.3

7,900

4.2,4.4(Note 3)

4.5

349

6.1

9,470

9,430

9,550

4.0

9,430

4.0,4.1(Note 4)

4.2

383

4.5

4,420

4,140

4,450

4.4

4,400

4.3,4.4(Note 5)

4.6

197

5.1

10,3009,400

10,5004.0

10,100

3.8

4.2

420

4.3

17,80016,20018,0004.0

17,600

3.8

4.2

721

5.0

12,40013,30012,6004.0

12,200

3.8

4.2

505

4.3

10,60010,30010,7004.0

10,500

3.9,4.1(Note 6)

4.2

435

4.4

8,130

8,040

8,400

3.8

8,010

3.7,3.9(Note 7)

4.0

320

4.1

24,50018,40024,4003.9

24,500

3.7

4.1

983

4.6

21,78021,33022,095

3.8

21,420

3.6

4.0

844

4.6

12,225

10,687

12,375

3.9

12,037

3.7

4.1

486

4.6

40,99538,74541,2203.7

40,725

3.4

3.8

1,531

4.3

15,70015,00015,8004.0

15,600

3.7

4.2

637

4.2

3,990

4,120

4,010

4.1

3,960

3.8

4.3

167

4.3

7,060

4,020

7,100

5.2

7,020

4.1

5.3

394

7.3

7,590

8,320

7,710

4.1

7,460

3.9

4.3

330

5.0

1,620

1,350

1,640

4.3

1,590

4.1

4.5

72

5.7

-37-

Return priceCategory

Property
nameAppraiser

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

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

MJ Logipark
Osaka 1

Logistics
Facilities

OthersTotal

Feb. 28,
2023

8,160

6,680

8,200

4.1

8,140

4.0,4.2(Note 11)

4.3

351

5.8

7,260

5,410

7,320

4.5

7,190

4.3

4.7

348

5.7

3,650

2,860

3,690

4.5

3,600

4.3

4.7

165

5.3

2,720

3,020

2,780

4.7

2,690

4.4,4.7(Note 12)

4.9

141

5.7

15,20012,80015,5004.2

15,1004.2,4.3(Note 13)

4.4

660

4.8

1,740

1,730

1,800

4.3

1,710

4.4

4.5

82

5.0

7,670

5,210

7,690

4.7

7,650

4.3

4.7

378

5.1

5,190

5,110

5,320

4.1

5,140

4.0,4.2(Note 14)

4.3

221

5.1

6,530

6,760

6,720

3.9

6,450

3.8,4.0(Note 15)

4.1

265

4.8

2,050

1,970

2,070

4.2

2,040

4.1,4.3(Note 16)

4.4

89

5.3

6,570

6,540

6,740

3.8

6,500

3.7,3.9(Note 17)

4.0

258

5.3

5,780

-

5,840

3.7

5,710

3.5

3.8

214

3.8

5,720

-

5,800

4.0

5,720

3.9,4.0(Note 18)

4.0

254

5.1

1,990

-

2,050

4.3

1,990

4.2,4.3(Note 19)

4.4

79

4.4

2,630

-

2,790

3.9

2,630

3.8

4.0

94

4.4

299,350

259,022302,780-

296,712--

12,389

4.7

Notes:
1. “Appraisal NOI” is the net operating income by the direct capitalization method stated in the appraisal report, rounded down to
the nearest million yen.
2. “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the acquisition price of each
property in each real estate appraisal report, rounded to the first decimal place.

-38-

3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.
17.
18.
19.

Discount rate for Logicross Fukuoka Hisayama is assessed from first to third year as 4.2% and fourth year and thereafter as
4.4%.
Discount rate for Logicross Atsugi is assessed first to fourth year as 4.0% and fifth and thereafter as 4.1%.
Discount rate for Logicross Kobe Sanda is assessed first to fourth year as 4.3% and fifth to 11th as 4.4%.
Discount rate for Logicross Atsugi II is assessed first year as 3.9% and second and thereafter as 4.1%.
Discount rate for Logicross Yokohama Kohoku is assessed first to seventh year as 3.7% and eighth and thereafter as 3.9%.
Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest.
Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki
Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest.
Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF
method of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest.
Discount rate for MJ Logipark Osaka 1 is assessed first year to third year as 4.0% and fourth to 11th as 4.2%.
Discount rate for MJ Logipark Nishinomiya 1 is assessed first to sixth year as 4.4% and seventh and thereafter as 4.7%.
Discount rate for MJ Logipark Kasugai 1 is assessed first year to second year as 4.2% and third and thereafter as 4.3%.
Discount rate for MJ Logipark Inzai 1 is assessed first year to eighth year as 4.0% and ninth and thereafter as 4.2%.
Discount rate for MJ Logipark Takatsuki 1 is assessed first year to eighth year as 3.8% and ninth and to 11th as 4.0%.
Discount rate for MJ Logipark Higashi Osaka 1 is assessed first year to 10th year as 4.1% and 11th as 4.3%
Discount rate for MJ Logipark Funabashi 2 is assessed first year to eighth year as 3.7% and ninth and thereafter as 3.9%
Discount rate for MJ Industrial Park Kobe (Land) is assessed first to eighth year as 3.9% and ninth and thereafter as 4.0%.
Discount rate for MJ Industrial Park Chiba-Kita (Land) is assessed first to third year as 4.2% and fourth and thereafter as 4.3%.

-39-

(v) Information Regarding Major Real Estate Properties
The following summarizes the properties whose annual rent represents 10% or more of the total portfolio annual
rent as of Feb. 28, 2023.
Annual rent (Millions of yen)
Percentage of rent
Property name(Note 1)(%) (Note 2)
LOGIPORT Kawasaki Bay (Note 3)
1,733
12.1
Notes:
1. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to thenearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 28, 2023.
However, if there are different provisions for monthly rent (including common area expenses) depending on the time period ineach lease agreement for each property or property in trust as of Feb. 28, 2023, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Feb. 2023 shown in said lease agreement. The
rent-free periods and annual rent holiday periods (meaning that the payment of rents for specific months is exempted) as ofFeb. 28, 2023 shall not be included.
2. “Percentage of rent” is the ratio of that property’s total annual rent to the total portfolio annual rent, rounded to the nearest
tenth.
3. Annual rent of LOGIPORT Kawasaki Bay indicates the figures corresponding to MEL’s acquisition of 45% co-ownership interest.

(vi) Information Regarding Major Tenants (Note)
Not applicable
Note: “Major Tenants” represents tenant whose leased floor space accounts for 10% or more of the total leased floor space inthe entire portfolio as of February 28, 2023.

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

Category
Logistics facilities
Others
Total

Acquisition price (Millions of yen)
(Note 1)28
432

Investment Ratio (%)(Note 2)

247,163
14,496261,659

94.5
5.5
100.0

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

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

Number ofproperties
14
9
2
3
28

-40-

Total floor area(㎡)
(Note 2)
870,482.69
390,252.66
130,612.51
112,734.31
1,504,082.17

Ratio (%)
57.9
25.9
8.7
7.5
100.0

<Based on acquisition price>
RegionNumber ofproperties

Acquisition price(Millions of yen)

Investment
ratio (%)

142,643
71,63328,094
19,288261,659

54.5
27.4
10.7
7.4
100.0

15
12
2
3
32

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

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

c. Distribution by property age (Note 1)
Property age
Number ofproperties(Note 2)11
5 years or less9
More than 5 years and
10 years or less8
Over 10 years
28
Total

Total floor area(㎡)

Acquisition price(Millions of yen)

Ratio (%)

Investment
ratio (%)

687,448.55
643,522.00

45.7
42.8

123,461
91,61450.0
37.1

173,111.62
1,504,082.17

11.5
100.0

32,087
247,163

13.0
100.0

Notes:
1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land) and MJ Industrial Park
Kawanishi (Land) are not included in the calculation.
2. “Property age” is calculated based on the date recorded in the register up to Feb. 28, 2023.

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

Number ofproperties

Total floor area(m2)

Ratio (%)

2
11
15
28

14,951.24
205,873.77
1,283,257.16
1,504,082.17

1.0
13.7
85.3
100.0

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

2,909
54,251
190,002247,163

1.2
21.9
76.9
100.0

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

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

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

7,609
642
4,469
1,645
14,367

Ratio (%)

53.0
4.5
31.1
11.5
100.0

Notes:
1. “Lease term” is calculated as the weighted average lease term indicated in the relevant lease agreements for each property or
property in trust as of Feb. 28, 2023, by the rent and figures are rounded to the first decimal place. It does not include theleased area indicated in the lease agreements concerning shops, vending machines, photovoltaic power generation facilities
and parking lots.
2. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of leaseagreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to the

-41-

3.

nearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Feb. 28, 2023.
However, if there are different provisions for monthly rent (including common area expenses) depending on the time period ineach lease agreement for each property or property in trust as of Feb. 28, 2023, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Feb. 2023 shown in said lease agreement. The
rent-free periods and annual rent holiday periods (meaning that the payment of rents for specific months is exempted) as ofFeb. 28, 2023 shall not be included. Same applies below (vii) Property Distribution.
LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki
Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of co-ownership interest
ratios (49%, 45%, 37.5%, 45%, 45% and 45% respectively). Same applies below (vii) Property Distribution.

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

Annual rent
(Millions of yen)

4,269
1,468
1,959
4,041
2,629
14,367

Ratio (%)

29.7
10.2
13.6
28.1
18.3
100.0

Note: “Remaining lease term” is calculated as the weighted average remaining lease term indicated in the relevant leaseagreements for each property or property in trust as of Feb. 28, 2023, by the rent and figures are rounded to the first decimal
place. It does not include the leased area indicated in the lease agreements concerning shops, vending machines, photovoltaic
power generation facilities and parking lots.

-42-

(viii) Details of Collateral
Not applicable(ix) Capital Expenditure for Owned Properties
a. Future plans for capital expenditure
The following summarizes the major capital expenditure plans in connection with scheduled renovations and otherwork for properties owned by MEL. Estimated construction cost includes the amounts to be expensed for accounting
purposes.

Property name
(Location)

Estimated construction cost
(Millions of yen) (Note)
Total
Paid during the
Total amountamount reporting period
already paid

PurposePlanned period

MJ Logipark Fukuoka 1(Umi, Kasuya, Fukuoka)

Repair work of
exterior wall
(1st term)

From Mar. 2023
to Aug. 2023

75

-

-

MJ Logipark Fukuoka 1(Umi, Kasuya, Fukuoka)

Repair work of
exterior wall
(2nd term)

From Sept. 2023
to Feb. 2024

66

-

-

MJ Logipark Funabashi 1(Funabashi, Chiba)

Refrigerationequipment
construction

From Sept. 2023
to Feb. 2024

390

-

-

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

b. Capital expenditure incurred for the reporting fiscal period
The following summarizes the major capital expenditure in the reporting fiscal period. MEL conducted construction
work worth 168 million yen in the reporting fiscal period which is a sum of capital expenditures of 77 million yen andrepair and maintenance expenses of 90 million yen.
Property nameConstruction cost
PurposeConducted period(Location)(Millions of yen) (Note)
MJ Logipark Kazo 1(Kazo, Saitama)

Repair work ofelevator

From Nov. 2022
to Dec. 2022

13

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

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

Reserved balance at the
beginning of the period
Reserved amount during
the period
Reversal of reserved
amount during the period
Reserved balance at theend of the period(Thousands of yen)
12th fiscal
13th fiscal
periodperiodNinth fiscal
period10th fiscal
period11th fiscal
periodSept. 1, 2020 toFeb. 28, 2021

Mar. 1, 2021 toAug. 31, 2021

448,139554,768

659,295

760,477

907,717106,629

104,527

101,182

147,240

172,716

-

-

-

-

-

554,768

659,295

760,477

907,717

1,080,434

Sept. 1, 2021 to Mar. 1, 2022 to Sept. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
Feb. 28, 2023

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

-43-

(x) Overview of Property Leasing and Status of Operating Income
13th fiscal period from Sept. 1, 2022, to Feb. 28, 2023
(Units: Thousands of yen)
Property name

Logicross
Fukuoka
Hisayama

LogicrossAtsugi

Logicross
Kobe Sanda

Logicross
Osaka

Logicross
NagoyaKasadera

Operating days

181 days

181 days

181 days

181 days

181 days(A) Property related revenues

514,512

Property revenues
Other property related
revenues

466,433(B) Property related expenses

226,586

Facility management fee

44,653

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

48,079Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

57,855649
4,123

Utilities cost

38,380

Custodian fee

150

Other expenses

2,832(C) Depreciation

44,45035,227

16,29253,04977,941(D) Property related income(=A-B)

133,761

154,61478,504

156,442

287,925(E) NOI (=C+D)

178,211

189,842

94,796

209,491

365,867

Property name

Logicross
Narashino

LogicrossAtsugi II

Logicross
Yokohama
KohokuLOGIPORT
Sagamihara

LOGIPORT
HashimotoOperating days

181 days

181 days

127 days

181 days

181 days(A) Property related revenues

720,480

552,320

Property revenues
Other property related
revenues

644,282

494,484

76,197

57,836(B) Property related expenses

312,046

207,21248,737

19,20957,28743,423856

647

14,170

4,642

Utilities cost

61,196

46,521

Custodian fee

61

56

10,531

824

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

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

Other expenses(C) Depreciation

51,99547,62918,555

119,205

91,888(D) Property related income(=A-B)

200,378

188,241

98,541

408,434

345,107(E) NOI (=C+D)

252,374

235,871

117,096

527,639

436,995

Note: Not disclosed as the tenant’s consent has not been obtained-44-

(Units: Thousands of yen)

Property nameOperating days(A) Property related revenues

LOGIPORTLOGIPORT
Osaka Taisho Kawasaki Bay
181 days

181 days

LOGiSTALogicrossIbaraki Saito(A)

LOGiSTALogicrossIbaraki Saito(B)

MJ Logipark
Funabashi 1

127 days

127 days

181 days298,552

945,133

Property revenues

279,279865,686

Other property related
revenues

19,27279,447(B) Property related expenses

114,865

227,682

Facility management fee

11,545

27,110Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

33,067124 Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)
1,376

3,256

810

Utilities cost

16,946

36,117

Custodian fee

37

112

Other expenses

257

4,383

(C) Depreciation

49,333

157,646

50,107

12,301

44,831(D) Property related income(=A-B)

183,686

717,451

210,771

57,102

112,683(E) NOI (=C+D)

233,019875,097

260,879

69,403

157,515

Property name

MJ Logipark
Atsugi 1

MJ Logipark
Kazo 1

MJ Logipark
Osaka 1

MJ Logipark
Fukuoka 1

MJ Logipark
Tsuchiura 1

Operating days

181 days

181 days

181 days

181 days

181 days

421(A) Property related revenues

226,877

Property revenues
Other property related
revenues

209,955(B) Property related expenses

109,295

16,922

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

9,576
Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)

13,873 Not disclosed(Note)
382
8,525

Utilities cost

14,773Custodian fee

240

Other expenses

390(C) Depreciation

33,186

10,50841,51061,533

12,894(D) Property related income(=A-B)

96,45725,804130,255

117,581

70,209(E) NOI (=C+D)

129,643

36,313

171,766

179,115

83,104

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

(Units: Thousands of yen)
Property name

MJ Logipark
Nishinomiya 1

MJ Logipark
Kasugai 1

MJ Logipark
Kazo 2

MJ Logipark
Sendai1

MJ Logipark
Inzai 1

Operating days

181 days

181 days

181 days

181 days

127 days(A) Property related revenues

238,110

Property revenues
Other property related
revenues

209,785(F) Property related expenses

140,667

Facility management fee

20,499Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

28,324Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)

20,610 Not disclosed(Note)
328
16,412

Utilities cost

19,131

Custodian fee

290

Other expenses

580(G) Depreciation

12,567

69,9707,609

62,81522,295(H) Property related income(=A-B)

47,092226,922

27,77297,442

61,930(I) NOI (=C+D)

59,660296,893

35,381

160,258

84,225

Property name

MJ Logipark
Takatsuki 1

MJ Logipark
Higashi Osaka
1

MJ Logipark
Funabashi 2

MJ Industrial
Park Sakai(Land)

MJ Industrial
Park Kobe(Land)

Operating days

127 days

127 days

90 days

181 days

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

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

Utilities cost
Custodian fee
Other expenses(G) Depreciation

20,178

9,017

11,583--(H) Property related income(=A-B)

79,772

25,221

57,967

107,329

127,408(I) NOI (=C+D)

99,951

34,23969,551

107,329

127,408

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

(Units: Thousands of yen)
MJ Industrial
Property nameOperating days

MJ Industrial

Park Chiba-Kita Park Kawanishi(Land)(Land)
181 daysTotal

127 days(A) Property related revenues

7,149,831

Property revenues
Other property related
revenues

6,759,061(B) Property related expenses

2,450,675

390,769

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

322,841Not disclosed(Note)

Not disclosed(Note)

475,402
9,063
90,105

Utilities cost

277,105

Custodian fee

5,208

Other expenses

24,820(C) Depreciation--

1,246,127(D) Property related income(=A-B)

39,50026,8384,699,156(E) NOI (=C+D)

39,50026,838

5,945,284

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