Interim report
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Summary of Financial Results for the Fiscal Period Ended August 31, 2026 (REIT) October 19, 2026 Name of Issuer: Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) Stock Exchange Listing: Tokyo Stock Exchange Securities Code: 3481 Website: https://mel-reit.co.jp/en/ Representative: Takuya Yokota, Executive Director Asset Management Company: Mitsubishi Jisho Investment Advisors, Inc. Representative: Tetsuya Masuda, President & CEO Inquiries: Takuya Yokota, General Manager, Logistics REIT Management Department Tel. +81-3-3218-0030 Scheduled Date of Filing of Securities Report: November 24, 2026 Scheduled Date of Commencement of Distributions Payments: November 24, 2026 Supplementary Materials for Financial Results: Yes Investors and Analysts Meeting: Yes (Values are rounded down to the nearest million yen) 1. Financial Results for the Fiscal Period Ended August 31, 2026 (20th Fiscal Period) (from Mar. 1, 2026 to Aug. 31, 2026) (1) Operating Results (Percentages indicate change from the previous period) Operating revenues Operating income Ordinary income Net income Fiscal period ended Aug 31, 2026 Feb 28, 2026 Millions of yen 8,771 8,153 % 7.6 1.4 Millions of yen 4,795 4,317 % 11.1 2.4 Millions of yen 4,285 3,861 % 11.0 1.4 Millions of yen 4,284 3,860 % 11.0 1.4 Net income per unit Return on unitholders’ Equity Ratio of ordinary income to total assets Ratio of ordinary income to operating revenues Fiscal period ended Aug 31, 2026 Feb 28, 2026 Yen 2,885 2,599 % 2.7 2.5 % 1.5 1.3 % 48.9 47.4 (2) Distributions Distributions per unit (excluding surplus cash distributions (“SCD”)) Total amount of distributions (excluding SCD) SCD per unit Total amount of SCD Distributions per unit (including SCD) Total amount of distributions (including SCD) Payout ratio Ratio of distributions to net assets Fiscal period ended Aug 31, 2026 Feb 28, 2026 Yen 2,885 2,600 Millions of yen 4,284 3,861 Yen 232 235 Millions of yen 344 348 Yen 3,117 2,835 Millions of yen 4,628 4,210 % 100.0 100.0 % 2.7 2.5 Notes: 1. Total amount of SCD are the refund of investment, which falls under the distributions through reduction in unitholders’ capital under taxation law. 2. The ratio of net asset value attributable to a reduction in unitholders’ paid-in capital for the fiscal periods ended Feb. 28, 2026 and Aug. 31, 2026 is 0.003. 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.
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(3) Financial Position Total assets Net assets Unitholders’ equity to total assets Net assets per unit Fiscal period ended Aug 31, 2026 Feb 28, 2026 Millions of yen 287,413 287,523 Millions of yen 156,116 156,041 % 54.3 54.3 Yen 105,127 105,077 (4) Cash Flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents Fiscal period ended Aug 31, 2026 Feb 28, 2026 Millions of yen 8,235 6,040 Millions of yen (5,142) (332) Millions of yen (3,794) (4,570) Millions of yen 13,928 14,630 2. Forecasts for the Fiscal Periods Ending Feb. 28, 2027 (from Sep. 1, 2026 to Feb. 28, 2027) and Aug. 31, 2027 (from Mar. 1, 2027 to Aug. 31, 2027) (Percentages indicate change from the previous period) Operating revenues Operating income Ordinary income Net income Distributio ns per unit (including SCD) Distributions per unit (excluding SCD) SCD per unit Fiscal period ending Feb 28, 2027 Aug 31, 2027 Millions of yen 8,354 8,586 % (4.8) 2.8 Millions of yen 4,374 4,478 % (8.8) 2.4 Millions of yen 3,793 3,800 % (11.5) 0.2 Millions of yen 3,792 3,799 % (11.5) 0.2 Yen 2,936 2,937 Yen 2,554 2,558 Yen 382 379 (Reference) Forecasted net income per unit for the fiscal period ending Feb. 28, 2027: 2,554 yen Forecasted total number of investment units issued and outstanding as of Feb. 28, 2027: 1,485,011 units Forecasted average number of investment units during the fiscal period ending Feb. 28, 2027: 1,485,011 units Forecasted net income per unit for the fiscal period ending Aug. 31, 2027: 2,558 yen Forecasted total number of investment units issued and outstanding as of Aug. 31, 2027: 1,485,011 units Forecasted average number of investment units during the fiscal period ending Aug. 31, 2027: 1,485,011 units *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, 2026 1,485,011 units As of Feb. 28, 2026 1,485,011 units (b) Number of treasury units at the end of the fiscal period As of Aug. 31, 2026 0 units As of Feb. 28, 2026 0 units Note: Please refer to “Notes Concerning Per Unit Information” on page 23 for the based calculation for the forecasted net income per unit. *Audit Status This Summary of Financial Results is not subject to audit by certified public accountants or an audit firm . *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 s tatements 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, 2027 and Aug. 31, 2027” on page 7 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 of any discrepancy between this translated document and the Japanese original, the original shall prevail.
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-1- Index 1. 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 ................................................................................................. ........................................................... 2 (iv) Sustainability 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 ..................................................................................................... .............................................................. 6 (2) Risk Factors ……..………………….......................................................................................................................................................... 9 2. Financial Statements (1) Balance Sheet ........................................................................................................... ....................................................................... 10 (2) Statement of Income and Retained Earnings .................................................................................................................................. 12 (3) Statement of Changes in Net Assets................................................................................................................................................ 13 (4) Statement of Cash Distributions................................................................ ...................................................................................... 14 (5) Statement of Cash Flows ........................................................................... ...................................................................................... 15 (6) Notes Concerning Going Concerns Assumption .............................................................................................................................. 15 (7) Notes Concerning Significant Accounting Policies …........................................................ ............................................................... 16 (8) Notes Concerning Financial Statements ........................................................................................................ ................................ 17 (9) Change in Number of Investment Units Issued and Outstanding .......... ........................................................................................ 27 3. Reference Information (1) Composition of MEL’s Assets ................................................................................................................... ....................................... 29 (2) Investment Assets …………................................................................................................................................................................ 29 (A) Major Components of Investment Securities…………………………………..…………………………………………………………………………………… 29 (B) Investment Properties ………………………………….…………………………………..…………………………………………………………………………………… 29 (C) Other Major Investment Assets………………………………………………………..…………………………………………………………………………………… 29 (i) Overview of Portfolio ...................................... ........................................................................................................................... 30 (ii) Overview of Properties……………………………….……………………………………………………………………………………..................................... 32 (iii) Overview of Tenant Agreements ………………..…….…………………………………................................................................................. 34 (iv) Overview of Appraisal Report s …….......................................................................................................................................... 37 (v) Information Regarding Major Real Estate Properties ………....................................................................................................... 40 (vi) Information Regarding Major Tenants…………………………………………………………………………......................................................... 40 (vii) Property Distribution ……………………………………………………………………………………………………....................................................... 40 (viii) Details of Collateral ……...……………………………………………………………………………………………....................................................... 4 3 (ix) Capital Expenditure for Owned Properties………..…………………………………………………………......................................................... 43 (x) Overview of Property Leasing and Status of Operating Income …..…………………………………....................................................... 44
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-2- 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). MEL focuses on investing in logistics facilities as a listed real estate investment corporation. Mitsubishi Estate Co., Ltd. (“MEC”), one of the largest comprehensive developers in Japan , has been acting as a sponsor. MEL’s asset management company, Mitsubishi Jisho Investment Advisors, Inc. (“Asset Management Company” or “MJIA”) has an extensive track record in real estate fund management since its establishment in 2001. Through “HYBRID” (Note 1) utilization of the strengths of both companies, MEL aims for maximization of unitholder value by building of a high -quality portfolio and steady and stable asset management through selective investments in highly competitive logistics facilities that meet tenant needs that focus on “location”, “building features” and “stability”. Furthermore, MEL announced management policy “Three Pillars” on April 17, 2019, as a management plan designed to maximize unitholder value in the medium -to long-term. The management policy is intended to gather the entire MEC Group (Note 2) to work together and increase 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). During the fiscal period ended August 31, 2026, MEL sold MJ Logipark Kazo 1 and MJ Logipark Kazo 2 in March 2026 and acquired MJ Logipark Daito 1 in July 2026. As a result, MEL owned 36 properties (aggregate total acquisition price: 280,828 million yen), as of the end of the reporting fiscal period (Aug. 31, 2026). Additionally, in March 2026, MEL acquired an additional TK Equity Interest of MRB1 GK of 1,208 million yen, bringing the total acquisition price, including total TK Equity Interest of 1,928 million yen, to 282,756 million yen. Note 1: ”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. It refers to the strengths of both companies being utilized creatively and at times combined depending on the si tuation and thereby making the most of these in the management of MEL. Note 2: ”MEC Group” refers the corporate group consisting of MEC and its consolidated subsidiaries and equity -method affiliates. (ii) Investment Environment and Operational Results of the Current Fiscal Period During the reporting fiscal period ended August 31, 2026, the Japanese economy continued to grow moderately, supported by factors such as an increase in external demand, with real GDP for the April –June 2026 quarter rising at an annualized rate of 1.4% year on year. At the same time, uncertainty surrounding the gl obal economy has increased due to geopolitical and other factors, in addition to rising domestic interest rates driven by inflation and their impact on personal consumption. Accordingly, we believe it is necessary to closely monitor future economic trends. In the real estate transaction market, investor appetite remained strong and transactions continued to be active. Japan is one of the largest markets in Asia, and its financing environment remains favorable compared with other major overseas countries, des pite continued increases in the policy interest rate and long -term interest rates. Also for logistics facilities that are expected to generate stable cash flow, the current cap rate has remained at low levels. During the fiscal period under review, the J -REIT market was weak, affected by factors such as rising long -term interest rates, and the Tokyo Stock Exchange REIT Index closed at 1,783.49 points at the end of August 2026. Moving forward, with changes in domestic and international monetary policies anticipated, we believe it is essential to closely monitor the resulting volatility in the financial and capital markets and the impact on the financial health of investment corpo rations. In the logistics facilities market, the demand for logistics facilities is expected to remain high driven by the increased online-based consumption and inventories. Since 2021, the vacancy rate for mid -to-large-scale logistics facilities in the Tokyo metropolitan area, which had been rising due to a massive supply of new stock, has recently begun to dec line, and the supply -demand environment is showing signs of improvement. As of the end of the reporting fiscal period, the occupancy rate of our portfolio remained high, at 9 6.7%. (iii) Overview of Financing During the reporting fiscal period, MEL refinanced long -term loans of 1,000 million yen that matured on March 2, 2026, on the same date. On March 23, 2026, MEL also borrowed 2,400 million yen in long-term loans and used the proceeds to prepay 2,400 million yen of the 8,100 million yen short-term loans drawn down on April 21,
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-3- 2025. On July 16, 2026, MEL issued its 3rd Series Unsecured Investment Corporation Bonds (Green Bonds) totaling 2,200 million yen and applied the proceeds to the prepayment of borrowings. Accordingly, o n July 31, 2026, it prepaid the 1,250 million yen long-term loans drawn down on October 9, 2024, and 950 million yen of the 2,820 million yen long-term loans drawn down on September 16, 2025. On July 24, 2026, MEL borrowed 130 million yen in short-term loans and 1,500 million yen in long-term loans to fund the acquisition of MJ Logipark Daito 1 and related costs. In addition, short -term loans of 1,200 million yen that matured on July 31, 2026, were repaid on the same date with cash on hand. As of the end of the reporting fiscal period, the balance of MEL’s interest -bearing debt was 122,779 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 42.7%. MEL’s credit rating as of the end of the reporting fiscal period was as follows: Rating Agency Rating Object Rating Outlook Japan Credit Rating Agency, Ltd. Long-term issuer rating AA Stable (iv) Sustainability Initiatives MEL believes that working to enhance the sustainability of society, through environmental consideration, social contribution and the strengthening of governance, is a social responsibility expected of a listed investment corporation, and is also essential to maximizing unitholder value. MEL recognizes climate change as a significant issue that substantially impacts the medium - to long-term maximization of unitholder value and has set a target to achieve net zero greenhouse gas (GHG) emissions across its entire value chain by fiscal year 2050 (hereinafter, the “Net Zero Target”). This Net Zero Target was certified by the Science Based Targets (Note 1) initiative (SBTi) in June 2024 as a scientifically grounded emission reduction goal. To achieve this target, MEL discloses information such as climate -related risk analyses and climate transition roadmaps. Additionally, in March 2025, MJIA introduced the Internal Carbon Pricing system (Note 2) to promote energy conservation and advance various related initiatives. Furthermore, recognizing the interconnection between climate change and nature/biodiversity, MJIA expressed support for the Task Force on Climate -related Financial Disclosures (TCFD) recommendations in December 2021. MJIA also considers it a social responsibility to understand and disclose its relationship with nature and biodiversity, as well as the associated risks and opportunities. Accordingly, in June 2025, MEL disclosed nature-related disclosures based on the Taskforce on Nature -related Financial Disclosures (TNFD) (Note 3) recommendations. In line with these efforts, we are committed to continuously gathering the latest insights on environmental issues broadly and incorporating them into future operations. MEL’s main KPIs and targets in key materiality and the progress is as follows. Targets (by FY 2030) Achievement status GHG emission reduction target (Scope 1+2) (Obtained SBT certification) 42% reduction (based on FY 2021) 99.9% reduction (FY2025) Energy consumption intensity (kWh/m2) 15% reduction (based on FY 2017) 24.2% reduction (FY2025) Water consumption intensity (m3/m2) No increase (based on FY 2017) 30.5% reduction (FY2025) Waste recycling rate 70% or more 59.7% (FY2025) Green building certification (Note 4) acquisition rate (Note 5) 100% 98.2% (As of Aug. 31, 2026) Our efforts for sustainability were highly evaluated in the 202 6 survey of GRESB Real Estate Assessment (Note 6), it received the highest "5 Stars" for the seventh consecutive year. Furthermore, MEL has been recognized with “A List”(Highest Recognition) company on CDP Climate Change (Note 7) for the third consecutive year. Furthermore, in the 2025 assessment, MEL received the highest “A” score in the Supplier Engagement Rating, which recognizes outstanding efforts across the entire supply chain in climate change initiatives, and was selected for the Supplier Engagement Leaderboard. Notes: 1. “SBT (Science Based Targets)” refers to GHG emission reduction targets based on scientific evidence certified by “Science Based Targets initiatives (SBTi)”, which is an international initiative jointly administered by CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) . SBT requires targets to be consistent with the levels set by the Paris Agreement (which aims to curb global temperature rise to well-below 2°C
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-4- above pre-industrial levels and pursuing effort to limit warming to 1.5°C). 2. “Internal Carbon Pricing system ” is a framework designed to promote energy conservation and decarbonization at the properties owned by MEL. It estimates the economic incentives associated with CO2 emissions reductions resulting from energy-saving measures 3. “Taskforce on Nature -related Financial Disclosures (TNFD) ” is an international initiative established in 2021 to develop a framework for corporate disclosure of risks and opportunities related to natural capital and biodiversity. TNFD aims to reverse financial flows that cause loss of natural capital in order to promote biodiversity restoration. 4. "Green Building Certification" refers to either DBJ Green Building certification, BELS assessment or CASBEE real estate certification. 5. "Green Building Certification acquisition rate" is calculated based on total floor area of properties, excluding land. 6. "GRESB Real Estate Assessment" is a benchmark assessment that measures the sustainability considerations of real estate companies 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. 7. “CDP” is a non -profit organization that operates a global system for environmental information disclosure by companies and municipalities. Starting in 2024, CDP seeks integrated disclosures on environmental issues including climate change, water, forests, plastics, and biodiversity. Disclosures are evaluated on an eight -level scale from A to D - based on criteria such as comprehensiveness of disclosure, awareness and management of environmental risks, and ambition of target setting. (v) Overview of Financial Results and Distributions As a result of these investment activities and financings, MEL generated operating revenues of 8,771 million yen, operating income of 4,795 million yen, ordinary income of 4,285 million yen, net income of 4,284 million yen and distributions per unit of 3,117 yen for the reporting fiscal period. MEL’s distribution for the reporting fiscal period were 2,885 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 distribute all unappropriated retained earnings for the reporting period, excluding fractions less than one yen. MEL declared the distribution amount of 4,284,256,735 yen which was the amount equivalent to the maximum integral multiples of number of investment units issued and outstanding ( 1,485,011 investment units) as of the reporting fiscal period . In addition to the above distributions arising from earnings, MEL intends to regularly distribute cash in excess of the amount of retained earnings (“Regular Surplus Cash Distributions”) in each fiscal period in accordance with MEL’s distribution policy set forth in its articles of incorporation (Note 1). Furthermore, to maintain the stability 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 and maintenance, 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 3 44,522,552 yen, equivalent to 2 4.5% of MEL’s depreciation expense for the reporting fiscal period, for the purpose of maintaining the stability of its distributions from temporal decrease of property related expenses. And the total amount of SCD per unit for the reporting fiscal period wa s 232 yen. Notes: 1. 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 the Appraisal LTV (Note 2), as defined below, to exceed 60%. 2. 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 a stable and steady management, and eventually to maximize unitholder value, through selective investments in highly competitive logistics facilities that meet tenant needs with a focus on “location,” “buildin g features” and “stability” and considered sustainability, based on the
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-5- accumulated expertise of MEC Group. a. External Growth Strategy MEL aims to achieve stable and steady external growth (Hybrid external growth) by utilizing both the real estate development track record accumulated as a comprehensive developer of MEC that MEL enters into sponsor support agreements with, its ability to d evelop 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 fle xible and diverse 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 fu nd management (Hybrid internal growth). c. Financial Strategy MEL lays the foundation on long -lasting stable financial management leveraging MEC Group’s expertise in financial strategy and credibility cultivated over the long term, and controls LTV in consideration of growth potential. In addition, MEL is committed to efficient cash management in order to achieve improvements in unitholder value. (ii) Significant Subsequent Events Disposition of domestic real estate trust beneficiary interest MEL decided on October 19, 2026, to dispose the asset described below. Property Name MJ Logipark Inzai 1 Category Logistics Facilities Location Inzai, Chiba Anticipated Disposition Dates (Note 1) February 26, 2027 (40.0% of co-beneficiary interest) March 31, 2027 (40.0% of co-beneficiary interest) September 30, 2027 (20.0% of co-beneficiary interest) Anticipated Disposition Prices (Note 2) 5,220 million yen 2,088 million yen 2,088 million yen 1,044 million yen Estimated Book Values (Note 3) 4,130 million yen 1,656 million yen 1,654 million yen 820 million yen Estimated Gain/Loss on Disposition (Note 4) 1,007 million yen 398 million yen 401 million yen 206 million yen Appraisal Value (Note 5) 5,200 million yen Buyer Not disclosed (Note 6) Date of Sale and Purchase Agreement October 19, 2026 (Note 1) “Anticipated Disposition Dates” indicates an anticipated disposition date described in sale and purchase agreement pertaining to the Property to be disposed (the “Sale and Purchase Agreement”). Note that the Anticipated Disposition Dates are subject to change as agreed upon between MEL and the buyer. (Note 2) “Anticipated Disposition Prices” indicates the sale prices of the Property to be disposed stated in the Sale and Purchase Agreement, rounded down to the nearest million yen and does not include national or local consumption taxes or expenses which will be incurred in connection with the disposition. (Note 3) “Estimated Book Values” shows the estimated book values of the Property disposed on each Disposition Date and the total amount. It may fluctuate. (Note 4) “Estimated Gain/Loss on Disposition” calculated by deducting Estimated Book Values and estimated expenses related to the sale from Disposition Prices on Disposition Date and the total amount. It may fluctuate. (Note 5) “Appraisal Value” shows the appraisal value stated on the real estate appraisal report with the price as of August 31, 2026. The appraisal was conducted by Tanizawa Sogo Appraisal Co., Ltd. (Note 6) Not disclosed as consent has not been obtained.
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-6- (iii) Earnings Forecast Forecasts for the fiscal period ending February 28, 2027 (from Sep. 1, 2026 to Feb. 28, 2027) are as follows. Operating revenues Operating income Ordinary income Net income Distributions per unit (including SCD) Distributions per unit (excluding SCD) SCD Per unit Fiscal period ending Feb. 28, 2027 Millions of yen 8,354 Millions of yen 4,374 Millions of yen 3,793 Millions of yen 3,792 Yen 2,936 Yen 2,554 Yen 382 (Reference) Fiscal period ending Feb. 28, 2027: Expected number of investment units outstanding at the end of the period: 1,485,011 units; Expected net income per unit: 2,554 yen Forecasts for the fiscal period ending August 31, 2027 (from Mar. 1, 2027 to Aug. 31, 2027) are as follows. Operating revenues Operating income Ordinary income Net income Distributions per unit (including SCD) Distributions per unit (excluding SCD) SCD per unit Fiscal period ending Aug. 31, 2027 Millions of yen 8,586 Millions of yen 4,478 Millions of yen 3,800 Millions of yen 3,799 Yen 2,937 Yen 2,558 Yen 379 (Reference) Fiscal period ending Aug. 31, 2027: Expected number of investment units outstanding at the end of the period: 1,485,011 units; Expected net income per unit: 2,558 yen The forecast information is calculated based on the assumptions described in “Forecast Assumptions for the Fiscal Periods Ending Feb. 28, 2027 and Aug. 31 , 2027”. 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.
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-7- Forecast Assumptions for the Fiscal Periods Ending Feb. 28, 2027 and Aug. 31, 2027 Items Assumption Accounting Period ➢ Fiscal period ending Feb. 28, 2027 (21st fiscal period): From Sep. 1, 2026 to Feb. 28, 2027 (181 days) ➢ Fiscal period ending Aug. 31, 2027 (22nd fiscal period): From Mar. 1, 2027 to Aug. 31, 2027 (184 days) Assets Under Management ➢ MEL owns 36 properties and a TK Equity Interest as of Aug. 31, 2026 (“Properties Owned as of the End of 20th Fiscal Period”). It is assumed that there will be no change (such as acquisition of new properties or disposition of existing properties) through the end of the fiscal period ending Aug. 31, 2027, except for the following. ➢ It is assumed that MEL will dispose of a 40% co-beneficiary interest in MJ Logipark Inzai 1 (the “Property to be Disposed”) on Feb. 26, 2027, and a 40% co-beneficiary interest on Mar. 31, 2027. ➢ The actual results may change due to the acquisition of new properties or the disposition of existing properties, etc. Operating Revenues ➢ Operating rental revenues take into account factors such as market trends and the competitiveness , etc. of each property based on information about the Properties Owned as of the End of 20th Fiscal Period held by the Asset Management Company. ➢ Dividends for the TK Equity Interest is calculated based on the estimated occupancy rate of the underlying assets and estimated expense for the GK. ➢ It is assumed tenants will pay rents without delinquency or withholding. ➢ It is assumed that gain on sale of real estate of 398 million yen will be recorded in the fiscal period ending Feb. 28, 2027 due to the disposition of the Property to be Disposed. ➢ It is assumed that gain on sale of real estate of 401 million yen will be recorded in the fiscal period ending Aug. 31, 2027 due to the disposition of the Property to be Disposed. Operating Expenses ➢ Main items regarding operating expenses are as follows: (Millions of yen) Fiscal Period Ending Feb. 28, 2027 Fiscal Period Ending Aug. 31, 2027 Total Operating Rental Expenses 2,957 3,044 Facility Management Fee 349 342 Utilities Cost 218 225 Repair and Maintenance Expenses 127 181 Property Taxes 781 824 Depreciation 1,418 1,408 Total General and Administrative Expenses 1,022 1,048 Asset Management Fee 762 777 Sponsor Support Fee 139 139 ➢ 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. ➢ Property taxes and city planning taxes are generally calculated on a pro-rata basis of the calendar year and settled between the seller and the buyer at the time of acquisition. ➢ 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. Non-operating Expenses ➢ For the fiscal period ending Feb. 28, 2027, it is assumed that 611 million yen will be incurred as non - operating expenses, which includes interest expenses and other debt-related costs. ➢ For the fiscal period ending Aug. 31, 2027, it is assumed that 709 million yen will be incurred as non - operating expenses, which includes interest expenses and other debt-related costs. Interest- bearing Debt ➢ The balance of MEL’s interest-bearing debt on an accounting basis as of today is 122,779 million yen. ➢ 1,000 million yen, 1,210 million yen and 2,800 million yen in long-term loans that matured on Sep. 1, 2026, Sep. 14, 2026 and Oct. 9, 2026, respectively, were refinanced in full . ➢ It is assumed that long-term loans of 3,880 million yen, 2,000 million yen and 900 million yen due on Oct. 26, 2026, Mar. 1, 2027 and Mar. 9, 2027, respectively, will be refinanced in full. ➢ It is assumed that the 130 million yen in short-term loan due on Jul. 24, 2027 will be prepaid using
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-8- cash on hand during the fiscal period ending Feb. 28, 2027. ➢ The total expected amount of interest-bearing debt at the end of the fiscal periods ending Feb. 28, 2027 and Aug. 31, 2027 is estimated to be 122,649 million yen for each period. ➢ LTV at the end of the fiscal periods ending Feb. 28, 2027 and Aug. 31, 2027 are estimated to be approximately 42.8% and 42.9%, 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 (%) Investment Units ➢ The total number of investment units issued and outstanding as of today is 1,485,011 units. MEL assumed that there would be no changes to the number of outstanding units until the end of the fiscal period ending Aug. 31, 2027. ➢ Distributions per unit (excluding SCD) for the fiscal periods ending Feb. 28, 2027 and Aug. 31, 2027 are calculated based on 1,485,011 investment units, which is the total number of investment units expected to be issued and outstanding at the end of the fiscal periods ending Feb. 28, 2027 and Aug. 31, 2027. Distributions Per Unit (excluding SCD) ➢ Distributions per unit (excluding SCD) are calculated based on the premise of the distribution policy in the Articles of Incorporation of MEL. ➢ Distributions per unit (excluding SCD) may change due to various factors including any additional acquisitions or dispositions of properties, changes in rent revenues attributable to tenant moves, changes in the property management environment including unexpected repair etc. SCD Per Unit ➢ There may be cases where MEL implements distribution of cash in surplus of the distributable amount to investors on the basis of financial statements related to cash distribution approved under the 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) in other ways to maximize the interest of investors. When MEL implements distribution of cash in surplus of the distributable amount, it limits the amount to the total of the amount of income for the operating period in question and the amount stipulated under laws and ordinances (inclusive of the rules of the Investment Management Association of 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 dis tributions 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 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 for a fiscal peri od based on 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, 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. 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, to exceed 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 the next operating period – Total surplus cash distributions to be paid in the next operating period ➢ SCD 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 period ending Feb. 28, 2027, it is assumed that surplus cash distributions of 567 million yen will be distributed. For the fiscal period ending Aug. 31, 2027, it is assumed that surplus cash distributions of 562 million yen will be distributed. These are investment refunds categorized as a reduction in
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-9- (2) Risk Factors No significant changes have occurred to the risk factors since the most recent Securities Report (filed on May 28, 2026); therefore, their descriptions are not stated here. unitholders’ capital for tax purposes and there are no distributions from 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 method of purchase prices for each asset and depreciable life, etc. Surplus cash distributions, which will be based on the amount of depreciation expenses, may change accordingly. Others ➢ It is assumed that no any 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 Management Association of Jap an, etc. ➢ It is assumed that no unexpected material change will arise in overall economic trends and real estate market conditions, etc.
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-10- 2. Financial Statements (1) Balance Sheet February 28, 2026 August 31, 2026 ASSETS Current assets Cash and deposits 5,221,468 4,640,639 Cash and deposits in trust 9,409,363 9,287,990 Operating accounts receivable 66,321 80,925 Prepaid expenses 31,740 28,381 Corporate taxes receivable 8,138 11,271 Total current assets 14,737,032 14,049,207 Fixed assets: Property and equipment Buildings in trust 116,556,160 116,935,969 Less: accumulated depreciation (15,132,685) (16,224,757) Buildings in trust, net 101,423,475 100,711,211 Structures in trust 4,023,570 3,992,958 Less: accumulated depreciation (449,337) (478,154) Structures in trust, net 3,574,232 3,514,804 Machinery and equipment in trust 135,931 145,977 Less: accumulated depreciation (35,812) (41,591) Machinery and equipment in trust, net 100,119 104,385 Tools, furniture and fixtures in trust 247,664 308,220 Less: accumulated depreciation (74,905) (97,537) Tools, furniture and fixtures in trust, net 172,758 210,683 Land in trust 166,767,105 166,721,198 Construction in progress in trust 19,380 202,400 Total property and equipment 272,057,071 271,464,682 Intangible assets Software 6,757 5,930 Other intangible assets 141 91 Total intangible assets 6,899 6,022 Investments and other assets Investment Securities 682,748 1,864,401 Deferred tax assets 1 25 Long-term prepaid expenses 29,271 19,114 Security deposit 10,000 10,000 Total investments and other assets 722,021 1,893,541 Total fixed assets 272,785,992 273,364,246 Total assets 287,523,024 287,413,454 Thousands of yen As of *1 *1 *1 *1
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-11- February 28, 2026 August 31, 2026 LIABILITIES Current liabilities Operating accounts payable 344,661 218,759 Short-term loans payable 3,600,000 130,000 Long-term loans payable due within one year 9,890,000 11,790,000 Accounts payable 15,728 14,761 Distributions payable 7,177 5,923 Accrued expenses 1,104,497 1,208,561 Income taxes payable 614 761 Consumption taxes payable 438,711 138,306 Advances received 1,446,562 1,412,384 Deposits received - 10,284 Other current liabilities - 2,580 Total current liabilities 16,847,953 14,932,323 Non-current liabilities Investment corporation bonds 4,500,000 6,700,000 Long-term loans payable 104,359,000 104,159,000 Tenant leasehold and security deposits in trust 5,774,710 5,506,027 Total non-current liabilities 114,633,710 116,365,027 Total liabilities 131,481,663 131,297,350 NET ASSETS Unitholders’ equity Unitholders’ capital Unitholders’ capital, gross 158,791,538 158,791,538 Deduction from unitholders’ capital (6,611,246) (6,960,224) Unitholders’ capital, net 152,180,291 151,831,313 Surplus Retained earnings 3,861,068 4,284,789 Total surplus 3,861,068 4,284,789 Total unitholders’ equity 156,041,360 156,116,103 Total net assets 156,041,360 156,116,103 Total liabilities and net assets 287,523,024 287,413,454 Thousands of yen As of *2 *3 *3 *2
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-12- (2) Statement of Income and Retained Earnings For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Operating revenues: Operating rental revenues 7,779,000 7,689,539 Other rental revenues 345,051 366,594 Gain on sale of real estate properties - 674,551 Distributions of investments in silent partnerships 29,138 41,180 Total operating revenues 8,153,190 8,771,865 Operating expenses: Expenses related to property rental business 2,803,528 2,837,347 Asset management fee 780,665 862,013 Asset custody fee 2,470 2,382 Administrative service fee 31,826 31,205 Directors’ compensation 3,600 3,600 Commission paid 160,852 163,768 Other operating expenses 52,387 75,855 Total operating expenses 3,835,329 3,976,173 Operating income 4,317,860 4,795,691 Non-operating income: Interest income 14,440 21,127 Interest on refund 732 8 Reversal of cash distribution payable 388 439 Total non-operating income 15,561 21,575 Non-operating expenses: Interest expenses 442,587 488,540 Interest expenses on Investment corporation bonds 18,026 23,816 Borrowing related expenses 11,612 5,319 Investment corporation bond issuance expenses - 13,734 Total non-operating expenses 472,226 531,409 Ordinary income 3,861,195 4,285,857 Income before income taxes 3,861,195 4,285,857 Income taxes-current 636 1,131 Income taxes-deferred 20 (23) Total income taxes 656 1,108 Net income 3,860,538 4,284,749 Retained earnings brought forward 530 40 Unappropriated retained earnings 3,861,068 4,284,789 Thousands of yen *1 *1 *1 *1 *1 *1 *2
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-13- (3) Statement of Changes in Net Assets The Previous Period (from Sep. 1, 2025 to Feb. 28, 2026) Unitholders’ capital, gross Deduction of unitholders’ capital Unitholders’ capital, net Unappropria ted retained earnings Total surplus Balance as of Sep. 1, 2025 158,791,538 (6,216,233) 152,575,304 3,806,613 3,806,613 156,381,917 156,381,917 Change during the period Distributions in excess of retained earnings - (395,012) (395,012) - - (395,012) (395,012) Surplus cash distributions - - - (3,806,083) (3,806,083) (3,806,083) (3,806,083) Net income - - - 3,860,538 3,860,538 3,860,538 3,860,538 Total change during the period - (395,012) (395,012) 54,455 54,455 (340,557) (340,557) Balance as of Feb 28, 2026 158,791,538 (6,611,246) 152,180,291 3,861,068 3,861,068 156,041,360 156,041,360 Thousands of yen Unitholders' equity Total net assets Unitholders' capital Surplus Total unitholders' equity *1 The Reporting Period (from Mar. 1, 2026 to Aug. 31, 2026) Unitholders’ capital, gross Deduction of unitholders’ capital Unitholders’ capital, net Unappropria ted retained earnings Total surplus Balance as of Mar. 1, 2026 158,791,538 (6,611,246) 152,180,291 3,861,068 3,861,068 156,041,360 156,041,360 Change during the period Distributions in excess of retained earnings - (348,977) (348,977) - - (348,977) (348,977) Surplus cash distributions - - - (3,861,028) (3,861,028) (3,861,028) (3,861,028) Net income - - - 4,284,749 4,284,749 4,284,749 4,284,749 Total change during the period - (348,977) (348,977) 423,720 423,720 74,742 74,742 Balance as of Aug 31, 2026 158,791,538 (6,960,224) 151,831,313 4,284,789 4,284,789 156,116,103 156,116,103 Thousands of yen Unitholders' equity Total net assets Unitholders' capital Surplus Total unitholders' equity *1
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-14- (4) Statement of Cash Distributions For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 I. Unappropriated retained earnings 3,861,068,879 4,284,789,305 II. Distributions in excess of retained earnings Deduction from unitholders’ capital 348,977,585 344,522,552 III. Distributions 4,210,006,185 4,628,779,287 (Distributions per unit) 2,835 3,117 Of which, distributions of retained earnings 3,861,028,600 4,284,256,735 (Of which, distributions in retained earnings per unit) 2,600 2,885 Of which, distributions in excess of retained earnings 348,977,585 344,522,552 (Of which, distributions in excess of retained earnings per unit) 235 232 IV. Retained earnings carried forward 40,279 532,570 Calculation method of distribution amount Pursuant to the “Policy on the Distribution of Funds” as defined in Article 35, Paragraph 1 of the Articles of Incorporation, the amount of distributions shall be the amount which does not exceed the amount of profits but exceeds 90% of the distributable profit as defined in Article 67-15 of the Special Taxation Measures Act. Based on the policy, MEL declared distribution amount of 3,861,028,600 yen. This amount was equivalent to the maximum integral multiples of number of investment units issued and outstanding (1,485,011 units) as of the end of fiscal period. Based on the distribution policy as defined in Article 35, Paragraph 2 of the Articles of Incorporation, MEL shall make Surplus Cash Distributions (SCD) aiming for 30% depreciation expenses, defined as distributions in excess of retained earnings, as a return of unitholders’ capital, each fiscal period on a continuous basis. Accordingly, MEL declared SCD of 348,977,585 yen as a return of unitholders’ capital, which was the amount equivalent to approximately 24.8% of depreciation expense for the purpose of maintaining the stability of its distributions from temporal decrease in property related expenses. Pursuant to the “Policy on the Distribution of Funds” as defined in Article 35, Paragraph 1 of the Articles of Incorporation, the amount of distributions shall be the amount which does not exceed the amount of profits but exceeds 90% of the distributable profit as defined in Article 67-15 of the Special Taxation Measures Act. Based on the policy, MEL declared distribution amount of 4,284,256,735 yen. This amount was equivalent to the maximum integral multiples of number of investment units issued and outstanding (1,485,011 units) as of the end of fiscal period. Based on the distribution policy as defined in Article 35, Paragraph 2 of the Articles of Incorporation, MEL shall make Surplus Cash Distributions (SCD) aiming for 30% depreciation expenses, defined as distributions in excess of retained earnings, as a return of unitholders’ capital, each fiscal period on a continuous basis. Accordingly, MEL declared SCD of 344,522,552 yen as a return of unitholders’ capital, which was the amount equivalent to approximately 24.5% of depreciation expense for the purpose of maintaining the stability of its distributions from temporal decrease in property related expenses. Yen 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.
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-15- (5) Statement of Cash Flows For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Cash flows from operating activities: Income before income taxes 3,861,195 4,285,857 Depreciation 1,412,446 1,410,232 Investment corporation bond issuance expenses - 13,734 Interest income (14,440) (21,127) Interest expenses 442,587 488,540 Interest expenses on investment corporation bonds 18,026 23,816 Reversal of cash distribution payable (388) (439) Loss on retirement of fixed assets 92 - Decrease (Increase) in operating accounts receivable 20,563 (14,603) Decrease (Increase) in consumption taxes receivable 256,187 - Decrease (Increase) in prepaid expenses 963 3,359 Decrease (Increase) in long-term prepaid expenses 12,181 10,156 Increase (Decrease) in operating accounts payable 42,193 (31,469) Increase (Decrease) in accounts payable (906) (966) Increase (Decrease) in accrued expenses 8,539 90,615 Increase (Decrease) in consumption taxes payable 438,711 (300,404) Increase (Decrease) in advances received 11,967 (34,177) Decrease in property and equipment in trust due to sale - 2,789,314 Others (24,532) 4,509 Subtotal 6,485,388 8,716,945 Interest received 14,440 21,127 Interest paid (454,034) (498,907) Income taxes paid (4,920) (4,117) Net cash provided by (used in) operating activities 6,040,874 8,235,047 Cash flows from investing activities: Purchases of property and equipment in trust (304,244) (3,700,713) Proceeds from tenant leasehold and security deposits in trust 167,012 111,136 Repayments from tenant leasehold and security deposits in trust (19,324) (371,465) Purchase of investment securities (194,145) (1,220,959) Return of capital from investment securities 18,529 39,306 Net cash provided by investing activities (332,171) (5,142,694) Cash flows from financing activities: Proceeds from short-term loans payable - 130,000 Repayments of short-term loans payable (6,070,000) (3,600,000) Proceeds from long-term loans payable 12,670,000 4,900,000 Repayments from long-term loans payable (6,970,000) (3,200,000) Proceeds from issuance of investment corporation bonds - 2,186,266 Payment of distributions of retained earnings (3,805,675) (3,862,026) Payment of distributions in excess of retained earnings (394,562) (348,794) Net cash provided by (used in) financing activities (4,570,237) (3,794,554) Net increase (decrease) in cash and cash equivalents 1,138,465 (702,201) Cash and cash equivalents at the beginning of period 13,492,366 14,630,831 Cash and cash equivalents at the end of period 14,630,831 13,928,630 Thousands of yen *1 *1 (6) Notes Concerning Going Concerns Assumption Not applicable
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-16- (7) Notes Concerning Significant Accounting Policies 1. Evaluation standards and evaluation method of assets Securities Other securities Share with no market price, etc. Cost method through moving-average method Concerning silent partnership (tokumei kumiai) (TK) interests, the method of incorporating the amount of equity equivalent to the portion that corresponds to the net gain or loss of TK is added. 2. Method of depreciation of non -current assets (1) Property and equipment Depreciation of property and equipment, including property and equipment in trust, is calculated by the straight-line method over the estimated useful lives as follows: Buildings 2-88 years Structures 10-59 years Machinery and equipment 12 years Tools, furniture and fixtures 3-15 years (2) Intangible assets Amortization of intangible assets is calculated by the straight -line method over the estimated useful lives. Internal use software is amortized over the estimated useful life (5 years). (3) Long-term prepaid expenses Long-term prepaid expenses are amortized by the straight-line method. 3. Accounting method of deferred charges Investment corporation bond issuance expenses: The full amount is expensed when incurred. 4. Revenue and expenses recognition (1) Recognition standard for revenue Details of main performance obligations related to revenues arising from contracts 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 a customer, acquires control of a relevant real estate by fulfilling an obligation of delivery 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 and depreciable asset taxes, of a tax amount assessed and determined, the amount corresponding to the relevant fiscal period is accounted for as rental expenses. Of the amounts paid for acquisitions of real estate or beneficiary right in trust of real estate, an amount equivalent to property taxes is capitalized as part of acquisition costs of the relevant property instead of being charged as an expense. 5. Cash and cash equivalents as stated in the Statement of Cash Flows 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 and realizable with a maturity of three months or less when purchased and that are subject to insignificant risks of changes in value. 6. Other basic matters for preparing financial statements Accounting treatment of trust beneficiary interests of real estate As to trust beneficiary interests of real estate, all accounts of assets and liabilities 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
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-17- 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, land in trust and construction in progress in trust. (c) Tenant leasehold and security deposits in trust (8) Notes Concerning Financial Statements (Notes Concerning Balance Sheet) *1 Reduction entry of tangible fixed assets Feb. 28, 2026 Aug. 31, 2026 Buildings in trust 31,220 31,220 Structures in trust 19,925 19,925 Thousands of yen As of *2 Status on cancellation of own investment units Feb. 28, 2026 Aug. 31, 2026 Total units of cancellation (units) 25,444 25,444 Total amount cancelled (thousands of yen) 2,999,912 2,999,912 As of *3 Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations Thousands of yen As of Feb. 28, 2026 Aug. 31, 2026 50,000 50,000
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-18- (Notes Concerning Statement of Income and Retained Earnings) *1 Operating income from property leasing is as follows: For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 A. Property-related revenues Operating rental revenues Rental revenues 7,528,398 7,448,155 Common area charges 250,602 241,383 Total 7,779,000 7,689,539 Other rental revenues Received utilities cost 222,571 244,688 Others 122,479 121,905 Total 345,051 366,594 Total property-related revenues 8,124,052 8,056,133 B. Property-related expenses Rental expenses Facility management fee 284,070 291,755 Property and other taxes 765,632 785,509 Insurance 9,481 9,629 Repair and maintenance 90,671 80,064 Utilities cost 208,245 224,215 Depreciation 1,411,568 1,409,354 Custodian fee 9,720 7,230 Others 24,137 29,587 Total propterty-related expenses 2,803,528 2,837,347 C. Operating income from property leasing (A-B) 5,320,524 5,218,786 Thousands of yen *2 Gain on sale of real estate property For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 MJ Logipark Kazo 1 Proceeds from sale of real estate property - 1,680,000 Cost of property and equipment sold - 1,151,850 Other selling expenses - 26,942 Gain on sale of real estate properties - 501,207 MJ Logipark Kazo 2 Proceeds from sale of real estate property - 1,840,000 Cost of property and equipment sold - 1,637,464 Other selling expenses - 29,191 Gain on sale of real estate properties - 173,344 Thousands of yen (Notes Concerning Statement of Changes in Net Assets) For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Number of investment units authorized 10,000,000 units 10,000,000 units Number of investment units issued and outstanding 1,485,011 units 1,485,011 units
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-19- (Notes Concerning Statement of Cash Flows) *1. Relationship between cash and cash equivalents in statement of cash flows and accounts and amounts in the accompanying balance sheet For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Cash and deposits 5,221,468 4,640,639 Cash and deposits in trust 9,409,363 9,287,990 Cash and cash equivalents 14,630,831 13,928,630 Thousands of yen (Notes Concerning to Lease Contracts) Operating lease transactions (as lessor) Unearned rental revenue For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Due within one year 14,744,728 14,551,451 Due after one year 89,426,794 83,643,522 Total 104,171,522 98,194,973 Thousands of yen (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 of investment 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 investors prescribed 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, commitment line 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 Investment securities are TK equity interests and are exposed to the credit risk of the issuer and the risk of fluctuations in the value of real estate, etc. The financial condition and other relevant aspects of the issuer are monitored on a regular basis. 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 the maturities 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 cancelation of lease agreement before the maturity date. In the case of trust beneficiary interest in real estate, MEL secures safety 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.
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-20- Moreover, MEL ensures safety by accurately tracking the timing of the tenant move-ins and outs and anticipating 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 of financial 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, 2026 are as follows: Financial instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short -term loans payable” are excluded from the following table due to the short maturities and the book value of these instruments which is deemed a reasonable approximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following table because of lack of materiality. Book value Fair value (Note 1) Difference (1) Long-term loans payable due within one year 9,890,000 9,859,888 (30,111) (2) Investment corporation bonds 4,500,000 3,917,550 (582,450) (3) Long-term loans payable 104,359,000 101,933,195 (2,425,804) Total liabilities 118,749,000 115,710,633 (3,038,366) Thousands of yen (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 short period 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) TK equity interests In accordance with the treatment stipulated in Paragraph 24-16 of “Implementation Guidance on Accounting for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021, Accounting Standards Board of Japan), matters described in Paragraph 4-1 of “Implementation Guidance on Fair Value Measurement of Financial Instruments” (ASBJ Guidance No.19, March 31, 2020) have been omitted. The carrying amount on the balance sheet for investments in TK equity interest according to the above implementation is 682,748 thousand yen as of Feb. 28, 2026. The book value, fair value and differences between the values as of Aug. 31, 2026 are as follows: Financial instruments for “Cash and deposits”,” Cash and deposits in trust” and “Short -term loans payable” are excluded from the following table due to the short maturities and the book value of these instruments which is deemed a reasonable approximation of the fair value. “Tenant leasehold and security deposits in trust” is also excluded from the following table because of lack of materiality. Book value Fair value (Note 1) Difference (1) Long-term loans payable due within one year 11,790,000 11,771,418 (18,581) (2) Investment corporation bonds 6,700,000 5,922,520 (777,480) (3) Long-term loans payable 104,159,000 99,985,106 (4,173,893) Total liabilities 122,649,000 117,679,045 (4,969,954) Thousands of yen (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 short period 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) TK equity interests In accordance with the treatment stipulated in Paragraph 24-16 of “Implementation Guidance on Accounting for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021, Accounting Standards Board of Japan), matters described in Paragraph 4-1 of “Implementation Guidance on Fair Value Measurement of Financial Instruments” (ASBJ Guidance No.19, March 31, 2020) have been omitted. The carrying amount on the balance sheet for investments in TK equity interest according to the above implementation is 1,864,401 thousand yen as of Aug. 31, 2026. (Note 3) Repayment schedule for debt after Feb. 28, 2026
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-21- Due within one year Due after one to two years Due after two to three years Due after three to four years Due after four to five years Due after five years Long-term loans payable due within one year 9,890,000 - - - - - Investment corporation bonds - - - - - 4,500,000 Long-term loans payable - 13,590,000 13,963,000 18,491,000 13,280,000 45,035,000 Total 9,890,000 13,590,000 13,963,000 18,491,000 13,280,000 49,535,000 Thousands of yen Repayment schedule for debt after Aug. 31, 2026 Due within one year Due after one to two years Due after two to three years Due after three to four years Due after four to five years Due after five years Long-term loans payable due within one year 11,790,000 - - - - - Investment corporation bonds - - 2,200,000 - - 4,500,000 Long-term loans payable - 18,090,000 20,463,000 15,291,000 9,730,000 40,585,000 Total 11,790,000 18,090,000 22,663,000 15,291,000 9,730,000 45,085,000 Thousands of yen (Notes Concerning Investment Securities) For the period ended Feb. 28, 2026 In accordance with Article 8-6-2, Paragraph 3 of the Regulation on Financial Statements, the disclosure of the items described in Paragraph 1, Item 2 of the same Article has been omitted regarding to the TK equity interests (book value on the balance sheet: 682,748 thousand yen). For the period ended Aug. 31, 2026 In accordance with Article 8-6-2, Paragraph 3 of the Regulation on Financial Statements, the disclosure of the items described in Paragraph 1, Item 2 of the same Article has been omitted regarding to the TK equity interests (book value on the balance sheet: 1,864,401 thousand yen). (Notes Concerning Derivative Transactions) For the periods ended Feb. 28, 2026 and Aug. 31, 2026 Not applicable (Notes Concerning Retirement Payment) For the periods ended Feb. 28, 2026 and Aug. 31, 2026 Not applicable (Notes Concerning Deferred Tax Accounting) 1. Primary components of deferred tax assets and deferred tax liabilities Feb. 28, 2026 Aug. 31, 2026 Enterprise tax payable 1 25 Subtotal deferred tax assets 1 25 Total deferred tax assets 1 25 Net deferred tax assets 1 25 Thousands of yen As of
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-22- 2. Reconciliations of major items that caused differences between statutory tax rate and effective tax rate after applying Deferred tax accounting Feb. 28, 2026 Aug. 31, 2026 Statutory tax rate 31.46% 31.46% Adjustments: Deductible cash distributions (31.46%) (31.45%) Other 0.02% 0.02% Actual effective income tax rate 0.02% 0.03% For the fiscal period ended (Notes Concerning Equity Earnings of Affiliate Companies) For the periods from Sep. 1, 2025, to Feb. 28, 2026 and from Mar. 1, 2026, to Aug. 31, 2026 Not applicable (Notes Concerning Related Party Transaction) 1. Transactions with Account Balances with the Parent company and Major Unit Holders For the periods from Sep. 1, 2025, to Feb. 28, 2026 and from Mar. 1, 2026, to Aug. 31, 2026 Not applicable 2. Transactions and Account Balances with Affiliates For the periods from Sep. 1, 2025, to Feb. 28, 2026 and from Mar. 1, 2026, to Aug. 31, 2026 Not applicable 3. Transactions and Account Balances with Companies under Common Contr ol For the periods from Sep. 1, 2025, to Feb. 28, 2026 and from Mar. 1, 2026, to Aug. 31, 2026 Not applicable 4. Transaction and Account Balances with Board of Directors and Individual Unit holders For the periods from Sep. 1, 2025, to Feb. 28, 2026 and from Mar. 1, 2026, to Aug. 31, 2026 Not applicable (Notes Concerning Asset Retirement Obligations) For the periods ended Feb. 28, 2026 and Aug. 31, 2026 Not applicable (Notes Concerning Rental Properties) MEL owns logistics facilities for leasing for the purpose of earning rental income. The book value, changes during the reporting fiscal period and fair value of the properties are as follows: For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Book value (Note 1) Balance at the beginning of the period 273,157,921 272,057,071 Changes during the period (Note 2) (1,100,849) (592,388) Balance at the end of the period 272,057,071 271,464,682 Fair value at the end of the period (Note 3) 331,380,000 332,207,500 Thousands of yen (Note 1) Book value is calculated by deducting accumulated depreciation from acquisition cost. (Note 2) The increase for the fiscal period ended Feb. 28, 2026 was primarily a result of capital expenditure, which amounted to 291,431 thousand yen. The decrease was primarily a result of the recognition of depreciation, which amounted to 1,411,568 thousand yen. The increase for the fiscal period ended Aug. 31, 2026 was primarily a result of acquiring real estate trust
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-23- beneficiary interests for a total of 3,267,161 thousand yen. The decrease was primarily a result of the disposition of real estate trust beneficiary interests for a total of 2,789,314 thousand yen. (Note 3) The fair value at the end of the period is determined based on appraised value provided by independent real estate appraisers. Income and loss in connection with investment and rental properties are disclosed in “Notes Concerning Statements of 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 reportable segment subject to disclosure. 2. Related Information For the period from Sep. 1, 2025, to Feb. 28, 2026 (1) Information by Products and Services Description of this information is not stated herein as operating revenues generated from external customers for a single 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, 2026, to Aug. 31, 2026 (1) Information by Products and Services Description of this information is not stated herein as operating revenues generated from external customers for a single 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. (Notes Concerning Per Unit Information) For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Net assets per unit 105,077 105,127 Net income per unit 2,599 2,885 Yen
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-24- (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 Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Net income (Thousands of yen) 3,860,538 4,284,749 Amount not attributable to common unitholders (Thousands of yen) - - Net income attributable to common unitholders (Thousands of yen) 3,860,538 4,284,749 Average number of investment units during the period (Unit) 1,485,011 1,485,011 Yen (Notes Concerning Significant Subsequent Events) Disposition of domestic real estate trust beneficiary interest MEL decided on October 19, 2026, to dispose of the asset described below. Property Name MJ Logipark Inzai 1 Category Logistics Facilities Location Inzai, Chiba Anticipated Disposition Dates(Note 1) February 26, 2027 (40.0% of co-beneficiary interest) March 31, 2027 (40.0% of co-beneficiary interest) September 30, 2027 (20.0% of co-beneficiary interest) Anticipated Disposition Prices (Note 2) 5,220 million yen 2,088 million yen 2,088 million yen 1,044 million yen Estimated Book Values (Note 3) 4,130 million yen 1,656 million yen 1,654 million yen 820 million yen Estimated Gain/Loss on Disposition(Note 4) 1,007 million yen 398 million yen 401 million yen 206 million yen Appraisal Value (Note 5) 5,200 million yen Buyer Not disclosed (Note 6) Date of Sale and Purchase Agreement October 19, 2026 (Note 1) “Anticipated Disposition Dates” indicates an anticipated disposition date described in sale and purchase agreement pertaining to the Property to be disposed (the “Sale and Purchase Agreement”). Note that the Anticipated Disposition Dates are subject to change as agreed upon between MEL and the buyer. (Note 2) “Anticipated Disposition Prices” indicates the sale prices of the Property to be disposed stated in the Sale and Purchase Agreement, rounded down to the nearest million yen and does not include national or local consumption taxes or expenses which will be incurred in connection with the disposition. (Note 3) “Estimated Book Values” shows the estimated book values of the Property disposed on each Disposition Date and the total amount. It may fluctuate. (Note 4) “Estimated Gain/Loss on Disposition” calculated by deducting Estimated Book Values and estimated expenses related to the sale from Disposition Prices on Disposition Date and the total amount. It may fluctuate. (Note 5) “Appraisal Value” shows the appraisal value stated on the real estate appraisal report with the price as of August 31, 2026. The appraisal was conducted by Tanizawa Sogo Appraisal Co., Ltd. (Note 6) Not disclosed as consent has not been obtained.
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-25- (Notes on Revenue Recognition) 1. Breakdown information on revenue from contracts with customers The Previous Period (from Sep. 1, 2025 to Feb. 28, 2026) Revenue from contracts with customers (Note 1) Net sales to external customers Received utilities cost (Note 2) 222,571 222,571 Others - 7,930,618 Total 222,571 8,153,190 Thousands of yen (Note 1) Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," and transfers of real estate, etc. subject to ASBJ Transferred Guidance No.10, "Practical Guidance on Accounting Practical Guidelines for Real 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 of revenues from utilities. (Note 2) Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees who are customers, based on the lease agreements for real estate, etc. and associated agreements. The Reporting Period (from Mar. 1, 2026 to Aug. 31, 2026) Revenue from contracts with customers (Note 1) Net sales to external customers Proceeds from sale of real estate properties (Note 2) - 674,551 Received utilities cost (Note 3) 244,688 244,688 Others - 7,852,625 Total 244,688 8,771,865 Thousands of yen (Note 1) Rental business revenue, etc. subject to ASBJ Statement No. 13, "Accounting Standard for Lease Transactions," and transfers of real estate, etc. subject to ASBJ Transferred Guidance No.10, "Practical Guidance on Accounting Practical Guidelines for Real 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 of revenues from utilities. (Note 2) Proceeds from sale of real estate properties are recorded in the statements of income as gain on sale of real estate properties. Therefore, the amount deducted cost of property and equipment sold and other selling expenses is presented. (Note 3) Received utilities cost is the amount recorded as revenues based on the supply of electricity, water, etc. to lessees who are 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 and cash flow generated from said contracts, and on amount and period of revenues expected to be recognized in the following 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. For the fiscal period from For the fiscal period from Sep. 1, 2025 to Mar. 1, 2026 to Feb. 28, 2026 Aug. 31, 2026 Claims generated from contracts with customers(balance as of the beginning of fiscal year) 70,855 48,177 Claims generated from contracts with customers(balance as of the end of fiscal year) 48,177 72,427 Contract assets (balance at beginning of fiscal year) - - Contract assets (balance at end of fiscal year) - - Contract liabilities (balance at beginning of fiscal year) - - Contract liabilities (balance at end of fiscal year) - - Thousands of yen
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-26- (2) Transaction price allocated to the remaining performance obligations The previous period (from Sep. 1, 2025 to Feb. 28, 2026) Not applicable. Revenue from utilities is recognized at the amount that the Company has the right to claim in accordance with paragraph 19 of the accounting standard guidance for revenue recognition, as the Company is entitled to receive from the customer 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 of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition and has not included them in the notes to the transaction price allocated to its remaining performance obligations. The reporting Period (from Mar. 1, 2026 to Aug. 31, 2026) Not applicable. Revenue from utilities is recognized at the amount that the Company has the right to claim in accordance with paragraph 19 of the accounting standard guidance for revenue recognition, as the Company is entitled to receive from the customer 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 of paragraph 80 -22(2) of the Accounting Standard for Revenue Recognition and has not included them in the notes to the transaction price allocated to its remaining performance obligations.
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-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, 2026 are as follows: Date Type of Issue Unitholders’ Capital (Thousands of yen)(Note 1) Number of Investment Units Issued and Outstanding (Units) Note Increase / Decrease Total Increase / Decrease Total Nov. 19, 2021 Surplus Cash Distributions (return on capital) (264,016) 113,764,487 － 391,135 (Note 2) Mar. 1, 2022 Public offering 22,042,048 135,806,535 56,000 447,135 (Note 3) Mar. 23, 2022 Capital increase through third- party allotment 1,102,102 136,908,637 2,800 449,935 (Note 4) May 20, 2022 Surplus Cash Distributions (return on capital) (265,580) 136,643,057 － 449,935 (Note 5) Oct. 25, 2022 Public offering 19,481,796 156,124,853 51,000 500,935 (Note 6) Nov. 21, 2022 Surplus Cash Distributions (return on capital) (328,452) 155,796,400 － 500,935 (Note 7) Nov. 22, 2022 Capital increase through third- party allotment 974,089 156,770,490 2,550 503,485 (Note 8) May 23, 2023 Surplus Cash Distributions (return on capital) (408,326) 156,362,164 － 503,485 (Note 9) Nov. 22, 2023 Surplus Cash Distributions (return on capital) (436,521) 155,925,642 － 503,485 (Note 10) May 23, 2024 Surplus Cash Distributions (return on capital) (350,425) 155,575,217 － 503,485 (Note 11) Mar. 1, 2025 Split of investment units － 155,575,217 1,006,970 1,510,455 (Note 12) Aug. 29, 2025 Cancellation (2,999,912) 152,575,304 (25,444) 1,485,011 (Note 13) Nov. 21, 2025 Surplus Cash Distributions (return on capital) (395,012) 152,180,291 － 1,485,011 (Note 14) May 22, 2026 Surplus Cash Distributions (return on capital) (348,977) 151,831,313 － 1,485,011 (Note 15) Notes: 1. “Unitholders’ capital” is the amount after deducting the “Deduction from unitholders’ capital.” 2. 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. 3. New investment units were issued through public offering at an issue price of 406,965 yen (paid-in amount of 393,608 yen) per unit.
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-28- 4. New investment units were issued through third-party allotment at a paid-in amount of 393,608 yen per unit. 5. 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. 6. New investment units were issued through public offering at an issue price of 394,875 yen (paid-in amount of 381,996 yen) per unit. 7. Cash distributions for the fiscal period ended Aug. 2022 in the amount of 730 yen per unit as return of capital. It was decided on Oct. 14, 2022 and started payment on Nov. 21, 2022. 8. New investment units were issued through third-party allotment at a paid-in amount of 381,996 yen per unit. 9. Cash distributions for the fiscal period ended Feb. 2023 in the amount of 811 yen per unit as return of capital. It was decided on Apr. 17, 2023 and started payment on May 23, 2023. 10. Cash distributions for the fiscal period ended Aug. 2023 in the amount of 867 yen per unit as return of capital. It was decided on Oct. 18, 2023 and started payment on Nov. 22, 2023. 11. Cash distributions for the fiscal period ended Feb. 2024 in the amount of 696 yen per unit as return of capital. It was decided on April. 15, 2024 and started payment on May 23, 2024. 12. As of February 28, 2025 as the record date, each of the investment units have been divided on a three-for-one basis, March 1, 2025 as the effective date. 13. MEL acquired its own investment units through open-market repurchase on the Tokyo Stock Exchange based on a discretionary transaction agreement with a securities company from Apr. 18, 2025 to Jul. 31, 2025. Based on the resolution of the Board of Directors’ Meeting held on Apr. 17, 2025, the own investment units acquired (25,444 units) were all cancelled on Aug. 29, 2025. 14. Cash distributions for the fiscal period ended Aug. 2025 in the amount of 266 yen per unit as return of capital. It was decided on Oct. 16, 2025 and started payment on Nov. 21, 2025. 15. Cash distributions for the fiscal period ended Feb. 2026 in the amount of 235 yen per unit as return of capital. It was decided on Apr. 16, 2026 and started payment on May 22, 2026.
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-29- 3. Reference Information (1) Composition of MEL ’s Assets Type of assets Category Region 20th fiscal period (As of Aug. 31, 2026) Retained amount (Millions of yen) (Note 1) Ratio of total assets (%) Real estate in trust Logistics facilities Tokyo metropolitan area (Note 2) 132,057 45.9 Osaka metropolitan area (Note 3) 75,926 26.4 Nagoya metropolitan area (Note 4) 34,643 12.1 Others 10,638 3.7 Others 18,198 6.3 Total 271,464 94.5 Investment securities (Note 5) 1,864 0.6 Deposit and other assets 14,084 4.9 Total assets (Note 6) 287,413 100.0 20th fiscal period (As of Aug. 31, 2026) Amount (Millions of yen) Ratio of total asset (%) Total liabilities (Note 6)(Note 7) 131,297 45.7 Total net assets (Note 6) 156,116 54.3 Total assets (Note 6) 287,413 100.0 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, 2026). 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. “Investment Securities” refers to TK equity Interest of MRB1 GK as the operator. 6. “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, 2026). 7. “Total liabilities” include the tenant leasehold and security deposits. (2) Investment Assets (A) Major Components of Investment Securities (i) Equity securities Not applicable (ii) Non-equity securities Category Asset Name Quantity (Units) Carrying amount (Millions of yen) Appraisal value (Millions of yen) (Note 1) Ratio of total assets (%) TK Equity Interest TK Equity Interest of MRB1 GK (Note 2) - 1,864 1,864 0.6 Notes: 1. The carrying amount is shown for the appraisal value. 2. The underlying assets related to the TK equity interest are trust beneficiary interests of Logicross Hasuda, Logicross Kasukabe, Logicross Funabashi and Logicross Nagoya Minato. (B) Investment Properties Not applicable (C) Other Major Investment Assets The real estate in trust held by MEL as of the end of Aug. 31, 2026 are as follows.
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-30- (i) Overview of Portfolio The following summarizes (location, acquisition price, investment ratio, book value, appraisal value, acquisition date) the real estate or the real estate in trust owned by MEL at the end of the reporting fiscal period: Category Property name Location Acquisition price (Millions of yen) (Note 1) Investment ratio (%) (Note 2) Book value (Millions of yen) Appraisal value (Millions of yen) (Note 3) Acquisition date (Note 4) Logistics Facilities Logicross Fukuoka Hisayama Hisayama, Kasuya, Fukuoka 5,770 2.1 5,091 8,410 Sep. 14, 2017 Logicross Atsugi Atsugi, Kanagawa 8,440 3.0 8,030 9,550 Sep. 3, 2018 Logicross Kobe Sanda Kobe, Hyogo 3,900 1.4 3,702 4,500 Sep. 3, 2018 Logicross Osaka Osaka, Osaka 9,743 3.5 9,304 10,600 Sep. 1, 2020 Logicross Nagoya Kasadera Nagoya, Aichi 14,424 5.1 13,808 18,400 Sep. 1, 2020 Logicross Narashino Narashino, Chiba 11,851 4.2 11,470 12,300 Mar. 9, 2021 Logicross Atsugi II Atsugi, Kanagawa 9,838 3.5 9,602 10,500 Mar. 1, 2022 Logicross Yokohama Kohoku Yokohama, Kanagawa 7,821 2.8 7,722 8,310 Oct. 25, 2022 Logicross Osaka Katano Katano, Osaka 7,941 2.8 7,992 8,690 Apr. 21, 2025 LOGIPORT Sagamihara (Note 5) Sagamihara, Kanagawa 21,364 7.6 19,805 25,600 Sep. 14, 2017 LOGIPORT Hashimoto (Note 6) Sagamihara, Kanagawa 18,200 6.5 16,926 24,390 Sep. 14, 2017 LOGIPORT Osaka Taisho (Note 7) Osaka, Osaka 10,484 3.7 10,000 12,337 Oct. 9, 2019 LOGIPORT Kawasaki Bay (Note 6) Kawasaki, Kanagawa 36,000 12.8 34,912 41,760 Mar. 1, 2022 LOGiSTA·Logicross Ibaraki Saito (A) (Note 6) Ibaraki, Osaka 15,150 5.4 14,798 16,000 Oct. 25, 2022 LOGiSTA·Logicross Ibaraki Saito (B) (Note 6) Ibaraki, Osaka 3,900 1.4 3,824 4,100 Oct. 25, 2022 MJ Logipark Funabashi 1 Funabashi, Chiba 5,400 1.9 5,494 7,000 Sep. 29, 2016 MJ Logipark Atsugi 1 Atsugi, Kanagawa 6,653 2.4 6,157 7,690 Sep. 14, 2017 MJ Logipark Osaka 1 Osaka, Osaka 6,090 2.2 5,928 9,620 Sep. 14, 2017 MJ Logipark Fukuoka 1 Umi, Kasuya, Fukuoka 6,130 2.2 5,547 8,560 Sep. 14, 2017 MJ Logipark Tsuchiura 1 Tsuchiura, Ibaraki 3,133 1.1 2,992 3,590 Sep. 2, 2019 MJ Logipark Nishinomiya 1 Nishinomiya, Hyogo 2,483 0.9 2,488 2,430 Oct. 9, 2019 MJ Logipark Kasugai 1 Kasugai, Aichi 13,670 4.9 12,928 16,000 Oct. 9, 2019 MJ Logipark Inzai 1 Inzai, Chiba 4,353 1.6 4,171 5,200 Oct. 25, 2022 MJ Logipark Takatsuki 1 Takatsuki, Osaka 5,500 2.0 5,356 6,640 Oct. 25, 2022 MJ Logipark Higashi Osaka 1 Higashiosaka, Osaka 1,687 0.6 1,672 2,070 Oct. 25, 2022 MJ Logipark Funabashi 2 Funabashi, Chiba 4,880 1.7 4,769 6,590 Dec. 1, 2022
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-31- Category Property name Location Acquisition price (Millions of yen) (Note 1) Investment ratio (%) (Note 2) Book value (Millions of yen) Appraisal value (Millions of yen) (Note 3) Acquisition date (Note 4) Logistics Facilities MJ Logipark Kakogawa 1 Kakogawa, Hyogo 7,423 2.6 7,593 8,030 Sep. 29, 2023 MJ Logipark Ichinomiya 1 Ichinomiya, Aichi 5,851 2.1 5,805 6,940 Aug. 1, 2024 MJ Logipark Aisai 1 Aisai, Aichi 2,047 0.7 2,101 2,670 Oct. 17, 2024 MJ Logipark Daito 1 Daito, Osaka 3,115 1.1 3,264 3,990 Jul. 24, 2026 Others MJ Industrial Park Sakai (Land) Sakai, Osaka 5,600 2.0 5,666 5,700 Oct. 9, 2019 MJ Industrial Park Kobe (Land) Kobe, Hyogo 4,970 1.8 5,202 5,760 Mar. 9, 2021 MJ Industrial Park Chiba-Kita (Land) Chiba, Chiba 1,800 0.6 1,914 2,060 Mar. 19, 2021 MJ Industrial Park Kawanishi (Land) Kawanishi, Hyogo 2,125 0.8 2,221 2,610 Oct. 25, 2022 MJ Industrial Park Koriyama (Land) Koriyama, Fukushima 2,000 0.7 2,090 2,320 Sep. 19, 2023 MJ Industrial Park Kobe- Nishi (Land) Kobe, Hyogo 1,088 0.4 1,102 1,290 Jul. 31, 2025 Total 280,828 100.0 271,464 332,207 - Notes: 1. “Acquisition price” represents the purchase price of each property or beneficiary right in trust as set forth on the relevant purchase 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 to second 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, 2026. 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. If multiple purchase agreements have been concluded due to additional acquisitions, the earliest acquisition date is indicated. 5. Appraisal value of LOGIPORT Sagamihara indicates the figures corresponding to MEL’s acquisition of 49% co-ownership interest. 6. Appraisal value of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito (A) and LOGiSTA·Logicross Ibaraki Saito (B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest. 7. Appraisal value of LOGIPORT Osaka Taisho indicates the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest.
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-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 in trust owned by MEL at the end of the reporting fiscal period . Category Property name Land area (m2) (Note 1) Total floor area (m2) (Note 1) Total leasable area (m2) (Note 2) Total leased area (m2) (Note 3) Year built (Note 4) Logistics Facilities Logicross Fukuoka Hisayama 18,136.89 36,082.08 34,878.14 17,641.51 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 35,629.46 35,629.46 Sep. 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 34,119.84 10,777.05 Jul. 2019 Logicross Yokohama Kohoku 7,663.29 16,371.24 16,371.24 16,371.24 May 2019 Logicross Osaka Katano 10,194.96 19,212.69 20,777.87 20,777.87 Oct. 2022 LOGIPORT Sagamihara (Note 5) 94,197.27 200,252.53 (98,123.73) 88,609.42 88,225.91 Aug. 2013 LOGIPORT Hashimoto (Note 6) 67,746.26 145,809.59 (65,614.31) 58,487.42 58,487.42 Jan. 2015 LOGIPORT Osaka Taisho (Note 7) 55,929.57 117,045.04 (43,891.89) 40,081.20 40,001.65 Feb. 2018 LOGIPORT Kawasaki Bay (Note 6) 134,831.45 289,900.59 (130,455.26) 117,762.10 117,478.78 May 2019 LOGiSTA·Logicross Ibaraki Saito (A) (Note 6) 51,030.30 108,480.05 (48,816.02) 45,983.59 45,983.59 May 2021 LOGiSTA·Logicross Ibaraki Saito (B) (Note 6) 15,892.28 31,139.89 (14,012.94) 14,012.94 14,012.94 Apr. 2021 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 Osaka 1 13,028.81 39,157.61 39,082.95 39,082.95 Sep. 2007 MJ Logipark Fukuoka 1 20,297.84 39,797.96 38,610.34 38,610.34 Sep. 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 Inzai 1 12,405.04 20,993.81 20,980.63 20,980.63 Jul. 2021 MJ Logipark Takatsuki 1 9,915.37 20,842.80 20,897.84 20,897.84 May 2021
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-33- Category Property name Land area (m2) (Note 1) Total floor area (m2) (Note 1) Total leasable area (m2) (Note 2) Total leased area (m2) (Note 3) Year built (Note 4) Logistics Facilities MJ Logipark Higashi Osaka 1 4,727.69 10,185.04 10,185.04 10,185.04 Apr. 1991 MJ Logipark Funabashi 2 6,314.44 19,219.10 19,219.10 19,219.10 Feb. 2022 MJ Logipark Kakogawa 1 16,859.59 30,109.47 32,258.13 32,258.13 Jun. 2022 MJ Logipark Ichinomiya 1 13,234.63 26,922.21 26,963.93 26,963.93 Aug. 2022 MJ Logipark Aisai 1 5,620.35 9,413.40 9,413.40 9,413.40 Mar. 2022 MJ Logipark Daito 1 5,579.53 11,549.95 11,676.90 11,676.90 Aug. 2022 Others 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 － MJ Industrial Park Kawanishi (Land) 9,353.48 － 9,353.48 9,353.48 － MJ Industrial Park Koriyama (Land) 80,925.09 － 80,925.09 80,925.09 － MJ Industrial Park Kobe-Nishi (Land) 6,022.82 － 6,022.82 6,022.82 － Total 1,037,531.91 1,549,484.38 (1,057,770.84) 1,244,035.05 1,202,709.25 － 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 main building and annex. If there is more than one main building, the total floor area is the sum of the total floor area for each main building. Figures in parentheses for LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki Bay,LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) are stated corresponding to each co-ownership interest (49%, 45%, 37.5%, 45%, 45% and 45%). “Total” are the sum of total floor area of each property owned taking into account the co-ownership interest of each property. Each figure is rounded down to the nearest hundredth. 2. “Total leasable area” equals to the gross leasable space in each property or property in trust as of Aug. 31, 2026, based on lease agreements 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, 2026, based on the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in the lease 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 date shown in the register. 5. Total leasable area and total leased area of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest. 6. Total leasable area and total leased area of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest. 7. Total leasable area and total leased area of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest.
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-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 in trust owned by MEL at the end of the reporting fiscal period. Category Property name Total leasable area (m2) (Note 1) Total leased area (m2) (Note 2) Occupancy (%) (Note 3) Number of tenants (Note 4) Name of major tenant (Note 5) Annual rent (Millions of yen) (Note 6) Security deposit (Millions of yen) (Note 7) Average lease term / Average remaining lease term (Years) (Note 8, 9) Logistics Facilities Logicross Fukuoka Hisayama 34,878.14 17,641.51 50.6 2 Trancom Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) 3.1 (2.4) Logicross Atsugi 29,895.80 29,895.80 100.0 1 MITAKA SOKO Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) 10.0 (0.5) Logicross Kobe Sanda 12,844.35 12,844.35 100.0 1 Fresh Creator Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) 30.0 (20.7) Logicross Osaka 35,629.46 35,629.46 100.0 1 Nippon Express Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Logicross Nagoya Kasadera 62,289.08 62,289.08 100.0 11 YAGAMI Co., LTD. 972 319 6.3 (2.3) Logicross Narashino 39,132.05 39,132.05 100.0 1 Nihon Realest., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Logicross Atsugi II 34,119.84 10,777.05 31.6 Not disclosed (Note 10) Yamato Scientific Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Logicross Yokohama Kohoku 16,371.24 16,371.24 100.0 1 SBS NEXTHIRD Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Logicross Osaka Katano 20,777.87 20,777.87 100.0 1 Araki Express Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) LOGIPORT Sagamihara (Note 11) 88,609.42 88,225.91 99.6 16 Maruwa Unyu Kikan Co., Ltd. 1,383 322 4.6 (2.5) LOGIPORT Hashimoto (Note 12) 58,487.42 58,487.42 100.0 17 KDDI CORPORATION 1,034 260 3.9 (2.4) LOGIPORT Osaka Taisho (Note 13) 40,081.20 40,001.65 99.8 11 SBS TOSHIBA LOGISTICS CORPORATION 587 140 7.3 (4.0) LOGIPORT Kawasaki Bay (Note 12) 117,762.10 117,478.78 99.8 10 Not disclosed (Note 10) 1,736 408 8.5 (2.6) LOGiSTA·Logicross Ibaraki Saito (A) (Note 12) 45,983.59 45,983.59 100.0 1 MITSUI-SOKO LOGISTICS Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) LOGiSTA·Logicross Ibaraki Saito (B) (Note 12) 14,012.94 14,012.94 100.0 1 LONCO JAPAN Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Funabashi 1 18,232.07 18,232.07 100.0 1 Fuji Echo Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Atsugi 1 28,002.44 28,002.44 100.0 1 Sun Toshi Tatemono K.K. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) 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)
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-35- Category Property name Total leasable area (m2) (Note 1) Total leased area (m2) (Note 2) Occupancy (%) (Note 3) Number of tenants (Note 4) Name of major tenant (Note 5) Annual rent (Millions of yen) (Note 6) Security deposit (Millions of yen) (Note 7) Average lease term / Average remaining lease term (Years) (Note 8, 9) Logistics Facilities MJ Logipark Fukuoka 1 38,610.34 38,610.34 100.0 3 Fukuoka Logistics Systems Corp. 456 210 3.1 (1.9) MJ Logipark Tsuchiura 1 15,485.00 15,485.00 100.0 1 EntreX Incorporated Not disclosed (Note 10) Not disclosed (Note 10) 20.0 (11.9) MJ Logipark Nishinomiya 1 13,777.07 13,777.07 100.0 1 F - LINE CO., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) 10.0 (2.5) MJ Logipark Kasugai 1 57,866.98 57,866.98 100.0 2 Kimura-Unity Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) 5.0 (2.2) MJ Logipark Inzai 1 20,980.63 20,980.63 100.0 1 Seino Transportation Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Takatsuki 1 20,897.84 20,897.84 100.0 1 LONCO JAPAN Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Higashi Osaka 1 10,185.04 10,185.04 100.0 1 Nakajima Express Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Funabashi 2 19,219.10 19,219.10 100.0 1 Oriental EXPRESS Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Kakogawa 1 32,258.13 32,258.13 100.0 1 Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) 12.0 (7.8) MJ Logipark Ichinomiya 1 26,963.93 26,963.93 100.0 1 TOBU TRANS - PORTATION CO., LTD. Not disclosed (Note 10) Not disclosed (Note 10) 10.0 (6.5) MJ Logipark Aisai 1 9,413.40 9,413.40 100.0 1 LONCO JAPAN Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Logipark Daito 1 11,676.90 11,676.90 100.0 1 LONCO JAPAN Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Others MJ Industrial Park Sakai (Land) 87,476.71 87,476.71 100.0 1 IHI Infrastructure Systems Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Industrial Park Kobe (Land) 31,743.99 31,743.99 100.0 1 ORIX Auto Corporation Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Industrial Park Chiba-Kita (Land) 14,986.64 14,986.64 100.0 1 Kinugawa Rubber Industrial Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Industrial Park Kawanishi (Land) 9,353.48 9,353.48 100.0 1 WECARS Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Industrial Park Koriyama (Land) 80,925.09 80,925.09 100.0 1 Kinugawa Rubber Industrial Co., Ltd. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) MJ Industrial Park Kobe-Nishi (Land) 6,022.82 6,022.82 100.0 1 NISHIO RENT ALL CO.,LTD. Not disclosed (Note 10) Not disclosed (Note 10) Not disclosed (Note 10) Total (Average) 1,244,035.05 1,202,709.25 96.7 100 － 15,224 5,306 10.6 (6.4) Notes: 1. “Total leasable area” equals to the gross leasable space in each property or property in trust as of Aug. 31, 2026, based on lease agreements 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,
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-36- 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, 2026, based on the lease agreements and floor plans included in the lease agreements. It does not include the leased area indicated in the lease agreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots. 3. “Occupancy” is as of Aug. 31, 2026, 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 leasable area 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, 2026. 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, 2026 6. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of lease agreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to the nearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Aug. 31, 2026. However, if there are different provisions for monthly rent (including common area expenses) depending on the time period in each lease agreement for each property or property in trust as of Aug. 31, 2026, the annualized amount of rent will be calculated based on the monthly rent (including common area expenses) for Aug. 2026 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 of Aug. 31, 2026 shall not be included. 7. “Security deposit” represent the aggregate amount of security deposits and guarantee deposits stipulated in the relevant lease agreements for each property, with amounts less than one million yen rounded down. 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, 2026, by the rent and figures are rounded down to the second decimal place. 9. “Average remaining lease term” is calculated as the weighted average remaining lease term indicated in the relevant lease agreements for each property or property in trust as of Aug. 31, 2026, by the rent and figures are rounded down to the second decimal 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 indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest. 12. Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA ·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest. 13. Total leasable area, total leased area, annual rent and security deposits of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest.
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-37- (iv) Overview of Appraisal Reports Category Property name Appraiser Appraisal value date Appraisal value (Millions of yen) Integrated value based on cost method (Millions of yen) Return price Appraisal NOI (Millions of yen) (Note 1) Appraisal NOI Yield (%) (Note 2) Direct capitalization method DCF method Value based on direct capitalization method (Millions of yen) Direct capitalizati on rate (%) Value based on DCF method (Millions of yen) Discount rate (%) Terminal capitalizat ion rate (%) Logistics Facilities Logicross Fukuoka Hisayama Tanizawa Sogo Appraisal Co., Ltd. Aug. 31, 2026 8,410 8,130 8,490 4.1 8,380 4.3 4.3 356 6.2 Logicross Atsugi Tanizawa Sogo Appraisal Co., Ltd. 9,550 9,710 9,560 3.9 9,540 4.0,4.1 (Note 3) 4.1 376 4.5 Logicross Kobe Sanda Tanizawa Sogo Appraisal Co., Ltd. 4,500 4,420 4,460 4.3 4,520 4.3,4.4 (Note 4) 4.5 196 5.0 Logicross Osaka Japan Real Estate Institute 10,600 10,300 10,700 3.9 10,400 3.7 4.1 423 4.4 Logicross Nagoya Kasadera Japan Real Estate Institute 18,400 17,700 18,600 3.9 18,100 3.7 4.1 731 5.1 Logicross Narashino Japan Real Estate Institute 12,300 13,800 12,500 3.9 12,100 3.7 4.1 491 4.2 Logicross Atsugi II Tanizawa Sogo Appraisal Co., Ltd. 10,500 10,900 10,800 3.9 10,400 3.9,4.1 (Note 5) 4.1 427 4.3 Logicross Yokohama Kohoku Tanizawa Sogo Appraisal Co., Ltd. 8,310 8,650 8,430 3.8 8,260 3.8,4.0 (Note 6) 4.0 321 4.1 Logicross Osaka Katano Japan Real Estate Institute 8,690 8,240 8,800 4.0 8,570 3.6 4.3 357 4.5 LOGIPORT Sagamihara (Note 7) DAIWA REAL ESTATE APPRAISAL Corporation 25,600 19,500 25,500 4.0 25,700 3.8 4.2 1,050 4.9 LOGIPORT Hashimoto (Note 8) Japan Real Estate Institute 24,390 22,635 24,795 3.6 23,985 3.4 3.8 897 4.9 LOGIPORT Osaka Taisho (Note 9) Japan Real Estate Institute 12,337 11,062 12,525 3.8 12,112 3.6 4.0 481 4.6 LOGIPORT Kawasaki Bay (Note 8) Japan Real Estate Institute 41,760 39,915 41,895 3.6 41,625 3.3 3.7 1,515 4.2 LOGiSTA· Logicross Ibaraki Saito (A) (Note 8) Japan Real Estate Institute 16,000 14,800 16,100 3.9 15,800 3.6 4.1 632 4.2 LOGiSTA· Logicross Ibaraki Saito (B) (Note 8) Japan Real Estate Institute 4,100 4,080 4,130 4.0 4,070 3.7 4.2 168 4.3 MJ Logipark Funabashi 1 Japan Real Estate Institute 7,000 5,130 7,020 5.2 6,970 4.1 5.9 390 7.2 MJ Logipark Atsugi 1 Japan Real Estate Institute 7,690 8,320 7,800 4.0 7,580 3.8 4.2 327 4.9
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-38- Category Property name Appraiser Appraisal value date Appraisal value (Millions of yen) Integrated value based on cost method (Millions of yen) Return price Appraisal NOI (Millions of yen) (Note 1) Appraisal NOI Yield (%) (Note 2) Direct capitalization method DCF method Value based on direct capitalization method (Millions of yen) Direct capitalizati on rate (%) Value based on DCF method (Millions of yen) Discount rate (%) Terminal capitalizat ion rate (%) Logistics Facilities MJ Logipark Osaka 1 Tanizawa Sogo Appraisal Co., Ltd. Aug. 31, 2026 9,620 8,690 9,610 3.9 9,620 3.9,4.1 (Note 10) 4.1 390 6.4 MJ Logipark Fukuoka 1 Japan Real Estate Institute 8,560 6,270 8,680 4.2 8,440 4.0 4.4 383 6.3 MJ Logipark Tsuchiura 1 Japan Real Estate Institute 3,590 3,420 3,630 4.5 3,540 4.3 4.7 164 5.3 MJ Logipark Nishinomiya 1 Tanizawa Sogo Appraisal Co., Ltd. 2,430 3,100 2,450 4.6 2,420 4.4,4.7 (Note 11) 4.8 137 5.6 MJ Logipark Kasugai 1 Tanizawa Sogo Appraisal Co., Ltd. 16,000 14,700 16,000 4.0 16,000 4.1,4.2 (Note 12) 4.2 656 4.8 MJ Logipark Inzai 1 Tanizawa Sogo Appraisal Co., Ltd. 5,200 5,410 5,230 4.1 5,190 4.1,4.3 (Note 13) 4.3 217 5.0 MJ Logipark Takatsuki 1 Tanizawa Sogo Appraisal Co., Ltd. 6,640 6,660 6,740 3.9 6,590 3.9,4.1 (Note 14) 4.1 266 4.8 MJ Logipark Higashi Osaka 1 Tanizawa Sogo Appraisal Co., Ltd. 2,070 2,060 2,100 4.1 2,060 4.1,4.3 (Note 15) 4.3 88 5.2 MJ Logipark Funabashi 2 Tanizawa Sogo Appraisal Co., Ltd. 6,590 6,730 6,680 3.8 6,550 3.8,4.0 (Note 16) 4.0 256 5.3 MJ Logipark Kakogawa 1 Japan Real Estate Institute 8,030 7,970 8,100 4.3 7,960 4.0 4.5 355 4.8 MJ Logipark Ichinomiya 1 Japan Real Estate Institute 6,940 6,370 7,030 4.1 6,840 3.8 4.3 294 5.0 MJ Logipark Aisai 1 Tanizawa Sogo Appraisal Co., Ltd. 2,670 2,770 2,750 4.0 2,640 4.2 4.2 112 5.5 MJ Logipark Daito 1 Japan Real Estate Institute 3,990 3,750 4,020 3.9 3,950 3.6 4.0 157 5.0 Others MJ Industrial Park Sakai (Land) Japan Real Estate Institute 5,700 － 5,720 3.6 5,670 3.5 3.6 204 3.7 MJ Industrial Park Kobe (Land) Tanizawa Sogo Appraisal Co., Ltd. 5,760 － 5,730 4.1 5,760 4.0,4.1 (Note 17) 4.1 249 5.0 MJ Industrial Park Chiba- Kita (Land) Tanizawa Sogo Appraisal Co., Ltd. 2,060 － 2,160 4.4 2,060 4.4 4.5 77 4.3 MJ Industrial Park Kawanishi (Land) Tanizawa Sogo Appraisal Co., Ltd. 2,610 － 2,740 4.0 2,610 3.9 4.1 94 4.4 MJ Industrial Park Koriyama (Land) Tanizawa Sogo Appraisal Co., Ltd. 2,320 － 2,470 4.6 2,320 4.5,4.6 (Note 18) 4.7 99 5.0
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-39- Category Property name Appraiser Appraisal value date Appraisal value (Millions of yen) Integrated value based on cost method (Millions of yen) Return price Appraisal NOI (Millions of yen) (Note 1) Appraisal NOI Yield (%) (Note 2) Direct capitalization method DCF method Value based on direct capitalization method (Millions of yen) Direct capitalizati on rate (%) Value based on DCF method (Millions of yen) Discount rate (%) Terminal capitalizat ion rate (%) Others MJ Industrial Park Kobe- Nishi (Land) Tanizawa Sogo Appraisal Co., Ltd. Aug. 31, 2026 1,290 － 1,340 3.9 1,290 3.9 4.0 51 4.7 Total 332,207 295,192 335,285 － 329,622 － － 13,402 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 Atsugi is assessed first year as 4.0% and second and thereafter as 4.1%. 4. Discount rate for Logicross Kobe Sanda is assessed first year as 4.3% and second and thereafter as 4.4%. 5. Discount rate for Logicross Atsugi II is assessed first to fifth year as 3.9% and sixth and thereafter as 4.1%. 6. Discount rate for Logicross Yokohama Kohoku is assessed first to fourth year as 3.8% and fifth to 11th as 4.0%. 7. Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF method of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownership interest. 8. Appraisal value, integrated value based on cost method, value based on direct capitalization method and value based on DCF method of LOGIPORT Hashimoto, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of 45% co-ownership interest. 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 indicate the figures corresponding to MEL’s acquisition of 37.5% co-ownership interest. 10. Discount rate for MJ Logipark Osaka 1 is assessed first to second year as 3.9% and third and thereafter as 4.1%. 11. Discount rate for MJ Logipark Nishinomiya 1 is assessed first to third year as 4.4% and fourth and thereafter as 4.7%. 12. Discount rate for MJ Logipark Kasugai 1 is assessed first to third year as 4.1% and fourth to 11th as 4.2%. 13. Discount rate for MJ Logipark Inzai 1 is assessed first to fifth year as 4.1% and sixth and thereafter as 4.3%. 14. Discount rate for MJ Logipark Takatsuki 1 is assessed first to fifth year as 3.9% and sixth to 11th as 4.1%. 15. Discount rate for MJ Logipark Higashi Osaka 1 is assessed first to 10th year as 4.1% and 11th as 4.3% 16. Discount rate for MJ Logipark Funabashi 2 is assessed first to fourth year as 3.8% and fifth to 11th as 4.0% 17. Discount rate for MJ Industrial Park Kobe (Land) is assessed first to fifth year as 4.0% and sixth and thereafter as 4.1%. 18. Discount rate for MJ Industrial Park Koriyama (Land) is assessed first to seventh year as 4.5% and eighth to 11th as 4.6%.
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-40- (v) Information Regarding Major Real Estate Properties The following summarizes the properties whose annual rent represents 10% or more of the total portfolio annual rent as of Aug. 31, 2026. Property name Annual rent (Millions of yen) (Note 1) Ratio (%) (Note 2) LOGIPORT Kawasaki Bay (Note 3) 1,736 11.4 Notes: 1. “Annual rent” represents the annualized amount of rent (the sum of annualized amounts of rent if a multiple number of lease agreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to the nearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Aug. 31, 2026. However, if there are different provisions for monthly rent (including common area expenses) depending on the time period in each lease agreement for each property or property in trust as of Aug. 31, 2026, the annualized amount of rent will be calculated based on the monthly rent (including common area expenses) for Aug. 2026 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 of Aug. 31, 2026 shall not be included. 2. “Ratio” is calculated by dividing property’s total annual rent by the total portfolio annual rent, rounded to the nearest tenth. 3. Annual rent of LOGIPORT Kawasaki Bay indicates the figures corresponding to MEL’s acquisition of 45% co-ownership interest. (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 Aug. 31, 2026. (vii) Property Distribution a. Distribution by category Category Number of properties Acquisition price (Millions of yen) (Note 1) Investment Ratio (%) (Note 2) Logistics facilities 30 263,244 93.7 Others 6 17,584 6.3 Total 36 280,828 100.0 Notes: 1. “Acquisition price” represents the purchase price of each property or beneficiary right in trust as set forth on the relevant purchase 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 to the nearest tenth. 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)> Region Number of properties Total floor area (m2) (Note 2) Ratio (%) Tokyo metropolitan area (Note 3) 12 513,762.04 48.6 Osaka metropolitan area (Note 4) 12 301,180.65 28.5 Nagoya metropolitan area (Note 5) 4 166,948.12 15.8 Others 2 75,880.04 7.2 Total 30 1,057,770.85 100.0
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-41- <Based on acquisition price> Region Number of properties Acquisition price (Millions of yen) Investment ratio (%) Tokyo metropolitan area (Note 3) 13 139,733 49.8 Osaka metropolitan area (Note 4) 16 91,200 32.5 Nagoya metropolitan area (Note 5) 4 35,993 12.8 Others 3 13,900 4.9 Total 36 280,828 100.0 Notes: 1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park Kawanishi (Land), MJ Industrial Park Koriyama (Land) and MJ Industrial Park Kobe-Nishi (Land) are not included in the calculation. 2. “Total floor area” indicates sum of the floor area of the main building and annex recorded in the register. 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 (Note 2) Number of properties Total floor area (m2) Ratio (%) Acquisition price (Millions of yen) Investment ratio (%) 5 years or less 6 116,426.82 11.0 31,258 11.9 More than 5 years and 10 years or less 14 576,896.65 54.5 155,075 58.9 Over 10 years 10 364,447.38 34.5 76,910 29.2 Total 30 1,057,770.85 100.0 263,244 100.0 Notes: 1. MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park Kawanishi (Land), MJ Industrial Park Koriyama (Land) and MJ Industrial Park Kobe-Nishi (Land) are not included in the calculation. 2. “Property age” is calculated based on the date recorded in the register up to Aug. 31, 2026. d. Distribution by total floor area (Note) Total floor area Number of properties Total floor area (m2) Ratio (%) Acquisition price (Millions of yen) Investment ratio (%) Less than 10,000 m2 1 9,413.40 0.9 2,047 0.8 10,000 m2or more and less than 30,000 m2 14 277,571.57 26.2 71,158 27.0 30,000m2 or more 15 770,785.88 72.9 190,037 72.2 Total 30 1,057,770.85 100.0 263,244 100.0 Note: MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), MJ Industrial Park Kawanishi (Land), MJ Industrial Park Koriyama (Land) and MJ Industrial Park Kobe-Nishi (Land) are not included in the calculation. e. Distribution by lease term Lease term (Note 1) Annual rent (Millions of yen) (Note 2)(Note 3) Ratio (%) 10 years or more 7,907 51.9 7 years or more and less than 10 years 699 4.6 5 years or more and less than 7 years 3,963 26.0 Less than 5 years 2,653 17.4 Total 15,224 100.0 Notes: 1. “Lease term” represents the lease term indicated in the relevant lease agreements for each property or property in trust as of Aug. 31, 2026. It does not include the leased 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 lease
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-42- agreements have been executed), which is 12 times monthly rent (including common area expenses), rounded down to the nearest million yen, indicated in the relevant lease agreement for each property or property in trust as of Aug. 31, 2026. However, if there are different provisions for monthly rent (including common area expenses) depending on the time period in each lease agreement for each property or property in trust as of Aug. 31, 2026, the annualized amount of rent will be calculated based on the monthly rent (including common area expenses) for Aug. 2026 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 of Aug. 31, 2026 shall not be included. Same applies below (vii) Property Distribution. 3. LOGIPORT Sagamihara, LOGIPORT Hashimoto, LOGIPORT Osaka Taisho, LOGIPORT Kawasaki Bay, LOGiSTA·Logicross Ibaraki Saito(A) and LOGiSTA·Logicross Ibaraki Saito(B) indicate the figures corresponding to MEL’s acquisition of co-ownership interest ratios (49%, 45%, 37.5%, 45%, 45% and 45% respectively). Same applies below (vii) Property Distribution. f. Distribution by remaining lease term Remaining lease term (Note) Annual rent (Millions of yen) Ratio (%) 7 years or more 3,467 22.8 5 years or more and less than 7 years 618 4.1 3 years or more and less than 5 years 4,694 30.8 1 year or more and less than 3 years 5,077 33.3 Less than 1 year 1,366 9.0 Total 15,224 100.0 Note: “Remaining lease term” represents remaining lease term indicated in the relevant lease agreements for each property or property in trust as of Aug. 31, 2026. It does not include the leased area indicated in the lease agreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.
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-43- (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 other work for properties owned by MEL. Estimated construction cost includes the amounts to be expensed for accounting purposes. Note: Figures are rounded down to the nearest million yen. b. Capital expenditure incurred for the reporting fiscal period There was no major construction work that qualified as capital expenditure in the reporting fiscal period. Capital expenditures for the reporting fiscal period amounted to 156 million yen and, together with repair and maintenance expenses of 80 million yen, MEL conducted construction work totaling 236 million yen. c. Reserved Amount for Long-Term Repairs, Maintenance and Renovation Plans (Thousands of yen) 16th fiscal 17th fiscal 18th fiscal 19th fiscal 20th fiscal period period period period period Mar. 1, 2024 to Sep. 1, 2024 to Mar. 1, 2025 to Sep. 1, 2025 to Mar. 1, 2026 to Aug. 31, 2024 Feb. 28, 2025 Aug. 31, 2025 Feb. 28, 2026 Aug. 31, 2026 Reserved balance at the beginning of the period 785,692 636,784 831,185 1,035,433 1,139,752 Reserved amount during the period 187,595 194,400 204,248 205,525 201,749 Reversal of reserved amount during the period 336,503 - - 101,206 512,575 Reserved balance at the end of the period 636,784 831,185 1,035,433 1,139,752 828,926 Note: For the time being, MEL intends to target a level of surplus cash distributions (as a return of unitholders’ capital, considered as a reduction of capital under the Japanese tax laws) on an ongoing basis at an amount equivalent to approximately 30% of the depreciation expense for the relevant fiscal period, unless it affects its long-term repair plan and its financial condition, considering anticipated capital expenditure based on the long-term repair plan. Property name (Location) Purpose Planned period Estimated construction cost (Millions of yen) (Note) Total amount Paid during the reporting period Total amount already paid Logicross Atsugi (Atsugi, Kanagawa) Air-conditioning equipment installation work From Mar. 2027 to Aug. 2027 300 － － MJ Logipark Osaka 1 (Osaka, Osaka) Solar power generation equipment installation work From Jun. 2026 to Jan. 2027 155 91 92 MJ Logipark Kakogawa 1 (Kakogawa, Hyogo) Solar power generation equipment installation work From Mar. 2026 to Oct. 2026 143 84 85 MJ Logipark Ichinomiya 1 (Ichinomiya, Aichi) Solar power generation equipment installation work From Feb. 2027 to Jul. 2027 77 － －
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-44- (x) Overview of Property Leasing and Status of Operating Income 20th fiscal period (from Mar. 1, 2026, to Aug. 31 , 2026) (Units: Thousands of yen) Property name Logicross Fukuoka Hisayama Logicross Atsugi Logicross Kobe Sanda Logicross Osaka Logicross Nagoya Kasadera Operating days (A) Property related revenues 534,764 Property revenues 485,801 Other property related revenues 48,962 (B) Property related expenses 228,692 Facility management fee 47,545 Property taxes 57,672 Non-life insurance premium 637 Repair and maintenance expenses 4,811 Utilities cost 37,139 Custodian fee 150 Other expenses 1,438 (C) Depreciation 46,430 36,936 16,567 55,487 79,297 (D) Property related income (=A-B) 21,704 154,103 83,056 160,585 306,071 (E) NOI (=C+D) 68,135 191,039 99,624 216,073 385,369 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days Property name Logicross Narashino Logicross Atsugi II Logicross Yokohama Kohoku Logicross Osaka Katano LOGIPORT Sagamihara Operating days (A) Property related revenues 749,533 Property revenues 691,884 Other property related revenues 57,648 (B) Property related expenses 290,582 Facility management fee 38,179 Property taxes 58,665 Non-life insurance premium 840 Repair and maintenance expenses 9,206 Utilities cost 37,349 Custodian fee 61 Other expenses 16,590 (C) Depreciation 53,130 49,573 26,706 30,032 129,689 (D) Property related income (=A-B) 189,254 147,342 125,484 145,671 458,950 (E) NOI (=C+D) 242,385 196,915 152,191 175,704 588,640 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days Note: Not disclosed as the tenant’s consent has not been obtained
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-45- (Units: Thousands of yen) Property name LOGIPORT Hashimoto LOGIPORT Osaka Taisho LOGIPORT Kawasaki Bay LOGiSTA- Logicross Ibaraki Saito (A) LOGiSTA- Logicross Ibaraki Saito (B) Operating days (A) Property related revenues 576,818 315,830 957,801 Property revenues 517,620 293,697 868,423 Other property related revenues 59,198 22,132 89,378 (B) Property related expenses 230,739 127,815 338,497 Facility management fee 26,367 23,387 29,647 Property taxes 44,097 32,711 98,517 Non-life insurance premium 640 402 1,116 Repair and maintenance expenses 20,428 1,515 4,244 Utilities cost 41,159 18,237 41,858 Custodian fee 56 37 202 Other expenses 1,117 362 3,766 (C) Depreciation 96,872 51,161 159,143 71,405 17,673 (D) Property related income (=A-B) 346,079 188,014 619,304 256,689 68,409 (E) NOI (=C+D) 442,951 239,176 778,448 328,094 86,082 Not disclosed (Note) 184 days Not disclosed (Note) Property name MJ Logipark Funabashi 1 MJ Logipark Atsugi 1 MJ Logipark Kazo 1 MJ Logipark Osaka 1 MJ Logipark Fukuoka 1 Operating days 30 days (A) Property related revenues 244,705 Property revenues 228,298 Other property related revenues 16,407 (B) Property related expenses 109,782 Facility management fee 9,229 Property taxes 13,852 Non-life insurance premium 383 Repair and maintenance expenses 6,584 Utilities cost 12,727 Custodian fee 240 Other expenses 273 (C) Depreciation 57,866 32,884 1,617 45,534 66,491 (D) Property related income (=A-B) 143,680 137,787 3,214 150,338 134,923 (E) NOI (=C+D) 201,547 170,671 4,832 195,873 201,414 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days 184 days Note: Not disclosed as the tenant’s consent has not been obtained
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-46- (Units: Thousands of yen) Property name MJ Logipark Tsuchiura 1 MJ Logipark Nishinomiya 1 MJ Logipark Kasugai 1 MJ Logipark Kazo 2 MJ Logipark Inzai 1 Operating days 30 days 184 days (A) Property related revenues Property revenues Other property related revenues (B) Property related expenses Facility management fee Property taxes Non-life insurance premium Repair and maintenance expenses Utilities cost Custodian fee Other expenses (C) Depreciation 12,894 13,765 72,004 1,226 31,717 (D) Property related income (=A-B) 69,996 48,053 267,033 3,292 71,815 (E) NOI (=C+D) 82,891 61,819 339,037 4,519 103,532 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days Property name MJ Logipark Takatsuki 1 MJ Logipark Higashi Osaka 1 MJ Logipark Funabashi 2 MJ Logipark Kakogawa 1 MJ Logipark Ichinomiya 1 Operating days (A) Property related revenues Property revenues Other property related revenues (B) Property related expenses Facility management fee Property taxes Non-life insurance premium Repair and maintenance expenses Utilities cost Custodian fee Other expenses (C) Depreciation 28,734 12,803 23,219 41,924 30,955 (D) Property related income (=A-B) 94,651 32,220 99,597 131,520 114,124 (E) NOI (=C+D) 123,386 45,023 122,817 173,444 145,079 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days Not disclosed (Note) Note: Not disclosed as the tenant’s consent has not been obtained
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(Units: Thousands of yen) Property name MJ Logi Park Aisai 1 MJ Logi Park Daito 1 MJ Industrial Park Sakai （Land） MJ Industrial Park Kobe （Land） MJ Industrial Park Chibakita （Land） Operating days 184 days 39 days (A) Property related revenues Property revenues Other property related revenues (B) Property related expenses Facility management fee Property taxes Non-life insurance premium Repair and maintenance expenses Utilities cost Custodian fee Other expenses (C) Depreciation 12,555 3,049 - - - (D) Property related income (=A-B) 34,246 15,076 108,168 126,750 39,500 (E) NOI (=C+D) 46,801 18,125 108,168 126,750 39,500 184 days Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Property name MJ Industrial Park Kawanishi （Land） MJ Industrial Park Koriyama （Land） MJ Industrial Park Kobe-Nishi (Land) Total Operating days (A) Property related revenues 8,056,133 Property revenues 7,689,539 Other property related revenues 366,594 (B) Property related expenses 2,837,347 Facility management fee 291,755 Property taxes 785,509 Non-life insurance premium 9,629 Repair and maintenance expenses 80,064 Utilities cost 224,215 Custodian fee 7,230 Other expenses 29,587 (C) Depreciation - - - 1,409,354 (D) Property related income (=A-B) 47,074 49,591 25,402 5,218,786 (E) NOI (=C+D) 47,074 49,591 25,402 6,628,141 Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) 184 days Note: Not disclosed as the tenant’s consent has not been obtained This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail.