Summary of Financial Results for the Fiscal Period Ended January 31, 2017 (REIT)
Name of Issuer
Securities Code
Representative

Mitsui Fudosan Logistics Park Inc. Stock Exchange Listing3471
WebsiteMasayuki Isobe, Executive Director

Asset Management Company
Representative
Inquiries

Mitsui Fudosan Logistics REIT Management Co., Ltd.
Chishu Zushi, President and Chief Executive Officer
Tatsu Makino, Director & General Manager of Financial DivisionTel.
+81-3-6327-5160

March 16, 2017
Tokyo Stock Exchange
http://www.mflp-r.co.jp/en/

April 27, 2017
April 21, 2017

Scheduled date of submission of security report:
Scheduled date of commencement of distribution payout
Supplementary materials for financial results:
Holding investor presentation for financial results:

Yes
Yes (for analyst and institutional investors)(Amounts less than ¥1 million have been rounded down)
1. Financial Results for the Fiscal Period Ended January 31, 2017 (March 4, 2016–January 31, 2017)(1) Results of Operations(% figures denote year-on-year change)
Operating revenues
Operating income
Ordinary income
Net income
Millions of yen% Millions of yen% Millions of yen% Millions of yen
Fiscal period
ended January31, 2017

2,383—Net incomeper unit

1,307

—

Return on unitholders’equity1,111—

Ratio of ordinary
income to total assets

1,110%—

Ratio of ordinary
income to operating
revenues%%%
Yen
Fiscal period
ended January
9,017
1.9
1.5
46.6
31, 2017
Notes:
1. While the fiscal period ended January 31, 2017 was a period of 334 days from March 4, 2016 to January 31, 2017, the actual asset
management period of Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”) was 183 days, from August 2, 2016 to January 31, 2017.
2. Net income per unit is calculated by dividing net income by the daily weighted average number of investment units (123,102 units).
Net income per unit using the daily weighted average number of investment units deeming August 2, 2016, the actual starting dateof asset management, as the beginning of the fiscal period (222,525 units), is 4,988 yen.
3. Return on unitholders’ equity and Ratio of ordinary income to total assets are calculated using the respective average of unitholders’equity and total assets as of August 2, 2016, the actual starting date of asset management, and as of the end of the fiscal period.
4. Presentation of percentage figures for operating revenues, operating income, ordinary income, and net income are the rate of periodon-period changes, but this is not applicable for the fiscal period ended January 31, 2017 as it is the first fiscal period.
(2) Distributions

Fiscal period
ended January
31, 2017

Distributions per unit
(excluding
distributions in excessof earnings)

Total amount ofdistributions(excluding
distributions inexcess of earnings)

Distributions
in excess ofearnings perunit

Total
Total amount ofDistribution per unit
amount of
distributions(includingdistributions(including
distributions in excess
in excessdistributions in excessof earnings)
of earningsof earnings)

Yen

Millions of yen

Yen

Millions ofyen

YenMillions of yen

%

%

4,955

1,109

243

54

5,198

1,164

100.0

1.9

Ratio ofdistributions
to net assets

Payoutratio

Notes:
1. Due to the issuance of new investment units, the payout ratio is calculated using the following formula and rounded to the firstdecimal place.
Payout ratio = Total amount of distributions (excluding distributions in excess of earnings)/Net income x 100
2. The ratio of distributions to net assets is calculated using the following formula.
Distributions per unit (excluding distributions in excess of earnings)/ {(Net assets per unit at the beginning of the fiscal period + Net
assets per unit at the end of the fiscal period) /2} x 100
3. The total amount of distributions in excess of earnings is return of capital applicable to distribution reducing unitholders’ capital fortax purposes.
4. The ratio of decreasing surplus attributable to distributions in excess of earnings (return of capital applicable to distribution reducing
unitholders’ capital for tax purpose) is 0.001. This calculation is based on Article 23, Paragraph 1, Item 4 of the Order for
Enforcement of the Corporation Tax Act.
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(3) Financial Position
Unitholders’ equity to total
assetsMillions of yen%

Total assets

Net assets

Millions of yen
Fiscal period
ended January
31, 2017

Net assets per unit
Yen

81,69859,46072.8

265,449

Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

Cash flows fromfinancing activities
Millions of yen

Cash and cash
equivalents
Millions of yen(745)(74,520)

78,3503,084(4) Cash Flows

Fiscal period
ended January
31, 2017

2. Forecast for the Fiscal Period Ending July 31, 2017 (February 1, 2017 to July 31, 2017)(% figures denote year-on-year change)

Operatingrevenues

Millions ofyen

Operatingincome%Millionsof yenOrdinary income%Millionsof yen%Distributions
Distributions
Distributions
per unit
per unit
in excess of(excluding(includingdistributions in earnings per distributions inunit
excess ofexcess ofearnings)
earnings)

Net income

Millionsof yen%Fiscal period
2,531 6.2
1,131 (13.5)
1,101 (0.9)
1,100 (0.9)
ending July 31,2017(Reference) Expected net income per unit: (Fiscal period ending July 31, 2017) ¥4,913

Yen

Yen

Yen

4,913

277

5,190

3. Other(1) Changes in accounting policies, changes in accounting estimates, or retrospective restatements(i) Changes in accounting policies due to revisions to accounting standards, etc.:(ii) Changes in accounting policies other than (i) above:(iii) Changes in accounting estimates:(iv) Retrospective restatements:

None
None
None
None

(2) Total number of investment units issued and outstanding(i) Total number of units issued and outstanding at the end of the fiscal period (including treasury units)
Fiscal period ended January 31, 2017
224,000 units(ii) Number of treasury units at the end of the fiscal period
Fiscal period ended January 31, 2017

0 units• The Implementation Status of Statutory Audit
At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial Instruments andExchange Act have not been completed.
• Appropriate use of the forecast of financial results; other special items
Forecasts of financial results and other forward-looking statements contained in this material are based on information currently
available to MFLP-REIT and certain assumptions we believe are reasonable. Actual operating performance may differ
significantly from these forecasts due to a variety of factors. Furthermore, these forecasts do not guarantee the above distribution
amounts
For details of assumptions for the above forecast figures, please refer to “Forecast Assumptions for the Fiscal Period Ending July
2017 (February 1, 2017 to July 31, 2017)” described on page 3.

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Forecast Assumptions for the Fiscal Period ending July 2017ItemAssumptions

Calculation
period・The fiscal period ending July 31, 2017 (the second fiscal period) (February 1, 2017 to July 31, 2017) (181days)

Investment
assetsOperatingrevenue

Operatingexpenses・It is assumed that there will be no change in the number of assets under management by MFLP-REIT inregard to the trust beneficial interests in real estate (total of nine properties) that are currently held (the“acquired assets”) as of January 31, 2017 until the end of the fiscal period ending January 31, 2018 andwill not acquire any additional new properties other than the acquired assets that are existing properties.
・Actual numbers may change due to the future acquisitions of new properties and/or disposals of existing
properties, outside of the acquired assets.
・Leasing business revenues are calculated based on lease contracts for the acquired assets which are ineffect as of today and other factors including tenant movements and market trends.
・Calculations assume that there will be no gain or loss on sale of real estates.
・ Leasing business expenses other than depreciation expenses have been calculated taking into
consideration changes to expenses, including anticipated leasing costs based on lease agreements alreadyconcluded, with historical results used as a benchmark.
・Depreciation expenses are calculated using the straight-line method. Depreciation expenses are expected
to be ¥560 million in the fiscal period ending July 2017.
・Leasing business income (excluding gain on sale of real estates) after the deduction of leasing business
expenses (including depreciation) is expected to be ¥1,454 million in the fiscal period ending July 2017.
・Fixed property taxes, city planning taxes and other charges for properties currently held by MFLP-REIT
are expected to be ¥249 million in the fiscal period ending July 2017.
・Repair expenses for buildings are expected to be ¥39 million in the fiscal period ending July 2017.
However, given the possibility that repair expenses may increase or additional expenses may be incurred
due to difficult-to-forecast factors, the actual results may differ largely from the forecast amount.

Non-operating
expenses・It is assumed that interest expenses and other expenses related to borrowings will be ¥30 million in thefiscal period ending July 2017.

・It is assumed that total interest-bearing debt will be ¥17,000 million at the end of the fiscal period ending
July 31, 2017.
・Since the refund of consumption tax for the fiscal period ending January 2017 is scheduled in the fiscal
Interest-bearing
period ending July 2017, it is assumed that repayment of borrowings in the amount of ¥3,000 million willdebt
be made in the fiscal period ending July 2017 using the refund, etc.
・The loan to value ratio (LTV) is expected to be 21.8% at the end of the fiscal period ending July 31, 2017.
The following formula is used to calculate LTV.
LTV = Total interest-bearing debt ÷ total assets × 100
・The total number of investment units issued and outstanding is 224,000 units as of today, and MFLPREIT does not expect any changes to the number of investment units by issuing new investment units
Investment
until the period ending January 31, 2018.
units
・Distributions per unit (not including distributions in excess of earnings) and distributions in excess ofearnings per unit are calculated based on the 224,000 units of total expected investment units issued andoutstanding at the end of fiscal periods ending July 31, 2017.
・Distributions per unit (excluding distributions in excess of earnings) is calculated in accordance with
MFLP-REIT’s distribution policy described in its Articles of Incorporation and assumes that the entire
Distribution
per unit
amount of profits will be distributed.
(excluding distributions ・However, distributions per unit (excluding distributions in excess of earnings) may change for a variety ofreasons including changes in MFLP-REIT’s investment assets, changes in leasing revenues due to tenantin excess of earnings)
movements, etc., and/or the occurrence of unforeseen repairs and maintenance, etc.
・Distributions in excess of earnings per unit is calculated in accordance with MFLP-REIT’s policy on
distribution of cash described in its Articles of Incorporation and the asset management guidelines for theasset management company. Total distributions in excess of earnings are assumed to be ¥62 million in thefiscal period ending July 2017.
Distributions in・MFLP-REIT emphasizes cash flow generated by asset management, such as the leasing of investment
excess of earnings
assets, excluding gain and loss on sale of real estates. For an interim period, it is MFLP-REIT’s policy toper unit
calculate the amount distributable, including distributions in excess of earnings, to be around 70% of FFO
up to a maximum of 75% of FFO and continually distribute the amount of this that exceeds the cash
distribution, within a scope where financial stability can be secured and owned assets can be maintained
for a long duration of time, as distributions in excess of earnings determined based on a comprehensive–3–

judgment of the situation (“continuous distribution in excess of earnings”). However, the continuous
distribution in excess of earnings may be terminated given the economic environment, trends in the realestate market or leasing market, the situation surrounding owned assets, the percentage distribution inexcess of earnings accounted for in depreciation during MFLP-REIT’s applicable operating period(*1), andthe situation pertaining to LTV level and retained cash and deposits, among other factors.
・In addition to the continuous distributions in excess of earnings, in cases where the distribution amountfor distributions per unit (including distributions in excess of earnings) is expected to temporarily decline
at a noticeable rate due to the procurement of funds through the issuance of new investment units, atemporary distribution in excess of earnings may be executed in order to standardize the amount of thedistributions per unit (including distributions in excess of earnings).
・However, from the perspective of maintaining owned assets for a long period of time, in cases where theabove distribution is executed, and where the amount equal to the equivalent of depreciation for theapplicable operating period subtracted from the amount of the distribution in excess of earnings for theapplicable operating period falls below the standard amount of capital for building maintenance(*2), thedistribution in excess of earnings will decrease up to a maximum amount that does not fall below the totalof the distribution of earnings, and distribution in excess of earnings will not be executed.
・In addition, from the perspective of continuing stable financial management, distributions in excess ofearnings will not be executed in cases where the appraised LTV(*3) exceeds 60% in the event that theabove distribution of cash is executed.
(*1) The maximum will be an amount equivalent to 60% of the depreciation for the applicable operatingperiod.
“Standard amount of capital for building maintenance” refers to an amount equal to the capital
expenditure amount noted in the Building Condition Evaluation Report averaged over 12 years, with anamount equal to six months multiplied by two.
(*3) Appraised LTV (%) = A/B × 100 (%)
A = Total interest-bearing debt on the applicable accounts settlement date(*2)

B = Total assets on the balance sheet on the applicable accounts settlement date – amount of book value

Other

after depreciation of owned real estate on the applicable accounts settlement date + appraised valueof owned real estate on the applicable accounts settlement date・Calculations and operating forecasts are based on the assumption that there will be no change inlegislation, taxation, accounting standards, regulations applying to publicly listed companies, rules andrequirements imposed by the Investment Trusts Association, Japan, which will impact the aforementionedforecasts.
・It is assumed there will be no material changes in general economic and real estate market conditions inJapan.

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