Slides
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Securities Code：3481 Fiscal Period Ended August 31, 2026 Asset Management Company October 19, 2026
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Table of Contents １. Highlights, Forecasts, and Progress Toward Growth Targets P. 2 ２. Initiatives to Enhance Unit Price P. 8 ３. Logistics Market P .14 ４. Sustainability Initiatives P .19 ５. Appendix P .21
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Highlights, Forecasts, and Progress Toward Growth Targets
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3 Highlights Since April 2026 Financial Results Growth Targets Internal Growth External Growth ・DPU for the 20th FP exceeded the forecast, primarily due to a decrease in operating expenses. ・Acquisition below appraised value and other factors led to an increase in NAV per unit. ・Acquired a property at a yield above the implied cap rate. ・Continue to maintain multiple attractive pipeline assets. 20th FP DPU (VS Forecast ＋5 yen) 20th FP NAVPU (VS 19th FP +0.5%) 20th FP Avg. Rent Growth Rate MJLP Inzai 1 Total Gain on Sale Finance ・Issued the 3rd Series Unsecured Investment Corporation Bonds (Green Bonds) in July 2026. ・Maximizing interest income through time deposits. 3,117 yen 142,914 yen 1 bn yen 21st & 22nd FPs Estimated Avg. DPU +4.8 % 12.2 %Installation of Solar Panels Avg. Expected NOI Yield 2,936 yen ・Gain on sale from the disposition of MJ Logipark Inzai 1 to be distributed over the 21st to 23rd FPs. ・Expected to stably achieve the DPU target of 2,936 yen through the recognition of the gain on sale. ・Internal growth continued in the 20th FP , with rent increases achieved for the 17th consecutive period. ・Promotion of unique measures such as Strategic CAPEX 5.0 % 21.9 % Appraised NOI Yield Discount on Appraised Value Acquired Property: MJ Logipark Daito 1 2.2 bn yen 35.3 % Total Issuance LTV (Appraised Value) LTV (Book Value) 42.7 %
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DPU Transition 4 21st FP Forecast （Feb. 2027） Unit：Yen In the 20th F P, DPU increased through the distribution of the gain on sale of MJLP Kazo 1 and MJLP Kazo 2. From the 21st FP onward, despite the impact of vacancies and rising interest rates, the gain on sale of MJLP Inzai 1 is expected to support the stable achievement of the DPU target of 2,936 yen. 20th FP Actual （Aug. 2026） 19th FP Actual （Feb. 2026） Loss of disposition gain (MJLP Kazo1 & Kazo 2) -454 Disposition gain (MJLP Inzai 1) +268 Full-year acquisition contribution / Loss of rental income from dispositions +37 Internal growth of existing properties +5 Free rent, vacancy fluctuation -122 Change in other operating P/L -16 Change in non operating P/L -47 Surplus cash distribution +150 Disposition gain (MJLP Kazo 1 & Kazo 2) +454 Increase in rental income from MJLP Daito 1 +12 Loss of rental income from MJLP Kazo 1 & 2 -45 Internal growth of existing properties +14 Free rent, vacancy fluctuation -41 Change in other operating P/L -72 Change in non operating P/L -35 Surplus cash distribution -3 22nd FP Forecast （Aug. 2027） 2,835 +282 2,936 3,117 2,937-181 +1 Loss of rental income from MJLP Inzai 1 -59 Internal growth of existing properties +20 Free rent, vacancy fluctuation +191 Increase in repair cost -36 Increase in property tax -29 Change in other operating P/L -17 Change in non operating P/L -65 Surplus cash distribution -3 2,836 21st FP Forecast Disclosed in Apr 2026