Summary of Financial Results for the Fiscal Period Ended August 31, 2022 (REIT)
October 14, 2022
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:

Nov. 29, 2022
Nov. 21, 2022

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 August 31, 2022 (12th Fiscal Period) (from Mar. 1, 2022 to Aug. 31, 2022)(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
Aug. 31, 2022
6,276
24.8
3,329
26.1
2,980
17.3
2,979
17.3
Feb. 28, 2022
5,028
1.5
2,640
3.3
2,541
6.7
2,540
6.7
Ratio of ordinary income Ratio of ordinary income
to total assets
to operating revenues
Fiscal period ended
Yen
%
%
%
Aug. 31, 2022
6,627
2.3
1.5
47.5
Feb. 28, 2022
6,495
2.2
1.4
50.5
Note: 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 is calculated by dividing net income by the day-weighted average number ofinvestment 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%%
Aug. 31, 2022
6,623
2,979
730
328
7,353
3,308 100.0
2.2
Feb. 28, 2022
6,495
2,540
679
265
7,174
2,806 100.0
2.2
Notes:
1. Total amount of SCD are the refund of investment, which falls under the distributions through reduction in unitholders’ capital undertaxation law.
2. The ratio of net asset value attributable to a reduction in unitholders’ paid-in capital for the fiscal periods ended Feb. 28, 2022 and Aug.
31, 2022, is 0.002 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 period 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

Unitholders’ equity tototal assets

Net assets

Millions of yen
228,173
180,403

Millions of yen
139,623
116,305

Cash flows fromoperating activities
Millions of yen
2,641
4,273

Cash flows frominvesting activities
Millions of yen(45,945)(154)

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

%
61.2
64.5

Net assets per unit
Yen
310,318
297,352(4) Cash Flows

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

Cash flows from
Cash and cash equivalents
financing activities
Millions of yen
Millions of yen
12,78843,875
12,217(3,545)

2. Forecasts for the Fiscal Periods Ending Feb. 28, 2023 (from Sept. 1, 2022 to Feb. 28, 2023) and Aug. 31, 2023 (fromMar. 1, 2023 to Aug. 31, 2023)(Percentages indicate change from the previous period)

Operating revenues Operating income Ordinary income

Fiscal period ending Millions ofyenFeb. 28, 2023
7,099
Aug. 31, 2023
7,455

% Millions of
yen
13.1
3,826
5.0
3,751

% Millions of
%
yen
14.9
3,399 14.0
(2.0)
3,495 2.8

Distribution
Distributions
s per unit
Net income
per unit(including(excluding
SCD)
SCD)
Millions of
%
Yen
Yen
yen
3,398 14.0
7,628
6,749
3,494
2.8
7,832
6,939

SCD

(Reference) Forecasted net income per unit for the fiscal period ending Feb.28, 2023: 6,749yen
Forecasted net income per unit for the fiscal period ending Aug.31, 2023: 6,939 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 Aug. 31, 2022
449,935 units
As of Feb. 28, 2022
391,135 units(b) Number of treasury units at the end of the fiscal period
As of Aug. 31, 2022
0 units
As of Feb. 28, 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 Feb. 28, 2023 andAug. 31, 2023” on page 8 for assumptions regarding forward-looking statements.
Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Yen
879
893

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 ........................................................................................................................................ 4(i) Future Management Policies ………………................................................................................................................................... 4(ii) Significant Subsequent Events ................................................................................................................................................ 5(iii) Earnings Forecast ................................................................................................................................................................... 7(2) Risk Factors ……..………………….......................................................................................................................................................... 10
2. Financial Statements(1) Balance Sheet .................................................................................................................................................................................. 11(2) Statement of Income and Retained Earnings .................................................................................................................................. 13(3) Statement of Changes in Net Assets................................................................................................................................................ 14(4) Statement of Cash Distributions...................................................................................................................................................... 15(5) Statement of Cash Flows ................................................................................................................................................................. 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 .................................................................................................. 28
3. Reference Information(1) Composition of MEL’s Assets .......................................................................................................................................................... 30(2) Investment Assets …………................................................................................................................................................................ 30(A) Major Components of Investment Securities…………………………………..…………………………………………………………………………………… 30(B) Investment Properties ………………………………….…………………………………..…………………………………………………………………………………… 30(C) Other Major Investment Assets………………………………………………………..…………………………………………………………………………………… 30(i) Overview of Portfolio ................................................................................................................................................................. 31(ii) Overview of Properties……………………………….……………………………………………………………………………………..................................... 33(iii) Overview of Tenant Agreements ………………..…….…………………………………................................................................................. 35(iv) Overview of Appraisal Reports …….......................................................................................................................................... 37(v) Information Regarding Major Real Estate Properties ………....................................................................................................... 39(vi) Information Regarding Major Tenants…………………………………………………………………………......................................................... 39(vii) Property Distribution ……………………………………………………………………………………………………....................................................... 39(viii) Details of Collateral ……...……………………………………………………………………………………………....................................................... 42(ix) Capital Expenditure for Owned Properties………..…………………………………………………………......................................................... 42(x) Overview of Property Leasing and Status of Operating Income …..…………………………………....................................................... 43-1-

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).
Mitsubishi Estate Co., Ltd. (“MEC”), one of the largest comprehensive developers in Japan, acting as a sponsor.
MEL focuses on investing in logistics facilities. MEL’s asset management company, Mitsubishi Jisho Investment
Advisors, Inc. (“Asset Management Company” or “MJIA”) has been boasting an extensive track record in realestate 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 striving for the building of a high-quality
portfolio and steady and stable asset management as a listed real estate investment corporation investing
mainly in logistics facilities. Focusing on “location”, ”building features” and “stability,” we aim to build a longterm and stable portfolio through selective investments in highly competitive logistics facilities that meet tenantneeds.
Furthermore, MEL announced its management policy based on the “Three Pillars” on April 17, 2019, as amanagement plan designed to maximize unitholder value in the medium- to long-term. The management policy
is intended to gather the entire MEC Group to work together and improve 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).
As of the end of the reporting fiscal period (Aug. 31, 2022), MEL acquired two additional properties, Logicross
Atsugi II and LOGIPORT Kawasaki Bay (45% co-beneficiary interest) , worth aggregate acquisition price of 45,838
million yen, during the reporting fiscal period. As a result, MEL owned 24 properties (aggregate acquisition price:
216,242 million yen), at the end of the reporting fiscal period (Aug. 31, 2022).
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 to refer 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 August 2022, the Japanese economy has shown a gradual recovery,
although the pace of recovery has slowed at times due to the spread of the Omicron coronavirus variant andsoaring energy prices associated with the situation in Ukraine. Although the economy is expected to recover as
economic activities continue to normalize, it is necessary to closely monitor the trends of rising prices caused by
global inflation and weakening yen and trends in the financial and capital markets going forward. The actual
GDP (gross domestic product) for the second quarter of 2022 (from Apr. to Jun.) recorded the third consecutive
quarter of positive growth with 3.5% annualized basis backed by the increase in personal consumption andcorporate capital investment, etc.
In the real estate transaction market, domestic and overseas investors continue to have a strong appetite forinvestment due to factors such as the size of one of the largest markets in Asia and lower funding rates
compared to other countries, and transactions are also active. Especially for logistics facilities that are expected
to generate stable cash flow, the current cap rate continues to decline.
In the J-REIT market, although there were temporary adjustment phases, the overall recovery trend continued.
TSE REIT Index remained weak until mid- March, temporarily fell to the low 1,800 points level due to the risk-off
sentiment caused by rising interest rates and geopolitical risks, but afterword it remained at around 2,000
points, reflecting a sense of undervaluation and expectations of recovery. In mid-June, the index temporarily fell
to below 1,900 points due to the awareness of rising global interest rates, but it has recovered to above 2,000
points due to the receding risk of rising interest rates and expectations of a recovery in the real estate rental
market accompanying the normalization of economic activity. We believe it is necessary to monitor the impact
of soaring energy and other costs on real estate rental business profits and losses, rising volatility accompanying
changes in the interest rate environment, geopolitical risks, and other factors.
In the logistics facilities market, the increase of e-commerce use has drawn attention and further increase indemand 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 by strong demand, the vacancy ratein the Tokyo metropolitan area is still at a low level but the trend is slightly upward as some constructions
completed with some vacancies.
As of the end of the reporting fiscal period (Aug. 31, 2022), MEL owned 24 properties (aggregate acquisition-2-

price: 216,242 million yen) and the occupancy rate remained high, at 100.0%.

(iii) Overview of Financing
MEL issued new investment units through its public follow-on offering (56,000 units) and raised 22,042 million
yen equity capital, with a payment date of March 1, 2022, to procure funds to acquire assets acquired in the
12th fiscal period. MEL additionally issued units through a third-party allotment (2,800 units) and raised 1,102
million yen equity capital, with a payment date of March 23, 2022. As a result of these offerings, the balance of
MEL’s unitholders’ capital was 136,643 million yen and the total number of units issued and outstanding was
449,935 as of the end of the reporting fiscal period (Aug. 31, 2022).
During the reporting fiscal period, MEL borrowed short-term loans of 3,800 million yen and long-term loans of
21,000 million yen on March 1, 2022, including ESG loan for J-REIT from MUFG Bank, Ltd., Green Loans andSustainability Linked Loan for the purpose of acquiring two new properties associated with ancillary costs andexpenses. Moreover, MEL prepaid aforementioned portion of short-term loan of 1,100 million yen with the cashon hand including the proceed from third-party allotment on April 1, 2022.
As of the end of the reporting fiscal period (Aug. 31, 2022), the balance of MEL’s interest-bearing debt was
82,074 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 36.0%.
MEL’s credit rating as of the end of the reporting fiscal period (Aug. 31, 2022) was as follows:
Rating Agency
Rating Object
RatingOutlookJapan Credit Rating Agency, Ltd.
Long-term issuer rating
AA
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 established the Sustainability Committee in February 2019 with the aim of improving
sustainability and enhancing unitholder value on a company-wide basis. In January 2022, it was raised to aformal committee, and in April 2022, the Sustainability Management Office was established to appoint person in
charge. In these ways, our commitment to sustainability has been enhanced and clarified further.
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. MEL will continue to share the sustainability objectives, and continues toembed sustainability into our business with MJIA.
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 is promoting efforts to reduce carbon emissions and further information disclosure. In June
2022, we published our second Sustainability Report. MEL’s main KPIs and targets in key materiality and theprogress is as follows.
Targets (by FY 2030)
Achievement status
30% reduction (based on FY
CO2 emissions intensity (t-CO2/m2)
34.7% reduction (FY2021)
2017)
Energy consumption intensity
15% reduction (based on FY
23.3% reduction (FY2021)(kWh/m2)
2017)
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 2)
100%
87.6% (As of Aug. 23, 2022)
acquisition rate (Note 3)
Our efforts for sustainability were highly evaluated in the 2022 survey of GRESB Real Estate Assessment (Note4), 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-3-

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. "Green Building Certification" refers to either DBJ Green Building certification, BELS assessment or CASBEE real estatecertification.
3. "Green Building Certification acquisition rate" is calculated based on total floor area of properties, excluding land.
4. "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 6,276 million
yen, operating income of 3,329 million yen, ordinary income of 2,980 million yen, net income of 2,979 million
yen and distributions per unit of 7,353 yen for the reporting fiscal period.
MEL’s distributions for the reporting fiscal period were 6,623 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 2,979,919,505 yen which was the amount equivalent to the maximum
integral multiples of number of investment units issued and outstanding (449,935 investment units) as of thereporting fiscal period.
In addition to the above distributions arising from earnings, MEL intends to regularly distribute cash in excessof the amount of retained earnings (“Regular Surplus Cash Distributions”) in each fiscal period in accordancewith MEL’s distribution policy set forth in its articles of incorporation (Note 1). Furthermore, to maintain thestability of MEL’s distributions per unit in the event that it is expected that an amount of distributions per unit
temporarily decreases by a certain degree due to financing actions or incurrence of large repair andmaintenance, MEL may decide to make distributions as one-time surplus cash distributions (“One-time Surplus
Cash Distributions,” collectively with the Regular Surplus Cash Distributions, “SCD”).
Accordingly, MEL made Regular Surplus Cash Distributions of 328,452,550 yen, equivalent to 30% of MEL’s
depreciation expense for the reporting fiscal period and the total amount of SCD per unit for the reporting fiscal
period was 730 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 manage assets in a stable and steady manner, and eventually tomaximize unitholder value, through selective investments in highly competitive logistics facilities that meettenant needs with a focus on “location,” “building features” and “stability” and considered sustainability, basedon the accumulated expertise of Mitsubishi Estate Group.
a. External Growth Strategy-4-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 Mitsubishi Estate 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
Issuance of New Investment Units
MEL’s board of directors made the resolution regarding the issuance of new investment units on October
14, 2022. The issue price per unit shall be determined at the board of directors meeting to be held on the dateof the issue price determination.
<Issuance of New Investment Units through Public Offering>Number of units issued: 51,000 units
Issue price: to be decided
Total amount issued: to be decided
Issue amount: to be decided
Net proceeds: to be decided
Payment date: to be decided<Issuance of New Investments Units through Third-Party Allotment> (Note)
Number of units issued: 2,550 units
Issue amount: to be decided
Net proceeds: to be decided
Payment date: to be decided
Allotee: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Note: In connection with the Japanese Public Offering, taking into consideration the status of demand and other factors,
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. may conduct a secondary offering in Japan (the "Secondary
Distribution via Over-Allotment") borrowed by unitholders (the "Borrowed Investment Units"). In connection with
the Secondary Distribution via Over-Allotment, which is intended to allow Mitsubishi UFJ Morgan Stanley Securities
Co., Ltd. to acquire investment units necessary to return the Borrowed Investment Units, all or part of the units to
be issued may not be subscribed for, and as a result, the final number of units to be issued through the Third-Party
Allotment may decrease to that extent or the issuance itself may not take place at all, due to forfeiture of subscription
rights.

(Reference Information)
Property Acquisition
MEL anticipates the acquisition of the following properties using proceeds from the issuance of new investment units (seeabove “Issuance of New Investment Units”) on Oct. 25, 2022 and Dec. 1, 2022 respectively.
Category

Property NameLOGiSTA･Logicross Ibaraki Saito (A)(45% co-ownership interest)
Logistics LOGiSTA･Logicross Ibaraki Saito (B)Facilities (45% co-ownership interest)
Logicross
Yokohama Kohoku

Location

AnticipatedAcquisition Price(Millions of yen)

Ibaraki,Osaka
Ibaraki,Osaka
Yokohama,
Kanagawa

15,150
3,900
7,821

-5-

AnticipatedAcquisition
Date
Oct. 25,
2022
Oct. 25,
2022
Oct. 25,
2022

Seller
MEC Toshi Kaihatsu Tokutei
Mokuteki Kaisha 11
Mitsubishi Estate Co., Ltd.
Not disclosed (Note)Category

Property Name
MJ Logipark
Funabashi 2

Logistics
Facilities

MJ Logipark Inzai 1
MJ Logipark Takatsuki 1
MJ Logipark Higashi Osaka 1

Other

MJ Industrial Park Kawanishi (Land)

Location

AnticipatedAcquisition Price(Millions of yen)

Funabashi,
Chiba
Inzai,
Chiba
Takatsuki,
Osaka
Higashiosaka,
Osaka
Kawanishi,
Hyogo

4,880
4,353
5,500
1,687
2,125

Total
Note: Not disclosed as the seller’s consent has not been obtained.

45,417-6-

AnticipatedAcquisition
Date
Dec. 1,2022
Oct. 25,
2022
Oct. 25,
2022
Oct. 25,
2022
Oct. 25,
2022-

Seller
Odakyu Real Estate Co., Ltd
Odakyu Real Estate Co., Ltd
Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)-(iii) Earnings Forecast
Forecasts for the fiscal period ending February 28, 2023 (from Sept. 1, 2022 to Feb. 28, 2023) are follows.

Operating revenues Operating income Ordinary income

Distributions
Distributions
per unit
Net income
per unit(including(excluding
SCD)
SCD)
Millions of yen
Yen
Yen
3,398
7,628
6,749

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Feb. 28, 2023
7,099
3,826
3,399
(Reference)
Fiscal period ending Feb. 28, 2023: Expected number of investment units outstanding at the end of the period: 503,485 units;
Expected net income per unit: 6,749 yen

SCD
Yen
879

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
3,494
7,832
6,939
893

Millions of yen
Millions of yen
Millions of yen
Fiscal period ending
Aug 31, 2023
7,455
3,751
3,495
(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: 6,939 yen

The forecast information is calculated based on the assumptions described in “Forecast Assumptions for the Fiscal
Periods Ending Feb. 28, 2023 and Aug. 31, 2023”.
Note: Forecast calculations are based on the assumptions as of the date hereof. Actual operating revenues, operating income, ordinary
income, net income, distributions per unit (excluding SCD), and SCD per unit may vary due to changes in MEL’s operational
environment and circumstances. Therefore, these forecasts should not be deemed a commitment or guarantee of the amount of
future cash distributions.

-7-Forecast Assumptions for the Fiscal Periods Ending Feb. 28, 2023 and Aug. 31, 2023

Items
Accounting
PeriodAssets Under
Management

Operating
Revenues

OperatingExpensesAssumption➢ Fiscal period ending Feb. 28, 2023 (13th fiscal period): From Sept. 1, 2022 to Feb. 28, 2023 (181 days)➢ Fiscal period ending Aug. 31, 2023 (14th fiscal period): From Mar. 1, 2023 to Aug. 31, 2023 (184 days)➢ In addition to its 24 properties MEL owned as of Aug. 31, 2022 (“Properties Owned as of the End of
12th Fiscal Period”), MEL anticipates the acquisition of following properties (“Anticipated Acquisition
properties during the 13th Fiscal Period”) announced today. Excluding the acquisition of AnticipatedAcquisition properties during the 13th Fiscal Period, it is assumed there will be no material change(including acquisition of new properties and dispositions of existing properties).
< Anticipated Acquisition properties during the 13th Fiscal Period >To be acquired on October 25, 2022: LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownershipinterest), LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest), Logicross
Yokohama Kohoku, MJ Logipark Inzai 1, MJ Logipark Takatsuki 1, MJ Logipark Higashi Osaka
1, and MJ Industrial Park Kawanishi (Land) (the “Assets to be Acquired in October”)
To be acquired on December 1, 2022: MJ Logipark Funabashi 2 (the “Asset to be Acquired in
December”)➢ The actual results may change due to the acquisition of new properties or the disposition of existing
properties, etc.
➢ Operating rental revenues take into account factors such as market trends and the competitiveness,
etc. of each property based on information provided by the seller of the Anticipated Acquisition
properties during the 13th Fiscal Period and information about the Properties Owned as of the Endof 12th 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
Feb. 28, 2023
Aug. 31, 2023
Total Operating Rental Expenses
2,419
2,775
Facility Management Fee
302
332
Utilities Cost
242
240
Repair and Maintenance Expenses
106
118
Property Taxes
475
717
Depreciation
1,244
1,318
Total General and Administrative Expenses
853
928
Asset Management Fee
626
698
Sponsor Support Fee
122
131➢ 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 are 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
the transaction 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 (Logicross Atsugi II and LOGIPORT Kawasaki Bay (45% co-beneficiaryinterest) ) and for the Anticipated Acquisition properties during the 13th Fiscal Period are settled withthe sellers, these taxes will not be expensed during the fiscal year ending Feb. 28,2023 in the case of
execution of settlement with the sellers, 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 and-8-maintenance 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 Feb 28, 2023, it is assumed that 427 million yen will be incurred as nonoperating expenses, which includes 233 million yen for interest expenses and other debt-related
costs and 193 million yen in relation to the offerings of the new investment units.
Non-operating➢
For the fiscal period ending Aug. 31, 2023, it is assumed that 257 million yen will be incurred as nonExpenses
operating expenses, which includes 257 million yen for interest expenses and other debt-related
costs.
➢ The balance of MEL’s interest-bearing debt on an accounting basis as of today is 82,074 million yen.
➢ It is assumed that on Oct. 25, 2022, MEL will obtain short-term loans of 2,900 million yen and longterm loans of 17,000 million yen and allocate a portion of such funds for acquiring the Assets to be
Acquired in October, and on Dec. 1, 2022, MEL will obtain a loan of up to 5,000 million yen and allocate
a portion of such funds for acquiring the Asset to be Acquired in December.
➢ It is assumed that MEL will obtain a third-party allotment loan of 1,100 million yen included in shortterm loans of 2,900 million yen to be obtained on Oct. 25, 2022 and allocate a portion of such funds
to acquire Assets to be Acquired in October, which is planned to be repaid in full using the proceedsfrom the third-party allotment or cash reserves.
➢ It is assumed that MEL will receive a consumption tax refund for the fiscal period ended Aug. 31, 2022
during the fiscal period ending Feb. 28, 2023, which will be used to repay in full 2,000 million yen in
the short-term loan obtained on Mar. 1, 2022 during the fiscal period ending Feb. 28, 2023.
➢
It is assumed that MEL will receive a consumption tax refund for the fiscal period ending Feb. 28, 2023
Interestduring the fiscal period ending Aug. 31, 2023, which will be used to repay in full 1,800 million yen inbearing Debt
the short-term loan to be 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 430 million yen in short-term loan due on Sept. 14, 2023 will be repaid in full using
cash reserves during the fiscal period ending Feb. 28, 2023.
➢ It is assumed that 2,880 million yen in short-term loan due on Sept. 14, 2023 will be refinanced in full
during the fiscal period ending Feb. 28, 2023.
➢ The total expected amount of interest-bearing debt at the end of the fiscal periods ending Feb. 28,
2023 and Aug. 31, 2023 is estimated to be 103,444 million yen and 101,644 million yen, respectively.
➢ LTV at the end of the fiscal periods ending Feb. 28, 2023 and Aug. 31, 2023 is estimated to be 37.7%
and 37.3%, respectively. For LTV calculation, please refer to the following formula. The ratios arerounded to the nearest tenth:
LTV (%) = interest-bearing debt / total assets × 100 (%)➢ It is assumed that, in addition to the total number of investment units issued and outstanding as oftoday (449,935units), the new investment units (53,550 units in total) will be issued in full through theofferings (51,000 units) and a third-party allotment (up to 2,550 units), respectively, which wereresolved at the Board of Directors meeting held today.
Investment➢ Other than the above, MEL assumed that there would be no other changes to the number ofUnitsoutstanding units until the end of the fiscal period ending Aug. 31, 2023.
➢ Distributions per unit (excluding SCD) and SCD per unit for the fiscal periods ending Feb. 28, 2023 andAug. 31, 2023 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 Feb.
28, 2023 and Aug. 31, 2023.
➢ Distributions per unit (excluding SCD) are calculated based on the premise of the distribution policy
Distributionsin the Articles of Incorporation of MEL.
Per Unit➢ Distributions per unit (excluding SCD) may change due to various factors including any additional(excluding
acquisitions or dispositions of properties, changes in rent revenues attributable to tenant moves,
SCD)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 Feb. 28, 2023, the amount of distributions per unit (excluding surplus cash
distributions) is expected to temporarily decrease due to a dilution in investment units caused by the
SCD Per Unitissuance of new investment units. 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 35.6% ofdepreciation of the period along with ongoing surplus cash distributions. 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-9-Othersincrease in operating rental expenses (mainly utilities 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 34.1% of depreciation of the period along with ongoing surplus cash distributions.
Therefore, it is assumed that surplus cash distributions of 442 million yen and 449 million yen will be
distributed for the fiscal periods ending Feb. 28, 2023 and ending Aug. 31, 2023, respectively. These
are investment refunds categorized as a distribution from unitholders’ capital for tax purposes andthere are no refunds from the distribution of the allowance 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
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 May. 30,2022) and the Securities Registration Statement (filed on Oct. 14, 2022); therefore, their descriptions are not stated
here.

-10-

2. Financial Statements(1) Balance Sheet
Thousands of yen
As ofFebruary 28, 2022
ASSETS
Current assets:
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets

August 31, 2022

5,380,624
6,836,890
38,45722,284
1,890
12,280,146

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

69,433,894(5,420,209)
64,013,685*1
2,415,040(150,817)

4,241,958
8,546,883
70,995
24,771
1,777,083
14,661,691*188,264,585(6,468,958)
81,795,626*1 3,253,880(182,807)

2,264,223

3,071,073

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

202,323(35,872)
166,450
33,200(7,116)

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

Tools, furniture and fixtures in trust, net

26,083
101,608,148
168,078,592

39,735Structures in trust, net

Land in trust
Total property and equipment
Intangible assets
Software
Other intangible assets
Total intangible assets

1,085
541
1,626

Investments and other assets
Deferred tax assets
Long-term prepaid expenses
Security deposit
Total investments and other assets
Total fixed assets
Total assets

135
491
626

14
33,33910,00043,354

11
42,022
10,000168,123,573

213,511,916
228,173,608

180,403,720-11-

128,389,735
213,459,256

52,033

Thousands of yen
As ofFebruary 28, 2022
LIABILITIESOperating accounts payable
Short-term loans payable
Long-term loans payable due within one year
Accounts payable
Distributions payable
Accrued expenses
Income taxes payable
Consumption taxes payable
Advances received
Deposits received
OthersTotal current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities

August 31, 2022

189,127
3,310,000
12,754
4,632
647,119904
281,822876,14383-

313,4822,700,000
3,310,000
12,075
5,065
745,555835
1,107,517
125,235
10,337

5,322,587

8,330,104
2,000,000

2,000,000
53,064,000
3,712,060
58,776,060
64,098,648

74,064,000
4,156,439
80,220,439
88,550,544

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

-12-

115,191,501(1,427,014)
113,764,487

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

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

2,980,006

116,305,071
180,403,720

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

139,623,063
228,173,608

(2) Statement of Income and Retained Earnings
Thousands of yen
For the fiscal period from For the fiscal period from
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
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
Compensation income for damage or loss
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
Reduction entry of tangible fixed assets
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*1*1

4,798,577
230,320
5,028,898*1
5,934,447*1
342,352
6,276,799*1

1,744,322
475,962
1,570
17,686
2,400
102,961
43,502
2,388,405
2,640,493*1

57
36,387
737
37,182

58
529
587

111,309
6,916
2,899
-

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

15,157
136,283
2,541,392
2,541,392
913
(3)
909
2,540,482
101
2,540,583-13-

2,221,313
527,144
1,690
18,8602,400
136,11239,366
2,946,887
3,329,911

(3) Statement of Changes in Net Assets
The Reporting Period (from Mar. 1, 2022 to Aug. 31, 2022)
Thousands of yen
Unitholders' equity
Unitholders' capital
Deduction ofunitholders’capitalUnitholders’capital, grossBalance as of Mar. 1,
2022
Change during theperiodIssuance of new
investments
Distributions inexcess of retained
earnings
Dividends ofsurplus

Unitholders’capital, net

Unappropriat
ed retained
earnings

Total
unitholders'equityTotal surplus

Total net
assets

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

Surplus2,540,583 116,305,071 116,305,071

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

The Previous Period (from Sept. 1, 2021 to Feb. 28, 2022)
Thousands of yen
Unitholders' equity
Unitholders' capital

Total net
assetsTotal surplus

Totalunitholders'equity2,381,722

2,381,722

116,410,225

116,410,225(264,016)--(264,016)(264,016)--(2,381,621)(2,381,621)(2,381,621)(2,381,621)

-

-

-

2,540,482

2,540,482

2,540,482

2,540,482-(264,016)(264,016)

158,861

158,861(105,154)(105,154)*1 115,191,501(1,427,014)

113,764,487

2,540,583

2,540,583

116,305,071

116,305,071

Deduction ofunitholders’capitalUnitholders’capital, net

Unappropriat
ed retained
earnings

115,191,501(1,162,998)

114,028,503-(264,016)-

Unitholders’capital, grossBalance as of Sept.
1, 2021
Change during theperiodDistributions inexcess of retained
earnings
Dividends ofsurplus
Net income
Total change during
the period
Balance as of Feb.
28, 2022

Surplus-14-

(4) Statement of Cash Distributions
Yen
For the fiscal period from
Sept. 1, 2021 toFeb. 28, 2022

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

2,540,583,889
265,580,665

328,452,550

III. Distributions(Distributions per unit)
Of which, distributions of retained earnings(Of which, distributions in retained

2,806,002,490(7,174)2,540,421,825

3,308,372,055(7,353)
2,979,919,505(6,495)(6,623)

265,580,665

328,452,550

(679)

(730)

162,064

87,244

earnings per unit)
Of which, distributions in excess ofretained earnings(Of which, distributions in excess ofretained earnings per unit)
IV. Retained earnings carried forward
Calculation method of distribution amount

2,980,006,749

Pursuant to the “Policy on the Pursuant to the “Policy on theDistribution of Funds” as defined in Distribution of Funds” as defined in
Article 35, Paragraph 1 of the Articles of Article 35, Paragraph 1 of the Articles ofIncorporation,theamountof Incorporation,theamountofdistributions shall be the amount which distributions shall be the amount which
does not exceed the amount of profits does not exceed the amount of profits
but exceeds 90% of the distributable but exceeds 90% of the distributableprofit as defined in Article 67-15 of the profit as defined in Article 67-15 of theSpecial Taxation Measures Act. Based on Special Taxation Measures Act. Based on
the policy, MEL declared distribution the policy, MEL declared distribution
amount of 2,540,421,825 yen. This amount of 2,979,919,505 yen. This
amount was equivalent to the maximum amount was equivalent to the maximum
integral multiples of number of integral multiples of number ofinvestment units issued and outstanding investment units issued and outstanding(391,135 units) as of the end of fiscal (449,935 units) as of the end of fiscal
period. Based on the distribution policy as period. Based on the distribution policy as
defined in Article 35, Paragraph 2 of the defined in Article 35, Paragraph 2 of the
Articles of Incorporation, MEL shall make Articles of Incorporation, MEL shall make
Surplus Cash Distributions (SCD), defined Surplus Cash Distributions (SCD), defined
as distributions in excess of retained as distributions in excess of retained
earnings, as a return of unitholders’ earnings, as a return of unitholders’capital, each fiscal period on a continuous capital, each fiscal period on a continuous
basis. Accordingly, MEL declared SCD of basis. Accordingly, MEL declared SCD of
265,580,665 yen as a return of 328,452,550 yen as a return ofunitholders’ capital, which was the unitholders’ capital, which was theamount equivalent to approximately 30% amount equivalent to approximately 30%
of depreciation expense.
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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
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
Compensation income for damage or loss
Loss on reduction entry of tangible fixed assets
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

2,541,392
887,5122,980,692
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(57)
111,309
6,916(737)(36,387)
15,157
4,954
594,077(306)
8,371(58,169)
1,595
83,773281,822(1,248)(44,444)
4,395,532
57(121,243)(835)
4,273,511(175,529)
35,200(46,390,140)
475,849(14,179)*1(6) Notes Concerning Going Concerns Assumption
Not applicable-16-(31,470)(154,509)(45,945,761)(1,400,000)
2,711,000(2,211,000)(2,381,210)(263,864)(3,545,074)
573,927
11,643,587
12,217,514

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*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
10-58 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 ofFeb. 28, 2022
Buildings in trust
Structures in trust

Aug. 31, 2022
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 ofFeb. 28, 2022

Aug. 31, 2022
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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
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)

4,606,378
192,198
4,798,577

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

151,770
78,550230,320
5,028,898

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

212,078
407,631
7,202
62,387
144,931886,5123,710
19,867
1,744,322
3,284,575

275,605
475,490
10,631
105,563
231,154
1,095,994
4,047
22,8262,221,313
4,055,485(Notes Concerning Statement of Changes in Net Assets)
For the fiscal period from
Sept. 1, 2021 toFeb. 28, 2022

For the fiscal period from
Mar. 1, 2022 toAug. 31, 2022

Number of investment units authorized

10,000,000 units

10,000,000 units

Number of investment units issued andoutstanding

391,135 units

449,935 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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
Cash and deposits

5,380,624

4,241,958

Cash and deposits in trust

6,836,890

8,546,883

Cash and cash equivalents

12,217,514

12,788,842(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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
Due within one year

8,951,097

10,998,039

Due after one year

55,564,422

61,448,292

Total

64,515,520

72,446,331-19-

(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 Feb. 28, 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 1)

Difference

3,310,000

3,316,298

6,298(2) Investment corporation bonds

2,000,000

1,973,800(26,200)(3) Long-term loans payable

53,064,000

53,888,893

824,893

Total liabilities

58,374,000

59,178,991

804,991

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 a shortperiod 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 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 1)

3,310,000

Difference

3,311,351

1,351

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(2) Investment corporation bonds(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 a shortperiod 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 Feb. 28, 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

4,550,000

6,320,000

5,010,000

30,644,000

3,310,000

6,540,000

4,550,000

6,320,000

5,010,000

32,644,000

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 Aug. 31, 2022
Thousands of yen

Long-term loans payable due
within one year
Investment

corporationbonds
Long-term loans payable
Total

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

(Notes Concerning Deferred Tax Accounting)
1. Primary components of deferred tax assets and deferred tax liabilities
Thousands of yen
As ofFeb. 28, 2022
Enterprise tax payable
Subtotal deferred tax assets
Total deferred tax assets
Net deferred tax assets

Aug. 31, 2022
14
14
14
14

11
11
11
11

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
Feb. 28, 2022
Aug. 31, 2022
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
0.04%
0.03%

(Notes Concerning Equity Earnings of Affiliate Companies)
For the periods from Sept. 1, 2021, to Feb. 28, 2022 and Mar. 1, 2022, to Aug. 31, 2022
Not applicable(Notes Concerning Related Party Transaction)
1. Transactions with Account Balances with the Parent company and Major Unit Holders
For the periods from Sept. 1, 2021, to Feb. 28, 2022 and from Mar. 1, 2022, to Aug. 31, 2022
Not applicable
2.

Transactions and Account Balances with Affiliates
For the periods from Sept. 1, 2021, to Feb. 28, 2022 and from Mar. 1, 2022, to Aug. 31, 2022
Not applicable

3.

Transactions and Account Balances with Companies under Common Control
For the periods from Sept. 1, 2021, to Feb. 28, 2022 and from Mar. 1, 2022, to Aug. 31, 2022
Not applicable

4.

Transaction and Account Balances with Board of Directors and Individual Unitholders
For the periods from Sept. 1, 2021, to Feb. 28, 2022 and Mar. 1, 2022, to Aug. 31, 2022
Not applicable(Notes Concerning Asset Retirement Obligations)
For the periods ended Feb. 28, 2022 and Aug. 31, 2022
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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
Book value (Note 1)
Balance at the beginning of the period

168,848,938

168,078,592

Changes during the period (Note 2)(770,346)

45,380,664

Balance at the end of the period

168,078,592

213,459,256

Fair value at the end of the period (Note 3)
191,520,000
246,147,500(Note 1) Book value is calculated by deducting accumulated depreciation from acquisition cost.
(Note 2) The increase for the fiscal period ended Feb. 28, 2022 was primarily a result of the recognition of CAPEX which amounted
131,323 thousand yen. The decrease was primarily a result of the recognition of depreciation, which amounted to 886,512
thousand yen. The increase for the fiscal period ended Aug. 31, 2022 was primarily a result of acquiring Real estate trust
beneficiary interests for a total of 46,294,212 thousand yen. The decrease was primarily a result of the recognition ofdepreciation, which amounted to 1,095,994 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 Sept. 1, 2021, to Feb. 28, 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 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.

-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
Sept. 1, 2021 toFeb. 28, 2022
Net assets per unit

For the fiscal period from
Mar. 1, 2022 toAug. 31, 2022

297,352

310,318

Net income per unit
6,495
6,627
(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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
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)

2,540,482

2,979,844--

2,540,482

2,979,844

391,135

449,600(Notes Concerning Significant Subsequent Events)
Issuance of New Investment Units
MEL’s board of directors made the resolution regarding the issuance of new investment units on October 14,
2022. The issue price per unit shall be determined at the board of directors meeting to be held on the date of
the issue price determination.
<Issuance of New Investment Units through Public Offering>Number of units issued: 51,000 units
Issue price: To be determined
Total amount issued: To be determined
Issue amount: To be determined
Net proceeds: To be determined
Payment date
: To be determined<Issuance of New Investments Units through the Third-Party Allotment>(Note)
Number of units issued: 2,550 units
Issue amount: To be determined
Net proceeds: To be determined
Payment date
: To be determined
Allotee: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Note: In connection with the Japanese Public Offering, taking into consideration the status of demand and other factors,
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. may conduct a secondary offering in Japan (the "Secondary
Distribution via Over-Allotment") borrowed by unitholders (the "Borrowed Investment Units"). In connection with
the Secondary Distribution via Over-Allotment, which is intended to allow Mitsubishi UFJ Morgan Stanley Securities-24-

Co., Ltd. to acquire investment units necessary to return the Borrowed Investment Units, all or part of the units to beissued may not be subscribed for, and as a result, the final number of units to be issued through the Third-Party
Allotment may decrease to that extent or the issuance itself may not take place at all, due to forfeiture of subscription
rights.

-25-

(Notes on Revenue Recognition)

1. Breakdown information on revenue from contracts with customers
The previous period (from Sept. 1, 2021 to Feb. 28, 2022)
Thousands of yen
Revenue from contracts withcustomers

Net sales to external customers

151,770

151,770-

4,877,127

Received utilities cost
OthersNote1:

Note2:

Total
151,7705,028,898
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 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.

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
Sept. 1, 2021 toMar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022
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)

32,55329,511

29,511

59,153--Contract assets (balance at end of fiscal year)--

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

Contract liabilities (balance at end of fiscal year)

-

-

-26-

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

-27-

(9) Change in Number of Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ capital for the most recent five
years until Aug. 31, 2022 are as follows:
Date

Type of Issue

Sept. 13, 2017

Public offering

Oct. 10, 2017

May 21, 2018
Sept. 10, 2018
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

Capital increase
through third-party
allotment
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 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)

Unitholders’ Capital(Thousands of yen)(Note 1)
Increase /Total
Decrease

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

Note

49,678,200

51,678,200

198,000

206,000(Note 2)

2,007,200

53,685,400

8,000

214,000(Note 3)(120,910)

53,564,490-

214,000(Note 4)

7,216,429

60,780,919

30,300244,300(Note 5)360,821

61,141,741

1,515

245,815(Note 6)

(129,898)

61,011,843-

245,815(Note 7)

(179,199)

60,832,644-

245,815(Note 8)18,556,033

79,388,677

57,150302,965(Note 9)925,366

80,314,044

2,850

305,815(Note 10)

(146,014)

80,168,030-

305,815(Note 11)

(174,008)

79,994,021-

305,815(Note 12)

16,898,058

96,892,079

40,500346,315(Note 13)801,927

97,694,006

1,922

348,237(Note 14)

(181,042)

97,512,964-

348,237(Note 15)

16,006,482

113,519,446

41,000389,237(Note 16)

740,982

114,260,429

1,898

391,135(Note 17)

(231,925)

114,028,503－

391,135(Note 18)

(264,016)

113,764,487－

391,135(Note 19)

22,042,048

135,806,535

56,000447,135(Note 20)

1,102,102

136,908,637

2,800

449,935(Note 21)(265,580)

136,643,057－

449,935(Note 22)

Notes:
1. “Unitholders’ capital” is the amount after deducting the “Deduction from unitholders’ capital.”

-28-

2.

New investment units were issued through public offering at an issue price of 260,000 yen (paid-in amount of 250,900yen) per unit.
3. New investment units were issued through third-party allotment at a paid-in amount of 250,900 yen per unit.
4. 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.
5. 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.
6. New investment units were issued through third-party allotment at a paid-in amount of 238,166 yen per unit.
7. 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.
8. 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.
9. 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.
10. New investment units were issued through third-party allotment at a paid-in amount of 324,690 yen per unit.
11. 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.
12. 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.
13. 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.
14. New investment units were issued through third-party allotment at a paid-in amount of 417,236 yen per unit.
15. 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.
16. 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.
17. New investment units were issued through third-party allotment at a paid-in amount of 390,402 yen per unit.
18. 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.
19. 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.
20. New investment units were issued through public offering at an issue price of 406,965yen (paid-in amount of 393,608
yen) per unit.
21. New investment units were issued through third-party allotment at a paid-in amount of 393,608 yen per unit.
22. 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.

-29-

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

Beneficiary right intrust

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

12th fiscal period(As of Aug. 31, 2022)
Retained amount
Ratio of total assets(Millions of yen)(%)
(Note 1)122,04253.5
32,35714.2
27,85012.2
18,424
8.1
12,783
5.6
213,459
93.6
14,7146.4
228,173
100.0

12th fiscal period(As of Aug. 31, 2022)
Amount(Millions of yen)

Ratio of total asset(%)

Total liabilities (Note 5)(Note 6)
88,55038.8
Total net assets (Note 5)
139,623
61.2
Total assets (Note 5)
228,173
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 Aug. 31, 2022.)
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 Aug. 31, 2022).
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 trust beneficiary interests held by MEL as of the end of Aug. 31, 2022 are as follows.

-30-

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

Property name

Logicross Atsugi
Logicross Kobe Sanda

Hisayama,
Kasuya, Fukuoka
Atsugi, Kanagawa
Kobe, Hyogo

Logicross Osaka (Note 5)

Osaka, Osaka

Logicross Nagoya Kasadera(Note 5)

Nagoya, Aichi

Logicross Fukuoka Hisayama

Logicross Narashino
Logicross Atsugi II
LOGIPORT Sagamihara(Note 6)
LOGIPORT Hashimoto
Logistics (Note 7)
Facilities
LOGIPORT Osaka Taisho(Note 8)LOGIPORT Kawasaki Bay(Note 7)
MJ Logipark Funabashi 1
MJ Logipark Atsugi 1
MJ Logipark Kazo 1
MJ Logipark Osaka 1
MJ Logipark Fukuoka 1

OthersLocation

Narashino, Chiba
Atsugi, Kanagawa
Sagamihara,
Kanagawa
Sagamihara,
Kanagawa
Osaka, Osaka

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)
5,770

2.7

5,426

7,810

Sept. 14, 2017

8,440
3,900
➀5,874➁3,868
Total:9,743➀8,705➁5,719Total:14,424
11,851
9,838

3.9
1.8

8,284
3,828

9,440
4,400

Sept. 3, 2018
Sept. 3, 2018

4.5

9,700

10,300➀Sept. 1, 2020
➁Mar. 9, 2021

6.7

14,41017,300➀Sept. 1, 2020
➁Mar. 9, 2021

5.5
4.5

11,870
9,952

12,40010,500Mar. 9, 2021
Mar. 1, 2022

21,3649.9

20,53724,500

Sept. 14, 201718,2008.4

17,561

21,600

Sept. 14, 2017

➀5,682➁4,802
Total:10,484

4.8

10,376

12,187➀Oct. 9, 2019
➁Sept. 1, 2020

36,00016.6

36,14540,680Mar. 1, 2022

5,400
6,653
1,272
6,090

2.5
3.1
0.6
2.8

5,292
6,408
1,210
5,893

6,690
7,190
1,560
8,120

Sept. 29, 2016
Sept. 14, 2017
Sept. 14, 2017
Sept. 14, 2017

6,130

2.8

5,698

7,230

Sept. 14, 2017

3,133
2,483
13,670
1,637
7,388

1.4
1.1
6.3
0.8
3.4

3,095
2,558
13,439
1,683
7,298

3,570
2,710
15,1001,720
7,660

Sept. 2, 2019
Oct. 9, 2019
Oct. 9, 2019
Sept. 1 2020
Sept. 1 2020

5,600

2.6

5,666

5,780

Oct. 9, 2019

4,970

2.3

5,202

5,720

Mar. 9, 2021

1,800

0.8

1,914

1,980

Mar. 19, 2021

216,242100.0

213,459

246,147-

Kawasaki,Kanagawa
Funabashi, Chiba
Atsugi, Kanagawa
Kazo, Saitama
Osaka, Osaka
Umi,
Kasuya, Fukuoka
Tsuchiura, Ibaraki
Nishinomiya, Hyogo
Kasugai, Aichi
Kazo, Saitama
Tagajo, Miyagi

MJ Logipark Tsuchiura 1
MJ Logipark Nishinomiya 1
MJ Logipark Kasugai 1
MJ Logipark Kazo 2
MJ Logipark Sendai 1
MJ Industrial Park Sakai
Sakai, Osaka(Land)
MJ Industrial Park Kobe (Land) Kobe, Hyogo
MJ Industrial Park Chiba-Kita
Chiba, Chiba(Land)
Total

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 Aug. 31,
2022. 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.
5.
“Total Acquisition price” and “Appraisal value” of Logicross Osaka and Logicross Nagoya Kasadera is shown with the values
corresponding to the co-beneficiary interest ratios (100%). “Acquisition price” and “Acquisition date” are shown with the number
on the top refers to the 60 % co-beneficiary interest acquired on Sept. 1, 2020, and the bottom refers to the 40% co-beneficiaryinterest acquired on Mar. 9, 2021.
6.
“Acquisition price” and “Appraisal value” of LOGIPORT Sagamihara is shown with the values corresponding to the co-beneficiaryinterest ratios (49%).
7.
“Acquisition price” and “Appraisal value” of LOGIPORT Hashimoto and LOGIPORT Kawasaki Bay is shown with the values
corresponding to the co-beneficiary interest ratios (45%).

-31-

8.

“Total Acquisition price” and “Appraisal value” of LOGIPORT Osaka Taisho is shown with the values corresponding to the cobeneficiary interest ratios (37.5%). “Acquisition price” and “Acquisition date” are shown with the number on the top refers to the
20 % co-beneficiary interest acquired on Oct. 9, 2019, and the bottom refers to the 17.5% co-beneficiary interest acquired on
Sept. 1, 2020.

-32-

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

Property nameLand area(㎡)(Note 1)

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

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

Logistics LOGIPORT Kawasaki Bay
Facilities (Note 6)

134,831.45

289,900.59(130,455.26)

117,762.91

117,675.30

May. 2019

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 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-

820,746.29

1,276,850.24(861,927.68)

953,102.54

952,781.91-

Others

Total

-33-

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 and LOGIPORT
Kawasaki Bay are stated corresponding to each co-beneficiary interest (49%, 45%, 37.5% and 45%). “Total” are the sum of total
floor area of each property owned taking into account the co-beneficiary 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 Aug. 31, 2022, 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 Aug. 31, 2022, 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 is shown with the values corresponding to the cobeneficiary interest ratios (49%).
6.
“Total leasable area” and “Total leased area” of LOGIPORT Hashimoto and LOGIPORT Kawasaki Bay is shown with the values
corresponding to the co-beneficiary interest ratios (45%).
7.
“Total leasable area” and “Total leased area” of LOGIPORT Osaka Taisho is shown with the values corresponding to the cobeneficiary interest ratios (37.5%).

-34-

(iii) Overview of Tenant Agreements
The following summarizes (total leasable area, total leased area, occupancy, number of tenants, name of major tenant,annual rent, security deposit, average lease term and average remaining lease term) the real estate or the real estate
properties in trust 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 (㎡)area (㎡)(%)
tenants(Millions of (Millions of remaining leasetenant (Note 5)(Note 3) (Note 4)yen) (Note 6)
yen)term (Years)(Note 1)
(Note 2)
(Note 7)(Note 8, 9)
Not
Not
5.0
34,878.55
34,878.55
100.0
2 AXions GROUP
disclosed
disclosed(3.4)(Note 10)(Note 10)Not
Not
MITAKA SOKO
10.0
29,895.80
29,895.80
100.0
1
disclosed
disclosed
Co., Ltd.
(4.5)(Note 10)(Note 10)
Not
Not
Fresh Creator
30.0
12,844.35
12,844.35
100.0
1
disclosed
disclosed
Co., Ltd.
(24.7)(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

YAGAMILTD

Co.,

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

Not Nippon Express
disclosed Company,(Note 10) Limited

939

400

6.7
(3.3)

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

LOGIPORT Sagamihara(Note 11)88,609.64

88,376.62

99.7

17 S･V･D Co., Ltd.

1,288

304

7.3
(1.8)

LOGIPORT Hashimoto(Note 12)58,487.96

58,487.96

100.0

16

KDDI
Corporation

987

247

6.2
(2.9)

LOGIPORT Osaka Taisho(Note 13)40,081.57

40,081.57

100.0

583

140

5.6
(2.1)

Logistics
Facilities LOGIPORT Kawasaki Bay(Note 12)SBS Toshiba
11 Logistics
Corporation

117,762.91

117,675.30

99.9

13

Not disclosed(Note 10)

1,727

398

8.2
(5.4)

MJ 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)

MJ Logipark Fukuoka 1

38,143.21

38,143.21

100.0

Fukuoka
4 Logistics
Systems Corp.

421

179

3.0
(2.6)

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.

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)-35-

EntreX
Incorporated

20.0(15.9)
10.0
(6.5)
5.1
(1.2)
10.0
(7.3)

Security
Average lease
Total leasable Total leased Occupancy Number ofAnnual rent
deposit term / Average
Name of major
Category
Property name(%)
tenants(Millions of (Millions of remaining lease
area (㎡)area (㎡)tenant (Note 5)(Note 3) (Note 4)yen) (Note 6)
yen)term (Years)(Note 1)
(Note 2)
(Note 7)(Note 8, 9)
Toho
Logistics
Transportation
3.8
MJ Logipark Sendai 1
39,098.87
39,098.87
100.0
3
441
188
Facilities
and Warehouse(2.4)
Co., Ltd.
Not
Not
Not
MJ Industrial Park Sakai
IHI Infrastructure
87,476.71
87,476.71
100.0
1
disclosed
disclosed
disclosed(Land)
Systems Co., Ltd(Note 10)(Note 10)(Note 10)
Not
Not
Not
MJ Industrial Park Kobe
ORIX Auto
Others
31,743.99
31,743.99
100.0
1
disclosed
disclosed
Disclosed(Land)
Corporation(Note 10)(Note 10)(Note 10)
Kinugawa
Not
Not
Not
MJ Industrial Park Chiba14,986.64
14,986.64
100.0
1 Rubber Industrial disclosed
disclosed
disclosed
Kita (Land)
Co., Ltd.
(Note 10)(Note 10)(Note 10)
9.9
Total (Average)
953,102.54 952,781.91
100.0
94
11,998
4,104
－
(6.0)

Notes:
1. “Total leasable area” equals to the gross leasable space in each property or property in trust as of Aug. 31, 2022, 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 Aug. 31, 2022, 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.
3. “Occupancy” is as of Aug. 31, 2022, 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 Aug. 31, 2022.
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
property or property in trust as of Aug. 31, 2022
6. “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 Aug. 31, 2022. 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 Aug. 31, 2022, the annualized amount of rent will be calculated based on
the monthly rent (including common area expenses) for Aug. 2022 shown in said lease agreement. The rent-free periods andannual rent holiday periods (meaning that the payment of rents for specific months is exempted) as of Aug. 31, 2022 shall not be
included.
7. “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 Aug. 31, 2022. 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 Aug. 2022 shown in said lease agreement is indicated.
8. “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 Aug. 31, 2022, by the rent and figures are rounded down to the first decimal place.
9. “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 Aug. 31, 2022, by the rent and figures are rounded down to the firstdecimal place.
10. Not disclosed as the tenant’s consent has not been obtained.
11. “Total leasable area”, “Total leased area”, “Annual rent” and “Security deposits” of LOGIPORT Sagamihara is shown with the values
corresponding to the co-beneficiary interest ratios (49%).
12. “Total leasable area”, “Total leased area”, “Annual rent” and “Security deposits” of LOGIPORT Hashimoto and LOGIPORT Kawasaki
Bay is shown with the values corresponding to the co-beneficiary interest ratios (45%).
13. “Total leasable area”, “Total leased area”, “Annual rent” and “Security deposits” of LOGIPORT Osaka Taisho is shown with thevalues corresponding to the co-beneficiary interest ratios (37.5%).

-36-

(iv) Overview of Appraisal Reports (as of Aug. 31, 2022)
Return priceCategory

Property
nameLogicross
Fukuoka
Hisayama
LogicrossAtsugi
Logicross
Kobe Sanda

Logicross
Osaka
Logicross
NagoyaKasadera
Logcross
Narashino
LogicrossAtsugi II
LOGIPORT
Sagamihara(Note 7)

Logistics
Facilities

Appraiser

Tanizawa
Sogo
Appraisal Co.,Ltd.
Tanizawa
Sogo
Appraisal Co.,Ltd.
Tanizawa
Sogo
Appraisal Co.,
Ltd.
Japan Real
EstateInstituteJapan Real
EstateInstituteJapan Real
EstateInstituteTanizawa
Sogo
Appraisal Co.,Ltd.
DAIWA REALESTATEAPPRAISAL
Corporation
Japan Real
EstateInstitute

LOGIPORT
Hashimoto(Note 8)LOGIPORT
Japan Real
Osaka Taisho Estate
Institute(Note 9)LOGIPORT
Japan Real
Kawasaki Bay Estate
Institute(Note 8)Japan RealMJ Logipark
EstateFunabashi 1
InstituteJapan RealMJ Logipark
EstateAtsugi 1
Institute
MJ Logipark Japan Real
EstateKazo 1
InstituteTanizawa
MJ Logipark Sogo
Appraisal Co.,
Osaka 1Ltd.
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.

Direct capitalization
DCF method
Integrated
Appraisal
methodAppraisal
Appraisal
Appraisalvalue based on Value based
NOI
value
NOI Yield
Value based
value
cost method
on direct
DirectTerminal (Millions(Millions of
(%)
on
DCF
date
(Millions of capitalization capitalizati
Discount capitalizat of yen) (Note 2)
yen)methodyen)methodon raterate (%)
ion rate (Note 1)(Millions of(Millions of
(%)
(%)
yen)
yen)
Aug. 31,
2022

7,810

7,380

7,840

4.4

7,800

4.3,4.5(Note 3)

4.6

350

6.1

Aug. 31,
2022

9,440

9,410

9,540

4.0

9,390

4.0,4.1(Note 4)

4.2

382

4.5

Aug. 31,
2022

4,400

4,100

4,450

4.4

4,380

4.3,4.4(Note 5)

4.6

197

5.1

Aug. 31,2022

10,3009,500

10,5004.0

10,100

3.8

4.2

421

4.3

Aug. 31,2022

17,30016,30017,500

4.1

17,100

3.9

4.3

718

5.0

Aug. 31,2022

12,40013,00012,6004.0

12,200

3.8

4.2

505

4.3

Aug. 31,2022

10,500

10,20010,7004.0

10,400

3.9,4.1(Note 6)

4.2

435

4.4

Aug. 31,2022

24,50017,10024,5004.0

24,500

3.8

4.2

999

4.7

Aug. 31,2022

21,60020,88021,915

3.9

21,240

3.7

4.1

856

4.7

Aug. 31,2022

12,187

10,725

12,3753.9

12,000

3.7

4.1

486

4.6

Aug. 31,2022

40,68038,47541,085

3.8

40,230

3.5

3.9

1,567

4.4

Aug. 31,
2022

6,690

3,780

6,710

4.9

6,670

4.1

5.3

354

6.6

Aug. 31,
2022

7,190

7,710

7,290

4.1

7,080

3.9

4.3

302

4.5

Aug. 31,
2022

1,560

1,280

1,580

4.5

1,530

4.3

4.7

72

5.7

Aug. 31,
2022

8,120

5,920

8,180

4.2

8,090

4.1,4.3(Note 10)

4.4

354

5.8

Aug. 31,
2022

7,230

4,750

7,300

4.6

7,150

4.4

4.8

349

5.7

Aug. 31,
2022

3,570

2,860

3,610

4.6

3,520

4.4

4.8

165

5.3

Aug. 31,
2022

2,710

2,970

2,770

4.7

2,680

4.4,4.7(Note 11)

4.9

141

5.7

Aug. 31,2022

15,10012,50015,5004.2

14,9004.2,4.3(Note 12)

4.4

660

4.8

-37-

Return priceCategory

Logistics
Facilities

OthersProperty
nameAppraiser

Tanizawa
Sogo
Appraisal Co.,
Ltd.
Japan RealMJ Logipark
EstateSendai 1
Institute
MJ Industrial Japan RealPark Sakai
EstateInstitute(Land)
MJ Industrial Tanizawa
Sogo
Park Kobe
Appraisal Co.,(Land)Ltd.
MJ Industrial Tanizawa
Sogo
Park ChibaAppraisal Co.,
Kita (Land)Ltd.
MJ Logipark
Kazo 2

Total

Direct capitalization
DCF method
Integrated
Appraisal
methodAppraisal
Appraisal
Appraisalvalue based on Value based
NOI
value
NOI Yield
Value based
value
cost method
on direct
DirectTerminal (Millions(Millions of(%)
on DCF
date(Millions of capitalization capitalizati
ofyen)Discount capitalizat
yen)
(Note
2)
methodyen)methodon raterate (%)
ion rate (Note 1)(Millions of(Millions of
(%)
(%)
yen)
yen)
Aug. 31,
2022

1,720

1,670

1,800

4.3

1,690

4.4

4.5

82

5.0

Aug. 31,
2022

7,660

5,210

7,720

4.7

7,600

4.3

4.7

380

5.1

Aug. 31,
2022

5,780

-

5,840

3.7

5,710

3.5

3.8

214

3.8

Aug. 31,
2022

5,720

-

5,800

4.0

5,720

3.9,4.0(Note 13)

4.0

254

5.1

Aug. 31,
2022

1,980

-

2,040

4.3

1,980

4.2,4.3(Note 14)

4.4

79

4.4

246,147

205,720

249,145-

243,660--

10,335

4.8

Notes:
1. “Appraisal NOI” is the net operating income by the direct capitalization method stated in the appraisal report, rounded down to
the nearest million yen.
2. “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the acquisition price of each
property in each real estate appraisal report, rounded to the first decimal place.
3. “Discount rate” for Logicross Fukuoka Hisayama is assessed from first to fourth year as 4.3% and fifth year and thereafter as
4.5%.
4. “Discount rate” for Logicross Atsugi is assessed first to fifth year as 4.0% and sixth and thereafter as 4.1%.
5. “Discount rate” for Logicross Kobe Sanda is assessed first to fifth year as 4.3% and sixth to 11th as 4.4%.
6. “Discount rate” for Logicross Atsugi II is assessed first to second year as 3.9% and third and thereafter as 4.1%.
7. “Appraisal value”, “Integrated value based on cost method”, “Value based on direct capitalization method” and “Value based on
DCF method” of LOGIPORT Sagamihara is shown with the values corresponding to the co-beneficiary interest ratios (49%).
8. “Appraisal value”, “Integrated value based on cost method”, “Value based on direct capitalization method” and “Value based on
DCF method” of LOGIPORT Hashimoto and LOGIPORT Kawasaki Bay is shown with the values corresponding to the co-beneficiaryinterest ratios (45%).
9. “Appraisal value”, “Integrated value based on cost method”, “Value based on direct capitalization method” and “Value based on
DCF method” of LOGIPORT Osaka Taisho is shown with the values corresponding to the co-beneficiary interest ratios (37.5%).
10. “Discount rate” for MJ Logipark Osaka 1 is assessed first year to third year as 4.1% and fourth and to 11th as 4.3%.
11. “Discount rate” for MJ Logipark Nishinomiya 1 is assessed first to seventh year as 4.4% and eighth and thereafter as 4.7%.
12. “Discount rate” for MJ Logipark Kasugai 1 is assessed first year as 4.2% and second and thereafter as 4.3%.
13. “Discount rate” for MJ Industrial Park Kobe (Land) is assessed first to eighth year as 3.9% and ninth and thereafter as 4.0%.
14. “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%.

-38-

(v) Information Regarding Major Real Estate Properties
The following summarizes the properties where “annual rent” represents 10% or more of the total portfolio annual
rent as of Aug. 31, 2022.
Annual rent (Millions of yen)
Percentage of rent
Property name(Note 1)(%) (Note 2)
LOGIPORT Kawasaki Bay (Note 3)
1,727
14.4
LOGIPORT Sagamihara (Note 4)
1,288
10.7
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 Aug. 31, 2022.
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 Aug. 31, 2022, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Aug. 2022 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 ofAug. 31, 2022 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 is shown with the values corresponding to the co-beneficiary interest ratios (45%).
4. “Annual rent” of LOGIPORT Sagamihara is shown with the values corresponding to the co-beneficiary interest ratios (49%).

(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 in the entire portfolio as of August 31, 2022.
(vii) Property Distribution
a. Distribution by category
Number ofproperties

Category

Acquisition price (Millions of yen)
(Note 1)

Investment Ratio (%)(Note 2)

Logistics facilities

21

203,871

94.3

OthersTotal

3
24

12,370216,2425.7
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

Total floor area(㎡)
(Note 2)

Number ofproperties

11
5
2
3
21

<Based on acquisition price>-39-

813,898.54
219,604.88
130,612.51
112,734.31
1,276,850.24

Ratio (%)

63.7
17.2
10.2
8.8
100.0

RegionNumber ofproperties

Acquisition price(Millions of yen)

Investment
ratio (%)

125,588
43,27028,094
19,288216,242

58.1
20.0
13.0
8.9
100.0

12
7
2
3
24

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)and MJ Industrial Park Chiba-Kita (Land) are not included in thecalculation.
2. “Total floor area” are the lot area recorded in the register. “Total floor area” is the total floor area of the main building andannex. 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)
6
Less than 5 years
8
5 years or more andless than 10 years
7
10 years or more
21
Total

Total floor area(㎡)

Acquisition price(Millions of yen)

Ratio (%)

Investment
ratio (%)

587,446.70
526,476.96

46.0
41.2

92,34081,13045.3
39.8

162,926.58
1,276,850.24

12.8
100.0

30,400203,871

14.9
100.0

Notes:
1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land)and MJ Industrial Park Chiba-Kita (Land) are not included in thecalculation.
2. “Property age” is calculated based on the date recorded in the register up to Aug. 31, 2022.

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

Number ofproperties

Total floor area(㎡)

Ratio (%)

2
6
13
21

14,951.24
118,261.78
1,143,637.22
1,276,850.24

1.2
9.3
89.6
100.0

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

2,909
30,009170,952
203,871

1.4
14.7
83.9
100.0

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

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)

5,559
361
4,124
1,952
11,998

Ratio (%)

46.3
3.0
34.4
16.3
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 Aug. 31, 2022, 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 thenearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Aug. 31, 2022.

-40-

3.

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 Aug. 31, 2022, the annualized amount of rent will becalculated based on the monthly rent (including common area expenses) for Aug. 2022 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 ofAug. 31, 2022 shall not be included. Same applies below (vii) Property Distribution.
LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho and LOGIPORT Kawasaki Bay is shown with the values
corresponding to the co-beneficiary interest ratios (49%, 45%, 37.5% 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)

2,704
702
2,163
4,547
1,880
11,998

Ratio (%)

22.5
5.9
18.0
37.9
15.7
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 Aug. 31, 2022, by the rent and figures are rounded to the firstdecimal place. It does not include the leased area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.

-41-

(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 Kazo 1(Kazo, Saitama)

Repair work ofelevator

From Dec. 2022
to Dec. 2022

13

-

-

MJ Logipark Fukuoka 1(Umi, Kasuya, Fukuoka)

Repair work of
exterior wall

From Mar. 2023
to Aug. 2023

83

-

-

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

b. Capital expenditure incurred for the reporting fiscal period
MEL conducted construction work worth 288 million yen in the reporting fiscal period which is a sum of capital
expenditures of 182 million yen and repair and maintenance expenses of 105 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

Ninth fiscal
period10th fiscal
periodMar. 1, 2020 toAug. 31, 2020

Sept. 1, 2020 toFeb. 28, 2021

Mar. 1, 2021 toAug. 31, 2021

376,229

448,139554,768

659,295

760,477

71,910106,629

104,527

101,182

147,240

-

-

-

-

-

448,139554,768

659,295

760,477

907,717-42-

11th fiscal
period(Thousands of yen)
12th fiscal
periodEighth fiscal
periodSept. 1, 2021 to Mar. 1, 2022 toFeb. 28, 2022
Aug. 31, 2022

(x) Overview of Property Leasing and Status of Operating Income
12th fiscal period from Mar. 1, 2022, to Aug. 31, 2022
(Units: Thousands of yen)

Property name

Logicross
Fukuoka
Hisayama

LogicrossAtsugi

Logicross
Kobe Sanda

Logicross
Osaka

Logicross
NagoyaKasadera

Operating days

184 days

184 days

184 days

184 days

184 days(A) Property related revenues

515,533

Property revenues
Other property related
revenues

469,694(B) Property related expenses

215,454

45,839

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

41,665
Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

Not disclosed(Note)

58,002756
2,503

Utilities cost

33,539Custodian fee

150

Other expenses

1,588(C) Depreciation

44,14434,96816,29253,024

77,247(D) Property related income(=A-B)

137,795

152,959

83,913

158,001

300,078(E) NOI (=C+D)

181,939

187,928

100,206

211,026

377,326

Property name

Logicross
Narashino

LogicrossAtsugi II

LOGIPORT
Sagamihara

LOGIPORT
Hashimoto

LOGIPORT
Osaka Taisho

Operating days

184 days

184 days

184 days

184 days

184 days(A) Property related revenues

713,286

541,120

286,010

Property revenues
Other property related
revenues

642,696488,649

267,641

70,59052,47018,369(B) Property related expenses

278,504

197,912

115,797

37,295

16,811

13,45757,28743,42333,145

996

726

511

4,487

4,662

4,264

Utilities cost

48,58439,73014,824

Custodian fee

61

56

37

10,844795

375

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

Not disclosed

Not disclosed(Note)(Note)

Other expenses(C) Depreciation

51,95047,629118,946

91,70649,180(D) Property related income(=A-B)

200,137

188,288434,782

343,207170,213(E) NOI (=C+D)

252,088

235,917553,728434,913219,394

Note: Not disclosed as the tenant’s consent has not been obtained-43-

(Units: Thousands of yen)
Property name

LOGIPORT
Kawasaki Bay

MJ Logipark
Funabashi 1

MJ Logipark
Atsugi 1

MJ Logipark
Kazo 1

MJ Logipark
Osaka 1

Operating days

184 days

184 days

184 days

184 days

184 days

Not disclosed(A) Property related revenues

915,825

Property revenues
Other property related
revenues

862,971(B) Property related expenses

258,140

Facility management fee

59,372

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

12 Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)
1,567

Utilities cost

35,246

Custodian fee

112

Other expenses

52,853(Note)249

4,002(C) Depreciation

157,578

44,70633,178

10,42339,994(D) Property related income(=A-B)

657,684

120,866

117,956

26,25998,485(E) NOI (=C+D)

815,262

165,572

151,134

36,683

138,480

Property name

MJ Logipark
Fukuoka 1

MJ Logipark
Tsuchiura 1

MJ Logipark
Nishinomiya 1

MJ Logipark
Kasugai 1

MJ Logipark
Kazo 2

Operating days

184 days

184 days

184 days

184 days

184 days

Not disclosed(Note)(A) Property related revenues

217,227

Property revenues
Other property related
revenues

203,134(B) Property related expenses

98,702

Facility management fee

8,438

Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

13,813 Not disclosed Not disclosed Not disclosed(Note)(Note)(Note)
402

Utilities cost

9,859

Custodian fee

240

Other expenses

266

14,0934,357(C) Depreciation

61,324

12,894

12,87069,834

7,603(D) Property related income(=A-B)

118,524

68,223

48,669250,197

27,886(E) NOI (=C+D)

179,849

81,11761,539320,03135,490Note: Not disclosed as the tenant’s consent has not been obtained-44-

(Units: Thousands of yen)

Property name

MJ Logipark
Sendai1

Operating days

184 days

MJ Industrial

MJ Industrial

MJ Industrial

Park Sakai(Land)

Park Kobe(Land)

Park Chiba-Kita(Land)

184 days

184 days

184 days

Total(A) Property related revenues

237,276

6,276,799

Property revenues
Other property related
revenues

206,796

5,934,447

30,479342,352(B) Property related expenses

160,149

2,221,313

Facility management fee

15,168Property taxes
Non-life insurance
premium
Repair and maintenanceexpenses

20,616 Not disclosed Not disclosed(Note)(Note)
381
48,093

105,563

Utilities cost

14,480231,154

Custodian fee

290

4,047

Other expenses

625

22,826

275,605
Not disclosed(Note)

475,490
10,631(C) Depreciation

60,493---

1,095,994(D) Property related income(=A-B)

77,126

107,328

127,398

39,5004,055,485(E) NOI (=C+D)

137,619

107,328

127,398

39,5005,151,480

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