February 7, 2022
For Immediate Release
Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Ken Takanashi, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Haruhiko Araki, President & CEO
Contact:
Ken Takanashi, Director, General Manager,
Logistics REIT Management Department
TEL: +81-3-3218-0030

Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2022, andForecast for the Fiscal Period Ending February 28, 2023
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) announces today revisions to its forecast for the fiscal
period ending August 31, 2022 (March 1, 2022 to August 31, 2022) as noted in “Summary of Financial Results for the
Fiscal Period Ended August 31, 2021 (REIT)” announced on October 15, 2021. In addition, MEL announces today its new
forecast for the fiscal period ending February 28, 2023 (September 1, 2022 to February 28, 2023). The revisions andcalculations are described below. For the avoidance of doubt, there is no change in the forecast for the fiscal period
ending February 28, 2022 (September 1, 2021 to February 28, 2022) as noted in “Summary of Financial Results for the
Fiscal Period Ended August 31, 2021 (REIT)” announced on October 15, 2021.
1.

Reasons for Revision and Announcement
A resolution was passed at MEL’s board of directors meeting held today concerning the issuance of new investment
units to appropriate the portion of funds for acquiring the Two New Properties (as defined in “Assets Under
Management” in Attachment 1, “Forecast Assumptions for the Fiscal Periods Ending August 31, 2022 and February 28,
2023.”). The forecast of operating results for the fiscal period ending August 31, 2022, announced on October 15, 2021,
has been revised due to the changes in the assumptions underlying the calculation of estimated operating revenues,
which are expected to change by 10% or more, estimated operating income, which are expected to change by 30% or
more, and estimated distributions per unit, which are expected to change by 5% or more.
In addition, MEL announces today a new forecast of operating results for the fiscal period ending February 28, 2023,
based on the assumptions described below.

2.

Revised Forecast for the Fiscal Period Ending August 31, 2022, and Announcement of Forecast for the Fiscal PeriodEnding February 28, 2023
(1) Details of the Revised Forecast for the Fiscal Period Ending August 31, 2022 (12th fiscal period) (March 1, 2022 toAugust 31, 2022)

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

Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Ordinary
Income(Millions of
yen)

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

5,059

2,551

2,430

2,429

6,910

6,210

700

6,198

3,332

2,958

2,957

7,307

6,574

733

1,139

780

528

528

397

364

33

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

1

Rate of
Change(C)/(A)

22.5%

30.6%

21.8%

21.8%

5.7%

5.9%

4.7%

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

(2) Details of the Forecast for the Fiscal Period Ending February 28, 2023 (13th fiscal period) (September 1, 2022 toFebruary 28, 2023)
Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Forecast for
the Fiscal
PeriodEnding6,224
February 28,
2023(13th fiscal
period)(Reference)
Fiscal period ending August 31, 2022

3,279

Ordinary
Income(Millions of
yen)

Net
Income(Millionsof yen)

3,101

3,100

Distributions
Distributions
SCD
per Unit
per Unit
per Unit(including(excluding(Yen)SCD) (Yen)
SCD) (Yen)

7,628

6,890

738

: Expected number of investment units outstanding at the end of the period: 449,935 units;
Expected Net income per unit: 6,574 yen
Fiscal period ending February 28, 2023 : Expected number of investment units outstanding at the end of the period: 449,935 units;
Expected Net income per unit: 6,890 yen
Notes:
1. The forecast information is calculated based on the assumptions described in Attachment 1, “Forecast Assumptions for the Fiscal Periods Ending
August 31, 2022 and February 28, 2023”. Actual operating revenues, operating income, ordinary income, net income, distributions per unit
(including surplus cash distributions), distributions per unit (excluding surplus cash distributions) and surplus cash distributions per unit may vary
due to acquisitions or dispositions of properties etc., changes in rent revenues attributable to tenant replacements etc., changes in the property
management environment due to unexpected repairs etc., changes in interest rates, the actual number of new units issued and the issue price ofsuch units, or the issuance of additional investment units etc. These forecasts should not be deemed a commitment or guarantee of the amountof cash distributions and surplus cash distributions.
2. These forecasts may be revised if a substantial variation from the current forecast information is anticipated.
3. The figures are rounded down to the nearest million yen or yen, and ratios are rounded to the nearest tenth.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

2

<Attachment 1>
Forecast Assumptions for the Fiscal Periods Ending August 31, 2022 and February 28, 2023
Items

Accounting Period

Assets Under
Management



Operating RevenuesOperating ExpensesAssumptions
Fiscal period ending August 31, 2022 (12th fiscal period): From March 1, 2022 toAugust 31, 2022 (184 days)
Fiscal period ending February 28, 2023 (13th fiscal period): From September 1, 2022
to February 28, 2023 (181 days)
It is assumed that MEL will acquire the real estate trust beneficiary interests in two
new properties (the “Two New Properties”) on March 1, 2022, in addition to its 22
properties (the “Current Properties”) it holds as of today.
For details about the Two New Properties, please refer to the press release “NoticeConcerning Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease
Contracts with New Tenants,” dated today. It is also assumed that there will be nochange in the operational status of the properties held after the scheduledacquisitions on March 1, 2022 up until February 28, 2023. Changes include acquisitionsof new properties and dispositions of existing properties.
<Two New Properties>
LOGIPORT Kawasaki Bay (45% trust beneficiary co-ownership interest) and Logicross
Atsugi II
The actual results may change due to the acquisition of new properties in addition to
the Two New Properties or the disposition of existing properties, etc.
Operating rental revenues take into account factors such as market trends and thecompetitiveness, etc. of each property based on information provided by the current
owner or the current beneficial owner etc. (the “Current Beneficiary, Etc.”) of the Two
New Properties and information about the Current Properties held by Mitsubishi Jisho
Investment Advisors, Inc. (the “Asset Management Company”)
It is assumed that tenants will not be delinquent on or withhold rental payments.
It is assumed that there is no gain or loss on sale of real estate.
Main items regarding operating expenses are as follows:(Millions of yen)
Fiscal Period
Fiscal PeriodEnding August 31,
Ending February2022
28, 2023
Total Operating Rental Expenses
2,140
2,168
Operational Management Fee
286
285
Utilities Cost
146
163
Repair and Maintenance93
96
Property Taxes
474
475
Depreciation
1,100
1,108
Total General and Administrative Expenses
725
777
Asset Management Fee
525
591
Sponsor Support Fee
109
107
Of operating rental expenses, which is the main operating expense, expenses except
depreciation are calculated by taking into account various factors based on historical
data provided by the Current Beneficiary, Etc., in the case of the Two New Properties,
and historical data after acquisition in the case of the Current Properties.
In general, property taxes and city planning taxes are calculated on a pro-rata basis of
the calendar year, and settled at the time of acquisition. However, in the case of thetransactions conducted by MEL, the amounts equivalent to the relevant settlement
amounts are included in the purchase price, and accordingly, with respect to the Two
New Properties, the property taxes and city planning taxes for the fiscal year 2022 will
not be expensed during the fiscal periods ending August 31, 2022 and February 28,
2023 in the case of settlement at time of property acquisition. Property taxes and city

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

3




Non-operating
Expenses








Interest-bearing Debt









Investment Units

planning taxes for the Two New Properties will be expensed starting from the fiscal
period ending August 31, 2023.
For building repair expenses, the amount assumed to be necessary for each property
is based on the mid-to-long term repair and maintenance plans prepared by the AssetManagement Company. However, due to the possibility that emergency repair
expenses may be incurred as a result of unexpected damage to the building, the factthat the amount of the repair expenses generally varies greatly from year to year, andthe fact that repair expenses are not regularly incurred, it is possible that the amountof the repair expenses for each fiscal period may differ substantially from theanticipated amount.
For the fiscal period ending August 31, 2022, it is assumed that 374 million yen will be
incurred as non-operating expenses, which includes 179 million yen for interest
expenses and other debt-related costs and 195 million yen in relation to the offeringsof the new investment units.
For the fiscal period ending February 28, 2023, it is assumed that 178 million yen will
be incurred as non-operating expenses, which will be used for interest expenses andother debt-related costs.
The balance of MEL’s interest-bearing debt on an accounting basis as of today is
58,374 million yen.
It is assumed that, on March 1, 2022, MEL will obtain a loan of up to 24,100 million
yen for the purpose of allocating a portion of such funds to acquire the Two New
Properties described in “Assets Under Management” above. In addition, it is assumed
that MEL will obtain a third-party allotment loan of 1,100 million yen on March 1, 2022
for the purpose of allocating a portion of such funds to acquire the Two New
Properties, which it plans to repay in full using the proceeds from the third-party
allotment or cash reserves.
It is assumed that 3,310 million yen in long-term borrowings due on September 14,
2022 will be refinanced in full.
It is assumed that MEL will receive a consumption tax refund for the fiscal period
ending August 31, 2022 during the fiscal period ending February 28, 2023, which will
be used to repay in full 2,000 million yen in consumption borrowings to be obtainedon March 1, 2022 during the fiscal period ending February 28, 2023.
As a result, the total expected amount of interest-bearing debt at the end of the fiscal
periods ending August 31, 2022 and February 28, 2023 is estimated to be 81,374
million yen and 79,374 million yen, respectively.
LTV at the end of the fiscal periods ending August 31, 2022 and February 28, 2023 isestimated to be 35.6% and 35.0%, respectively. For LTV calculation, please refer to thefollowing formula. The ratios are rounded to the nearest tenth:
LTV (%) = interest-bearing debt/total assets ×100 (%)
However, the total expected amount of interest-bearing debt and the actual LTV may
differ considerably from this assumption, depending on the final number ofinvestment units to be issued and the final issue amount.
It is assumed that, in addition to the 391,135 investment units that are issued andoutstanding as of today, all of the 58,800 investment units to be newly issued, which
will comprise 56,000 investment units to be issued through a primary offering basedon a resolution at MEL’s board of directors meeting held today and 2,800 investment
units (maximum) through a third-party allotment, will be issued.
In addition to the above, it is assumed that there will be no change to the number ofinvestment units through new issuance of investment units by the end of the fiscal
period ending February 28, 2023 or by other means.
Distributions per unit (excluding surplus cash distributions) and surplus cash
distributions per unit for the fiscal periods ending August 31, 2022 and February 28,
2023 are calculated based on 449,935 investment units, which is the total number ofinvestment units expected to be issued and outstanding at the end of the fiscal

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

4
Distributions Per Unit
(excluding surplus
cash distributions)









Surplus CashDistributions Per Unit



periods ending August 31, 2022 and February 28, 2023, including 58,800 investment
units, which is the maximum number of the investment units to be newly issued
according to the above.
Distributions per unit (excluding surplus cash distributions) are calculated based on
the assumption that the distributions will be distributed in accordance with the
distribution policy of the Articles of Incorporation of MEL.
Distributions per unit (excluding surplus cash distributions) may change due to various
factors including any additional acquisitions or dispositions of properties, changes inrent revenues attributable to tenant replacements, changes in the property
management environment including unexpected repair etc.
Surplus cash distributions per unit are calculated based on the assumption that the
cash distributions will be distributed in accordance with the fund distribution policy of
the Articles of Incorporation of MEL. It is therefore assumed that, for the fiscal period
ending August 31, 2022, 329 million yen as ongoing surplus cash distributions (anamount equivalent to 30% of depreciation of the period) will be distributed. It is also
assumed that, for the fiscal period ending February 28, 2023, 332 million yen as
ongoing surplus cash distributions (an amount equivalent to 30% of depreciation of
the period) will be distributed. These are investment refunds categorized as a
distribution from unitholders’ capital for tax purposes and there are no refunds fromthe distribution of the allowance for temporary difference adjustments.
The amount of depreciation expenses may change depending on the amount of total
assets under management, ancillary costs, capital expenditure, the allocation methodof purchase price for each asset and depreciable life, etc. Surplus cash distributions,which will be based on the amount of depreciation expenses, may change accordingly.
MEL may implement cash distributions in excess of the distributable amount tounitholders based on the financial statements related to cash distribution approved
under the Act on Investment Trusts and Investment Corporations (Act No. 198 of June4, 1951, as amended) if the board of directors of MEL deems such distribution to beappropriate (1) in light of the economic environment, real estate market, leasing
market or other trends; (2) when the amount of income fails to meet the amountequivalent to 90% of distributable income; (3) when the distribution amount fails tomeet the requirements for the Special Provisions for Taxation on Investment
Corporations; or (4) in other ways to maximize the interests of unitholders. When MEL
implements cash distributions in excess of the distributable amount, the distribution
is limited to the total amount of income for the relevant operating period and theamount set forth under laws and ordinances (including the rules of the Investment
Trusts Association, Japan, etc.)
Currently, MEL intends to target a level of surplus cash distributions on an ongoingbasis at an amount equivalent to approximately 30% of the depreciation expense forthe relevant fiscal period.
Furthermore, to maintain the stability of MEL’s distributions per unit in the event thatthe amount of distributions per unit temporarily decreases due to a series of financing
activities such as an issuance of new investment units or large-scale repair andmaintenance, which may result in a temporary dilution of investment units or
incurrence of large expenses, MEL may make distributions as one-time surplus cash
distributions. However, MEL may decide not to make any surplus cash distributions ina fiscal period based on a consideration of factors such as the economic environmentor trends in the real estate market and the leasing market, the status of the heldproperties, and MEL’s financial condition.
In addition, in the event that MEL needs to allocate its cash to emergency capital
expenditures for unexpected damages on MEL’s assets, etc., surplus cash distributions
per unit may be reduced. In order to continue stable financial management, MEL does
not plan to pay surplus cash distributions where such payment would cause theAppraisal LTV (Note), as defined below, to exceed 60%.

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

5
Others(Note) Appraisal LTV (%) = A/B (%)
A = Total interest-bearing liabilities on the balance sheet for the relevant fiscal period(excluding consumption tax loans) + Reversal from security deposit reserves(excluding cases where security deposits are refunded according to leasing
agreements with tenants)
B = Total assets on the balance sheet for the relevant fiscal period - Book value after
depreciation of real estate held in the relevant fiscal period + Total appraisal valueof real estate held in the relevant fiscal period - Total cash distributions to be paidin the following operating period - Total surplus cash distributions to be paid in
the following operating period
It is assumed that no revision that will have an impact on the forecast information
above will be made with regard to the laws and regulations, tax system, accounting
standards, listing rules of the Tokyo Stock Exchange and rules of the Investment Trusts
Association, Japan, etc.
It is assumed that no unexpected material change will arise in overall economic trends
and real estate market conditions, etc.

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

6

<Attachment 2>(Note 1) “Tax-stabilized DPU” is an estimated value of distributions per unit (“DPU”) (including surplus cash
distributions) calculated by adjusting an estimated amount of DPU to reflect temporal fluctuations in expenses
resulting from accounting treatment of taxes and public dues (property taxes and city planning taxes) inconnection with the Properties to be Acquired. “Tax-stabilized DPU” is neither an indicator specified inaccordance with accounting standards generally accepted as fair and appropriate, nor audited by anaccounting auditor. Such estimated value shall not be considered as an alternative indicator to other indicatorsin accordance with accounting standards generally accepted as fair and appropriate. In addition, “TaxStabilized DPU” is a value estimated by MEL as of the date of this document, and does not guarantee any
payment of distributions in the future or amount thereof in any sense.
(Note 2) “Pre-Offering Forecast DPU (Previous Forecast for FP 2022/8 (12th FP))” refers to the forecast DPU (including
surplus cash distributions) for the fiscal period ending August 31, 2022 (12th FP) disclosed in the Financial
Results “Summary of Financial Results for the Fiscal Period Ended August 31, 2021 (REIT)” announced on
October 15, 2021.
(Note 3) “Post-Offering Tax-stabilized DPU (Based on Current Forecast for FP 2023/2 (13th FP))” is calculated byadjusting the forecast DPU (including surplus cash distributions) for the fiscal period ending February 28, 2023
(13th FP) based on the assumptions outlined in Attachment 1 “Forecast Assumptions for the Fiscal Periods
Ending August 31, 2022 and February 28, 2023”, to reflect temporal fluctuations in expenses resulting fromthe accounting treatment of taxes and public dues (property taxes and city planning taxes) in relation to theProperties to be Acquired. This tax-stabilized distributions per unit figure has been prepared based upon andby applying the assumption that MEL would expense in the fiscal period ending February 28, 2023, rather
than capitalize, a six-month portion of annual property-related taxes in relation to the Properties to be
Acquired, and that expensing of such property-related taxes would lead to an increase in property-related
taxes of 123 million yen and a decrease in asset management fees of 16 million yen from the reduction in
operating income from property leasing and net income-based asset management fees corresponding to theincrease in property-related taxes. Accordingly, discrepancies between the assumptions and actual
circumstances may arise due to a factors such as acquisitions or dispositions of real estate, changes in rent
revenues attributable to changes in tenants, changes in the property management environment due to
unexpected repairs, changes in interest rates, the actual number of new units issued and the issue price ofNote:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

7

such units, or the issuance of additional investment units etc., and actual DPU (including surplus cash
distributions) and “Tax-stabilized DPU” may vary.

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast
for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared forthe purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units,
as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

8