Slides
Page 1
For the Fiscal Period Ended July 2026 Presentation Material September 14, 2026 Mitsui & Co., Logistics Partners Ltd. https://8967.jp/en/
Page 2
2 To Our Investors The environment surrounding logistics REITs is at a major turning point. To date, logistics REITs have provided value primarily by owning high-quality properties. However, in the era ahead, where inflation and rising interest rates become the norm, what will be tested is the ability to unlock the value and translate it into growth. We believe that continuously enhancing the portfolio’s cash-generating capacity is the foundation for increasing unitholder value. In the logistics property leasing market, vacancy rates continue to decline and the pace of market rent growth is accelerating. At the same time, the impact of rising interest rates is becoming more significant. We will capture these favorable leasing market conditions as solid earnings while taking thorough measures to address rising interest rates, translating the results into growth on a per-unit basis. JLF’s high-quality portfolio concentrated in and around the Tokyo metropolitan area, its industry-leading unrealized gain as a percentage of portfolio value among J-REITs, its strong financial foundation, and its extensive acquisition pipeline are not merely evidence of stability. They are the foundation for JLF’s next phase of growth. By fully leveraging these strengths, we will evolve our logistics properties into inflation-resilient real estate. In a period of change, our direction becomes even clearer. Through active asset management that enhances the value of our properties, we will pursue sustainable growth in unitholder value. We aim to earn the lasting trust of our unitholders and remain their REIT of choice. We sincerely appreciate your continued support. Seiichi “Sergio” Suzuki President and CEO Mitsui & Co., Logistics Partners Ltd.
Page 3
3 Executive Summary FP 2026/7 Results Continued growth in FFO per unit (FFOPU), together with capital gains, led to a significant upward revision to the initial distribution per unit (DPU) forecast FFOPU: JPY 2,415 (+2.9% YoY) DPU: JPY 2,365 (+10% vs. initial forecast, +2.8% vs. previous fiscal period) Earnings Forecasts Even after incorporating the impact of rising interest rates, both FFOPU and DPU are expected to continue growing toward their target levels FFOPU FP 2027/1: JPY 2,440 FP 2027/7: JPY 2,450 DPU FP 2027/1: JPY 2,200 FP 2027/7: JPY 2,250 Rental Growth Market vacancy rates continue to decline, while market rent growth is accelerating Re-leasing spread for FP 2027/1 is expected to be +7.8%, maintaining momentum above the target level Leasing-up of vacant properties is expected to result in a significant increase in rent per tsubo CAPEX plus initiatives are expected to deliver substantial earnings growth Capital Recycling Sold Urayasu Chidori Logistics Center III in the FP 2026/7 at a price 34% above the appraisal value Decided to sell Kawasaki Logistics Center over four phases from the FP 2027/1 through the FP 2028/7, thereby generating funds for near-term unitholder returns Accelerating FFOPU growth through unit buybacks and reinvestment into pipeline assets
Page 4
Contents Growth Strategy: Develop the Value 2.0 Chapter 1 P.5 Earnings Overview and Forecasts Chapter 2 P.22 Logistics Real Estate Market P.27 Appendix Overview of JLF P.32
Page 5
Chapter Growth Strategy: Develop the Value 2.0１
Page 6
6 Growth Strategy of Japan Logistics Fund: Develop the Value 2.0 Pursuit of Growth in FFO per Unit (FFOPU) • Average annual growth rate: +2.2% or more • Target for FP 2028/1: JPY 2,500 Additional Growth Opportunities To be considered carefully Disciplined Follow-on Offering To be utilized gradually LTV Capacity KPI Improving rent growth rates and renewal rates Rent Increase Enhancing asset efficiency through disposition and re- investment Capital Recycling Efficient financial and portfolio management Cost Control Core Growth Measures
Page 7
7 2,347 2,373 2,415 2,440 2,450 2,500 FP 25/7 (Actual) FP 26/1 (Actual) FP 26/7 (Actual) FP 27/1 (Forecast) FP 27/7 (Forecast) FP 28/1 (Target) ・・・ Growth in FFO per Unit (FFOPU) Continuing Growth Toward the FP 28/1 Target of JPY 2,500 Through Rent Increases and Capital Recycling Despite Higher Interest Rates FFOPU outlook FFOPU (JPY) CAGR +2.2% Rent increases, etc. +1.1% Upside potential from occupancy improvement （P.12） Capital recycling +1.8% Upside potential from additional reinvestment （P.14） Cost fluctuations -0.8% Downside risk from rising interest rates （P.20） (Reference) 2-Year FFOPU CAGR (Actual Results Two Periods Ago → Second Forecast Period) Breakdown of FP 25/7(Actual) → FP27/7(Forecast) Upside / Downside Factors to Earnings Forecasts +2.2% +0.9% JLF Logistics REIT average
Page 8
8 Growth in Distribution per Unit (DPU) FP 28/1 DPU Target Set at JPY 2,300, Reflecting Accelerated Capital Recycling Underlying EPU (Excluding Capital Gains, etc. ) Continues to Grow in Line with FFOPU Growth DPU outlook Underlying EPU (excluding capital gains, etc.) (JPY) DPU (JPY) 1,676 1,708 1,751 1,764 1,777 2,150 2,150 2,300 2,150 2,365 2,200 2,250 2,300 FP 25/7 (Actual) FP 26/1 (Initial forecast) FP 26/1 (Actual) FP 26/7 (Initial forecast) FP 26/7 (Actual) FP 27/1 (Forecast) FP 27/7 (Forecast) FP 28/1 (Target) ・・・ CAGR +3.0% +4.5% FFO payout ratio 91.6% 96.9% 97.9% 90.2% 91.8% 92.0%
Page 9
9 Vacancy Rate by Area Continued Decline in Market Vacancy Rates JLF Portfolio Concentrated in Supply-Constrained Areas POLTV capacity Cost control Capital recycling Rent increase Route 16 / Kan-etsu Expwy Area 2.7% Route 16/ Tohoku Expwy Area 3.4% Chiba Inland Area 6.3% Chiba Bay Area 0.4% Hachioji/ Chuo Expwy Area 1.4% Ken-O Expwy/ Kan-etsu Expwy Area 7.6% Tokyo-Gaikan Expwy Area / East 2.6% Tokyo Bay Area 3.3% Blue：Areas with vacancy rates of 10% or less Gray：Areas with vacancy rates above 10% Areas with vacancy rates above 10% Areas with vacancy rates of 10% or less 19.2%80.8%All Portfolio 23.4%76.6% Leases maturing in the next 3 years Tokyo Metropolitan Area 9.1%90.9% Leases maturing in the next 3 years Route 16/ Joban Expwy Area 4.2% Ken-O Expwy/ Tohoku Expwy Area 13.1% Ken-O Expwy/ Joban Expwy Area 12.6% Greater Osaka Area 2.4% Greater Fukuoka Area 11.4% Tokyo-Gaikan Expwy Area / West 4.1% Kanagawa Inland Area 8.5% Ken-O Expwy/ Narita-Sakura 11.7% Vacancy Rates by Area in the Tokyo Metropolitan Area (as of June 30, 2026) Portfolio Status (as of July 31, 2026) (Based on Gross Leasable or Leased Area) (Reference) Vacancy Rates Trends Outside the Tokyo Metropolitan Area Greater Nagoya Area 15.9% Kanagawa Bay Area 7.7%
Page 10
10 -5% 0% 5% 10% 15% 20% 2024 2025 2026 (FCST) Tokyo Bay Area 0% 4% 8% 12% 2024 2025 2026 (FCST) Tokyo-Gaikan Expwy Area -1% 0% 1% 2% 2024 2025 2026 (FCST) Route 16 Area -4% -2% 0% 2% 4% 2024 2025 2026 (FCST) Ken-O Expwy Area 0% 2% 4% 6% 8% 10% 12% 14% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2020 2021 2022 2023 2024 2025 2026 2027 2028 New supply (lhs) New demand (lhs) Vacancy rate (rhs) Vacancy rate over 1 year after new construction (rhs) Supply-Demand Trends and Market Rents for Logistics Facilities (Tokyo Metropolitan Area) Greater Tokyo Vacancy Rates Have Begun to Decline, While Market Rent Growth Is Accelerating Amid Lower New Supply POLTV capacity Cost control Capital recycling Rent increase Supply-Demand Trends (as of December 31, 2025) Market Rent Trends (YoY) (as of June 2026) (thousand ㎡) Vacancy rates as of June 30, 2026 Overall / > 1 year 6.6% / 4.8% (FCST) (FCST) (FCST)
Page 11
11 14.1% 4.4% Re-leasing Spreads and Renewal Rates POLTV capacity Cost control Capital recycling Rent increase Strong Rent Reversion Momentum Continues Driving Faster Portfolio Rent Growth Through Higher Renewal Frequency FP27/1FP26/7FP26/1FP25/7FP25/1FP24/7FP24/1FP23/7 +7.8% (Expected)+7.4%+5.3%+6.7%+3.9%+8.3%+3.8%+6.3% Re-leasing spreads upon expiration of fixed-term leases (based on effective rent, including free-rent adjustments) Re-leasing Spreads Renewal Rates Target +6~7% or more Effective WALE 3.5 years Number of leases incorporating CPI reference clauses Percentage of fixed- term leases Upcoming rent revision opportunities Lease Expiry Within 3 years Beyond 3 years 56.5% Target 20% or more per year Renewals beyond 3 years Renewals within 3 years Lease Agreements Incorporating CPI Reference Clauses, etc. End of 23/7 1 21 78.6% 83.0% End of 26/7 End of 23/7 End of 26/7 Previous Target 17% or more per year
Page 12
12 Impact on average portfolio occupancy rate Rent per tsubo for contracted/committed tenant (vs. previous tenant) Strategy Transitioning from a single-tenant property under an ordinary lease structure to a multi- tenant property under fixed-term leases Yachiyo II Pursuing lease-up initiatives, including expansion by existing tenants Yokohama Machida Conversion from a single-tenant property to a multi-tenant property Tokyo Inland Property Driving Rental Growth Through Re-tenanting Enhancing Rental Rates Through Re-tenanting While Managing the Impact on Portfolio Earnings POLTV capacity Cost control Capital recycling Rent increase FP27/7 (Forecast) FP27/1 (Forecast) FP26/7 (Actual) -1.4%-2.1%-2.3% FP27/7 (Forecast) FP27/1 (Forecast) FP26/7 (Actual) --0.6%-1.0% FP27/7 (Forecast) FP27/1 (Forecast) FP26/7 (Actual) -0.9%-0.9%- Accelerating rent growth through flexible occupancy management Portfolio occupancy is expected to improve gradually over time FP27/7 (Forecast) FP27/1 (Forecast) FP26/7 (Actual) 97.7%96.4%96.7 % Earnings upside if occupancy rises to 98.5% (per fiscal period) + JPY 29 per unit +17.4% +2.4% +8.3% CPI-linked clause Average Portfolio Occupancy Rate Re-tenanting Status +9.3%Average CPI-linked clause
Page 13
13 Driving Rental Growth Through CAPEX plus POLTV capacity Cost control Capital recycling Rent increase Successfully Capturing Rent Upside Through Tenant-Focused CAPEX Ongoing Proactive Tenant Engagement Initiatives CAPEX plus JPY 509 M Replacement of Refrigeration Equipment What is CAPEX plus? ROI > Implied cap rate NPV > 0 CAPEX plus Creating additional value to generate rental growth and enhance earnings Standard CAPEX Aimed at maintaining the functionality and preserving the value of buildings and facilities (Recurring CAPEX 500M/per FP) Investment criteria Rental growth +55.9% Annualized NOI + JPY 73M ROI 14.5% Acquired the property at below-market rental levels despite its refrigeration specifications Proposed solutions tailored to the tenant’s network strategy and operational needs Undertaking the renovation without any vacancy period through early negotiations with the tenant Successfully introduced an upside-only CPI-linked clause in addition to rental increases Installed equipment utilizing natural refrigerants (CO₂), contributing to environmental sustainability Ongoing implementation of value-add initiatives, including air conditioning and LED lighting installations Eight proposals implemented since 2025 Recent Case Study (Property in Other Area)
Page 14
14 Capital Recycling Strategy and Execution Roadmap In the Near Term, Capital Recycling Is Accelerating Leveraging Strong Reinvestment Capacity to Drive FFOPU Growth Investment unit buybacks Implied cap rateNOI yield based on acquisition price Property acquisition (replacement) NOI yield based on disposition price Property disposition and/or Selecting the most efficient investment approach POLTV capacity Cost control Capital recycling Rent increase Kawasaki (25%)Kawasaki (25%)Kawasaki (25%) Ichikawa II (18%) Kawasaki (25%) Ichikawa II (18%) Transaction Sell Buy Unit Buybacks Jul. Jan. Jul. 2026 2027 2028 Urayasu Chidori III Ichikawa II (18%) Funabashi Nishiura III (33%) Tosu Yokohama Torihamacho GK Sasanqua Funabashi Nishiura III (33%) Narita Hyogo Tojo Funabashi Nishiura III (34%) Jan. Jul. Additional recycling opportunities under consideration Executed In progress (up to JPY 2 B) Additional buyback program under consideration About JPY 36 B / 4.1% Disposition candidates / Portfolio NOI yield About 100 B+ / High 4% range Pipeline properties / NOI yield Track Record and Announced Transactions Earnings upside from acquiring a JPY 5 billion property (per fiscal period) + JPY 41 per unit Capital Recycling Strategy Selling assets after maximizing their value
Page 15
15 Property Dispositions POLTV capacity Cost control Capital recycling Rent increase By continuously selling assets after maximizing their value, we realize embedded value (property sales for nine consecutive fiscal periods) Urayasu Chidori Logistics Center III Kawasaki Logistics Center ((1)–(4): 25% quasi co-ownership interest each) Urayasu, ChibaLocation December 1998Completion June 2026Disposition date JPY 2,400 MDisposition price JPY 1,790 MAppraisal value JPY 1,366 M Difference between the disposition price and book value Kawasaki, KanagawaLocation July 1989Completion (1) Dec 2026 / (2) Jun 2027 / (3) Aug 2027 / (4) Feb 2028Scheduled disposition date Total: JPY 12,400 M (JPY 3,100 M each)Planned disposition price JPY 12,400 MAppraisal value Total: JPY 3,706 M Difference between the planned disposition price and book value Determined that asset value had been maximized after more than 10 years of ownership Sold at a 34.1% premium to appraisal value Disposal yield: 3.1% Holding-period IRR: 12.3% Strong long-term income contribution, with an expected holding-period IRR of 6.1% Phased sales over four fiscal periods secured near-term gains Assets with limited further upside were sold at appraised value, securing funds for reinvestment
Page 16
16 Property Acquisitions POLTV capacity Cost control Capital recycling Rent increase Executing Reinvestment Through Acquisitions Focused on Profitability and Growth Potential Sanbu-gun, ChibaLocation Jan. 2025Completion Aug. 2026Acquisition date JPY 2,858 MAcquisition price JPY 3,120 MAppraisal value 11,715.00㎡Gross leasable area 100%Occupancy rate Kato, HyogoLocation Oct. 2024Completion Oct. 2026Scheduled acquisition date JPY 4,500 MPlanned acquisition price JPY 4,810 MAppraisal value 18,221.84㎡Gross leasable area 100%Occupancy rate Narita Logistics Center Hyogo Tojo Logistics CenterCooperative development Off-market transaction Appraisal NOI yield 4.6% Discount to appraisal value 8.4% WALE 2.0years Appraisal NOI yield 4.5% Discount to appraisal value 6.4% WALE 2.9years Market Rent Trends in the Greater Osaka Area (YoY) Growth Potential of the Narita Area Planned extensions of the Ken-O Expwy are expected to further improve transportation accessibility Potential for growth in cargo volumes driven by the development of Narita International Airport’s new cargo district Favorable Supply-Demand Fundamentals in the Greater Osaka Area Market rent growth is accelerating, supported by low vacancy rates and strong tenant demand 1.0% 1.7% 3.8% 2024/6 2025/6 2026/6
Page 17
17 90,000 95,000 100,000 105,000 110,000 2026/1 2026/3 2026/5 2026/7 2026/9 2026/11 Unit Buybacks as a Reinvestment Option POLTV capacity Cost control Capital recycling Rent increase Utilizing Unit Buybacks as an Efficient Reinvestment Option When Unit Prices Are at Depressed Levels Percentage to total number of investment units issuedTotal number of buybacks Total amount of buybacksBuyback period 0.8% (up to) ⇒ 0.2% 21,000 units (up to) ⇒ 4,133 units JPY 2,000 M (up to) ⇒ JPY 394 M August 3, 2026 – December 30, 2026 The eighth ⇒Status (as of Aug. 2026) Unit price and buyback price In progressIn progress Percentage to total number of investment units issuedTotal number of buybacks Total amount of buybacksBuyback period 4.2%115,912 unitsJPY 9,543 M － March 31, 2026The first - seventh (Reference) Cumulative unit buybacks (JPY) Seventh buyback program Eighth buyback program (Buyback price level) Unit price equivalent to an implied cap rate of 4.5% or higher In progress
Page 18
18 Acquisition Pipeline at Advantageous Yields POLTV capacity Cost control Capital recycling Rent increase Build Up Pipeline Through Diverse and Independent Acquisition Means Secured attractive yields Acquisition of operating assets CRE proposals Acquisition from business partners Land with potential for future OBR Sponsor development projects Off-market transactions with other players • Avoided acquisition price competitionby leveraging the asset manager's proprietary network Engagement in development projects Investment in development funds Greenfield developmentOBR PRE proposals • Able to acquire properties at relatively attractive prices and higher yieldsby capturing a portion of the development profit Secured Flexibility in Acquisition Timing Cooperative development with business partners Appraisal NOI yields Bridge ownership by leasing companies1 Utilization of bridge funds2 Acquisition pipeline exceeding JPY 70 billion Relationships with approximately five leasing companies In June 2026, JLF acquired TK equity interest of JPY 850 million (9.0% ownership interest) Secured preferential negotiation rights for the acquisition of the underlying assets (JPY 30 billion) Bridge function JLF Average in High 4% range Acquisitions by Logistics REIT’s Average 4.2%
Page 19
19 Acquisition Pipeline POLTV capacity Cost control Capital recycling Rent increase Bridge periodGross floor areaPropertyCategory ～2029/213,595㎡Amagasaki Cooperative development with business partners Engagement in development projects ～2029/265,348㎡Ichinomiya ～2027/613,118㎡Fukuoka Tachiarai ～2031/665,047㎡Ichinomiya II ～2028/315,858㎡Kazo II ～2028/1 (Completion scheduled for 2027) 29,637㎡Yokkaichi Bridge periodGross floor areaPropertyCategory ～2031/627,796㎡Sapporo Minami Off-market transactions with other players (Closed bid) Acquisition of operating assets ～2027/242,325㎡Gunma Ota ～2031/621,837㎡Narita II ～2028/318,024㎡Tanabe Nishi ～2028/54,400㎡Kawagoe ～2028/635,605㎡ Komaki III (Building with leasehold interest) ～2029/320,198㎡ Atsugi (Building with leasehold interest) ～2029/313,267㎡ Amagasaki II (Building with leasehold interest) ～2027/2- Osaka Suminoe (land) Land with potential for future OBR ～2029/6-Kyoto Uji (land) ～2031/619,234㎡Shin Kiba III CRE proposals Acquisition of operating assets ～2027/98,440㎡Fukuyama ～2028/322,489㎡Kazo III ～2029/318,589㎡Okayama Hayashima Sponsor development projects ～2027/1217,188㎡HidakaSponsors referral New Bridge funds Bridge funds Bridge funds Bridge funds
Page 20
20 Financial Management to Address Rising Interest Rates POLTV capacity Cost control Capital recycling Rent increase Maintain Financial Soundness While Addressing Rising Interest Costs Through the Use of Floating-rate Debt and Other Measures J-REIT avg.JLF 38.3%29.4%LTV based on appraisal value 3.6 years3.6 yearsWeighted average debt expiry 1.07%0.90%*Average cost of debt 79.2%88.7%Fixed-rate debt ratio Diversify maturities1 Maintain debt maturity2 Maintain a high fixed-rate debt ratio3 * JLF includes upfront fees. Aim for about JPY10 billion in maturities each fiscal period Currently targeting a minimum of approximately 80% Aiming for an average of about 7 years Maintaining a fixed-rate debt ratio above the J-REIT Average Direction for Debt Procurement Debt Portfolio (End of 2026/7) 1.00%→1.75%BOJ policy rate Remaining Above 3%10-year JGB yield Assumptions Underlying the Forecasts Interest rate environment (through July 2027) Financing assumptions (through July 2027) Avg. maturity Approx. 6 years Avg. debt cost Approx. 2.1% Earnings downside if borrowing rates rise by 25 bps above assumptions (per fiscal period) -J P Y 14 per unit
Page 21
21 Additional Growth Opportunities Appraisal LTV FP 26/7 actual Appraisal LTV FP 27/1 expected Indicative upper limit 29.4% 29.5% 32-35% Borrowing capacity (Investment capacity) Approx. JPY 16-36 billion Maintain a buffer against real estate value fluctuations Maintain a focus on cash flow in anticipation of rising interest rates DPU or FFOPU growth1 NAVPU growth2 Property acquisitions at or above implied cap rate3 Apply Three Investment Criteria While Considering Market Sentiment and Future Growth Benefits Appraisal LTV Sensitivity to Cash Flow and Cap Rate Changes (%) Gradually Leverage LTV Headroom While Managing Real Estate Price and Interest Rate Risks Adjusted EBITDA interest coverage ratio (for the FP 26/7) 13.1x Average cost of debt (as of July 31, 2026) 0.90% LTV Capacity Disciplined Follow-on Offering POLTV capacity Cost control Capital recycling Rent increase Change in NCF -10%-5%±0%+5%+10% 32.731.029.428.026.73.87% NCF CR 33.832.030.429.027.64.00% 35.934.032.330.829.44.25% 38.036.034.232.631.14.50% Accelerating Growth : Supplementing reinvestment capacity Supporting Growth : Sustaining earnings growth in a rising interest rate environment Enhancing Growth : Utilizing LTV capacity in conjunction with future POs
Page 22
Chapter Earnings Overview and Forecasts2
Page 23
23 Earnings Summary (As of July 31, 2026) Asset Equity Debt AUM - based on appraisal value - based on acquisition price Number of properties Unrealized gain Unrealized gain as % of portfolio Occupancy rate - average since IPO - as of FP 26/7 end - average for FP 26/7 NOI yield NOI yield after depreciation Leases - Effective WALE (weighted average lease expiry) - Re-leasing spread in FP 26/7 BPU NAVPU Number of investment units outstanding Unit price Market capitalization Reserve for reduction entry per unit - FP 2026/7 actual - FP 2027/1 forecast - FP 2027/7 forecast DPU - FP 2026/7 actual - FP 2027/1 forecast - FP 2027/7 forecast DONAV ROE Interest-bearing debt - WADE (weighted average debt expiry) - Average cost of debt LTV - based on appraisal value - based on total assets Borrowing capacity (up to appraisal LTV 32-35%) Credit ratings JCR R&I Commitment line limit Adjusted EBITDA interest coverage ratio JPY 123.7 B 3.6 years 0.90% 29.4% 44.8% Approx. JPY 16-36 B AA (Stable) AA- (Stable) JPY 19.5 B 13.1x JPY 51,502 JPY 108,803 2,745,869 units JPY 98,900 JPY 271.5 B JPY 872 JPY 1,143 JPY 1,275 JPY 2,365 JPY 2,200 JPY 2,250 4.1% 9.7% JPY 420.5 B JPY 296.5 B 54 props. JPY 163.8 B 63.8% 98.7% 96.7% 96.7% 6.5% 5.1% 3.5 years +7.4%
Page 24
24 FP 2026/7 Results FP 2026/7FP 2026/7FP 2026/1 Vs. forecast FP 42nd Forecast (As of May 27, 2026) Period-on- period change FP 42nd Actual FP 41st Actual (B-C)(C)(B-A)(B)(A) +2910,168(1) -1810,19710,215(JPY million)Real estate leasing business revenue +41,890(2) -251,8941,920(JPY million) Real estate leasing business expenses (Excluding depreciation, etc.) +248,277+78,3028,294(JPY million)NOI -----(JPY million)Distributions from TK equity interests +11,158(3) -1491,1601,309(JPY million)G&A expenses -13524(4) +43510467(JPY million)Non-operating expenses, etc. +366,593+1136,6306,517(JPY million)FFO +11,821-61,8221,829(JPY million)Depreciation, etc. +1861,775+2441,9621,718(JPY million)Gain or loss on sale, etc. +2226,548+3636,7706,406(JPY million)Net income -224-51-186-276-89(JPY million) Provision(-) / Reversal(+) for reserve for reduction entry, etc. -6,493+1776,4936,316(JPY million)Total distributions -2,745,869-2942,745,8692,746,163(units)Number of investment units outstanding +142,401+422,4152,373(JPY)FFOPU -2,365+652,3652,300(JPY)Distribution per unit -0.5ppt98.5+1.0ppt97.996.9(%)FFO payout ratio Period-on-period change in net income -18(1) Real estate leasing business revenue +226Properties acquired from FP 2025/7 through FP 2026/7 (including rent increases) -169Properties sold from FP 2026/1 through FP 2026/7 -75Other existing properties -72Rent and facility charges +66Increase in rent charges -138Decrease due to lower occupancy (average occupancy rate: 98.4%→96.7%) -6Utilities income +2Existing properties, others +25(2) Real estate leasing business expenses (Excluding depreciation, etc.) -93 Properties acquired from FP 2025/7 through FP 2026/7 (Including the expensing of taxes and dues for properties acquired in 2025) +56Properties sold from FP 2026/1 through FP 2026/7 +62Other existing properties +85Repair and maintenance costs +7Utilities expenses -20Leasing fees, etc. -9Existing properties, others +149(3) G&A expenses +172Asset management fees -12General meeting of unitholders expenses -11Other (Non-deductible consumption tax, etc.) -43(4) Non-operating income / expenses +19Interest income on deposits (including time deposits) -66Debt costs -2Increase due to average debt balance (including difference in number of days) -63Increase due to average interest rate (JPY million)
Page 25
25 FP 2027/1 Forecast FP 2027/1FP 2026/7 DifferenceFP 43rd Forecast FP 42nd Actual (B-A)(B)(A) (1) +22710,42410,197(JPY million)Real estate leasing business revenue (2) +901,9851,894(JPY million) Real estate leasing business expenses (Excluding depreciation, etc.) +1368,4398,302(JPY million)NOI +1212-(JPY million)Distributions from TK equity interests (3) +41,1641,160(JPY million)G&A expenses (4) +126637510(JPY million)Non-operating income and expenses +196,6496,630(JPY million)FFO +201,8431,822(JPY million)Depreciation, etc. -8551,1071,962(JPY million)Gain or loss on sale, etc. -8565,9136,770(JPY million)Net income +35982-276(JPY million)Provision(-) / Reversal(+) for reserve for reduction entry -4995,9946,493(JPY million)Total distributions -21,0002,724,8692,745,869(units)Number of investment units outstanding +252,4402,415(JPY)FFOPU -1652,2002,365(JPY)Distribution per unit -7.8ppt90.297.9(%)FFO payout ratio Period-on-period change in net income (JPY million) +227(1) Real estate leasing business revenue +315Properties acquired (Funabashi Nishiura LC III (33%), Narita LC, Hyogo Tojo LC, and other properties acquired in FP 2026/7) -180Properties sold (Ichikawa LC II (18%), Kawasaki LC (25%), and other properties sold in FP 2026/7) +92Other existing properties +15Rent and facility charges +22Increase in rent charges -7Decrease due to lower occupancy (average occupancy rate: 96.7%→96.4%) +77Utilities income +0Existing properties, others -90(2) Real estate leasing business expenses (excluding depreciation, etc.) -29Properties acquired (Funabashi Nishiura LC III (33%), Narita LC, Hyogo Tojo LC, and other properties acquired in FP 2026/7) +49Properties sold (Ichikawa LC II (18%), Kawasaki LC (25%), and other properties sold in FP 2026/7) -110Other existing properties -29Repair and maintenance costs -80Utilities expenses +7Leasing fees, etc. -7Existing properties, others -4(3) G&A expenses -4Asset management fees +12General meeting of unitholders expenses -12Other (Professional fees, etc.) -126(4) Non-operating income / expenses -8Interest income on deposits (including time deposits) -114Debt costs -28Increase due to average debt balance (including difference in number of days) -85Increase due to average interest rate
Page 26
26 FP 2027/7 Forecast FP 2027/7FP 2027/1 DifferenceFP 44th Forecast FP 43rd Forecast (B-A)(B)(A) (1) +18210,60710,424(JPY million)Real estate leasing business revenue (2) +562,0421,985(JPY million) Real estate leasing business expenses (Excluding depreciation, etc.) +1258,5658,439(JPY million)NOI +61912(JPY million)Distributions from TK equity interests (3) +31,1671,164(JPY million)G&A expenses (4) +101738637(JPY million)Non-operating income and expenses +276,6766,649(JPY million)FFO -51,8371,843(JPY million)Depreciation, etc. -2608471,107(JPY million)Gain or loss on sale, etc. -2275,6855,913(JPY million)Net income +36144382(JPY million)Provision(-) / Reversal(+) for reserve for reduction entry +1366,1305,994(JPY million)Total distributions -2,724,8692,724,869(units)Number of investment units outstanding +102,4502,440(JPY)FFOPU +502,2502,200(JPY)Distribution per unit +1.7ppt91.890.2(%)FFO payout ratio Period-on-period change in net income (JPY million) +182(1) Real estate leasing business revenue +187Properties acquired (Funabashi Nishiura LC III (34%), and other properties acquired from FP 2026/7 through FP 2027/1) -209Properties sold (Ichikawa LC II (18%), Kawasaki LC (25%), and other properties sold from FP 2026/7 through FP 2027/1) +203Other existing properties +191Rent and facility charges +47Increase in rent charges +143Increase due to higher occupancy (average occupancy rate: 96.4%→97.7%) +12Utilities income -0Existing properties, others -56(2) Real estate leasing business expenses (excluding depreciation, etc.) -67 Properties acquired (Funabashi Nishiura LC III (34%), and other properties acquired from FP 2026/7 through FP 2027/1) (Including the expensing of taxes and dues for properties acquired in 2026) +34Properties sold (Ichikawa LC II (18%), Kawasaki LC (25%), and other properties sold from FP 2026/7 through FP 2027/1) -23Other existing properties +45Repair and maintenance costs -32Taxes and dues (Increase due to property revaluation, etc.) -12Utilities expenses -16Leasing fees, etc. -7Existing properties, others -3(3) G&A expenses -12Asset management fees +9Other (Professional fees, etc.) -101(4) Non-operating income / expenses -11Interest income on deposits (including time deposits) -93Debt costs +18Decrease due to average debt balance (including difference in number of days) -111Increase due to average interest rate
Page 27
Appendix Logistics Real Estate Market
Page 28
28 80 85 90 95 100 105 110 115 120 11/06 12/06 13/06 14/06 15/06 16/06 17/06 18/06 19/06 20/06 21/06 22/06 23/06 24/06 25/06 26/06 National Rent Index Road Freight Transport Price Index CSPI aggregate average 0% 1% 2% 3% 4% 5% 6% 7% 0% 1% 2% 3% 4% 5% 6% 7% FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Logistics management expenses Cargo handling charges Packaging costs Logistics rent Transportation expense Logistics costs as a percentage of sales -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2009/7 2011/12 2014/5 2016/10 2019/3 2021/8 2024/1 2026/6 Logistics Offices Residentials Suburban retail Hotel 10-year JGB 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 EC market size in Japan (lhs) EC penetration of retail in Japan (rhs) EC penetration of retail in the US (rhs) Market data Logistics facilities 3.08% 10-year JGB yield: 2.68% 2026/6 (Trillion yen) US 16.1% Japan 9.8% Real Estate Investors Yield Hurdle vs. 10-year JGB Yield Market Size of E-commerce for Merchandise vs. E-commerce Market Share of Retail Business (Japan and US) Logistics Cost Breakdown Main costs are freight charges and other transportation expenses. Logistics rent represents a negligible proportion. Rent increases lag the road freight transport price index Market Rent and Road Freight Transport Price Index
Page 29
29 ForecastForecast ForecastForecast 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 New supply (lhs) New demand (lhs) Vacancy rate (rhs) Vacancy rate over 1 year after new construction (rhs) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 New supply (lhs) New demand (lhs) Vacancy rate (rhs) Vacancy rate over 1 year after new construction (rhs) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 100 200 300 400 500 600 700 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 New supply (lhs) New demand (lhs) Vacancy rate (rhs) Vacancy rate over 1 year after new construction (rhs) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 New supply (lhs) New demand (lhs) Vacancy rate (rhs) Vacancy rate over 1 year after new construction (rhs) Supply & Demand Balance of Logistics Facilities Tokyo Metropolitan Area Greater Osaka Area Greater Nagoya Area Greater Fukuoka Area (thousand m2)(thousand m2) (thousand m2)(thousand m2)
Page 30
30 3,000 3,500 4,000 4,500 5,000 '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Osaka Area Greater Osaka Central Area Greater Osaka Bay Area Greater Osaka Outer Area 0% 5% 10% 15% 20% 25% 30% 35% 40% '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Osaka Central Area Greater Osaka Bay Area Greater Osaka Outer Area Vacancy Rate by Submarket(Tokyo Met. area) Vacancy Rate by Submarket(Greater Osaka area) Effective Rent by Submarket(Tokyo Met. area) Effective Rent by Submarket(Greater Osaka area) (yen/tsubo) (yen/tsubo) Tenant Demand by Area (1) 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Tokyo Bay Area Tokyo-Gaikan Expwy Area Route 16 Area Ken-O Expwy Area 0% 5% 10% 15% 20% 25% 30% 35% 40% '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Tokyo Bay Area Tokyo-Gaikan Expwy Area Route 16 Area Ken-O Expwy Area
Page 31
31 2,000 2,500 3,000 3,500 4,000 '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Fukuoka Area Greater Fukuoka city Area Greater Fukuoka inland Area (Tosu Area) 2,500 3,000 3,500 4,000 '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Nagoya Area Greater Nagoya Bay Area Greater Nagoya Inland Area 0% 5% 10% 15% 20% 25% 30% 35% 40% '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Fukuoka city Area Greater Fukuoka inland Area (Tosu Area) 0% 5% 10% 15% 20% 25% 30% 35% 40% '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Greater Nagoya Bay Area Greater Nagoya Inland Area Vacancy Rate by Submarket(Greater Nagoya area) Vacancy Rate by Submarket(Greater Fukuoka area) Effective Rent by Submarket(Greater Nagoya area) Effective Rent by Submarket(Greater Fukuoka area) (yen/tsubo) (yen/tsubo) Tenant Demand by Area (2)
Page 32
Appendix Overview of JLF
Page 33
33 Overview of Japan Logistics Fund, Inc. (JLF) 1 Competitive portfolio Inside Route 16: 64.1% Date of IPO (Securities code) May 9, 2005 (8967.T) Japan’s first Logistics REIT Investment Targets Primarily logistics properties Sponsors Mitsui & Co., Ltd. (70%) Sumitomo Mitsui Trust Bank, Limited (20%) Kenedix, Inc. (10%) Portfolio (as of July 31, 2026) Financials (as of July 31, 2026) 2 Utilizing substantial unrealized gains Unrealized gain as % of portfolio: 63.8% 3 Unique growth strategy Cooperative development, etc. Market Capitalization JPY 271.5 billion Average Occupancy Rate Since IPO 98.7% Acquisition Pipeline JPY 100 billion+ AUM (appraisal value) JPY 420.5 billion No. of Properties 54 Properties LTV based on Appraisal Value 29.4% Unit Price / Distribution Yield JPY 98,900 / 4.4% Credit Ratings JCR:AA / R&I:AA- Why JLF?
Page 34
34 Tokyo Metropolitan Area 83.1% Osaka, Nagoya, Fukuoka Area 15.1% Inside Route 16 64.1%Outside Route 16 19.1% Greater Osaka 6.4% Greater Nagoya 6.6% Other Area 1.7% Why JLF? --- 1. Competitive Portfolio Strong Competitive Advantage Driven by Strategic Investments in Prime Greater Tokyo Locations Portfolio diversification by area (as of July 31, 2026; based on acquisition price) Portfolio located inside Route 16: 64.1% Tokyo Metropolitan Area (40) Greater Osaka (5) Greater Nagoya (4) Greater Fukuoka and Other (6) (as of August 31, 2026)
Page 35
35 Why JLF? --- 2. Utilizing Substantial Unrealized Gains Enhanced Financial Flexibility and Embedded Capital Gains Potential Supported by Substantial Unrealized Gains Substantial Unrealized Gains Unrealized gain = Appraisal value – Book value Book value JPY 256.6 billion Unrealized gain JPY 163.8 billion Utilizing Unrealized Gains JLF 29.4% J-REIT average 38.3% Logistics REIT average 34.0% Investment capacity: Approx. JPY 16-36 billion (up to LTV 32-35% based on appraisal value) 1 Leveraging Strong Investment Capacity from a Low LTV1 1 Realizing Gains from Property Sales2 Unrealized gains per unit: JPY 59,665 (as of July 31, 2026) Capital gains, etc. per unit (JPY) Unrealized gains per unit (JPY) 54558,681FP 25/7 62559,099FP 26/1 71459,665FP 26/7 Comparison of Unrealized Gain as % of portfolio (as of July 31, 2026) 63.8% 28.5% 32.9% JLF J-REIT average Logistics REIT average Appraisal value JPY 420.5 billion Comparison of Appraisal LTVs (as of July 31, 2026)
Page 36
36 Why JLF? --- 3. Unique Growth Strategy (Examples of Cooperative Development with Business Partners) Can independently select the location, specifications, tenant and acquisition timing. No capital outlays while the development is under construction. Cooperative Development Value Chain Acquisition Price Structure Can acquire at relatively high yields by capturing a portion of the development gain Track Record of Acquisition Through Cooperative Development (five properties) Acquisition Pipeline Through Cooperative Development Creating Superior Growth Opportunities Through Unique Investment Strategies Deal sourcing Development Bridge Acquisition and financing Leasing JLF or business partner JLF & business partner Business partner Leasing company, etc. JLF Acquisition price Appraisal value Land price Construction costs Business partner’s development gain JLF’s share of development gain Land price Construction costs Unrealized gain Shiroi Logistics Center Amagasaki Logistics Center Ichinomiya Logistics Center JLF’s development gain = unrealized gain Business partner’s development gain Total acquisition price JPY 14,581 M Average NOI yield 5.5 % Expected total acquisition price Approx. JPY 42 B
Page 37
37 0 100,000 200,000 27/1 28/1 29/1 30/1 31/1 32/1 33/1 34/1 35/1 36/1 37/1 38/1 39/1 40/1 41/1 42/1 43/1 Leases with NO CPI reference clauses Leases with CPI reference clauses Portfolio Profile Key Metrics (as of July 31, 2026 or for the Fiscal Period Ended July 31, 2026) Total Acquisition Price JPY 296,513 million 96.7% Period-End Occupancy Rate PML 1.4% Average Occupancy Rate Since IPO 98.7% Lease maturity ladder (as of August 31,2026; fixed-term leases) 4.0% / 6.5 % NOI Yield (on appraisal / on book value) Weighted Average Building Age 18.1 years Tenant diversification by industry (as of July 31, 2026) Depreciation JPY 1,820 million Capital Expenditures JPY 712 million Top tenants (as of July 31, 2026) 3PL 77.4 % transportation industry 12.3% Others 10.3% ratioName of tenant 11.5%Nakano Shokai co., ltd. 8.8%SETTSU WAREHOUSE Co., Ltd. 4.6%SBS NEXTHIRD Co., Ltd. 4.5%LOGISTEED East Japan, Ltd. 4.2%SAGAWA EXPRESS CO., LTD. 3.9%Sagawa Global Logistics Co., Ltd. 3.5%MITSUI-SOKO LOGISTICS Co., Ltd. 3.1%DHL Supply Chain Japan, Inc. 3.0%VANTEC CORPORATION 2.7%NX NP Logistics Co., Ltd. 49.9%TOP10 50.1%Others 100.0%Total (60 tenants) CPI Reference Lease Ratio 19.1% Effective WALE 3.5 years (m2) NOI Yield after Depreciation (on book value) 5.1% Appraisal Value JPY 420,519 million
Page 38
38 0 3,000 6,000 9,000 12,000 15,000 27/1 28/1 29/1 30/1 31/1 32/1 33/1 34/1 35/1 36/1 37/1 38/1 Long-term borrowings Investment corporation bonds Debt Profile JPY 19,500 million Commitment Line Limit 44.8% LTV based on Total Assets 29.4% LTV based on Appraisal Value Debt maturity ladder (as of July 31, 2026) Average Cost of Debt (including UFF) 0.90% Diversification of financing sources (as of July 31, 2026) JCR AA (Stable) R&I AA- (Stable) Credit Ratings WADE (Weighted Average Debt Expiry) 3.6 years Key Metrics (as of July 31, 2026) Top lenders (as of July 31, 2026) ratioName of lenders 15.4%Sumitomo Mitsui Banking Corporation 13.3%MUFG Bank, Ltd. 12.9%Development Bank of Japan Inc. 10.5%Sumitomo Mitsui Trust Bank, Limited 7.7%Nippon Life Insurance Company 6.1%Mizuho Bank, Ltd. 4.9%Resona Bank, Limited 3.6%The Bank of Fukuoka, Ltd. 3.2%The Norinchukin Bank 2.4%SBI Shinsei Bank, Limited 80.0%TOP 10 11.3%Others 8.6%Bond 100.0%Total (20 lenders) Major city banks 34.8% Other city banks 7.3% Regional banks 8.9% Trust banks 12.1% Government-affiliated / cooperative central financial institutions 17.4% Insurance companies 10.9% Bonds 8.6% (JPY million) JPY 123,700 million Interest-Bearing Debt 88.7% Fixed-rate Debt Ratio
Page 39
39 Investment Unit Information Unitholder breakdown (as of July 31, 2026) Key Metrics (as of July 31, 2026) Top unitholders (as of July 31, 2026) Unitholders’ Capital JPY 130,551 million Number of Investment Units Outstanding 2,745,869 units ratioName of unitholders 29.1%Custody Bank of Japan, Ltd. (Trust Account) 17.2%The Master Trust Bank of Japan, Ltd. (Trust Account) 5.1%The Nomura Trust and Banking Co., Ltd. (Investment Trust Account) 1.6%STATE STREET BANK AND TRUST COMPANY 505001 1.6%Meiji Yasuda Life Insurance Company 1.4%JP MORGAN CHASE BANK 385781 1.2%STATE STREET BANK AND TRUST COMPANY 505103 1.1%The Joyo Bank, Ltd. 1.0%Custody Bank of Japan, Ltd. (Trust Account 4) 1.0%MetLife Insurance K.K. 60.2%Top 10 39.8%Others Investment unit price and reinvested investment unit value (*) (*) Investment value assuming that one investment unit was purchased on the listing date (May 9, 2005), and that all cash distributions received at each fiscal period-end were reinvested in additional investment units at the closing price on the same date. (JPY) Investment Trusts 39.4% Trust Banks 14.2% Banks 7.2% Other Financial Institutions 11.3% Others 3.0% Retail Investors 6.4% Overseas investors 18.6% 0 50,000 100,000 150,000 200,000 250,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Investment unit price Reinvested investment unit value
Page 40
40 Track record Own Book Redevelopment (OBR) Own Book Redevelopment = Redevelopment of properties owned by JLF Significant upside in earnings and asset value through the utilization of unused FAR and higher rental income The timing of OBR implementation is carefully assessed while considering its impact on the portfolio Value Chain Acquisition Price Structure Redevelopment Track Record and Future Potential Third-party acquisition OBR acquisition Land price Construction costs Development gain Internalization of development profit Existing book value Construction costs Development gain equivalent =Unrealized gain Difference Acquisition price = land price + construction costs + development gain Acquisition price = existing book value + construction costs + unrealized gain Yachiyo Logistics Center Kiyosu Logistics Center Urayasu Logistics Center Potential 9 properties OBR candidates 5 Number JPY 21,412 M Total investment 7.6% Average ROI JLF General contractor Construction contracting Building permit approval Leasing Acquisition Demolition Construction (foundation, frame, finish) Completion
Page 41
41 Enhancing Unitholder Value with a Focus on DONAV Aiming to Enhance Unitholder Value by Achieving DONAV Above the Distribution Yield Hurdle As of July 2026 The aim Unit price NAVPU DPU NAVPU DPU Unit price 0.91x > 1.00x 4.1% 4.4% Distribution yield hurdleDONAV (Profitability) DONAV Current Response Distribution yield hurdle FFOPU Appraisal value per unit Appraisal value per unit NAVPU DPU FFOPU P/NAV multiple DONAV Distribution yield hurdle (Financial leverage) (Payout ratio) (Risk free rate) Rf (Risk premium) Rp (Expected growth rate) g As of July 2024 0.82x 3.4% 4.1% Rent increase Capital recycling Cost control Utilizing LTV capacity Capital recycling Distribution strategy Maintaining investor confidence Earnings growth Growth potential ＞
Page 42
42 Property insurance premium 2% Management outsourcing costs, etc. 16% Others 6% Maintenance and repairs 11% Utilities 17% Real estate taxes 47% Inflation-Resilient Cost Structure Electricity cost burden (JLF’s burden) (as of August 31, 2026) Costs relatively insulated from inflation 81% Limited increase in taxes as depreciation on buildings progresses Tenants reimburse us for electricity costs Repairs cost inflation is moderate relative to overall building construction costs Changes in property management outsourcing costs (pre-acquisition indexed at 100) 81 100 2024/6～2024/11(Actual) FP 2027/7(Forecast) Case study of recent acquisition (Kita Nagoya LC) Cost Structure Electricity Contract Structure Limited exposure to rising electricity costsEstablished a structure to mitigate the impact of cost inflation Tenant Direct Contract or Actual Cost Reimbursement Percentage Borne by JLF Approx. 3.7% Introduced a competitive bidding process to optimize property management outsourcing costs after acquisition Breakdown of rental business expenses (excl. D&A) (FP 2026/1 through FP 2026/7)
Page 43
43 ESG Initiatives Achieved the highest “5-Star” rating in the 2025 GRESB Real Estate Assessment - Signatory to the Principles for Responsible Investment (PRI) - Supporter of the Task Force on Climate-related Financial Disclosures (TCFD) Green building certifications obtained for 98.8% of the portfolio (based on gross floor area, as of July 31, 2026) Acquired SBT validation for SMEs for the FY2030 target GHG Emissions Targets (Scope 1 and Scope 2) Reduce 42% by FY2030 (compared with FY2021 levels) Net-zero by FY2050 Achieved net-zero through the purchase of non-fossil certificates from FY2023 onward, including FY2025 Promoting on-site solar power installations and the introduction of on-site PPAs Aiming to achieve net-zero without reliance on certificates Additional installations planned at six properties, including expansions of existing facilities Progress in Reducing GHG Emissions (Scope 1 and Scope 2) Refer to 2026 Sustainability Report for details on ESG initiatives External Evaluations Endorsement of Global Initiatives Portfolio Greening Response to Climate Change
Page 44
44 Asset Management Fee Comparison of asset management and property management fee levels (including PM fees, BM fees, and other management fees) Mid-sized REIT average (excluding JLF) Logistics REIT average (excluding JLF) JLF (FP 2026/7 Actual) 0.48%0.37%0.37%As a % of Appraised Value 24.3%19.0%18.5%As a % of NOI 33.2%31.0%22.7%As a % of Net Income Asset manager incentivesFee structure Asset size growth accompanied by growth in cash flows Growth in cash flows through management of portfolio assetsLinked to NOIAsset Management Fee 1 Growth in FFOPULinked to FFO per unit (FFOPU)Asset Management Fee 2 Asset size growth accompanied by growth in cash flowsLinked to acquisition price of newly acquired assetsAcquisition Fee Enhance unitholder value (cash flows and asset values) through implementation of OBR strategy Linked to the construction cost in the event a portfolio asset is redevelopedRedevelopment Fee Enhancement of the value of assets held, and execution of disposals that contribute to the enhancement of unitholder value Linked to the amount equivalent to the capital gain from the disposition of assetsCapital gain-linked Fee Execution of mergers contributes to the enhancement of mid- to long-term unitholder value through improvements in asset size, market capitalization, operational efficiency Linked to the valuation of assets succeeded or held upon a mergerMerger Fee Asset Management Fee Structure (Reference) Composition of asset manager management bonus Quantitative evaluation 70% Qualitative evaluation 30% Tied to JLF performance NOI growth and FFOPU growth Expansion of the acquisition pipeline Rental growth upon lease re-contracting Unit price performance Progress toward sustainability management targets *JLF asset Management fee (FP 2026/7)：JPY 1,223 million
Page 45
45 Note P.3 • “FFOPU” means FFO per unit, and “FFO” is calculated using the following formula. The same applies hereafter. FFO = Net income + Depreciation + Loss on retirement of non-current assets + Loss on sale of real estate properties, etc. − Gain on sale of real estate properties, etc. • “DPU” means distribution per unit. The same applies hereafter. • “Re-leasing spread” represents the percentage change in adjusted rents and common area charges before and after the renewal of leases that expired during each fiscal period, taking into account factors such as free-rent. The figures are expressed as a weighted average based on effective rents and common area charges before renewal. Leases with a term of one year or less, ordinary lease agreements, and leases for which a vacancy period (downtime), occurred upon renewal are excluded. Accordingly, the re-leasing spread does not necessarily correspond to changes in rental income during a specific period. The same applies hereafter. • “CAPEX plus” refers to capital expenditure projects undertaken by JLF not for the purpose of maintaining the functionality or p reserving the value of buildings and facilities, but rather to create additional value aimed at increasing rents or enhancing asset value. The decision to implement such expenditure is made in accordance with specific investment criteria. P.7 • “Breakdown of FP 25/7 (Actual) →FP 27/7 (Forecast)” represents the asset management company’s estimates of the contribution of each growth initiative to FFOPU based on certain assumptions. Actual future FFOPU may differ from these estimates, and the figures do not guarantee any particular growth rate or contribution. • “Logistics REIT” refers to CRE Logistics REIT, Inc., SOSiLA Logistics REIT, Inc., GLP J-REIT, Nippon Prologis REIT, Inc., Mitsui Fudosan Logistics Park REIT, Inc., Mitsubishi Estate Logistics REIT Investment Corporation, and LaSalle Logiport REIT. The same applies hereafter. P.8 • “Underlying EPU (excluding capital gains, etc.)” is calculated by deducting capital gains, etc. per unit from DPU. • “FFO payout ratio” is calculated using the following formula. The same applies hereafter. FFO payout ratio = DPU / FFOPU P.9 • “Vacancy Rates by Area in the Tokyo Metropolitan Area” and “Vacancy Rates Outside the Tokyo Metropolitan Area” are based on a survey conducted by CBRE K.K. as of June 30, 2026 at the request of JLF and its asset management company. • Of the figures presented “Portfolio Status,” “All portfolio” is calculated based on the gross leasable area, while “Leases maturing in the next 3 years” is calculated based on the leased area under fixed-term building lease agreements. P.10 • The “Supply-Demand Trends” graph shows trends in new demand, new supply, and vacancy rates for medium- to large-scale logistics facilities for lease in the Tokyo Metropolitan Area, based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. • The “Market Rent Trends (YoY)” graph is based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. P.11 • The “Upcoming rent revision opportunities” chart is calculated based on the leased area under fixed-term building lease agreem ents as of August 12, 2026. • “CPI reference clauses” refers to provisions in lease agreements that stipulate rent revisions by reference to the Consumer Pr ice Index or other relevant indices (referred as “CPI linked clauses”), or provisions that stipulate discussions regarding rent revisions. The same applies hereafter. • “Lease Expiry Within 3 years” represents the percentage of leased area attributable to fixed-term building lease agreements th at were effective as of August 12, 2026 and are scheduled to expire within three years from that date. The same applies hereinafter. • “Lease agreements incorporating CPI reference clauses” represents the percentage of leased area attributable to fixed-term bui lding lease agreements under which an effective for rent revision or discussions regarding a rent revision. The calculation is based on agreements and provisions effective as of August 12, 2026. Continued next page.
Page 46
46 Note Continued from previous page. • “Effective WALE” represents the remaining lease term as of August 31, 2026, calculated as a rent-weighted average for all lease agreements after taking into account the CPI reference clauses, etc. The same applies hereinafter. • “Number of leases incorporating CPI reference clauses” represents the number of such lease agreements executed and in effect as of each respective date. • “Percentage of fixed-term leases” is calculated based on the leased area under fixed-term building lease agreements executed a nd in effect as of each respective date. P.12 • “Average Portfolio Occupancy Rate” and “Impact on average portfolio occupancy rate” are calculated as weighted averages based on gross leasable area, using actual monthly occupancy rates or forecast occupancy rates as of September 14, 2026, which are estimated under certain assumptions. • “Earnings upside if occupancy rises to 98.5% (per fiscal period)” is calculated by dividing the estimated increase in earnings resulting from an increase in the average portfolio occupancy rate during the fiscal period ending July 31, 2027 by the total number of investment units outstanding. Actual occupancy rates may vary, and the estimate does not guarantee any increase in earnings. • “Rent per tsubo for contracted/committed tenant (vs. previous tenant)” represents the percentage change in the effective rent and common area charges per tsubo between the previous tenants and contracted or committed tenants. P.13 • “ROI” is calculated using the following formula: (NOI after CAPEX plus investment − NOI before CAPEX plus investment) / CAPEX plus investment amount • “Implied cap rate (Implied CR)” refers to the real estate yield sought by investors, calculated based on the investment unit p rice using the following formula. The same applies hereafter. Total appraisal NOI of JLF’s portfolio properties as of the end of the previous fiscal period /[Market capitalization of JLF’s investment units as of each date + Total interest-bearing debt as of the end of the previous fiscal period + Security deposits and guarantee money as of the end of the previous fiscal period + Security deposits and guarantee money in trust as of the end of the previous fiscal period + Long-term deposits as of the end of the previous fiscal period − (Cash and deposits as of the end of the previous fiscal period + Cash and deposits in trust as of the end of the previous fiscal period)] P.14 • “NOI yield based on disposition price” is calculated by dividing the appraised NOI of a disposed property by its disposition p rice. The same applies hereafter. • “NOI yield based on acquisition price” is calculated by dividing the appraised NOI of an acquired property by its acquisition p rice. The same applies hereafter. • “Portfolio NOI yield” is calculated for the properties held as of the end of the fiscal period ended July 2026 using the follo wing formula: Portfolio NOI yield = Total appraised NOI / Total appraisal value. • “Disposition candidates: About JPY 36 B” represents the total appraisal value of properties that JLF considers as disposition candidates as of September 14, 2026, and does not indicate that disposition has been decided. Properties for which disposition has already been decided are excluded. The same applies hereafter. • “Pipeline properties: About 100 B+” represents the total assumed acquisition price calculated for each property listed on page 19. The same applies hereafter. • Regarding pipeline properties, “(Average) NOI yield” (also referred to as “Appraised NOI yield”) is calculated for each property listed on page 19, excluding land with leasehold interests, using the following formula. Pipeline NOI yield = Total appraised NOI / Total assumed acquisition price as of the current point in time. For properties for which JLF has obtained appraisal reports, calculations are based on such appraisal reports, while for properties for which JLF has not obtained appraisal reports, calculations are based on appraisal reports obtained by the bridge counterparties. The same applies hereafter. • “Earnings upside from acquiring a JPY 5 billion property (per fiscal period)” is calculated by dividing the estimated increase in NOI resulting from the acquisition of a JPY 5 billion property, based on certain assumptions, by the total number of investment units outstanding. The acquisition of such a property has not been determined, and the actual increase in NOI may vary if such acquisition is completed. Accordingly, the figures presented herein are estimates only and do not guarantee any increase in NOI.
Page 47
47 Note P.15 • “Difference between the (planned) disposition price and book value” is the (planned) disposition price less the book value as of the (scheduled) disposition date and differs from the actual gain on sale of properties. • “IRR” for the disposed properties is calculated using the following assumptions. Holding period: From JLF’s date of acquisition through JLF’s (scheduled) date of disposition. NCF: Actuals used from the date of acquisition through fiscal period ended July 2026. Estimates as of September 14, 2026 are used for the fiscal period ending January 2027 and thereafter. P.16 • “Discount to appraisal value” represent the discount of the acquisition price relative to the appraisal value and is calculate d using the following formula. The same applies hereafter. Discount = (Appraisal value – (Planned) Acquisition price) / Appraisal value × 100 • “WALE” represents the weighted average remaining period until lease expiration for each lease agreement as of September 14, 2026, calculated on a leased-area basis. • The “Market Rent Trends in the Greater Osaka Area” graph is based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. P.17 • For the first through seventh rounds, “Percentage to total number of investment units issued” is calculated by dividing the to tal number of investment units acquired by the average number of investment units issued immediately prior to the commencement of each round of investment unit buybacks. P.18 • “OBR” stands for “Own Book Redevelopment” and refers to the redevelopment of properties owned by JLF by JLF itself. “Redevelopment” means the demolition of existing buildings on land owned by JLF and the construction of new buildings on such land by JLF (including cases where JLF cooperates with construction companies and other parties, and such parties construct new buildings on land owned by JLF, which are then acquired by JLF at an optional time after completion). The same applies hereafter. • “Cooperative development” (also referred to as “cooperative development with business partners”) refers to initiatives in which JLF becomes involved in the development of logistics facilities from an early stage, with the aim of acquiring logistics facilities at relatively lower prices compared with acquisitions through competitive bidding in the real estate transaction market. The same applies hereafter. • The figures presented under “Acquisitions by Logistics REIT’s” are calculated by referencing publicly disclosed materials regarding logistics facilities acquired by logistics REIT’s during the period from April 1, 2024 to July 31, 2026, using acquisition prices on a weighted average basis. Acquisitions by JLF are excluded. • The “bridge function” (also referred to as “bridge”) refers to a structure under which properties that JLF intends to acquire in the future are held by lease companies or similar entities, and JLF obtains priority negotiation rights from such lease companies. Under certain conditions, JLF aims to acquire the relevant properties by exercising such priority negotiation rights at its discretion and timing. Please note that there is no guarantee that a sales and purchase agreement relating to the subject property will be entered into between JLF and lease companies or similar entities. The same applies hereafter. P.19 • Regarding the properties listed on page 19, JLF holds priority negotiation rights for acquisition; however as of September 14, 2026, JLF does not have any specific plans to acquire them. • “Bridge period” refers to the period during which JLF is able to acquire the relevant property by exercising its priority nego tiation rights or similar rights.
Page 48
48 Note P.20 • “LTV based on appraisal value” is calculated using the following formula. The same applies hereafter. Total amount of interest-bearing debt / Total appraisal value • “Weighted average debt expiry” is calculated by weighting the remaining periods until the repayment (redemption) dates specified in the contracts for JLF’s interest-bearing debt by the respective borrowing amounts. The same applies hereafter. • “Average cost of debt” refers to the weighted average of the applicable interest rates for JLF’s interest-bearing debt at each point in time, plus costs such as upfront fees and investment corporation bond issuance expenses allocated on an annualized basis, weighted by the respective borrowing amounts. The same applies hereafter. • “Fixed-rate debt ratio” represents the proportion of interest-bearing debt for which the interest payments are fixed, includin g debt that has been fixed through interest rate swap transactions. The same applies hereafter. • LTV based on appraisal value for the “J-REIT avg.” is calculated as an appraisal-value-weighted average based on the most recent financial presentation materials of J-REITs other than JLF that had been publicly disclosed as of July 31, 2026. • “Weighted average debt expiry,” ,“Average cost of debt,” and “Fixed-rate debt ratio” for “J-REIT avg.” are based on the “J-REIT Finance Monitor (July 2026)” published by Mizuho Securities Co., Ltd. • The figures presented under “Assumptions Underlying the Forecasts” are based on assumptions as of September 14, 2026 and have b een calculated under certain conditions. They do not guarantee future interest rate environment or financing terms. P.21 • “Borrowing capacity” (also referred to as “investment capacity”) is calculated based on appraisal values. It represents the difference between (i) the total amount of interest- bearing debt that JLF would have if JLF were to raise additional interest-bearing debt up to the stated appraisal LTV and use the proceeds to acquire properties, etc. with an aggregate appraisal value equal to the amount of such additional debt and (ii) the outstanding balance of interest-bearing debt. • “Adjusted EBITDA interest coverage ratio” is calculated using the following formula. The same applies hereafter: Adjusted EBITDA interest coverage ratio = (Operating profit + Depreciation + Loss on retirement of non-current assets ± Gain/loss on sales of real estate and other assets) / (Interest expense + Financing-related costs + Investment corporation bond interest + Amortization of investment corporation bond issuance costs) • “NAVPU“ (hereinafter referred to as “NAV per unit”) refers to an estimate regarding the net asset value per unit based on the appraisal value of the assets held and differs from the net asset value per unit based on the net asset value on the balance sheet. “NAV“ is calculated by the following formula. The same applies hereafter. NAV= Net assets on the balance sheet - Total distributions + Total appraised value of assets held - Book value of assets held P.23 • “Average occupancy rate since IPO” is calculated as the simple average of the occupancy rates at the end of each fiscal period from FP 2006/1 through FP 2026/7 for JLF. The same applies hereafter. • “NOI yield” and “NOI yield after depreciation” are calculated by annualizing NOI and NOI after depreciation for FP 2026/7 by dividing each by the number of operating days and multiplying by 365, and then dividing the resulting figures by the book value at the end of the period. • “BPU” refers to the book value per unit based on net assets on the balance sheet. • “DONAV” is calculated using the following formula. The same applies hereafter. Forecast DPU for the first forecast period as of the latest fiscal period-end × 2 / Latest publicly disclosed NAVPU • “ROE” stands for “Return on Equity” and is calculated using the following formula. ROE = Net income for the period (annualized) / ((Net assets at the beginning of the period + Net assets at the end of the period) / 2) • “LTV based on total assets” is calculated using the following formula. LTV based on total assets = Total interest-bearing debt / Total assets on the balance sheet • “Credit ratings” indicate the ratings as of the end of FP 2026/7, and are subject to change in the future.
Page 49
49 Note P25-26 • These forecasts are based on certain assumptions as of September 14, 2026, and may change due to factors such as fluctuations i n rental income resulting from tenant turnover, acquisitions or dispositions of properties, and additional issuance of investment units. These forecasts do not guarantee the amount of distributions. P.28 • The graph in “Real Estate Investors Yield Hurdle vs. 10-year JGB Yield” is based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. • The graph in “Market Size of E-commerce for Merchandise vs. E-commerce Market Share of Retail Business (Japan and US)” is prep ared by the asset management company based on data from the Ministry of Economy, Trade and Industry and the U.S. Census Bureau. • The graph in “Logistics Cost Breakdown” is based on the “Survey Report on Logistics Costs” conducted by the Japan Institute of Logistics Systems targeting cargo owner companies. • The graph in “Market Rent and Road Freight Transport Price Index” is based on the “Corporate Service Price Index” published by the Statistics and Research Department of the Bank of Japan, and was prepared by the asset management company. The “National Rent Index” is based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. The National Rent Index has been indexed so as to match the Road Freight Transport Price Index as of December 2012. P.29 • The graphs in “Supply & Demand Balance of Logistics Facilities” show trends in new demand, new supply, and vacancy rates for medium- to large-scale logistics facilities for lease in the four major metropolitan areas (Tokyo Metropolitan Area, Greater Osaka Area, Greater Nagoya Area, and Greater Fukuoka Area), calculated based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. However, the supply forecast for Greater Fukuoka Area represents the forecast for new supply of large-scale logistics facilities for lease. P.30-31 • The graphs in “Tenant Demand by Area” are based on a survey conducted by CBRE K.K. at the request of JLF and its asset management company. P.33 • The percentages for each “Sponsor” indicate the percentage of equity ownership in Mitsui & Co., Logistics Partners Ltd., the a sset management company of JLF. Regarding “Mitsui & Co., Ltd. (70%),” the percentage shown refers to the equity ownership held by Mitsui & Co. Asset Management Holdings Ltd., a wholly owned subsidiary of Mitsui & Co., Ltd. • The “Inside Route 16” ratio is calculated based on acquisition price as of July 31, 2026. P.35 • Unrealized Gain as % of portfolio for the “J-REIT average” and “Logistics REIT average” are calculated as weighted averages based on book value using the most recent financial results materials of J-REITs other than JLF and logistics REITs other than JLF publicly available as of July 31, 2026. • LTV based on appraisal value for the “J-REIT average” and “Logistics REIT average” are calculated as weighted averages based on appraisal value using the most recent financial results materials of J-REITs other than JLF and logistics REITs other than JLF publicly available as of July 31, 2026. • “Capital gains” in “Capital gains, etc. per unit” represents the sum of gain on sale of real estate properties and gain on exchange of real estate properties. P.36 • The “Average NOI yield” for properties acquired through cooperative development is calculated as a weighted average based on acquisition price by dividing the appraised NOI based on the appraisal obtained at the time the acquisition was decided by the acquisition price for each property. • The “Expected total Acquisition price” of the cooperative development pipeline represents the aggregate expected acquisition price of pipeline properties established by JLF through cooperative development. This does not indicate that JLF has decided to acquire these properties in the future.
Page 50
50 Note P.37 • “Weighted Average Building Age” is calculated based on acquisition price. • “CPI Reference Lease Ratio” represents the proportion of lease agreements incorporated CPI reference clauses, calculated on a l eased-area basis. • The ratios for “Tenant diversification by industry” and “Top tenants” are calculated based on leased area. P.38 • With respect to “Diversification of financing sources” the ratio for “Major city banks” represents the proportion of interest-bearing debt accounted for by Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., and Mizuho Bank, Ltd., while the ratio for “Other city banks” represents the proportion accounted for by SBI Shinsei Bank, Limited and Resona Bank, Limited. P.39 • “Investment unit price” represents the closing price adjusted retroactively to reflect all investment unit splits. “Reinvested investment unit value” represents the investment unit value assuming that the closing price has been adjusted retroactively to reflect all investment unit splits, one investment unit was purchased on the listing date (May 9, 2005), cash distributions for each fiscal period were received on the respective fiscal period-end date, and the amount equivalent to such distributions was reinvested in investment units on the same date at the closing price. It is calculated using the following formula: Reinvested investment unit value = Number of investment units held after distribution reinvestment × Investment unit price In addition, the calculation assumes that distributions are received and reinvested with respect to fractional investment units, and does not take into account any taxes associated with the receipt of distributions. • Effective February 1, 2014, JLF conducted a 5-for-1 split of its investment units. In addition, effective February 1, 2025, JL F conducted a 3-for-1 split of its investment units. P40 • “OBR candidates: 9 properties” represents the total number of properties that JLF considers to be potential candidates for OBR as of September 14, 2026. No decision has been made to redevelop any of these properties. • “Average ROI” is calculated using the following formula: (Annualized NOI after redevelopment − Annualized NOI before redevelopment) / (Building demolition costs and construction costs related to OBR) P.41 • “P/NAV multiple” refers to investment unit price divided by NAVPU. • “Distribution yield hurdle” is calculated using the following formula. The same applies hereafter. Forecast DPU for the first forecast period as of the latest fiscal period-end ×2 / investment unit price P.42 • “Breakdown of rental business expenses (excl. D&A)” shows the composition of each expense item as a percentage of the total ac tual leasing business expenses after deducting depreciation and loss on retirement of non-current assets. • For “Electricity cost burden (JLF’s burden),” the gross floor area under the Building Standard Law of the sections for which JLF effectively bears electricity costs as of August 31,2026 is classified as JLF’s burden. • For “Changes in property management outsourcing costs,” the figure for “2024/6 - 2024/11 (Actual)” is calculated based on disclosure materials of Nippon Prologis REIT, Inc., the former owner. The figure for “FP 2027/7 (Forecast)” is calculated using the annualized amount of property management fees and other related expenses expected to be paid by JLF based on its earnings forecasts.
Page 51
51 Note P.43 • “GRESB” refers to the name of an annual benchmark assessment that measures ESG considerations of real estate companies and fun ds, as well as the organization that conducts such assessment. It was established in 2009 mainly by a group of major European pension funds that led the Principles for Responsible Investment (PRI). The “GRESB Rating” is the GRESB assessment result that ranks participants on a five-grade scale based on their global overall scores. • “PRI” (Principles for Responsible Investment) is an international network of investors established to realize the six principl es advocated to the financial industry by then United Nations Secretary-General Kofi Annan in 2006. The principles promote the incorporation of ESG issues into investment decision-making, with the aim of improving beneficiaries’ long-term investment outcomes by integrating these perspectives into decision-making processes. • “TCFD” (Task Force on Climate-related Financial Disclosures) was established in 2015 by the Financial Stability Board (FSB), which consists of central banks and financial regulatory authorities from major countries. In June 2017, TCFD recommended that companies disclose their medium- to long-term business risks and opportunities arising from climate change, the impact of such risks and opportunities on their financial condition, and specific measures and strategies to address them, in order to reduce risks to financial market stability. • “Green building certifications” refer, in this material, to “CASBEE® Real Estate Certification,” “CASBEE® Certification for Buildings (New Construction),” and “BELS Certification.” • “SBT” (Science Based Targets) are targets set by companies 5 to 15 years in the future that are consistent with the levels required by the Paris Agreement (which aims to limit the global temperature increase to well below 2℃ above pre-industrial levels and 1.5℃ below pre-industrial levels). The SBT for small and medium-sized enterprises (SMEs) is a set of greenhouse gas emission reduction targets set by companies for the next five to 15 years, consistent with the levels required by the Greenhouse Gas Protocol. SBT for small and medium-sized enterprises" refers to SBTs set for small and medium-sized enterprises by the SBT Secretariat, which certifies SBTs. • “Non-fossil certificates” are certificates for the “environmental value” of electricity generated from non-fossil sources, such as renewable energy, and are traded via the Japan Electric Power Exchange (JEPX). The electricity for which the non-fossil certificates are purchased can be regarded as having zero CO2 emissions. P44 • For “Asset management fees and property management fee levels,” comparisons are based on ratios reflecting the combined amount of asset management fees and related management fees, including outsourced costs within rental business expenses. The figures for “Logistics REIT average (excluding JLF)” and “Mid-sized REIT average (excluding JLF)” represent simple averages of ratios calculated using actual figures for asset management fees, appraised values, NOI, net income, and property management-related fees, as disclosed in the most recent financial statements or equivalent materials published for each relevant investment corporation as of the end of July 2026. The “Mid-sized REIT average (excluding JLF)” covers J-REITs other than JLF with assets under management (total acquisition price) between ¥250 billion and ¥350 billion as of the end of July 2026 (NTT UD REIT Investment Corporation, JAPAN EXCELLENT, Inc., Star Asia Investment Corporation, Mitsubishi Estate Logistics REIT Investment Corporation, NIPPON REIT Investment Corporation, HEIWA REAL ESTATE REIT, Inc., and LaSalle Logiport REIT).
Page 52
52 Disclaimer Asset Management Company: Mitsui & Co., Logistics Partners Ltd. - Financial instrument business registered with the Director of the Kanto Local Finance Bureau registration No.400 (financial ins truments) - Member of Investment Management Association of Japan • Monetary amounts are rounded down to millions or thousands of yen. • Percentage figures are rounded o ff to the first decimal place. • This material contains forward-looking business results, plans, and management targets and strategies. Such forward-looking st atements are based on current assumptions and premises, including those regarding anticipated future developments and business environment trends, and these assumptions and premises may not always be correct. Actual results could differ considerably because of a variety of factors. • This material has not been prepared for the purpose of soliciting the purchase of the investment units of Japan Logistics Fund (“JLF”) or to solicit the signing of other financial product transaction contracts. In making investments, investors should do so based on their own judgment and responsibility. • The investment units of JLF are closed-end fund investment units, whereby investment units are not redeemable at the request o f investors. Investors wishing to liquidate their investment units will in principle need to sell them to third parties. The market value of the investment units will be influenced by investor supply and demand at securities exchanges and will fluctuate in accordance with the situation for interest rates, economic circumstances, real estate prices, and other market factors. It is therefore possible that investors will not be able to sell the investment units at their acquisition price and, as a result, will suffer losses. • JLF plans to make cash distributions to investors, but whether distributions are made and the amount thereof are not guarantee d under any circumstances. Gains or losses on the sale of real estate, losses on the disposal of fixed assets accompanying the replacement of structures, and other factors can cause fiscal- period income to vary greatly, causing the amount of distributions paid to investors to change. • Information provided herein does not constitute any of the di sclosure documents or performance reports required by the Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations or by the Securities Listing Regulations of the Tokyo Stock Exchange. • This material is to be read and used at the responsibility of customers. JLF and related persons involved in the preparation a nd publication of this material will not bear any responsibility for any damage arising from the use of this material (whether for direct or indirect damage, and regardless of the cause thereof). • While every effort has been made to avoid errors and omissions regarding the information presented in this material, the mater ial has been created as an easy reference for customers, and the presented information may contain inaccuracies or misprints. JLF bears no responsibility for the accuracy, completeness, suitability, or fairness of the information in this material. • JLF holds the copyright to the information appearing in this material. Copying, altering, publishing, distributing, appropriating, or displaying this information or using it for commercial purposes without the prior approval of JLF is prohibited. Also, trademarks (trademarks, logos, and service marks) related to JLF appearing in this material are owned by JLF, and copying, altering, publishing, distributing, appropriating, or reproducing such trademarks or using them for commercial purposes without the permission of JLF is prohibited.