February 18, 2021

For Immediate Release

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

Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2021, andForecast for the Fiscal Period Ending February 28, 2022
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) today revised its forecast for the fiscal period ending
Aug. 31, 2021 (Mar. 1, 2021 to Aug. 31, 2021) as noted in “Summary of Financial Results for the Fiscal Period Ended
August 31, 2020 (REIT),” dated Oct. 15, 2020, and announced its new forecast for the fiscal period ending Feb. 28, 2022
(Sep. 1, 2021 to Feb. 28, 2022). The revisions and calculations are described below. There is no change in the forecast
for the fiscal period ending February 28, 2021 (Sep. 1, 2020 to Feb. 28, 2021) as noted in “Summary of Financial Results
for the Fiscal Period Ended August 31, 2020 (REIT),” dated Oct. 15, 2020.
1.

Reasons for Revision and Announcement
A resolution was reached 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 Five New Properties (as defined in “Assets Under
Management” in the Attachment, “Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2021 and Feb. 28,
2022.”). The forecast of operating results for the fiscal period ending Aug. 31, 2021, announced on Oct. 15, 2020, hasbeen revised due to the changes in the assumptions underlying the calculation of estimated operating revenues, which
are expected to change by 10% or more.
In addition, MEL is announcing a new forecast of operating results for the fiscal period ending Feb. 28, 2022, basedon these assumptions.

2.

Revised Forecast for the Fiscal Period Ending Aug. 31, 2021, and Announcement of Forecast for the Fiscal PeriodEnding Feb. 28, 2022
(1) Details of the Revised Forecast for the Fiscal Period Ending Aug. 31, 2021 (10th fiscal period) (Mar. 1, 2021 to Aug. 31,
2021)
Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Ordinary
Income(Millions ofyen)Previously
Announced
4,215
2,074
Forecast (A)Revised
4,938
2,488
Forecast (B)Net Change
(C)
722
413
((B)-(A))
Rate of
Change17.1%
19.9%(C)/(A)*SCD stands for the “Surplus Cash Distributions.”

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

1,978

1,977

6,438

5,677

761

2,321

2,320

6,685

5,931

754

343

343

247

254

(7)

17.4%

17.4%

3.8%

4.5%

(0.9)%

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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

1(2) Details of the Forecast for the Fiscal Period Ending Feb. 28. 2022 (11th fiscal period) (Sept. 1, 2021 to Feb. 28, 2022)
Operating
Revenues(Millions ofyen)Operating
Income(Millions ofyen)

Ordinary
Income(Millions of
yen)

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

Forecast for the
Fiscal PeriodEnding Feb. 28,
5,041
2,611
2,494
2,493
7,099
6,372
727
2022
(11th fiscal
period)(Reference)
Fiscal period ending Aug. 31, 2021：Expected number of investment units outstanding at the end of the period: 391,287 units
Expected Net income per unit: 5,931 yen
Fiscal period ending Feb. 28, 2022：Expected number of investment units outstanding at the end of the period: 391,287 units
Expected Net income per unit: 6,372 yen

Notes:
1. The forecast information is calculated based on the assumptions described in the Attachment, “Forecast Assumptions for the Fiscal Periods Ending
Aug. 31, 2021 and Feb. 28, 2022”. 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 toacquisitions 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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

2

【Attachment】
Forecast Assumptions for the Fiscal Periods Ending Aug. 31, 2021 and Feb. 28, 2022
Items

Accounting Period

Assets Under
Management


Operating RevenuesOperating ExpensesAssumptions
Fiscal period ending Aug. 31, 2021 (10th fiscal period): From Mar. 1, 2021 to Aug. 31,
2021 (184 days)
Fiscal period ending Feb. 28, 2022 (11th fiscal period): From Sept. 1, 2021 to Feb. 28,
2022 (181 days)
It is assumed that MEL will acquire the real estate trust beneficiary interests in five
new properties (the “Five New Properties”) (Note) on Mar. 9, 2021 and Mar. 19, 2021,
in addition to its 19 properties (the “Current Properties”) it holds as of today.
For details about the Five 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 Mar. 9, 2021 and Mar. 19, 2021 up until Feb. 28, 2022. Changes include
acquisitions of new properties and dispositions of existing properties.
<Five New Properties>
Logicross Narashino, Logicross Osaka (40% additional co-beneficiary interest),
Logicross Nagoya Kasadera (40% additional co-beneficiary interest), MJ Industrial Park
Kobe (Land), MJ Industrial Park Chiba-Kita (Land)(Note) With respect to Logicross Osaka and Logicross Nagoya Kasadera, we will acquire
40% additional co-beneficiary interest, respectively, and the number ofproperties is shown with each of these additional acquisitions as one property.
The actual results may change due to the acquisition of new properties in addition to
Five 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 of the Five New Properties and operating results for the Current Properties heldby 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 Aug. 31,
Ending Feb. 28,
2021
2022
Total Operating Rental Expenses
1,851
1,810
Operational Management Fee
264
201
Utilities Cost
138
137
Repair and Maintenance125134
Property Taxes
409
409
Depreciation
880
892
Total General and Administrative Expenses
597
619
Asset Management Fee
395
459
Sponsor Support Fee
8584
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 owner etc., in the case of the Five New Properties, andhistorical data after acquisition in the case of the Current Properties.
Property taxes and city planning taxes are generally included in the purchase price ofproperties on a pro-rata basis of the calendar year and will not be expensed during the
fiscal periods ending Aug. 31, 2021 and Feb. 28, 2022. Accordingly, property taxes andcity planning taxes for the Five New Properties will be expensed starting from the fiscal
period ending Aug. 31, 2022.
For building repair expenses, the amount assumed to be necessary for each property

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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

3Non-operating
Expenses









Interest-bearing Debt











Investment Units

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 the fiscal period ending Aug. 31, 2021, it is assumed that 168 million yen will be
incurred as non-operating expenses, which includes 120 million yen for interest
expenses and other debt-related costs, 4 million yen as amortization of organization
expenses and 44 million yen in relation to the offerings of the new investment units.
For the fiscal period ending Feb. 28, 2022, it is assumed that 118 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
47,574 million yen.
It is assumed that, on Mar. 9, 2021 and Mar. 19, 2021, MEL will obtain a loan of up to
14,200 million yen for the purpose of allocating a portion of such funds to acquire theFive New Properties described in “Assets Under Management” above. In addition, it isassumed that, MEL will obtain a third-party allotment loan of 800 million yen on Mar.
9, 2021 for the purpose of allocating a portion of such funds to acquire the Five New
Properties, which it plans to repay in full using the proceeds from the third-party
allotment or cash reserves.
It is assumed that, MEL will receive a consumption tax refund for the fiscal period
ending Feb. 28, 2021 during the fiscal period ending Aug. 31, 2021, which will be used
to repay in full 1,300 million yen in short-term borrowings obtained on Sept. 1, 2020
during the fiscal period ending Aug. 31, 2021.
It is assumed that 500 million yen in short-term borrowings due on Sept. 1, 2021 and
2,211 million yen in long-term borrowings due on Sept. 14, 2021 will be refinanced infull.
It is assumed that, MEL will receive a consumption tax refund for the fiscal period
ending Aug. 31, 2021 during the fiscal period ending Feb. 28, 2022, which will be used
to repay in full 900 million yen in short-term borrowings to be obtained on Mar. 9,2021 during the fiscal period ending Feb. 28, 2022.
As a result, the total expected amount of interest-bearing debt at the end of the fiscal
periods ending Aug. 31, 2021 and Feb. 28, 2022 is estimated to be 60,474 million yen
and 59,574 million yen, respectively.
LTV at the end of the fiscal periods ending Aug. 31, 2021 and Feb. 28, 2022 is estimatedto be 33.3% and 33.0%, respectively. For LTV calculation, please refer to the following
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 348,237 investment units that are issued andoutstanding as of today, all of the 43,050 investment units to be newly issued, which
will comprise 41,000 investment units to be issued through a primary offering basedon a resolution of MEL’s board of directors adopted at a meeting held today and 2,050
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 Feb. 28, 2022 or by other means.
Distributions per unit (excluding surplus cash distributions) and surplus cash
distributions per unit for the fiscal periods ending Aug. 31, 2021 and Feb. 28, 2022
are calculated based on 391,287 investment units, which is the total number ofinvestment units expected to be issued and outstanding at the end of the fiscal
periods ending Aug. 31, 2021 and Feb. 28, 2022, including 43,050 investment units,
which is the maximum number of the investment units to be newly issued according
to the above.

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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

4
Distributions Per Unit
(excluding surplus
cash distributions)







Surplus CashDistributions Per Unit

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. For the fiscal periods ending Aug. 31, 2021 andFeb. 28, 2022, the amount of distributions per unit (excluding surplus cash
distributions) is expected to temporarily decrease due to a temporary decline inoperating rental revenues. It is therefore assumed that, for the fiscal period ending
Aug. 31, 2021, 264 million yen as ongoing surplus cash distributions (an amountequivalent to 30.0% of depreciation of the period) and 31 million yen as surplus cash
distributions on a one-time basis (an amount equivalent to 3.5 % of depreciation of
the period) will be distributed for the purpose of equalizing the amount of
distributions per unit (including surplus cash distributions). It is also assumed that, forthe fiscal period ending Feb. 28, 2022, 267 million yen as ongoing surplus cash
distributions (an amount equivalent to 30.0% of depreciation of the period) and 16
million yen as surplus cash distributions on a one-time basis (an amount equivalent to
1.9 % of depreciation of the period) will be distributed for the purpose of equalizing
the amount of distributions per unit (including surplus cash distributions). These areinvestment refunds categorized as a distribution from unitholders’ capital for tax
purposes and there are no refunds from the distribution of the allowance fortemporary 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, 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 therequirements 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 thetotal amount of income for the relevant operating period and the amount 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 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 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 in a fiscal period based on a considerationof factors such as economic or real estate market conditions, MEL’s financial conditionor the amount of anticipated profitability, which includes capital gains in connection
with property dispositions.

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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

5




Others

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) 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 fiscal period in question - Total cash distributions to be
paid in the following operating period - Total surplus cash distributions to be paidin 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, 2021, and forecast for the fiscal period ending February 28, 2022, and has not been prepared for the purpose ofsoliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have not been, and will
not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The securities may
not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred toabove will not be offered or sold, publicly or otherwise, in the United States.

6