Interim report
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1 REIT Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) September 14, 2026 Name of REIT issuer: Japan Logistics Fund, Inc. Stock exchange listing: Tokyo Stock Exchange Security code: 8967 URL: https://8967.jp/en/ Representative: Seiichi Suzuki, Executive Director Name of asset management company: Mitsui & Co., Logistics Partners Ltd. Representative: Seiichi Suzuki, President & CEO Contact: Shintaro Miyata, Chief Financial Officer TEL: +81-(0)3-3238-7171 Scheduled date for submission of Securities Report: Scheduled date for commencement of distribution payments: October 29, 2026 October 6, 2026 IR Material: Will be posted on the website IR Meeting: Will be held for institutional investors and security analysts (Figures are rounded down to the nearest million yen) 1．Performance for the six-month period ended July 31, 2026 (The 42nd Period from February 1, 2026 to July 31, 2026) (1) Operating Results ( % represents change from the previous period) Operating Revenue Operating Income Ordinary Income Net Income Period ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % July 31, 2026 12,159 1.9 7,281 5.9 6,770 5.7 6,770 5.7 January 31, 2026 11,933 2.4 6,874 5.1 6,407 5.0 6,406 5.0 Net Income per Unit Net Income to Net Assets Ordinary Income to Total Assets Ordinary Income to Operating Revenue Period ended Yen % % % July 31, 2026 2,465 4.8 2.5 55.7 January 31, 2026 2,332 4.6 2.3 53.7 (2) Distributions Distributions per Unit (excluding Distributions in Excess of Earnings) Total Distributions (excluding Distributions in Excess of Earnings) Distributions in Excess of Earnings per Unit Total Distributions in Excess of Earnings Payout Ratio Distributions to Net Assets Period ended Yen Millions of yen Yen Millions of yen % % July 31, 2026 2,365 6,493 0 - 95.9 4.6 January 31, 2026 2,300 6,316 0 - 98.5 4.5 (Note1) Payout Ratio = Total Distributions/Net Income x 100 (figures are rounded down to the nearest decimal place) Distributions per unit for the fiscal period ended July 2026 were calculated by dividing the amount after deducting 720 million yen as provision of reserve for reduction entry from the unappropriated retained earnings for the period (including the reversal of reserve for reduction entry of special provisions of replaced property) by the number of investment units issued and outstanding. Distributions per unit for the fiscal period ended January 2026 were calculated by dividing the amount after deducting 533 million yen as provision of reserve for reduction entry from the unappropriated retained earnings for the period by the number of investment units issued and outstanding.
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2 (3) Financial Position Total Assets Net Assets Net Assets to Total Assets Net Assets per Unit Period ended Millions of yen Millions of yen % Yen July 31, 2026 276,290 141,419 51.2 51,502 January 31, 2026 274,137 140,984 51.4 51,338 (4) Cash Flows Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents at End of Period Period ended Millions of yen Millions of yen Millions of yen Millions of yen July 31, 2026 8,030 -4,706 -3,743 17,228 January 31, 2026 9,949 -2,523 -4,503 17,647 2．Forecasts for the six-month period ending January 2027 (the 43rd Period from August 1, 2026 to January 31, 2027) and the six-month period ending July 2027 (the 44th Period from February 1, 2027 to July 31, 2027) (% represents change from the previous period) Operating Revenue Operating Income Ordinary Income Net Income Distribution s per Unit (excluding distribution s in excess of earnings) Distributions in Excess of Earnings per Unit Period ending Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Yen January 31, 2027 11,544 -5.1 6,551 -10.0 5,914 -12.7 5,913 -12.7 2,200 - July 31, 2027 11,473 -0.6 6,425 -1.9 5,686 -3.8 5,685 -3.8 2,250 - (Reference) Forecast for net income per unit January 31, 2027: 2,170 yen July 31, 2027: 2,086 yen * Other (1) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections (i) Changes in accounting policies due to revisions to accounting standards None (ii) Changes in accounting policies other than (i) None (iii) Changes in accounting estimates None (iv) Restatement of prior period financial statements after error corrections None (2) Number of investment units issued and outstanding (i) Number of investment units (including treasury investment units) issued and outstanding at the end of each period July 31, 2026: 2,745,869 units January 31, 2026: 2,746,163 units (ii) Number of treasury investment units issued and outstanding at end of period July 31, 2026: 0 unit January 31, 2026: 0 unit (Note) For the number of investment units serving as the basis of calculation of net income per unit, please refer to “Per Unit Information” on page 37. * This Financial Report is outside the scope of audit by a certified public accountant or an audit corporation. (Note 1) Distributions per unit for the fiscal period ending January 2027 are based on the assumption that unappropriated retained earnings of 6,357 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property) of 443 million yen) will be used as a source of distributions. (Note 2) Distributions per unit for the fiscal period ending July 2027 are based on the assumption that unappropriated retained earnings of 6,131 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property ) of 443 million yen) will be used as a source of distributions.
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3 * Remarks: (Note to forward-looking statements) This document contains forecasts and other forward-looking statements based on the information currently available and on certain assumptions that Japan Logistics Fund, Inc. (hereafter referred to as “JLF”) considers reasonable, and the actual operating results, etc. may differ significantly from that anticipated by JLF due to various factors. Moreover, the forecasts are not intended to guarantee any amount of distribution and distribution in excess of earnings. For notes regarding assumptions underlying these forecasts, please refer to “1. Management Discussions and Analysis (1) Asset Management Status (ii) Outlook for the Next Six-month Period D. Forecasts” on page 13.
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4 Table of Contents 1. Management Discussions and Analysis …………………………………………………… 5 (1) Asset Management Status …………………………………………………………………. 5 (i) Summary of Results for the six-month period ended July 31, 2026 (The 42nd Period) …. 5 (ii) Outlook for the Next Six-month Period …………….….….………………………….. 7 (2) Investment risks …………………………………………………………………………. 15 2. Financial Statements ………………………………………………………………………. 16 (1) Balance Sheet …………………………………………………………………………… 16 (2) Statement of Income and Retained Earnings ……………………………………………. 18 (3) Statement of Changes in Net Assets …………………………………………………….. 19 (4) Distribution Information …………………………………………………………………... 21 (5) Statement of Cash Flows ………………………………………………………………… 22 (6) Notes on Assumption of Going Concern ………………………………………………….. 23 (7) Summary of Significant Accounting Policies ……………………………………………... 23 (8) Notes to Financial Statements ……………………………………………………………... 25 (9) Changes in the total number of investment units issued and outstanding…………………. 39 3. Reference Information ……………………………………………………………………... 41 (1) Asset composition of JLF ………………………………………………………………….. 41 (2) Investment Securities ……………………………………………………………………… 42 (i) Major investment securities ……………………………………………………………. 42 (ii) List of portfolio properties …………………………………………………………….. 42 (iii) Diversification of portfolio …………………………………………………………… 49 (iv) Performance of portfolio properties …………………………………………………... 49 (3) Capital expenditure for assets under management ………………………………………… 61 (i) Scheduled capital expenditure ………………………………………………………… 61 (ii) Capital expenditure during the six-month period………...……………………………… 62 (iii) Reserve for long-term repair plan (reserve for repairs) ………………………………. 62 (4) Overview of tenants and major real estate and other properties ………………………… 63
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 5 1. Management Discussions and Analysis (1) Asset Management Status (i) Summary of Results for the six-month period ended July 31, 2026 (The 42nd Period) A. Background of JLF JLF is the first J-REIT dedicated to “logistics properties” with real estate and other assets used for logistics facilities primarily in the Tokyo Metropolitan, Osaka, Nagoya and Fukuoka areas as investment targets. Based on the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951; including revisions enforced thereafter) (hereinafter, “the Investment Trust Act”), JLF was founded on February 22, 2005 with Mitsui & Co., Logistics Partners Ltd. (hereinafter referred to as “MLP”) as the founding planner, and was listed on the REIT section of the Tokyo Stock Exchange, Inc. (hereinafter, “Tokyo Stock Exchange”) on May 9 of the same year (security code: 8967). As of July 31, 2026 (the end of the 42nd Period), JLF owns 54 properties under management with a total acquisition price of 296,513 million yen. In June 2026, JLF acquired a silent partnership equity interest in Sasanqua GK. Including such equity interest, total assets amounted to 276,290 million yen. B. Investment Environment and Management Performance During the six-month period under review, the Japanese economy continued to recover moderately, despite some weak spots attributable to the situation in the Middle East. Global economies also grew modestly overall, absorbing some weakness. Exports and industrial production continued to trend flat. Corporate earnings sustained high levels overall amid favorable business sentiment. Against this backdrop, capital expenditures are on an upward trend. Recently , consumer prices (excluding fresh food) have risen in the mid 1% range year-on-year, as sales prices continued to reflect wage inflation and government measures to ease energy costs took effect. The TSE REIT Index seesawed in response to continued improvements in real estate fundamentals, where rental growth progressed mainly in office and logistics facilities, countered by concerns about rising funding costs and rising distribution yield requirements driven by rising long-term interest rates. In May and June, the index softened on long-term interest rate increases then recovered in July as long- term interest rates settled down. The J-REIT market as a whole continued to trade at a discount to NA V . The Tokyo Metropolitan Area logistics leasing market vacancy rate continued to improve as multiple large-scale leases were signed by e-commerce and food-product players, and vacated space was backfilled. Rents grew modestly along National Route 16 and the Ken- O Expressway and grew markedly along the Tokyo Gaikan Expressway and Tokyo Bay Area on limited new supply and absorption of vacancies. In the Greater Osaka area, rents trended upward as supply remained tight across the market. The vacancy rate in Central Osaka remained low on continued strength in inquiries and lease signings by e-commerce and logistics tenants. In the Greater Nagoya area, vacancies were absorbed in existing properties while fairly large vacancies remained in new builds. Tenants are increasingly prioritizing convenient locations and high building specifications, creating disparities in rent levels on a property-to-property basis despite flat rental growth across the Greater Nagoya market as a whole. In the Greater Fukuoka area, rents stayed flat on sluggish absorption in Tosu and Ogori despite limited vacancies in and around Fukuoka city. Amid this environment, JLF continues to pursue stability and sustainable growth in DPU and NA VPU. JLF's unit price traded at a discount to NA V , and MLP recognizes a recovery in JLF's unit price as an important challenge. During the six-month period under review, part of the swap transaction approved in January 2025 was completed. In March 2026, JLF acquired the Tosu Logistics Center and land in Y okohama Torihama-cho. In June 2026, JLF sold Urayasu Chidori Logistics Center III and acquired a stake in a silent partnership. Meanwhile, an investment unit buyback program was established from February 2026 into March 2026. In terms of portfolio operations, we have achieved strong profit growth on positive re-leasing spreads at multiple properties. C. Overview of Financial Strategy Through borrowing funds or issuing investment corporation bonds, JLF has increased its resistance to rising interest rates by diversifying repayment dates and maintaining a high ratio of fixed-rate debt. As of the end of the period under review, total interest-bearing liabilities stood at 123,700 million yen, and L TV (loan to value) was 44.8% based on total assets (Note1) and 29.4% based on appraisal value (Note2), maintaining stable financial operations. JLF conducted the investment unit buyback program approved in December 2025 through market purchases on the Tokyo Stock Exchange based on a purchase contract with a broker. All investment units acquired during the fiscal period were cancelled on July 31,
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 6 2026. The total number of investment units acquired and cancelled during the fiscal period was 294 units (representing 0.01% of the total number of investment units issued and outstanding prior to such acquisition and cancellation), and the total acquisition cost amounted to 28 million yen. In addition, based on the judgment that JLF’s investment unit price was undervalued compared to NA VPU, and with the aim of enhancing unitholder value over the medium to long term, JLF decided in July 2026 to implement a new investment unit buyback program. Compared to other assets, logistics facilities, which are the primary investment targets of JLF , generally have a high ratio of building value to land value and high depreciation expenses, while the ratio of equipment to building value is low and capital expenditures are limited. In light of these characteristics, JLF makes distributions in excess of earnings based on certain rules to ensure efficient cash management and return of earnings to unitholders. In addition, distributions in excess of earnings will not be made if JLF has reserves for reduction entry of special provisions of replaced property , reserves for tax purpose reduction entry or other retained earnings. In principle, the level of ongoing distributions in excess of earnings shall be capped at an amount equivalent to 60% of depreciation expenses for the applicable fiscal period. However, in cases where the level of distribution per unit is expected to temporarily decrease to a certain degree, JLF may make temporary distributions in excess of earnings, in addition to ongoing distributions in excess of earnings, for the purpose of equalizing the amount of distributions per unit. The total amount of ongoing and temporary distributions in excess of earnings shall not exceed an amount equivalent to 60% of depreciation expenses for the applicable fiscal period. (Note 1) Total assets-based LTV (%) = Interest-bearing debt / total assets x 100 (figures are rounded off to one decimal place) (Note 2) Appraisal value-based LTV (%) = Interest-bearing debt / appraisal value at the end of the six-month period x 100 (figures are rounded off to one decimal place) Credit rating of JLF as of July 31, 2026 Credit Rating Agency Rating Rating and Investment Information, Inc. (R&I) Issuer rating AA- (Outlook: Stable) Long-term bond rating #3rd unsecured investment corporation bonds AA- #5th unsecured investment corporation bonds AA- Japan Credit Rating Agency, Ltd. (JCR) Long-term Issuer rating AA (Outlook: Stable) Bond rating #6th unsecured investment corporation bonds AA #7th unsecured investment corporation bonds (Green Bonds) AA D. Performance and Distributions As a result of the above, JLF posted operating revenue of 12,159 million yen, operating income of 7,281 million yen, ordinary income of 6,770 million yen and net income of 6,770 million yen. Note that, in the current fiscal period, a portion of the reserve for reduction entry of special provisions of replaced property (443 million yen) recorded in prior periods was reversed due to the sale of land of the Ichikawa Logistics Center II (quasi co-ownership interest: 18%). In addition, under Article 65-8 of the Act on Special Measures Concerning Taxation “Special Provisions on Taxation in Cases Where a Special Account Is Established in Connection with the Transfer of Specific Assets” a portion of the gains (720 million yen) from the June 2026 sale of the Urayasu Chidori Logistics Center III was retained as reserve for tax purpose reduction entry. Accordingly, JLF decided to distribute 6,493 million yen, which is the amount remaining after deducting the 720 million yen transferred from unappropriated retained earnings (including the reversal of reserve for reduction entry of special provisions of replaced property) to the reserve for reduction entry within the limits on reserve for reduction entries stipulated in Article 65-8 of the Act on Special Measures Concerning Taxation. As a result, the distribution per unit was 2,365 yen. In addition, pursuant to its distribution policy specified in its Articles of Incorporation, JLF , in principle, plans to continuously make distributions in excess of earnings in each fiscal period (contribution refunds that fall under distributions accompanying a decrease in capital under tax law). However, in the current fiscal period, since JLF has internal reserves (reserve for reduction entry of special provisions of replaced property and reserve for tax purpose reduction entry etc.), it will not make distributions in excess of earnings.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 7 (ii) Outlook for the Next Six-month Period A. Recognition of the Environment The Japanese economy is expected to keep growing moderately , though at a slower pace. Growth should be supported by rising AI- related demand, wage increases, government measures, and an accommodative monetary environment. Meanwhile, headwinds include impacts from the situation in the Middle East and rising crude oil prices. The situation in the Middle East remains murky. However, the decline in crude oil prices has diminished the risks of economic underperformance and a substantial rise in prices. Nevertheless, we need to remain vigilant for the effects of rising crude oil prices on corporate earnings, household finances, and inflation. Moreover, inflationary pressure could intensify as the prices of materials and machinery rise on expanding demand for AI-related services. Additionally , fiscal expansion in the US and Europe could impact the global economy, inflation and the financial markets. In Japan, demographic shifts have intensified perceptions of labor shortages, fueling investments in automation and tilting the scale between labor and capital. Nevertheless, lackluster progress toward those ends threatens to dampen growth rates. W e need to continue to closely monitor a variety of risk factors inside and outside Japan. The Tokyo Metropolitan Area logistics leasing market continues to show improvements in the relationship between supply and demand as absorption in existing properties progresses and new supply settles down on sluggish development driven by rising construction costs and construction delays attributable to the situation in the Middle East. In the Greater Osaka area, demand has been stable along the bay and inland, feeding expectations for continued strength in leasing conditions. In the Greater Nagoya area, a surge in supply during the first half of 2026 led to prolonged slackness in the relationship between supply and demand, which is expected to improve moving forward. In Kyushu, looser supply-demand dynamics are expected as new supply in 2026 surpasses that of 2025. In the logistics acquisition market, the environment is expected to remain harsh, backed by demand from investors for the defensive nature of cash flows from logistics properties and the large yield gap relative to global comparators. As inflation and interest rate increases persist, JLF recognizes as a continued challenge the need to improve its investment unit price, which has been trending weakly. To increase credibility of profit growth in the portfolio, we have set a growth target of +2.2% per year in FFO per unit (note) and a medium term goal of reaching JPY2,500 FFO per unit by the fiscal period ending January 2028. In addition to growth in FFO per unit, we also aim to achieve growth in DPU with a target of JPY2,300 for the period ending January 2028. To achieve these goals, we will aim to grow portfolio cash flows by advancing rental growth, suppressing cost increases from higher interest rates and inflation, etc., and continuing property dispositions, leveraging JLF's abundant unrealized gains, which in turn fund re-investment. Through these initiatives, we aim to grow FFO per unit and ultimately improve our investment unit price. (Note) FFO = Net income (for the period) + Depreciation & amortization costs (for the period) + Loss on disposal of fixed assets (for the period) + Capital losses on real estate sales - Capital gains on real estate sales etc. – Gain on exchanges of real estate properties etc. B. Future Asset Management Policies and Issues to be Addressed In such an investment environment, JLF will pursue asset management aimed at achieving stable earnings over the medium to long term based on the following policies. (a) Operational management of portfolio properties ・ Leasing management When renewing leases, we strive to stabilize and grow revenues. W e advance long-term leases to stabilize revenues and conduct rent negotiations with an eye on the market environment and tenant circumstances to grow revenues. When a tenant decides to move out, JLF will perform leasing activities based on this policy so that leases are maintained without any discontinuity and revenues are secured by leveraging its sponsor network, intermediary companies well versed in logistics properties and in tenant information for respective regions, as well as the network of MLP. The properties currently held by JLF have an average leasing period of 5.1 years when calculated on a weighted average basis using annual rent, indicating that JLF will continue to earn stable income. ・ Strengthening of tenant relations JLF will promote the improvement of the overall satisfaction level of tenants by maintaining close contact with existing tenants. Specifically, JLF responds to tenants’ needs for expanding rental space and improving the property conditions of
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 8 existing logistics facilities, making functional improvements in line with the needs of tenants and the industry and implementing renewals. ・ Appropriate property maintenance and additional investment JLF conducts repairs and renovations of properties owned by keeping related costs at a certain level. In addition, JLF strives to maintain an optimal level of maintenance management of its properties by selecting appropriate property management companies that can provide efficient management in line with the characteristics of each property , improving the management quality of MLP, and standardizing various procedures. Furthermore, JLF considers Own Book Redevelopment (OBR) (Note), disposition, and asset reshuffle if necessary , taking into consideration tenant requests, the leasing needs of facilities, floor area ratios, and other factors in determining portfolio properties that have locational advantages in the leasing market and those that can gain higher competitiveness through building/facility renewal while identifying properties that no longer offer economic benefits due to the increased maintenance cost burden caused by deterioration over time. (Note) “OBR” (Own Book Redevelopment) is the redevelopment of properties owned by JLF itself. “Redevelopment” refers to the act of JLF building a new building on land that JLF owns after the existing building has been demolished. JLF collaborates with players such as construction companies, who build the new building on land JLF owns. After the building is complete, JLF acquires said building at the timing of its discretion. The same applies hereafter. (b) Acquisition of new properties ・ Sourcing of property information Unlike other asset types, logistics properties have limited transaction volumes in the market. Therefore, JLF believes that collecting a broad range of information and making precise investment decisions based on the information gathered lead to achieving high competitiveness. In order to avoid unnecessary price competition, JLF will work to obtain early access to property information and promote negotiated transactions by leveraging the extensive networks of sponsors and the information sourcing channels of MLP. ・ Specifications of properties for acquisition When acquiring properties, JLF will make investment decisions with a focus on the location and versatility of properties which are essential factors in pursuing stable and long-term management of logistics properties. As a general rule, JLF avoids acquiring, in particular, properties with unique structural and facility features that suit only certain types of tenants in certain industries. Rather, JLF’s most important criterion for making investment decisions is versatility of specifications that can satisfy broad logistical demand. ・ Diversification of portfolio To minimize fluctuations in revenue arising from factors such as a tenant’s request to lower rent or a tenant moving out of a property , JLF acquires properties that will help reduce risk of over-concentration of tenants by avoiding excessive dependency on single tenant or industry of tenants and diversifying lease period expirations. (c) Financial strategy ・ JLF sets its highest priority on the stability and growth of distributions per unit while making sure to maintain a conservative interest-bearing debt ratio in pursuing financial activities, including raising funds through bank borrowings and increasing capital through public offerings. In public offerings, the policy is to consider the growth of unitholder value, including the growth of distributions per unit and NA V per unit. When pursuing interest-bearing debt financing, JLF will diversify funding sources and repayment due dates. Furthermore, with regard to tenant leasehold and security deposits, JLF will use such deposits to partially fund property acquisitions to exercise efficient cash management. In addition, JLF will consider the buyback and cancellation of its own investment units as required as part of its capital policy in order to improve capital efficiency and the return to unitholders.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 9 C. Significant Subsequent Events Not applicable [Reference Information] JLF has partially completed the swap transactions of the following properties after the end of the fiscal period and before the date of this Financial Report. <Swap of Property> Acquisition of New Property [M-43 Funabashi Nishiura Logistics Center III] Asset to be acquired Real estate trust beneficiary right (quasi co-ownership interest: 67%) First: Quasi co-ownership interest: 33% Second: Quasi co-ownership interest: 34% Planned acquisition price First: 5,181 million yen Second: 5,338 million yen Scheduled acquisition date First: August 3, 2026 Second: February 1, 2027 Location 3-6-1 Nishiura, Funabashi, Chiba, etc. Asset type W arehouse Land area 30,372.00 m2 (Note) Gross floor area 58,504.55 m2 (Note) Structure Reinforced concrete and steel framed structure, alloy-plated steel sheet roofing with 5 stories, etc. Completion April 23, 2007, etc. Type of ownership Land: Ownership Building: Ownership (Note) Figures are based on the entire property.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 10 Disposition of Property [M-18 Ichikawa Logistics Center II] Asset to be disposed Real estate trust beneficiary right (quasi co-ownership interest 36%) First: Quasi co-ownership interest: 18% Second: Quasi co-ownership interest: 18% Planned disposition price First: 4,960 million yen Second: 4,960 million yen Date of contracts January 16, 2025 Planned date of delivery First: August 3, 2026 Second: February 1, 2027 Buyer Nippon Prologis REIT , Inc. Effect on profit and loss In the six-month period ending January 31, 2027 (August 1, 2026 to January 31, 2027), regarding the asset to be acquired under swap, JLF plans to apply reduction entries under the provisions of Article 50 of the Corporation Tax Law of Japan, “inclusion in deductible expenses of the amount of reduction of assets acquired through a swap” and use part of capital gains from the asset to be disposed under swap to perform a reduction entry. Furthermore, in conjunction with the disposition of land under Ichikawa Logistics Center II, a reversal of the reserve for reduction entry under the special provisions of replaced property for replacement is projected. As a result, JLF plans to record a gain on exchange of real estate properties of 342 million yen and a reversal of the reserve for reduction entry under the special provisions of replaced property in the amount of 443 million yen, as a source of distributions. In the six-month period ending July 31, 2027 (February 1, 2027 to July 31, 2027), regarding the asset to be acquired under swap, JLF plans to apply reduction entries under the provisions of Article 50 of the Corporation Tax Law of Japan, “inclusion in deductible expenses of the amount of reduction of assets acquired through a swap” and use part of capital gains from the asset to be disposed under swap to perform a reduction entry. Furthermore, in conjunction with the disposition of land under Ichikawa Logistics Center II, a reversal of the reserve for reduction entry under the special provisions of replaced property is projected. As a result, JLF plans to record a gain on exchange of real estate properties of 58 million yen and a reversal of the reserve for reduction entry under the special provisions of replaced property in the amount of 443 million yen as a source of distributions.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 11 <Asset acquired> JLF acquired the following asset after the end of the fiscal period and before the date of this Financial Report. [M-46 Narita Logistics Center] Asset acquired Real estate trust beneficiary right Acquisition price 2,858 million yen Acquisition date August 12, 2026 Location 2831-1, Oshinazaki, Aza Osato, Shibayama-machi, Sanbu-gun, Chiba, etc. Asset type W arehouse Land area 7,635.22 m2 Gross floor area 11,715.00 m2 Structure Steel-framed and alloy-plated steel sheet covered building, with 3 stories Completion January 8, 2025 Type of ownership Land: Ownership Building: Ownership JLF has decided to acquire the following asset after the end of the fiscal period and before the date of this Financial Report. [T-18 Hyogo Tojo Logistics Center] Asset to be acquired Real estate trust beneficiary right Planned acquisition price 4,500 million yen Scheduled acquisition date October 1, 2026 Location 6-6-8, Minamiyama, Kato, Hyogo Asset type W arehouse Land area 17,820.24 m2 Gross floor area 18,249.36 m2 Structure Steel-framed and alloy-plated steel sheet covered building, with 2 stories Completion October 31, 2024 Type of ownership Land: Ownership Building: Ownership <Borrowings> JLF entered into the following borrowings after the end of the period up until the date of this report. Lender Sumitomo Mitsui Trust Bank, Limited MUFG Bank, Ltd. Sumitomo Mitsui Banking Corporation MUFG Bank, Ltd. Amount borrowed 600 million yen 200 million yen 200 million yen 2,500 million yen Interest rate 1- month JPY TIBOR by Japanese Bankers Association (Note) +0.260% 1- month JPY TIBOR by Japanese Bankers Association (Note) +0.260% 1- month JPY TIBOR by Japanese Bankers Association (Note) +0.250% 3- month JPY TIBOR by Japanese Bankers Association (Note) +0.330% Borrowing date August 12, 2026 August 31, 2026 Repayment date October 1, 2026 August 31, 2033 Borrowing method/security Unsecured and unguaranteed Repayment method Lump-sum repayment on due date Use of proceeds To partially fund the acquisition of the domestic real estate trust beneficiary right To repay the existing loans
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 12 JLF has decided to enter into the following borrowings after the end of the period up until the date of this report. Lender MUFG Bank, Ltd. Amount borrowed 3,000 million yen Interest rate 1- month JPY TIBOR by Japanese Bankers Association (Note) +0.36375% Borrowing date September 30, 2026 Repayment date September 30, 2034 Borrowing method/security Unsecured and unguaranteed Repayment method Lump-sum repayment on due date Use of proceeds To repay the existing loan (Note) Please refer to Japanese Bankers Association TIBOR administration’s website (http://www.jbatibor.or.jp/english/rate/) for more information regarding JPY TIBOR of Japanese Bankers Association.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 13 D. Forecasts Forecasts for the six-month period ending January 2027 (from August 1, 2026 to January 31, 2027) and the six-month period ending July 2027 (from February 1, 2027 to July 31, 2027) are as follows. Please refer to “Assumptions Underlying the Forecasts for the six- month period ending January 31, 2027 and the six-month period ending July 31, 2027” for the assumptions underlying these forecasts. (% represents change from the previous period) Operating Revenue Operating Income Ordinary Income Net Income Distributions per Unit (excluding distributions in excess of earnings) Distributions in Excess of Earnings per Unit Period ending Millions of yen % Millions of yen % Millions of yen % Millions of yen % Y en Y en January 31, 2027 11,544 -5.1 6,551 -10.0 5,914 -12.7 5,913 -12.7 2,200 - July 31, 2027 11,473 -0.6 6,425 -1.9 5,686 -3.8 5,685 -3.8 2,250 - (Note1) The figures above were computed under certain assumptions, and the actual net income, distributions, etc. may differ depending on various factors. In addition, the forecasts are not intended to guarantee any amount of distributions per unit. (Note2) Distributions per unit for the fiscal period ending January 2027 are based on the assumption that unappropriated retained earnings of 6,357 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property) of 443 million yen) will be used as a source of distributions. (Note3) Distributions per unit for the fiscal period ending July 2027 are based on the assumption that unappropriated retained earnings of 6,131 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property) of 443 million yen) will be used as a source of distributions.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 14 Assumptions Underlying the Forecasts for the six-month period ending January 31, 2027 and the six-month period ending July 31, 2027 Item Assumptions Calculation period ・ For the six-month period ending January 31, 2027: August 1, 2026, to January 31, 2027 ・ For the six-month period ending July 31, 2027: February 1, 2027, to July 31, 2027 Properties owned ・ From the 55 properties and one silent partnership equity interest owned by the Investment Corporation as of the date of this report, the forecasts are based on the assumption that the following acquisitions and dispositions will be made: ・ For the six-month period ending January 31, 2027 On October 1, 2026, JLF will acquire Hyogo Tojo Logistics Center. On December 22, 2026, JLF will dispose of Kawasaki Logistics Center (quasi-co-ownership interest: 25%). ・ For the six-month period ending July 31, 2027 On February 1, 2027, JLF will acquire Funabashi Nishiura Logistics Center III (quasi-co-ownership interest: 34%) through a swap. On February 1, 2027, JLF will dispose of Ichikawa Logistics Center II (quasi-co-ownership interest: 18%) through a swap. On June 29, 2027, JLF will dispose of Kawasaki Logistics Center (quasi-co-ownership interest: 25%). ・ Other than the above, it is assumed that no acquisitions and dispositions of properties will be made through the end of the fiscal period ending July 2027. ・ Of the swap, the trust beneficiary rights swap agreement related to the third acquisition of the Funabashi Nishiura Logistics Center III qualifies as a forward commitment as stipulated by the Comprehensive Guidelines for the Supervision of Financial Instruments Operators, etc., set forth by the Financial Services Agency. The third scheduled swap (acquisition) date is February 1, 2027. ・ There may be fluctuations, mainly due to the transfer of assets under management. Total number of investment units issued ・ As of the date of this report, the total number of investment units issued is 2,745,869. As a result of the investment unit buyback program announced on July 30, 2026, the acquisition and cancellation of 21,000 investment units is expected during the fiscal period ending January 31, 2027. Accordingly , the total number of investment units issued as of January 31, 2027 is assumed to be 2,724,869 units. ・ Furthermore, it is assumed that there will be no changes in the number of investment units until the end of the six-month period ending July 31, 2027. Interest-bearing debt ・ Among the interest-bearing debt of 124,700 million yen outstanding as of the date of this report, JLF will repay borrowings or bonds of 7,000 million yen due in the six-month period ending January 31, 2027 and borrowings or bonds of 9,000 million yen due in the six-month period ending July 31, 2027 respectively. It is assumed that, of the 7,000 million yen due in the six-month period ending January 31, 2027, 2,000 million yen will be repaid using cash and deposits on hand and 5,000 million yen will be financed through new borrowings or other financing. It is further assumed that the 9,000 million yen due in the six-month period ending July 31, 2027 will be financed through new borrowings or other financing. ・ With respect to the Hyogo Tojo Logistics Center, which is assumed to be acquired on October 1, 2026, the forecasts assume borrowings of 3,000 million yen. In addition, it is assumed that the cash settlement payments arising from the exchange of Ichikawa Logistics Center II (quasi‑co‑ownership interest of 18%) and Funabashi Nishiura Logistics Center III (quasi‑co‑ownership interest of 34%), which is assumed to be conducted on February 1, 2027, will be made using cash and cash equivalents on hand, and that no new borrowings or other financing will be undertaken. ・ The interest-bearing debt outstanding is expected to be 125,700 million yen as of January 31, 2027 and July 31, 2027. Operating revenue ・ Rental business revenue is calculated based on lease agreements and other relevant contracts that are valid as of the date of this document (provided, however, that with respect to the Hyogo Tojo Logistics Center, lease agreements and other relevant contracts valid as of the acquisition date are used), taking into account variable factors such as changes in rent levels based on market conditions and the status of negotiations with tenants. ・ With respect to the gain on exchange of real estate, etc. and gain on sale of real estate, etc. arising from the transfer of Ichikawa Logistics Center II (quasi‑co‑ownership interest of 18%) and Kawasaki Logistics Center (quasi-co-ownership interest of 25%), a gain of 1,107 million yen is expected for the fiscal period ending January 2027, and a gain of 847 million yen is expected for the fiscal period ending July 2027. With regard to the exchange of Ichikawa Logistics Center II (quasi‑co‑ownership interest of 18% for both the fiscal period ending January 2027 and the fiscal period ending July 2027) and Funabashi Nishiura Logistics Center III (quasi‑co‑ownership interest of 33% for the fiscal period ending January 2027 and 34% for the fiscal period ending July 2027), the provision of Article 50 of the Corporation Tax Act concerning the deduction of the compressed amount of assets acquired through exchange will be applied, and accounting treatment using compression accounting is scheduled to be adopted. Operating ・ When acquiring real estate, etc., JLF will include in the acquisition cost the amount equivalent to the fixed asset tax and city planning tax (“Property tax, etc.”) for the fiscal year of acquisition. The amount equivalent to
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 15 Item Assumptions expenses Property tax, etc. to be included in the acquisition cost of the Funabashi Nishiura Logistics Center III (quasi-co- ownership interest: 33%), acquired on August 3, 2026, the Narita Logistics Center, acquired on August 12, 2026, the Hyogo Tojo Logistics Center, scheduled to be acquired on October 1, 2026, and the Funabashi Nishiura Logistics Center III (quasi-co-ownership interest: 34%), scheduled to be acquired on February 1, 2027 is expected to be 50 million yen in total. ・ The breakdown of expenses related to the rent business, which comprise the core part of operating expenses, is as follows. For the six-month period ending January 31, 2027 For the six-month period ending July 31, 2027 Taxes and dues: 902 million yen 976 million yen Outsourcing services: 328 million yen 336 million yen Repair expenses: 179 million yen 134 million yen Depreciation: 1,839 million yen 1,827 million yen Loss on retirement of noncurrent assets: 3 million yen 10 million yen Other: 573 million yen 594 million yen ・ Expenses other than depreciation and loss on write-offs of noncurrent assets are calculated based on past results with expense fluctuation factors taken into account. ・ Actual repair expenses for each operating period may differ considerably from forecasts, mainly because unexpected repair expenses may be incurred due to building damage and other unforeseeable factors, the amount of repair expenses generally differs considerably from one six-month period to another, and repair expenses, by nature, are not incurred on a regular basis. ・ Depreciation is calculated using the straight-line method, taking into account incidental expenses and future additional capital expenditures. ・ Among operating expenses other than real estate leasing business, asset management fees are expected to be 960 million yen for the six-month period ending January 31, 2027 and 972 million yen for the six-month period ending July 31, 2027. Non-Operating Expenses ・ As non-operating expenses, JLF assumes 662 million yen for the six-month period ending January 31, 2027 and 752 million yen for the six-month period ending July 31, 2027. Regarding the interest expenses and interest expenses on investment corporation bonds among the non-operating expenses, JLF assumes 617 million yen for the six-month period ending January 31, 2027 and 712 million yen for the six-month period ending July 31, 2027. Regarding financing fees, JLF assumes 37 million yen for the six-month period ending January 31, 2027 and 35 million yen for the six-month period ending July 31, 2027. Distributions per Unit (Excluding distributions in Excess of earnings) ・ Distributions per unit are calculated based on the cash distribution policy defined under the Articles of Incorporation of JLF. ・ Distributions per unit for the fiscal period ending January 31, 2027 are based on the assumption that unappropriated retained earnings of 6,357 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property) of 443 million yen) will be used as a source of distributions, after 361 million yen is retained internally through the application of the compression accounting system, etc. stipulated in the Act on Special Measures Concerning Taxation. ・ Distributions per unit for the fiscal period ending July 2027 are based on the assumption that unappropriated retained earnings of 6,131 million yen for the period (including a partial reversal of internal reserves (reserve for reduction entry of special provisions of replaced property) of 443 million yen) will be used as a source of distributions. ・ Distributions per unit may fluctuate due to various factors such as acquisitions and sales of assets, fluctuations in rent caused by tenant movements, unforeseeable repairs incurred, interest rate fluctuations and the issuance of new investment units. Distributions in Excess of Earnings per Unit ・ It is assumed that JLF does not make distributions in excess of earnings due to internal reserves for the six- month period ending January 31, 2027 and July 31, 2027. Other ・ The forecasts assume that no revisions that impact the above projections are made to laws, regulations, tax rules, accounting standards, listing rules, the rules of The Investment Management Association of Japan, or others. ・ The forecasts assume that no material unforeseeable changes occur with regard to the general economic trends and real estate market conditions. (2) Investment risks For details of investment risks, please refer to “Investment Risks” in the Securities Report (Japanese) submitted on April 28, 2026.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 16 2. Financial Statements (1) Balance Sheet (Thousands of yen) 41st fiscal period As of January 31, 2026 42nd fiscal period As of July 31, 2026 Assets Current assets Cash and deposits 11,203,191 12,343,739 Cash and deposits in trust 5,097,047 5,088,354 Operating accounts receivable 424,029 417,157 Prepaid expenses 3,021 3,271 Income taxes receivable 1,441 5,362 Deposits paid 1,550,000 - Other 7,052 22,196 Total current assets 18,285,783 17,880,082 Non-current assets Property, plant and equipment Buildings 16,328,237 16,403,946 Accumulated depreciation -3,637,154 -3,841,733 Buildings, net 12,691,082 12,562,212 Structures 572,022 587,511 Accumulated depreciation -207,489 -218,651 Structures, net 364,533 368,860 Tools, furniture and fixtures 24,341 25,488 Accumulated depreciation -13,900 -15,203 Tools, furniture and fixtures, net 10,440 10,284 Land 10,862,157 10,862,157 Construction in progress 1,589 186,219 Buildings in trust 137,208,758 136,597,930 Accumulated depreciation -43,949,197 -44,703,549 Buildings in trust, net 93,259,560 91,894,380 Structures in trust 3,811,009 3,827,491 Accumulated depreciation -1,993,200 -2,027,582 Structures in trust, net 1,817,808 1,799,909 Tools, furniture and fixtures in trust 70,077 72,915 Accumulated depreciation -35,167 -37,357 Tools, furniture and fixtures in trust, net 34,909 35,557 Land in trust (Note (i)) 136,102,161 139,151,536 Construction in progress in trust - 5,258 Total property, plant and equipment 255,144,246 256,876,376 Intangible assets Other 164 3,505 Total intangible assets 164 3,505 Investments and other assets Investment securities 7,550 864,462 Long-term prepaid expenses 305,974 276,891 Deferred tax assets 15 11 Guarantee deposits 10,000 10,000 Derivatives 362,021 360,942 Total investments and other assets 685,561 1,512,308 Total non-current assets 255,829,971 258,392,189 Deferred assets Investment corporation bond issuance costs 21,921 18,541 Total deferred assets 21,921 18,541 Total assets 274,137,677 276,290,813
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 17 (Thousands of yen) 41st fiscal period As of January 31, 2026 42nd fiscal period As of July 31, 2026 Liabilities Current liabilities Operating accounts payable 1,567,710 737,195 Short-term borrowings (Note (ii)) 2,400,000 - Current portion of investment corporation bonds - 2,000,000 Current portion of long-term borrowings 14,500,000 15,500,000 Distributions payable 4,867 5,397 Accrued expenses 1,251,326 1,103,911 Income taxes payable 698 675 Accrued consumption taxes 401,741 226,791 Advances received 1,764,716 1,799,011 Deposits received 8,520 110 Other 21,233 20,599 Total current liabilities 21,920,815 21,393,693 Non-current liabilities Investment corporation bonds 10,700,000 8,700,000 Long-term borrowings 93,500,000 97,500,000 Leasehold and guarantee deposits received 611,247 716,989 Leasehold and guarantee deposits received in trust 6,149,882 6,291,165 Long-term deposits received 271,259 269,951 Total non-current liabilities 111,232,389 113,478,105 Total liabilities 133,153,204 134,871,798 Net assets Unitholders' equity Unitholders' capital Unitholders' capital, gross 140,559,170 140,559,170 Deduction from unitholders' capital (Note (iii)) -9,979,920 -10,008,138 Unitholders' capital, net 130,579,249 130,551,031 Surplus Voluntary retained earnings Reserve for reduction entry of special provisions of replaced property (Note (iv)) 1,331,618 887,745 Reserve for special account for advanced depreciation - 533,761 Reserve for tax purpose reduction entry 1,861,566 1,861,566 Total voluntary retained earnings 3,193,184 3,283,073 Unappropriated retained earnings (undisposed loss) 6,850,016 7,213,980 Total surplus 10,043,201 10,497,053 Total unitholders' equity 140,622,451 141,048,084 Valuation and translation adjustments Deferred gains or losses on hedges 362,021 370,930 Total valuation and translation adjustments 362,021 370,930 Total net assets (Note (v)) 140,984,472 141,419,014 Total liabilities and net assets 274,137,677 276,290,813
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 18 (2) Statement of Income and Retained Earnings (Thousands of yen) 41st fiscal period From August 1, 2025 to January 31, 2026 42nd fiscal period From February 1, 2026 to July 31, 2026 Operating revenue Leasing business revenue (Note1) 9,840,349 9,818,840 Other leasing business revenue (Note1) 375,395 378,687 Gain on sale of real estate properties (Note2) 1,512,497 1,140,451 Gain on exchange of real estate properties (Note3) 205,608 821,657 Total operating revenue 11,933,851 12,159,635 Operating expenses Expenses related to leasing business (Note1) 3,749,860 3,717,359 Asset management fees 1,128,670 955,809 Asset custody fees 26,299 26,235 Administrative service fees 39,773 39,365 Remuneration for directors (and other officers) 5,400 4,500 Other operating expenses 109,415 134,498 Total operating expenses 5,059,419 4,877,767 Operating profit 6,874,432 7,281,868 Non-operating income Interest income 14,430 33,739 Interest on tax refund - 1 Gain on forfeiture of unclaimed distributions 299 529 Other 0 13 Total non-operating income 14,729 34,283 Non-operating expenses Interest expenses 369,357 458,666 Financing fees 43,504 38,138 Interest expenses on investment corporation bonds 60,121 43,203 Amortization of investment corporation bond issuance costs 4,174 3,380 Other 4,940 1,891 Total non-operating expenses 482,098 545,280 Ordinary profit 6,407,063 6,770,871 Profit before income taxes 6,407,063 6,770,871 Income taxes - current 920 840 Income taxes - deferred -1 3 Total income taxes 919 844 Profit 6,406,144 6,770,026 Retained earnings brought forward - 80 Reversal of reserve for reduction entry of special provisions of replaced property 443,872 443,872 Unappropriated retained earnings (undisposed loss) 6,850,016 7,213,980
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 19 (3) Statement of Changes in Net Assets For the six-month period ended January 31, 2026 (Thousands of yen) Unitholders' equity Unitholders' capital Surplus Total unitholders' equity Unitholders' capital, gross Deduction from unitholders' capital Unitholders' capital Voluntary retained earnings Unappropriat ed retained earnings (undisposed loss) Total surplus Reserve for reduction entry of special provisions of replaced property Reserve for tax purpose reduction entry Voluntary retained earnings Balance at beginning of period 140,559,170 -9,979,920 130,579,249 1,775,491 1,222,813 2,998,304 6,543,002 9,541,307 140,120,557 Changes during period Reversal of reserve for reduction entry of special provisions of replaced property -443,872 -443,872 443,872 - Provision of reserve for tax purpose reduction entry 638,752 638,752 -638,752 - Distributions of surplus -5,904,250 -5,904,250 -5,904,250 Profit 6,406,144 6,406,144 6,406,144 Net changes in items other than unitholders' equity Total changes during period - - - -443,872 638,752 194,879 307,014 501,893 501,893 Balance at end of period 140,559,170 -9,979,920 130,579,249 1,331,618 1,861,566 3,193,184 6,850,016 10,043,201 140,622,451 Valuation and translation adjustments Total net assets Deferred gains or losses on hedges Total valuation and translation adjustments Balance at beginning of period 222,276 222,276 140,342,834 Changes during period Reversal of reserve for reduction entry of special provisions of replaced property - Provision of reserve for tax purpose reduction entry - Distributions of surplus -5,904,250 Profit 6,406,144 Net changes in items other than unitholders' equity 139,744 139,744 139,744 Total changes during period 139,744 139,744 641,637 Balance at end of period 362,021 362,021 140,984,472
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 20 For the six-month period ended July 31, 2026 (Thousands of yen) Unitholders' equity Unitholders' capital Surplus Unitholders' capital, gross Deduction from unitholders' capital Unitholders' capital V oluntary retained earnings Unappropria ted retained earnings (undisposed loss) T otal surplus Reserve for reduction entry of special provisions of replaced property Provision for special account reserve for reduction entry Reserve for tax purpose reduction entry V oluntary retained earnings Balance at beginning of period 140,559,170 -9,979,920 130,579,249 1,331,618 - 1,861,566 3,193,184 6,850,016 10,043,201 Changes during period Reversal of reserve for reduction entry under special provisions for replaced property -443,872 -443,872 443,872 - Provision for special account reserve for reduction entry 533,761 533,761 -533,761 - Distributions of surplus -6,316,174 -6,316,174 Profit 6,770,026 6,770,026 Purchase of treasury investment units Cancellation of treasury investment units -28,218 -28,218 Net changes in items other than unitholders' equity T otal changes during period - -28,218 -28,218 -443,872 533,761 - 89,888 363,963 453,851 Balance at end of period 140,559,170 -10,008,138 130,551,031 887,745 533,761 1,861,566 3,283,073 7,213,980 10,497,053 Unitholders' equity V aluation and translation adjustments T otal net assets Owned Investment units T otal unitholders' equity Deferred gains or losses on hedges T otal valuation and translation adjustments Balance at beginning of period - 140,622,451 362,021 362,021 140,984,472 Changes during period Reversal of reserve for reduction entry under special provisions for replaced property - - Provision for special account reserve for reduction entry - - Distributions of surplus -6,316,174 -6,316,174 Profit 6,770,026 6,770,026 Purchase of treasury investment units -28,218 -28,218 -28,218 Cancellation of treasury investment units 28,218 - Net changes in items other than unitholders' equity 8,908 8,908 8,908 T otal changes during period - 425,633 8,908 8,908 434,542 Balance at end of period - 141,048,084 370,930 370,930 141,419,014
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 21 (4) Distribution Information (Y en) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 I. Unappropriated retained earnings 6,850,016,976 7,213,980,185 II. Reversal of voluntary retained earnings Reversal of special account reserve for reduction entry - 533,761,128 III. Distributions 6,316,174,900 6,493,980,185 (Distributions per unit) (2,300) (2,365) IV. Voluntary retained earnings (Provision for reserve for reduction entry) - 533,761,128 (Provision for special account reserve for reduction entry) 533,761,128 720,000,000 V. Retained earnings to be carried forward 80,948 - Method of calculation of distributions The amount of distribution is limited to the amount of income in accordance with the cash distribution policy stipulated in Article 39 (1) of the Articles of Incorporation of JLF , and shall exceed the amount equivalent to 90% of the amount available for distribution by JLF under Article 67-15 of the Act on Special Measures Concerning Taxation. Based on these policies, JLF decided to distribute 6,316,174,900 yen, the amount remaining after deducting 533,761,128 yen which is the special account reserve for reduction entry stipulated in Article 65-8 of the Act from the current unappropriated retained earnings, as a profit distribution. JLF , in principle, plans to continuously make distributions in excess of earnings in each fiscal period pursuant to Article 39 (2) of its Articles of Incorporation. However, in the current fiscal period, since JLF has internal reserves (reserve for reduction entry of special provisions of replaced property and reserve for tax purpose reduction entry), it will not make distributions in excess of earnings. The amount of distribution is limited to the amount of income in accordance with the cash distribution policy stipulated in Article 39 (1) of the Articles of Incorporation of JLF , and shall exceed the amount equivalent to 90% of the amount available for distribution by JLF under Article 67-15 of the Act on Special Measures Concerning Taxation. Based on these policies, JLF decided to distribute 6,493,980,185 yen, the amount remaining after deducting 720,000,000 yen which is the special account reserve for reduction entry stipulated in Article 65-8 of the Act from the current unappropriated retained earnings, as a profit distribution. JLF , in principle, plans to continuously make distributions in excess of earnings in each fiscal period pursuant to Article 39 (2) of its Articles of Incorporation. However, in the current fiscal period, since JLF has internal reserves (reserve for reduction entry of special provisions of replaced property and reserve for tax purpose reduction entry), it will not make distributions in excess of earnings.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 22 (5) Statement of Cash Flows (Thousands of yen) 41st fiscal period From August 1, 2025 to January 31, 2026 42nd fiscal period From February 1, 2026 to July 31, 2026 Cash flows from operating activities Profit before income taxes 6,407,063 6,770,871 Depreciation 1,817,887 1,820,386 Amortization of investment corporation bond issuance costs 4,174 3,380 Interest income -14,430 -33,739 Interest expenses 429,478 501,870 Loss on retirement of non-current assets 11,445 2,197 Gain on exchange of real estate properties -205,608 -821,657 Decrease (increase) in operating accounts receivable 22,395 6,872 Increase (decrease) in accrued consumption taxes 257,677 -174,949 Decrease (increase) in prepaid expenses 74 -250 Decrease (increase) in long-term prepaid expenses 50,240 29,082 Increase (decrease) in operating accounts payable 407,365 -509,066 Increase (decrease) in accrued expenses 57,122 -181,421 Increase (decrease) in advances received -21,410 34,295 Decrease in property, plant and equipment due to sale 1,101,576 - Decrease in property, plant and equipment in trust due to sale - 1,033,883 Other, net 37,656 -17,285 Subtotal 10,362,707 8,464,470 Interest and dividends received 10,866 36,122 Interest paid -422,373 -465,300 Income taxes refund (paid) -2,116 -4,786 Net cash provided by (used in) operating activities 9,949,083 8,030,506 Cash flows from investing activities Purchase of property, plant and equipment -362,760 -55,138 Purchase of property, plant and equipment in trust -1,959,581 -4,038,178 Purchase of intangible assets - -3,407 Proceeds from leasehold and guarantee deposits received 2,930 105,741 Refund of leasehold and guarantee deposits received -46,334 - Proceeds from leasehold and guarantee deposits received in trust 133,107 295,257 Refund of leasehold and guarantee deposits received in trust -291,150 -153,974 Purchase of investment securities - -856,912 Net cash provided by (used in) investing activities -2,523,790 -4,706,611 Cash flows from financing activities Proceeds from short-term borrowings 2,400,000 1,620,000 Repayments of short-term borrowings - -4,020,000 Proceeds from long-term borrowings 7,500,000 11,000,000 Repayments of long-term borrowings -5,500,000 -6,000,000 Redemption of investment corporation bonds -3,000,000 - Purchase of treasury investment units - -28,218 Distributions paid -5,903,678 -6,315,115 Net cash provided by (used in) financing activities -4,503,678 -3,743,333 Net increase (decrease) in cash and cash equivalents 2,921,614 -419,439 Cash and cash equivalents at beginning of period 14,725,915 17,647,530 Cash and cash equivalents at end of period (Note) 17,647,530 17,228,090
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 23 (6) Notes on Assumption of Going Concern Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. (7) Summary of Significant Accounting Policies (i) V aluation standard and method for assets Investment securities Other Securities Stocks without market quotations Valued at cost accounting method based on the moving average method. For silent partnership equity interests, JLF adopts the method of recognizing its proportionate share of the net profit or loss of the silent partnership. (ii) Depreciation method for non-current assets A. Property, plant, and equipment (including trust assets) The straight-line method is used. The useful lives of property , plant and equipment are listed below. Buildings 2 to 75 years Structures 2 to 58 years Tools, furniture, and fixtures 2 to 15 years B. Intangible assets The straight-line method is used. (iii) Accounting for deferred assets A. Investment corporation bond issuance costs Investment corporation bond issuance costs are amortized by the straight-line method over the period through redemption. (iv) Accounting for income and expenses A. Accounting for property taxes Concerning fixed property tax, city planning tax, depreciated asset tax, etc. on real estate, etc. owned, of the tax amount levied and determined, the method of accounting for the amount corresponding to the concerned fiscal period as expenses related to real estate leasing business is adopted. In acquiring real estate or trust beneficiary rights that have real estate as assets in trust, the amount equivalent to fixed property taxes, etc. for the year of acquisition is included in the acquisition cost. The amount equivalent to fixed property tax, etc. included in the cost of acquisition of real estate, etc. is 12,238 thousand yen in the previous period and 34,140 thousand yen in the current period. B. Revenue recognition policy The following is a description of JLF’s principal performance obligations with respect to revenue arising from contracts with customers and the normal point in time at which such performance obligations are satisfied (the normal point in time at which revenue is recognized). (a) Sales of real estate and other assets Revenue from sales of real estate and other assets is recognized when the customer, the buyer, obtains control of the real estate and other assets by fulfilling delivery obligations stipulated in the contract for the sale of real estate and other assets. (b) Utility revenues Utility revenues are recognized based on the electricity , water, and other supplies to the lessee, which is the customer, in accordance with the real estate lease contract and related agreements. For those utilities revenues for which JLF is determined to be an agent, JLF recognizes revenues at the net amount received as charges for electricity, water, etc. supplied by another party , less the amount paid to such other party. (v) Hedge accounting method A. Hedge accounting method Deferred hedge accounting is applied. However, specially designated accounting is applied to transactions that meet the requirements for specially designated accounting for interest swaps. B. Hedging instruments and hedged items Hedging instruments: Interest rate swap transactions Hedged items: Interest on borrowings C. Hedging policy JLF utilizes derivative transactions to hedge the risks specified in the Articles of Incorporation of the Investment Corporation based on its risk management policy . D. Method of assessing hedge effectiveness Hedge effectiveness is assessed by making a comparison between the cumulative total of cash flow fluctuations attributable to hedged items and the cumulative total of cash flow fluctuations attributable to the means of hedging, and examining the ratio of these totals of fluctuations. However, the assessment of effectiveness is not conducted for transactions that meet the requirements for specially designated accounting for interest swaps. (vi) Scope of cash and cash equivalents in the statement of cash flows Cash and cash equivalents consist of cash on hand, cash in trust, deposits and deposits in trust withdrawable on demand, and short-term
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 24 investments, which are easily convertible into cash, with low risk of price fluctuation and with a maturity of less than three months. (vii) Other significant basis for preparation of financial statements A. Accounting for trust beneficiary right for real estate, etc. as trust asset Regarding trust beneficiary right for real estate, etc. held as trust asset, all assets and liabilities as well as all revenue and expense items associated with trust assets are accounted for under the respective account items of the Balance Sheet and Statement of Income and Retained Earnings. Of the trust assets accounted for under the respective account items, the following items with significance are separately indicated on the Balance Sheet. (a) Cash and deposits in trust (b) Buildings in trust, Structures in trust, Tools, furniture and fixtures in trust, Land in trust and Construction in progress in trust (c) Tenant leasehold and security deposits in trust B. Accounting treatment of non-deductible consumption taxes Non-deductible consumption taxes related to the acquisition of assets are included in the acquisition cost of each asset. [New Accounting Standards Not Y et Applied] Accounting Standard for Leases, etc. • “Accounting Standard for Leases” (ASBJ Statement No. 34, September 13, 2024, ASBJ) • “Implementation Guidance on Accounting Standard for Leases” (ASBJ Guidance No. 33, September 13, 2024, ASBJ), etc. A. Overview As part of its efforts to ensure consistency between Japanese GAAP and international accounting standards, the ASBJ reviewed the Accounting Standard for Leases to recognize assets and liabilities for all leases held by a lessee, with international accounting standards taken into consideration. Accordingly, the ASBJ issued the Accounting Standard for Leases, etc. that adopts only the key provisions of IFRS 16 that is based on the single accounting model. The revision aims to be simple and highly convenient, and to make it unnecessary to revise non-consolidated financial statements that apply IFRS 16 in the Accounting Standard for Leases, etc. Regarding the method for allocating the lease expenses in the lessee’s accounting treatment, using the same approach as IFRS 16, a single accounting model is applied for recording the depreciation associated with the right-of-use assets and the amount equivalent to the interest on the lease liabilities for all leases regardless of whether the lease is a finance lease or an operating lease. B. Scheduled date of application To be applied effective from the beginning of the period ending January 2028. C. Impact from the application of the accounting standard, etc. The impact from the application of the “Accounting Standard for Leases,” etc. on the financial statements is currently under evaluation. • “Accounting Standard for Subsequent Events” (ASBJ Statement No. 41, January 9, 2026, ASBJ) • “Implementation Guidance on Accounting Standard for Subsequent Events” (ASBJ Guidance No. 35, January 9, 2026, ASBJ), etc. A. Overview The Accounting Standard for Subsequent Events, etc. was established with the priority objective of setting comprehensive accounting standards addressing the definition, accounting treatment, and disclosure of subsequent events. As a basic policy, the accounting-related content presented in Audit Standards Report No. 560, Practical Guideline No. 1, “Audit Considerations Relating to Subsequent Events,” issued by the Auditing and Assurance Standards Committee of the Japanese Institute of Certified Public Accountants, has in principle been carried over and transferred to the Accounting Standards Board of Japan. In accordance with this policy, revisions to the wording and a reorganization of the evaluation period for subsequent events were conducted, and new disclosure requirements were introduced, such as notes regarding the approval of the issuance of financial statements. Accordingly , these standards prescribe the accounting treatment and disclosure related to subsequent events. B. Scheduled date of application To be applied effective from the beginning of the period ending January 2028. • “Accounting Standard for Income Taxes” (ASBJ Statement No. 27, July 7, 2026, Accounting Standards Board of Japan), etc. A. Overview The former ASBJ Statement No. 27, “Accounting Standard for Income Taxes, Inhabitant Taxes and Enterprise Taxes, etc.”, specified the taxes subject to its scope by referring to the tax laws governing individual taxes and prescribed the related accounting treatment and disclosure requirements. Accordingly, revisions had been made whenever new taxes were introduced. Subsequently, the Accounting Standards Board of Japan reviewed the standard by establishing principle-based guidance regarding the taxes within its scope without identifying specific taxes, taking into consideration, among other things, the definition of income taxes in international accounting standards. As a result of such deliberations, the standard was issued as the “Accounting Standard for Income Taxes,” etc., for the purpose of prescribing the accounting treatment and disclosure requirements for corporate income taxes and other taxes based on taxable profit. B. Scheduled date of application To be applied effective from the beginning of the period ending January 2029. C. Impact from the application of the accounting standard, etc. The impact from the application of the “Accounting Standard for Income Taxes,” etc. on the financial statements is currently under evaluation.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 25 (8) Notes to Financial Statements [Notes to Balance Sheet] (i) Reduction entry amounts for non-current assets acquired through exchange (Thousands of yen) As of January 31, 2026 As of July 31, 2026 Land in trust 1,852,841 1,274,983 (ii) Commitment line contracts JLF has entered into the commitment line contracts with the banks. (Thousands of yen) As of January 31, 2026 As of July 31, 2026 Total amount specified in the commitment line contracts 19,500,000 19,500,000 Borrowing balance at end of period 2,400,000 - Outstanding borrowing commitments at end of period 17,100,000 19,500,000 (iii) Status of cancellation of treasury investment units As of January 31, 2026 As of July 31, 2026 Total number of treasury investment units cancelled 49,206 units 49,500 units Total amount of cancellation 9,515,496 thousand yen 9,543,714 thousand yen (Note) The number of investment units cancelled during the period under review was 294 units, and the amount cancelled was 28,218 thousand yen.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 26 (iv) The breakdown of reserve for reduction entry of special provisions of replaced property prescribed in Article 2, Paragraph 2, Item 28 of the Ordinance on Accounting of Investment Corporations is as follows. Items Breakdown Corresponding property Ichikawa Logistics Center II / land Reason for recognition and amount Gain on sales of real estate properties of 2,618,320 thousand yen due to sales of Funabashi Nishiura Logistics Center II and Y okosuka Logistics Center. Policy for reversal Reversal into retained earnings is made in accordance with tax regulations. Description of reversal in the period Reversed since the property was disposed. As of January 31, 2026 As of July 31, 2026 Balance before provision and reversal in the period 1,775,491 thousand yen 1,331,618 thousand yen Reversal in the statement of income and retained earnings -443,872 thousand yen -443,872 thousand yen Amount on the balance sheet 1,331,618 thousand yen 887,745 thousand yen Provision as disclosed in (4) Distribution Information - - Reversal as disclosed in (4) Distribution Information - - Balance after provision and reversal in the period 1,331,618 thousand yen 887,745 thousand yen (v) Minimum amount of net assets prescribed in Article 67, Item 4 of the Investment Trusts Act (Thousands of yen) As of January 31, 2026 As of July 31, 2026 50,000 50,000
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 27 [Notes to Statement of Income and Retained Earnings] Breakdown of income from real estate leasing business (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 (i) Real estate leasing business revenue Rent revenue-real estate Rent income 9,548,808 9,494,252 Land rents received 600 30,140 Facility charges 290,941 9,840,349 294,446 9,818,840 Other lease business revenue Parking charges 32,016 34,662 Utilities charges 325,109 313,611 Other operating income 18,270 375,395 30,413 378,687 Total real estate leasing business revenue 10,215,745 10,197,527 (ii) Real estate leasing business expenses Expenses related to rent business Taxes and dues 889,252 918,119 Outsourcing service expenses 305,494 313,984 Utilities expenses 339,881 326,411 Repair expenses 252,262 169,608 Insurance expenses 44,472 44,744 Other expenses related to rent business 89,454 121,971 Depreciation 1,817,596 1,820,320 Loss on retirement of non-current assets 11,445 2,197 Total real estate leasing business expenses 3,749,860 3,717,359 (iii) Income from real estate leasing business ((i) - (ii)) 6,465,885 6,480,168 Breakdown of Gain on sale of real estate properties The previous period (from August 1, 2025 to January 31, 2026) Kadoma Logistics center (Thousands of yen) Revenue for disposition of the property 2,730,000 Book value of the property 1,101,576 Other expense on the disposition 115,926 Gain on sale of real estate properties 1,512,497 The current period (from February 1, 2026 to July 31, 2026) Urayasu Chidori Logistics center III (Thousands of yen) Revenue for disposition of the property 2,400,000 Book value of the property 1,033,883 Other expense on the disposition 225,664 Gain on sale of real estate properties 1,140,451
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 28 Breakdown of Gain on exchange of real estate properties The previous period (from August 1, 2025 to January 31, 2026) Ichikawa Logistics Center II (quasi-co-ownership interest 18%) (Thousands of yen) Proceeds from disposition of the property 4,940,000 Book value of the property 2,879,299 Other expenses on the disposition 2,250 Tax purpose reduction entry of non-current assets 1,852,841 Gain on exchange of real estate properties 205,608 The current period (from February 1, 2026 to July 31, 2026) Ichikawa Logistics Center II (quasi-co-ownership interest 18%) (Thousands of yen) Proceeds from disposition of the property 4,960,000 Book value of the property 2,861,709 Other expenses on the disposition 1,650 Tax purpose reduction entry of non-current assets 1,274,983 Gain on exchange of real estate properties 821,657 [Notes to Statement of Changes in Net Assets] Total number of investment units authorized and total number of investment units issued and outstanding For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Total number of investment units authorized 30,000,000 units 30,000,000 units Total number of investment units issued and outstanding 2,746,163 units 2,745,869 units [Notes to Statement of Cash Flows] Relationship between cash and cash equivalents at end of period and the amount on the balance sheet (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Cash and deposits 11,203,191 12,343,739 Cash and deposits in trust 5,097,047 5,088,354 Deposits paid 1,550,000 - Long-term deposits received (Note) -202,708 -204,002 Cash and cash equivalents 17,647,530 17,228,090 (Note) “Long-term deposits received” means the deposits for which the withdrawal is restricted based on the co-ownership agreement for the property in trust. Significant Non-cash Transaction JLF executed non-current asset exchange transactions on August 1, 2025 in the previous fiscal period and on February 2, 2026 in the current fiscal period. The main non-cash transactions arising from these transactions are as follows. (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Amount of property acquired through exchange -5,300,000 -5,181,000 Amount of property transferred through exchange 4,940,000 4,960,000 Exchange difference -360,000 -221,000 (Presented under “Purchases of property , plant and equipment in trust”)
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 29 [Lease Transactions] Operating lease transactions (as a lessor) (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Future lease payments receivable Due within one year 14,613,381 15,183,991 Due after one year 45,218,429 46,080,478 Total 59,831,811 61,264,470 [Financial Instruments] (i) Matters concerning the status of financial instruments A. Policies on financial instruments JLF procures funds mainly by additionally issuing investment units, borrowing funds, or issuing investment corporation bonds for the purpose of securing funds required for acquisition of assets and repair of assets, payments of distributions, and operation of JLF or repayment of debts. When procuring funds through interest-bearing debt, JLF comprehensively takes into account the conditions in the capital market and the financial environment, the capital structure of JLF and lease terms with tenants, impact on the existing unitholders, and other factors, expects the future changes in economic and social conditions, and selects an effective means of procuring funds in terms of long or short loan periods and fixed or variable interest rates. JLF uses derivative transactions for the purpose of hedging interest rate fluctuation risk and other risks and does not enter into derivative transactions for speculative or trading purposes. JLF invests surplus funds in securities and monetary claims with a focus on safety and liquidity , and does not engage in speculative investment. B. Description of financial instruments and associated risks, and the risk management system Deposits are one means of investing the surplus funds of JLF and are exposed to credit risk such as the bankruptcy of deposit financial institutions. JLF works to mitigate credit risk by shortening the period of deposits and dealing with deposit financial institutions with high credit ratings. Investment securities are investments in silent partnerships and other entities and are exposed to the credit risk of the issuers. JLF periodically reviews the issuers' financial condition and other relevant factors. Borrowings and investment corporation bonds are used primarily for acquisition of assets and repayments of debts, and are exposed to liquidity risk at the time of repayment/redemption. JLF strives to mitigate liquidity risk by diversifying lenders, repayment periods, and means of funds procurement and by securing liquidity on hand by setting commitment lines and manages liquidity risk by preparing cash flow management sheet and other methods. V ariable interest rate borrowings are exposed to the risk of interest rate fluctuations. Derivative transactions are utilized for certain borrowings as hedges by JLF to mitigate this risk. See “(iv) Hedge accounting method” above under “Summary of Significant Accounting Policies” for details about the hedging instruments, hedged items, hedging policy, and method of assessing hedge effectiveness, etc. in hedge accounting. C. Description of financial instruments Fair value of financial instruments comprises value based on market prices or rationally calculated value in the case the market prices are not available. As certain assumptions are applied in performing calculations of such value, the value may differ if different assumptions are used. In addition, the contract amount of derivative transactions, which is presented in the following section entitled “Derivatives,” is not indicative of the market risk attributable to derivative transactions.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 30 (ii) Matters concerning fair value, etc. of financial instruments Carrying amount, fair value and their differences as of January 31, 2026 are as follows. Notes to “Cash and deposits,” “Cash and deposits in trust” and “Short-term borrowings” are omitted because the fair value approximates the book value due to cash and short-term settlements. (Thousands of yen) Amount on the balance sheet Fair value Difference (1) Current portion of Investment corporation bonds - - - (2) Current portion of long-term borrowings 14,500,000 14,488,119 -11,880 (3) Investment corporation bonds 10,700,000 10,331,305 -368,694 (4) Long-term borrowings 93,500,000 92,374,168 -1,125,831 Total liabilities 118,700,000 117,193,594 -1,506,405 Derivative transactions * 362,021 362,021 - * Net amounts are shown for credits and liabilities attributable to derivative transactions, and the total of the items that constitute net liabilities is shown in negative. Carrying amount, fair value and their differences as of July 31, 2026 are as follows. Notes to “Cash and deposits” and “Cash and deposits in trust” are omitted because the fair value approximates the book value due to cash and short-term settlements. (Thousands of yen) Amount on the balance sheet Fair value Difference (1) Current portion of Investment corporation bonds 2,000,000 1,983,200 -16,800 (2) Current portion of long-term borrowings 15,500,000 15,480,088 -19,911 (3) Investment corporation bonds 8,700,000 8,339,020 -360,979 (4) Long-term borrowings 97,500,000 96,315,593 -1,184,406 Total liabilities 123,700,000 122,117,902 -1,582,097 Derivative transactions * 370,930 370,930 - * Net amounts are shown for credits and liabilities attributable to derivative transactions, and the total of the items that constitute net liabilities is shown in negative. (Note 1) Matters concerning the method of calculating the market value of financial instruments and derivative transactions. (1) Current portion of Investment corporation bond, (3) Investment corporation bond When quoted market prices are available, the fair value is determined based on the reference value issued by the Japan Securities Dealers Association. When quoted market prices are not available, the fair value is determined based on the present value calculated by discounting the total amount of principal and interest using a discount rate that reflects the remaining period and credit risk of the corresponding investment corporation bond. (2) Current portion of long-term borrowings, (4) Long-term borrowings The fair value of long-term borrowings with fixed interest rates is calculated by discounting such borrowings at rates that would be applied if new borrowings with the same amount were borrowed under similar terms and conditions. (However, long-term borrowings that are subject to specially designated accounting for interest swaps are calculated by discounting such borrowings at reasonably estimated rates that would be applied if new borrowings with the same amount are borrowed under similar terms and conditions.) In addition, for borrowings with variable interest rates, the fair value is considered to approximate the book value, as market interest rates are reflected over a short period. Therefore, the book value is used. Derivative transactions See “Notes to Derivatives” below. (Note 2) Leasehold and guarantee deposits received and leasehold and guarantee deposits received in trust are omitted due to immateriality. (Note 3) Carrying amount of stocks without market quotation on the balance sheet (Thousands of yen) As of January 31, 2026 As of July 31, 2026 Investment securities 7,550 7,550 Silent partnership equity interests - 856,912 Investment securities The balance sheet amounts shown above are not subject to disclosure of fair value in accordance with Paragraph 5 of the "Guidance on Disclosures about Fair V alue of Financial Instruments" (ASBJ Guidance No. 19, March 31, 2020). Silent partnership equity interests The balance sheet amounts shown above are not subject to disclosure of fair value pursuant to Paragraph 24-16 of the “Implementation Guidance on Accounting Standard for Fair V alue Measurement” (ASBJ Guidance No. 31, June 17, 2021), and the matters specified in Paragraph 4 (1) of the “Guidance on Disclosures about Fair V alue of Financial Instruments” (ASBJ Guidance No. 19, March 31, 2020) are not disclosed.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 31 (Note 4) Scheduled repayment amount of long-term borrowings and other interest-bearing debt after the closing date As of January 31, 2026 (Thousands of yen) Within 1 year 1~2 years 2~3 years 3~4 years 4~5 years After 5 years Long-term borrowings 14,500,000 17,500,000 16,500,000 12,000,000 25,000,000 22,500,000 Investment corporation bond - 2,000,000 1,700,000 5,000,000 - 2,000,000 Total 14,500,000 19,500,000 18,200,000 17,000,000 25,000,000 24,500,000 As of July 31, 2026 (Thousands of yen) [Notes to Investment Securities] Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. [Notes to Derivatives] (i) Transactions not applicable to hedge accounting Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. (ii) Transactions applicable to hedge accounting For the six-month period ended January 31, 2026 The following table shows the contract amount on the closing date for derivative transactions, or the amount corresponding to the principal specified in the contract. Hedge accounting method Type of derivative transactions Primary hedged items Contract amount (Thousands of yen) Fair value (Thousands of yen) Method used to calculate the fair value Amount over one year Deferred hedge accounting Interest rate swap transactions Receive variable, pay fixed Long-term borrowings 11,500,000 11,500,000 362,021 Based on prices and other conditions presented by financial institutions Within 1 year 1~2 years 2~3 years 3~4 years 4~5 years After 5 years Long-term borrowings 15,500,000 17,000,000 15,500,000 18,000,000 17,500,000 29,500,000 Investment corporation bond 2,000,000 1,700,000 3,000,000 2,000,000 2,000,000 - Total 17,500,000 18,700,000 18,500,000 20,000,000 19,500,000 29,500,000
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 32 For the six-month period ended July 31, 2026 The following table shows the contract amount on the closing date for derivative transactions, or the amount corresponding to the principal specified in the contract. Hedge accounting method Type of derivative transactions Primary hedged items Contract amount (Thousands of yen) Fair value (Thousands of yen) Method used to calculate the fair value Amount over one year Deferred hedge accounting Interest rate swap transactions Receive variable, pay fixed Long-term borrowings 11,500,000 9,500,000 370,930 Based on prices and other conditions presented by financial institutions [Notes to Retirement Benefits] Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. [Tax Effect Accounting] (i) Breakdown of major causes of deferred tax assets and deferred tax liabilities (Thousands of yen) As of January 31, 2026 As of July 31, 2026 Deferred tax assets, current Enterprise tax not deductible 15 11 Subtotal deferred tax, current 15 11 Total deferred tax assets, current 15 11 Deferred tax assets, net, current 15 11 (ii) Breakdown by major cause of material difference between the effective statutory tax rate and the effective tax rate after applying tax effect accounting As of January 31, 2026 As of July 31, 2026 Effective statutory tax rate 31.46% 31.46% Adjustments Deductible cash distributions -31.01% -30.17% Provision of reserve for tax purpose reduction entry - -2.48% Provision for special account reserve for reduction entry -2.62% -3.35% Reversal of special account reserve for reduction entry - 2.48% Reversal of reserve for reduction entry of special provisions of replaced property 2.18% 2.06% Other 0.01% 0.01% Effective tax rate after applying tax effect accounting 0.01% 0.01% [Notes to Equity in Earnings of Affiliates] Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026, for JLF does not have affiliates.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 33 [Transactions with Related Parties] (i) Parent company and principal corporate unitholders Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. (ii) Subsidiaries and affiliates Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. (iii) Sister companies Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026. (iv) Directors and principal individual unitholders For the six-month period ended January 31, 2026 Classify- cation Name of company or individual Address Paid-in capital or investment Business description or occupation V oting rights holding ratio Nature of transaction Transaction amount (Thousands of yen) Account Balance at end of period (Thousands of yen) Director or the close relative Seiichi Suzuki - - Executive Director of Japan Logistics Fund, Inc. and President & CEO of Mitsui & Co., Logistics Partners Ltd. - Payment of asset management fee to Mitsui & Co., Logistics Partners Ltd. (Note 1) 1,173,064 (Note 2) Accrued expenses 926,856 (Note 2) (Note 1) This is a transaction executed by Seiichi Suzuki as President & CEO of a third party (Mitsui & Co., Logistics Partners Ltd.), and the fee is in line with the Articles of Incorporation of JLF . (Note 2) Of the above amounts, the transaction amount does not include consumption taxes while the balance at the end of the six- month period does. For the six-month period ended July 31, 2026 Classify- cation Name of company or individual Address Paid-in capital or investment Business description or occupation V oting rights holding ratio Nature of transaction Transaction amount (Thousands of yen) Account Balance at end of period (Thousands of yen) Director or the close relative Seiichi Suzuki - - Executive Director of Japan Logistics Fund, Inc. and President & CEO of Mitsui & Co., Logistics Partners Ltd. - Payment of asset management fee to Mitsui & Co., Logistics Partners Ltd. (Note 1) 1,223,298 (Note 2) Accrued expenses 738,580 (Note 2) (Note 1) This is a transaction executed by Seiichi Suzuki as President & CEO of a third party (Mitsui & Co., Logistics Partners Ltd.), and the fee is in line with the Articles of Incorporation of JLF . (Note 2) Of the above amounts, the transaction amount does not include consumption taxes while the balance at the end of the six- month period does. [Notes to Asset Write-off Obligations] Not applicable to the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 34 [Notes to Lease Properties] JLF holds logistics properties for lease in the Tokyo Metropolitan area and other areas. The amounts on the Balance Sheet change during the fiscal period, and fair value of lease properties are as follows. (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Amount on the balance sheet Balance at the beginning of the period 255,586,386 255,142,656 Changes during the period -443,729 1,542,242 Balance at the end of the period 255,142,656 256,684,899 Fair value at the end of the period 417,420,000 420,549,000 (Note 1) The amount on the balance sheet is acquisition cost less accumulated depreciation. The amount on the balance sheet does not include the amount of the construction in progress. (Note 2) The increase of lease properties in the six-month period ended January 31, 2026 is mainly by the acquisition of Kita Nagoya Logistics Center (quasi-co-ownership interest 50%) (5,353,671thousand yen), and Ishikari Logistics Center (quasi-co-ownership interest 45%) (1,072,762thousand yen). The decrease is mainly by the disposition of Ichikawa Logistics Center II (quasi-co-ownership interest 18%) (2,879,299 thousand yen) and Kadoma Logistics Center (1,101,576 thousand yen). The increase of lease properties in the six-month period ended July 31, 2026 is mainly by the acquisition of Funabashi Nishiura Logistics Center III (quasi-co-ownership interest 33%) (5,247,239 thousand yen), Y okohama Torihama-cho (Land) (1,753,319 thousand yen), and Tosu Logistics Center (792,699 thousand yen). The decrease is mainly by the disposition of Ichikawa Logistics Center II (quasi-co-ownership interest 18%) (2,861,709 thousand yen) and Urayasu Chidori Logistics Center III (1,033,883 thousand yen). (Note 3) The fair value at the end of the six-month period is the appraisal value provided by outside real estate appraisers. Of the fair value at the end of the period for the six-month period ended January 31, 2026, the planned disposition price is used for Ichikawa Logistics Center II (quasi-co-ownership interest 54%), for which a transfer agreement was concluded on January 16, 2025. Of the fair value at the end of the period for the six-month period ended July 31, 2026, the planned disposition price is used for Ichikawa Logistics Center II (quasi-co-ownership interest 36%), for which a transfer agreement was concluded on January 16, 2025, and Kawasaki Logistics Center, for which a transfer agreement was concluded on May 27, 2026. The income concerning lease properties, etc. for the six-month period ended January 31, 2026 and the six-month period ended July 31, 2026 is indicated under "Notes to Statement of Income and Retained Earnings" above.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 35 [Notes to Revenue Recognition] For the six-month period ended January 31, 2026 (i) Information on the breakdown of revenue from contracts with customers (Thousands of yen) Revenue from contracts with customers (Note 1) Sales to external customers Sale of real estate, etc. 2,730,000 (Note 2) 1,512,497 Exchange of real estate, etc. 4,940,000 (Note 3) 205,608 Utility revenues 325,109 325,109 Other - 9,890,636 Total 7,995,109 11,933,851 (Note 1) Rental business income subject to ASBJ Statement No. 13 'Accounting Standard for Lease Transactions' and transfers of real estate subject to PITF No. 10 'Practical Solution on Accounting for Transfer of Real Estate with SPCs' are not included in 'Revenue from Contracts with Customers' because the revenue recognition accounting standard does not apply to such transactions. Revenue from contracts with customers mainly consists of proceeds from sales of real estate, consideration received for transfers of real estate in exchange transactions, and utility revenues. (Note 2) Sales of real estate, etc. are recorded as gains or losses on sales of real estate properties, etc. in the statements of income in accordance with Article 48, Paragraph 2 of the Regulations on Accounting of Investment Corporation (Cabinet Office Ordinance No. 47 of 2006), and therefore the amount is the proceeds from disposition of the property, less the book value of the property and other expenses on the disposition. (Note 3) Exchange of real estate, etc. the amount shown represents the consideration for the transfer of real estate, etc. less the cost of the real estate, etc. disposed of, other disposition-related expenses, and the amount of fixed asset reduction entry , which is recognized as gain on exchange of real estate, etc. in the Statement of Income and Retained Earnings. (ii) Information that provides a basis for understanding revenue from contracts with customers. For the six-month period ended January 31, 2026, as described in the Summary of Significant Accounting Policies. (iii) Information about the relationship between the satisfaction of performance obligations under contracts with customers and cash flows from such contracts, and the amount and timing of revenue expected to be recognized in subsequent periods from contracts with customers that existed at the end of the current period. A. Outstanding contract assets and liabilities, etc. (Thousands of yen) For the six-month period ended January 31, 2026 Receivables arising from contracts with customers (beginning balance) 85,198 Receivables arising from contracts with customers (ending balance) 67,310 Contract assets (beginning balance) - Contract assets (ending balance) - Contractual liability (beginning balance) - Contract liabilities (ending balance) - B. Transaction price allocated to remaining performance obligations As of January 31, 2026, the total transaction price allocated to remaining performance obligations for the sale of real estate properties is 14,880,000 thousand yen for the real estate properties for which a swap (sale) contract was executed on January 16, 2025. JLF expects to recognize revenue on February 2, 2026 for 4,960,000 thousand yen, on August 3, 2026 for 4,960,000 thousand yen and on February 1, 2027 for 4,960,000 thousand yen of such remaining performance obligations upon delivery of such real estate properties. With respect to utility revenues, JLF has the right to receive from the customer the amount of consideration that directly corresponds to the value for the customer, as the lessee, for the portion of the performance completed by the end of the fiscal period, and therefore, in accordance with Paragraph 19 of the Implementation Guidance of the Accounting Standard for Revenue Recognition, JLF has recognized revenue at the amount it has the right to claim. Accordingly , the provisions of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition have been applied and the transaction price allocated to the remaining performance obligations has not been included in the notes to the financial statements.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 36 For the six-month period ended July 31, 2026 (i) Information on the breakdown of revenue from contracts with customers (Thousands of yen) Revenue from contracts with customers (Note1) Sales to external customers Sale of real estate, etc. 2,400,000 (Note2) 1,140,451 Exchange of real estate, etc. 4,960,000 (Note3) 821,657 Utility revenues 313,611 313,611 Other － 9,883,915 Total 7,673,611 12,159,635 (Note1) Rental business income subject to ASBJ Statement No. 13 'Accounting Standard for Lease Transactions' and transfers of real estate subject to PITF No. 10 'Practical Solution on Accounting for Transfer of Real Estate with SPCs' are not included in 'Revenue from Contracts with Customers' because the revenue recognition accounting standard does not apply to such transactions. Revenue from contracts with customers mainly consists of proceeds from sales of real estate, consideration received for transfers of real estate in exchange transactions, and utility revenues. (Note2) Sales of real estate, etc. are recorded as gains or losses on sales of real estate properties, etc. in the statements of income in accordance with Article 48, Paragraph 2 of the Regulations on Accounting of Investment Corporation (Cabinet Office Ordinance No. 47 of 2006), and therefore the amount is the proceeds from sales of real estate property, less the book value of the property and other expenses on the disposition. (Note3) Exchange of real estate, etc. is recorded as a gain on exchange of real estate properties in the statement of income. Therefore the amount is the proceeds from disposition of the property, less the book value of the property , other expenses on the disposition and tax purpose reduction entry of non-current assets. (ii) Information that provides a basis for understanding revenue from contracts with customers. For the six-month period ended July 31, 2026, as described in the Summary of Significant Accounting Policies. (iii) Information about the relationship between the satisfaction of performance obligations under contracts with customers and cash flows from such contracts, and the amount and timing of revenue expected to be recognized in subsequent periods from contracts with customers that existed at the end of the current period. A. Outstanding contract assets and liabilities, etc. (Thousands of yen) For the six-month period ended July 31, 2026 Receivables arising from contracts with customers (beginning balance) 67,310 Receivables arising from contracts with customers (ending balance) 93,468 Contract assets (beginning balance) - Contract assets (ending balance) - Contractual liability (beginning balance) - Contract liabilities (ending balance) - B. Transaction price allocated to remaining performance obligations As of July 31, 2026, the total transaction price allocated to remaining performance obligations for the sale of real estate properties is 9,920,000 thousand yen for the real estate properties for which a swap (sale) contract was executed on January 16, 2025, and 12,400,000 thousand yen for the real estate properties for which a sale and purchase agreement was executed on May 27, 2026. JLF expects to recognize revenue for 4,960,000 thousand yen of such remaining performance obligations upon delivery of such real estate properties, which is expected to occur on August 3, 2026. JLF further expects to recognize revenue for 3,100,000 thousand yen on December 22, 2026, 4,960,000 thousand yen on February 1, 2027, 3,100,000 thousand yen on June 29, 2027, 3,100,000 thousand yen on August 4, 2027, and 3,100,000 thousand yen on February 3, 2028, upon delivery of such real estate properties. With respect to utility revenues, JLF has the right to receive from the customer the amount of consideration that directly corresponds to the value for the customer, as the lessee, for the portion of the performance completed by the end of the fiscal period, and therefore, in accordance with Paragraph 19 of the Implementation Guidance of the Accounting Standard for Revenue Recognition, JLF has recognized revenue at the amount it has the right to claim. Accordingly , the provisions of paragraph 80-22(2) of the Accounting Standard for Revenue Recognition have been applied and the transaction price allocated to the remaining performance obligations has not been included in the notes to the financial statements.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 37 [Segment Information] (i) Segment information Description is omitted as JLF engages in a single segment of the real estate leasing business. (ii) Related information For the six-month period ended January 31, 2026 A. Information by product and service Description is omitted as net sales for external customers in a single product/service category exceed 90% of the operating revenue on Statement of Income and Retained Earnings. B. Information by region (a) Net sales Description is omitted as net sales for external customers in Japan exceed 90% of the operating revenue on the Statement of Income and Retained Earnings. (b) Property , plant, and equipment Description is omitted as the amount of property, plant, and equipment located in Japan exceeds 90% of the property , plant, and equipment on the Balance Sheet. C. Information by major customer Customer Name or Individual Name Operating Revenue Related Segment Name Taisei-Y uraku Real Estate Co., Ltd. 1,512,497 thousand yen Real estate leasing business For the six-month period ended July 31, 2026 A. Information by product and service Description is omitted as net sales for external customers in a single product/service category exceed 90% of the operating revenue on Statement of Income and Retained Earnings. B. Information by region (a) Net sales Description is omitted as net sales for external customers in Japan exceed 90% of the operating revenue on the Statement of Income and Retained Earnings. (b) Property , plant, and equipment Description is omitted as the amount of property, plant, and equipment located in Japan exceeds 90% of the property , plant, and equipment on the Balance Sheet. C. Information by major customer Description is omitted as net sales for all single external customers are less than 10% of the operating revenue on the Statement of Income and Retained Earnings. [Per Unit Information] For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Net assets per unit 51,338yen 51,502yen Profit per unit 2,332yen 2,465yen (Note 1) Profit per unit was calculated by dividing profit by the average number of investment units during the period. Diluted profit per unit is not stated as there are no dilutive investment units. (Note 2) The calculation of profit per unit is based on the following. (Thousands of yen) For the six-month period ended January 31, 2026 For the six-month period ended July 31, 2026 Profit 6,406,144 6,770,026 Amount not attributable to common unitholders - - Profit pertaining to common investment units 6,406,144 6,770,026 Average number of investment units during period 2,746,163 units 2,745,963 units
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 38 [Notes to Significant Subsequent Events] Not applicable [Additional Information] JLF has partially completed the swap transactions of the following properties after the end of the fiscal period and before the date of this Financial Report. <Swap of Property> Acquisition of Property [M-43 Funabashi Nishiura Logistics Center III] Asset to be acquired Real estate trust beneficiary right (quasi co-ownership interest: 67%) First: Quasi co-ownership interest: 33% Second: Quasi co-ownership interest: 34% Planned acquisition price First: 5,181 million yen Second: 5,338 million yen Scheduled acquisition date First: August 3, 2026 Second: February 1, 2027 Location 3-6-1 Nishiura, Funabashi, Chiba, etc. Asset type W arehouse Land area 30,372.00 m2 (Note) Gross floor area 58,504.55 m2 (Note) Structure Reinforced concrete and steel framed structure, alloy-plated steel sheet roofing with 5 stories, etc. Completion April 23, 2007, etc. Type of ownership Land: Ownership Building: Ownership (Note) Figures are based on the entire property.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 39 Disposition of Property [M-18 Ichikawa Logistics Center II] Asset to be disposed Real estate trust beneficiary right (quasi co-ownership interest 36%) First: Quasi co-ownership interest: 18% Second: Quasi co-ownership interest: 18% Planned Disposition price First: 4,960 million yen Second: 4,960 million yen Date of contracts January 16, 2025 Planned Date of delivery First: August 3, 2026 Second: February 1, 2027 Buyer Nippon Prologis REIT , Inc. Effect on profit and loss In the six-month period ending January 31, 2027 (August 1, 2026 to January 31, 2027), regarding the asset to be acquired under swap, JLF plans to apply reduction entries under the provisions of Article 50 of the Corporation Tax Law of Japan, “inclusion in deductible expenses of the amount of reduction of assets acquired through a swap” and use part of capital gains from the asset to be disposed under swap to perform a reduction entry. Furthermore, in conjunction with the disposition of land under Ichikawa Logistics Center II, a reversal of the reserve for reduction entry under special provisions of replaced property for replacement is projected. As a result, JLF plans to record a gain on exchange of real estate properties of 342 million yen and a reversal of the reserve for reduction entry under the special provisions of replaced property in the amount of 443 million yen, as a source of distributions. In the six-month period ending July 31, 2027 (February 1, 2027 to July 31, 2027), regarding the asset to be acquired under swap, JLF plans to apply reduction entries under the provisions of Article 50 of the Corporation Tax Law of Japan, “inclusion in deductible expenses of the amount of reduction of assets acquired through a swap” and use part of capital gains from the asset to be disposed under swap to perform a reduction entry. Furthermore, in conjunction with the disposition of land under Ichikawa Logistics Center II, a reversal of the reserve for reduction entry under the special provisions of replaced property is projected. As a result, JLF plans to record a gain on exchange of real estate properties of 58 million yen and a reversal of the reserve for reduction entry under the special provisions of replaced property in the amount of 443 million yen as a source of distributions. (9) Changes in the total number of investment units issued and outstanding Investment Units Issued and Outstanding and Changes of the Unitholders’ capital over the past five years are as follows. Date Summary Total number of investment units issued Unitholders’ capital (Millions of yen) Remarks Change Balance Change Balance February 21, 2022 Capital increase through public offering 28,927 934,000 8,314 135,658 (Note 1) January 31, 2024 Cancellation -3,300 930,700 -936 134,721 (Note 2) January 31, 2025 Cancellation -9,979 920,721 -2,652 132,069 (Note 3) February 1, 2025 Investment Unit Split 1,841,442 2,762,163 - 132,069 (Note 4) July 31, 2025 Cancellation -16,000 2,746,163 -1,490 130,579 (Note 5) July 31, 2026 Cancellation -294 2,745,869 -28 130,551 (Note 6) (Note 1) Investment units were newly issued at the price of 297,430 yen per unit (net proceeds of 287,414 yen) for a portion of the acquisition and the construction costs associated with the redevelopment. Additionally, they made up the decline in cash on hand used for the acquisition.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 40 (Note 2) Investment units were repurchased through open-market transactions on the Tokyo Stock Exchange from November 24, 2023 to January 12, 2024 based on a purchase contract with a securities broker. All the acquired investment units were cancelled on January 31, 2024 based on a resolution at a meeting of the Board of Directors of JLF held on November 22, 2023. (Note 3) Investment units were repurchased through open-market transactions on the Tokyo Stock Exchange from September 12, 2024 to December 30, 2024 based on a purchase contract with a securities broker. All the acquired investment units were cancelled on January 31, 2025 based on a resolution at a meeting of the Board of Directors of JLF held on September 11, 2024. (Note 4) JLF has implemented a three-for-one investment unit split. (Note 5) Investment units were repurchased through open-market transactions on the Tokyo Stock Exchange from March 13, 2025 to June 30, 2025 based on a purchase contract with a securities broker. All the acquired investment units were cancelled on July 31, 2025 based on a resolution at a meeting of the Board of Directors of JLF held on March 12, 2025. (Note 6) Investment units were repurchased through open-market transactions on the Tokyo Stock Exchange from January 5, 2026 to March 31, 2026 based on a purchase contract with a securities broker. All the acquired investment units were cancelled on July 31, 2026 based on a resolution at a meeting of the Board of Directors of JLF held on December 25, 2025.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 41 3. Reference Information (1) Asset composition of JLF (Note 1) Descriptions under “3. Reference Information” are effective as of July 31, 2026, as a general rule, unless otherwise indicated. (Note 2) For region, please refer to “Area classification” below. (Note 3) The total amount owned is based on the figures posted on the Balance Sheets as of the end of the fiscal period (real estate and real estate in trust are presented in book values after depreciation), and figures below one million yen have been omitted. (Note 4) (Note 5) Figures are rounded off to the first decimal place. The asset represents a silent partnership equity interest with Sasanqua GK as the operator. (Note 6) Deposits and other assets include; deposit in trust assets of 5,097 million yen for the six-month period ended January 31, 2026 and of 5,088 million yen for the six-month period ended July 31, 2026. <Area classification> Area classification Region Tokyo Metropolitan Area Tokyo, Kanagawa, Chiba and Saitama Osaka Area Osaka, Hyogo and Kyoto Nagoya Area Aichi, Gifu and Mie Fukuoka Area Fukuoka and Saga Other Areas Other than above As of January 31, 2026 As of July 31, 2026 Amount (Millions of yen) (Note 1) Percentage to total assets (%) (Note 2) Amount (Millions of yen) (Note 1) Percentage to total assets (%) (Note 2) Total liabilities 133,153 48.6 134,871 48.8 Total net assets 140,984 51.4 141,419 51.2 Total assets 274,137 100.0 276,290 100.0 (Note 1) Figures below one million yen are omitted. (Note 2) Figures are rounded off to the first decimal place. Type of assets Use of assets Region (Note 2) As of January 31, 2026 As of July 31, 2026 Total amount owned (Millions of yen) (Note 3) Percentage to total assets (%) (Note 4) Total amount owned (Millions of yen) (Note 3) Percentage to total assets (%) (Note 4) Real estate Logistics facility Tokyo Metropolitan Area 9,176 3.3 9,091 3.3 Osaka Area, Nagoya Area and Fukuoka Area 13,290 4.8 13,260 4.8 Other Areas 1,460 0.5 1,451 0.5 Subtotal 23,928 8.7 23,803 8.6 Real estate in trust Logistics facility Tokyo Metropolitan Area 203,399 74.2 204,352 74.0 Osaka Area, Nagoya Area and Fukuoka Area 24,507 8.9 25,214 9.1 Other Areas 3,307 1.2 3,315 1.2 Subtotal 231,214 84.3 232,881 84.3 Silent partnership equity interests (Note 5) - - 856 0.3 Deposits and other assets (Note 6) 18,995 6.9 18,749 6.8 Total assets 274,137 100.0 276,290 100.0
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 42 (2) Investment Securities (i) Major investment securities A. Stocks Name of stock Number of shares Acquisition price (Thousands of yen) Fair value (Thousands of yen) (Note 2) Unrealized gain/loss Remarks Per share Total Per share Total Kuki Shobu Industrial Park Management Center (Note 1) 7,550 1 7,550 1 7,550 - - (Note 1) In connection with the acquisition of the Kuki Logistics Center, JLF acquired shares in accordance with the share handling rules of the industrial park management company in which the property is located, in proportion to the land holding area. (Note 2) As the shares are unlisted, the book value is shown. B. Securities other than stocks Category Asset Name Face value Book value (Thousands of yen) Accrued interest receivable Interest paid in advance Fair value (Thousand s of yen) (Note 2) Unrealized gain/loss Remarks Silent partnership equity interest The silent partnership equity interest with Sasanqua GK as the operator (Note 1) - 856,912 - - 856,912 - Total - - 856,912 - - 856,912 - (Note 1) The underlying assets consist of trust beneficiary interests in four properties, with Sapporo Minami Logistics Center, Narita Logistics Center II, Ichinomiya Logistics Center II and Shinkiba Logistics Center III held as the respective trust assets. The silent partnership interest held by JLF represents 9.0% of the total silent partnership interests. (Note 2) The fair value is presented at book value. (ii) List of portfolio properties JLF owns the following real estate, etc. A. The outline of portfolio properties (Acquisition price, etc.) Property Number Name of the Logistics Center Type of Ownership Acquisition price (Millions of yen) (Note 2) Book value (Millions of yen) (Note 2) Appraisal value at end of period (Millions of yen) (Note 3) % of the portfolio (Note 4) M-2 Urayasu Trust beneficiary right of real estate 8,745 (Note5) 8,580 17,300 2.9 M-3 Hiratsuka Trust beneficiary right of real estate 1,466 1,168 1,750 0.5 M-4 Shinkiba Trust beneficiary right of real estate 2,454 2,069 4,070 0.8 M-5 Urayasu Chidori Trust beneficiary right of real estate 6,000 4,815 11,000 2.0 M-6 Funabashi Nishiura Trust beneficiary right of real estate 5,700 3,734 8,880 1.9 M-8 Kawasaki Trust beneficiary right of real estate 10,905 8,797 12,400 3.7 M-9 Narashino Trust beneficiary right of real estate 1,690 1,361 2,340 0.6 M-11 Y achiyo Trust beneficiary right of real estate 7,892 (Note6) 6,415 14,200 2.7 M-12 Y okohama Fukuura Trust beneficiary right of real estate 9,800 7,215 12,900 3.3 M-13 Y achiyo II Trust beneficiary right of real estate 5,300 3,614 8,120 1.8
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 43 Property Number Name of the Logistics Center Type of Ownership Acquisition price (Millions of yen) (Note 2) Book value (Millions of yen) (Note 2) Appraisal value at end of period (Millions of yen) (Note 3) % of the portfolio (Note 4) M-15 Ichikawa Real estate 4,550 3,912 6,200 1.5 M-16 Shinonome (Note 7) Trust beneficiary right of real estate 11,800 10,887 15,700 4.0 M-17 Narashino II Trust beneficiary right of real estate 9,119 (Note 8) 6,932 13,200 3.1 M-18 Ichikawa II (Note 7) (Note 9) (Note 18) Trust beneficiary right of real estate 6,966 5,714 9,890 2.3 M-19 Souka Trust beneficiary right of real estate 14,440 (Note 10) 12,365 19,600 4.9 M-20 Tatsumi Trust beneficiary right of real estate 9,000 7,788 16,100 3.0 M-21 Kashiwa Trust beneficiary right of real estate 3,725 3,065 5,470 1.3 M-22 Musashimurayama Trust beneficiary right of real estate 8,650 8,132 12,200 2.9 M-23 Kashiwa II Trust beneficiary right of real estate 3,795 (Note 11) 3,337 5,420 1.3 M-24 Shin-Koyasu (Note 7) Trust beneficiary right of real estate 9,696 8,280 13,200 3.3 M-25 Misato Trust beneficiary right of real estate 3,873 3,171 5,000 1.3 M-26 Sagamihara Trust beneficiary right of real estate 8,032 6,606 12,700 2.7 M-27 Chiba Kita Real estate 1,459 1,620 2,800 0.5 M-28 Chiba Kita II Trust beneficiary right of real estate 4,608 4,289 6,620 1.6 M-30 Zama Trust beneficiary right of real estate 1,728 1,709 2,710 0.6 M-31 Shinkiba II Trust beneficiary right of real estate 15,270 14,257 21,200 5.1 M-32 Y okohama Machida Trust beneficiary right of real estate 25,452 24,195 28,200 8.6 M-34 Shiroi Real estate 3,875 3,558 5,710 1.3 M-35 Toda Trust beneficiary right of real estate 2,052 1,879 2,640 0.7 M-36 Ichikawa III Trust beneficiary right of real estate 3,850 3,608 6,350 1.3 M-37 Fujisawa Trust beneficiary right of real estate 4,305 3,929 4,650 1.5 M-38 Hanyu Trust beneficiary right of real estate 1,705 1,301 2,070 0.6 M-39 Saitama Kisai Trust beneficiary right of real estate 4,010 2,943 5,630 1.4 M-40 Kazo Trust beneficiary right of real estate 3,790 2,695 5,320 1.3 M-41 Kuki (Note 7) Trust beneficiary right of real estate 8,577 8,360 9,350 2.9
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 44 Property Number Name of the Logistics Center Type of Ownership Acquisition price (Millions of yen) (Note 2) Book value (Millions of yen) (Note 2) Appraisal value at end of period (Millions of yen) (Note 3) % of the portfolio (Note 4) M-42 Itabashi Trust beneficiary right of real estate 4,105 4,048 4,500 1.4 M-43 Funabashi Nishiura III (Note 7) Trust beneficiary right of real estate 5,181 3,959 5,520 1.7 M-44 Inzai Trust beneficiary right of real estate 1,313 1,368 1,430 0.4 M-45 Y okohama Torihama-cho (Land) Trust beneficiary right of real estate 1,650 1,753 1,990 0.6 Subtotal for Tokyo Metropolitan Area 246,530 213,444 344,330 83.1 T-1 Daito Trust beneficiary right of real estate 9,762 (Note 12) 8,921 21,000 3.3 T-2 Osaka Fukuzaki Trust beneficiary right of real estate 4,096 3,191 7,160 1.4 T-3 Kiyosu Real estate 3,010 (Note 13) 2,666 6,560 1.0 T-7 Fukuoka Hakozaki Futo Trust beneficiary right of real estate 2,797 2,435 3,690 0.9 T-9 Fukuoka Kashiihama Trust beneficiary right of real estate 2,750 2,249 4,050 0.9 T-10 Kasugai Real estate 3,500 (Note 14) 3,084 5,200 1.2 T-11 Takatsuki Real estate 1,560 (Note 15) 1,518 1,870 0.5 T-12 Aisai Real estate 2,510 2,462 3,040 0.8 T-13 Osaka Nishiyodogawa Real estate 2,600 2,577 2,890 0.9 T-15 Settsu Real estate 862 950 1,730 0.3 T-16 Kita Nagoya Trust beneficiary right of real estate 10,600 (Note 16) 7,625 11,000 3.6 T-17 Tosu Trust beneficiary right of real estate 751 791 879 0.3 Subtotal for Osaka Area, Nagoya Area and Fukuoka Area 44,799 38,474 69,069 15.1 O-1 Maebashi Trust beneficiary right of real estate 1,230 867 1,330 0.4 O-5 Sendaiko-kita Real estate 1,600 1,451 3,340 0.5 O-6 Ishikari Trust beneficiary right of real estate 2,353 (Note 17) 2,447 2,450 0.8 Subtotal for other Areas 5,183 4,766 7,120 1.7 Portfolio total 296,513 256,684 420,519 100.0
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 45 (Properties to be acquired, etc.) Property Number Name of the properties Type of Ownership Acquisition price (Millions of yen) (Note 2) Book value (Millions of yen) (Note 2) Appraisal value at end of period (Millions of yen) (Note 3) % of the portfolio (Note 4) M-43 Funabashi Nishiura III (Note 18) Trust beneficiary right of real estate 10,519 - 11,220 (Note 19) - (Note 1) Listed properties are primarily used as logistics facilities. (Note 2) Acquisition price and book value are rounded down to the nearest million yen. The book value does not include the construction in progress. (Note 3) Appraisal value , as a general rule, at end of period indicates appraisal value calculated based on the balance sheet date defined by Tanizawa Sōgō Appraisal Co., Ltd., Daiwa Real Estate Appraisal Co., Ltd. Japan Real Estate Institute, CBRE, Inc., JLL Morii V aluation & Advisory K.K. and Japan V aluers Co., Ltd. as the date of value estimate in accordance with the asset evaluation methods and standards specified under the Articles of Incorporation of JLF as well as the rules set forth by the Investment Management Association of Japan. (Note 4) % of the portfolio represents the ratio of the acquisition price of each piece of real estate, etc. to the total acquisition price of real estate, etc. owned by JLF , and is indicated by rounding off to the first decimal place. (Note 5) The amount is calculated by subtracting 432 million yen, the amount equivalent to the building that was demolished in December 2020, from the acquisition price of 2,902 million yen stated in the original purchase agreement, adding 6,275 million yen, the construction price for the redevelopment of the building. (Note 6) The amount is calculated by subtracting 603 million yen, the amount equivalent to the building that was demolished in July 2013, from the acquisition price of 2,266 million yen stated in the original purchase agreement, and adding 6,230 million yen, the construction price for the redevelopment of the building. (Note 7) Figures for quasi co-ownership are indicated. Shinonome Logistics Center: 47% Ichikawa Logistics Center II: 36% Shin-Koyasu Logistics Center: 51% Kuki Logistics Center: 44.5% Funabashi Nishiura Logistics Center III: 33% (Note 8) The figure is the sum of the acquisition prices on March 2, 2010 and February 3, 2025. (Note 9) The amount is calculated by subtracting the portion equivalent to the 54% quasi co-ownership interest transferred through the swap in February 2025, August 2025, and February 2026 from the original acquisition price of 17,415 million yen. JLF concluded the trust beneficiary right swap agreements on January 16, 2025 and disposed of 18% of co-ownership interest on February 3, 2025, August 1, 2025, February 2, 2026, and August 3, 2026 on each of these dates. Under the relevant swap agreement, it is planned to transfer a quasi-co-ownership interest of 18% on February 1, 2027. (Note 10) The figure is the sum of the acquisition prices on March 27, 2012 and February 6, 2017. (Note 11) The figure is the sum of the acquisition prices on September 20, 2013 and March 1, 2018. (Note 12) The amount is calculated by subtracting 291 million yen, the amount equivalent to the building that was demolished in July 2009, from the acquisition price of 7,617 million yen stated in the original purchase agreement, and adding 2,437 million yen, the construction price of the redeveloped W arehouse III. (Note 13) The amount is the sum of the acquisition price of 685 million yen stated in the original purchase agreement and the construction price of 2,325 million yen for the redevelopment of the building. (Note 14) The amount is calculated by adding the acquisition price of 2,670 million yen for the building newly constructed through the redevelopment project to the acquisition price of 830 million yen stated in the original purchase agreement. (Note 15) The figure is the sum of the acquisition prices on October 2, 2017 and October 31, 2019. (Note 16) The figure is the sum of the acquisition prices on February 3, 2025 and August 1, 2025. (Note 17) The figure is the sum of the acquisition prices on March 29, 2024 and December 17, 2025. (Note 18) The trust beneficiary rights swap agreement of Ichikawa Logistics Center II (co-ownership interest 36%) and Funabashi Nishiura Logistics Center III (co-ownership interest 67%) fall under forward commitments, etc. as defined in the “Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc.” established by the Financial Services Agency . (Note 19) Appraisal value as of July 31, 2026 by Japan V aluers Co., Ltd. is indicated.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 46 B. The outline of portfolio properties (The status of leasing of real estate properties, etc.) Property Number Name of the Logistics Center Total leasable area (m2) (Note 1) Leased area (m2) (Note 2) Total number of tenants (Note 3) Occupancy rate (%) PML value (%) (Note 4) M-2 Urayasu 37,378.68 37,378.68 1 100.0 2.3 M-3 Hiratsuka 11,168.62 11,168.62 1 100.0 11.9 M-4 Shinkiba 11,595.40 11,595.40 1 100.0 5.7 M-5 Urayasu Chidori 31,829.55 31,829.55 1 100.0 1.9 M-6 Funabashi Nishiura 35,809.99 35,809.99 2 100.0 0.1 M-8 Kawasaki 46,667.00 46,667.00 1 100.0 5.7 M-9 Narashino 4,123.60 4,123.60 1 100.0 1.8 M-11 Y achiyo 56,882.98 56,882.98 2 100.0 0.2 M-12 Y okohama Fukuura 40,160.35 40,160.35 3 100.0 7.4 M-13 Y achiyo II 32,389.75 0.00 0 0.0 2.9 M-15 Ichikawa 18,735.76 18,735.76 1 100.0 2.0 M-16 Shinonome (Note 5) 24,380.84 24,380.84 1 100.0 5.6 M-17 Narashino II 48,342.83 48,342.83 1 100.0 2.4 M-18 Ichikawa II (Note 5) 26,826.00 26,826.00 2 100.0 0.1 M-19 Souka 55,300.10 55,300.10 3 100.0 2.7 M-20 Tatsumi 29,810.84 29,810.84 1 100.0 2.8 M-21 Kashiwa 20,550.73 20,550.73 1 100.0 0.8 M-22 Musashimurayama 40,884.25 40,884.25 1 100.0 2.2 M-23 Kashiwa II 50,159.55 50,159.55 1 100.0 1.9 M-24 Shin-Koyasu (Note 5) 36,251.63 36,251.63 2 100.0 4.4 M-25 Misato 19,405.45 19,405.45 1 100.0 0.9 M-26 Sagamihara 42,733.37 42,733.37 1 100.0 4.0 M-27 Chiba Kita 14,265.11 14,265.11 1 100.0 2.5 M-28 Chiba Kita II 25,595.13 25,595.13 1 100.0 1.6 M-30 Zama 9,352.06 9,352.06 1 100.0 7.9 M-31 Shinkiba II 41,270.00 41,270.00 3 100.0 1.7 M-32 Y okohama Machida 65,720.11 51,849.53 5 78.9 6.0 M-34 Shiroi 25,653.79 25,653.79 1 100.0 1.2 M-35 Toda 7,219.40 7,219.40 1 100.0 3.2
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 47 Property Number Name of the Logistics Center Total leasable area (m2) (Note 1) Leased area (m2) (Note 2) Total number of tenants (Note 3) Occupancy rate (%) PML value (%) (Note 4) M-36 Ichikawa III 24,740.88 24,740.88 1 100.0 2.0 M-37 Fujisawa 16,443.72 16,443.72 1 100.0 14.9 M-38 Hanyu 5,919.53 5,919.53 1 100.0 1.7 M-39 Saitama Kisai 24,574.14 24,574.14 1 100.0 2.4 M-40 Kazo 25,189.47 25,189.47 1 100.0 1.7 M-41 Kuki (Note 5) 28,888.33 28,888.33 3 100.0 2.4 M-42 Itabashi 9,357.16 9,357.16 1 100.0 3.4 M-43 Funabashi Nishiura III (Note 5) 18,663.77 18,663.77 4 100.0 2.6 M-44 Inzai 5,351.15 5,351.15 1 100.0 1.4 M-45 Y okohama Torihama- cho (Land) 9,921.05 9,921.05 1 100.0 - Subtotal for Tokyo Metropolitan Area 1,079,512.07 1,033,251.74 57 95.7 - T-1 Daito 97,391.00 97,391.00 1 100.0 1 1.2 T-2 Osaka Fukuzaki 23,775.04 23,775.04 1 100.0 1 1.4 T-3 Kiyosu 20,438.09 20,438.09 1 100.0 5.0 T-7 Fukuoka Hakozaki Futo 24,463.69 24,463.69 1 100.0 1.4 T-9 Fukuoka Kashiihama 21,217.48 21,217.48 2 100.0 1.7 T-10 Kasugai 22,246.29 22,246.29 1 100.0 2.0 T-11 Takatsuki 7,305.33 7,305.33 1 100.0 1 1.1 T-12 Aisai 13,852.46 13,852.46 1 100.0 3.6 T-13 Osaka Nishiyodogawa 10,213.81 10,213.81 1 100.0 5.1 T-15 Settsu 8,108.40 8,108.40 1 100.0 7.1 T-16 Kita Nagoya 42,751.60 42,751.60 3 100.0 3.9 T-17 Tosu 3,606.03 3,606.03 1 100.0 5.1 Subtotal for Osaka Area, Nagoya Area and Fukuoka Area 295,369.22 295,369.22 15 100.0 - O-1 Maebashi 5,367.42 5,367.42 1 100.0 1.0 O-5 Sendaiko-kita 11,259.24 11,259.24 1 100.0 7.3 O-6 Ishikari 21,872.18 21,872.18 3 100.0 1.6 Subtotal for other Areas 38,498.84 38,498.84 5 100.0 - Portfolio total 1,413,380.13 1,367,1 19.80 77 96.7 1.4
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 48 (Note 1) The total leasable area is calculated based on the leased area for the building or land specified in the lease agreement (including short-term agreements for use prior to the effective date of the lease agreement, but excluding lease agreements relating to shops, vending machines, solar power generation facilities, parking lots and other similar facilities) for each property . The same applies to the information provided in “3. Reference Information” here. (Note 2) The leased area is the sum of the leased area of the building or land specified in the lease agreement (including short-term agreements for use prior to the effective date of the lease agreement, but excluding lease agreements relating to shops, vending machines, solar power generation facilities, parking lots and similar facilities) for each property . In cases where a master lease agreement has been entered into for the relevant property, the aggregate area actually leased to end tenants under lease agreements is indicated. The same applies to the information provided in “3. Reference Information” here. (Note 3) The total number of tenants indicates the aggregate number of tenants for each property based on the lease agreements relating to the respective real estate properties (including short-term agreements for use prior to the effective date of the lease agreements). Where a pass-through master lease agreement has been entered into with respect to the relevant property, the number of tenants represents the aggregate number of end tenants. (Note 4) As for the PML (Probable Maximum Loss) figures, Tokio Marine dR Co., Ltd. has prepared earthquake risk research reports with regard to portfolio properties owned by JLF. Such reports, however, do not guarantee the contents provided and simply reflect the opinion of the research institution. PML is the projected loss ratio in an earthquake. While no consistent, clear definition of PML is available, it is the ratio of the estimated loss amount corresponding to a 90% non-exceedance probability of an earthquake with a 475-year return period (10% 50-year exceedance probability) to the building replacement cost in this document. (Note 5) Figures for quasi-co-ownership are indicated. Shinonome Logistics Center: 47% Ichikawa Logistics Center II: 36% Shin-Koyasu Logistics Center: 51% Kuki Logistics Center: 44.5% Funabashi Nishiura Logistics Center III: 33%
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 49 (iii) Diversification of portfolio Diversification of portfolio properties owned by JLF is described below. A. Ratio by region Region Total leasable area (m2) Ratio (%) (Note) Acquisition price (Millions of yen) Ratio (%) (Note) Tokyo Metropolitan Area 1,079,512.07 76.4 246,530 83.1 Osaka Area, Nagoya Area and Fukuoka Area 295,369.22 20.9 44,799 15.1 Other Areas 38,498.84 2.7 5,183 1.7 Total 1,413,380.13 100.0 296,513 100.0 (Note) Figures are rounded off to the first decimal place. B. Ratio by total leasable area (Note 1) Total leasable area (m2) Number of properties Ratio (%) (Note 2) Acquisition price (Millions of yen) Ratio (%) (Note 2) Over 30,000 m2 21 38.9 201,684 68.0 Over 10,000 m2 but 30,000 m2 or less 22 40.7 76,182 25.7 10,000 m2 or less 11 20.4 18,646 6.3 Total 54 100.0 296,513 100.0 (Note 1) Properties are classified based on total leasable area (100% of total leasable area with respect to co-owned properties) and their portfolio proportions are indicated. (Note 2) Figures are rounded off to the first decimal place. C. Ratio by leasehold period Leasehold period (Residual period) Leased area (m2) Ratio (%) (Note 1) Annual rent (Millions of Y en) (Note 2) Ratio (%) (Note 1) Over 10 years 108,856.12 8.0 2,078 10.9 Over 5 years but within 10 years 196,852.27 14.4 2,563 13.4 Over 3 years but within 5 years 352,330.25 25.8 4,942 25.9 Within 3 years 709,081.16 51.9 9,478 49.7 Total 1,367,119.80 100.0 19,062 100.0 (Note 1) Figures are rounded off to the first decimal place. (Note 2) Annual rent represents either annual rent or monthly rent times 12 in the lease contract (includes short-term leases for use prior to the effective date of the lease agreement). If the property has multiple tenants, the number is the sum of the all contracts. The Lease contract includes short-term leases for use prior to the effective date of the lease agreement. (iv) Performance of portfolio properties The following provides a summary of performance for the six-month period ended July 31, 2026 of real estate, etc. owned by JLF. The “performance data” for each piece of real estate, etc. provide the following. ・ The amounts indicated under “Performance data” are not intended to provide or guarantee future values. ・ Amounts are presented with figures below one million yen omitted, and are posted on an accrual basis in principle. ・ “Real estate leasing business revenue” includes rent, common area maintenance fees, and income from parking charges, utilities expenses, and other. ・ “Taxes and public dues” includes property tax and city planning tax. As a general rule, the obligation to pay property tax and city planning tax comes into effect on January 1 of each year. Such tax payments, however, are not posted as real estate leasing business expenses, as JLF, when settling property and city planning taxes incurred at the time of property acquisition, includes the amount settled as part of the acquisition cost. ・ “Repair expenses” may vary when JLF holds properties for a long period of time as such expenses differ from period to period, and, by nature, do not arise on a regular basis. ・ “Insurance expenses” posted represents the portion of casualty insurance corresponding to the respective period. ・ “Other expenses related to rent business” includes trust fees.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 50 (Millions of yen) Property No. M-2 M-3 M-4 M-5 M-6 Name of real estate, etc. Urayasu Logistics Center Hiratsuka Logistics Center Shinkiba Logistics Center Urayasu Chidori Logistics Center Funabashi Nishiura Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Rent revenue - real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 63 8 15 43 38 Loss on write-off of noncurrent assets - 0 - 1 - (iii) Income from real estate leasing business (= (i) - (ii)) 248 42 71 149 113 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 312 51 86 194 152 (v) Capital expenditure 2 3 4 19 3 (vi) NCF (= (iv) - (v)) 309 47 82 175 149 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 51 (Millions of yen) Property No. M-8 M-9 M-11 M-12 M-13 Name of real estate, etc. Kawasaki Logistics Center Narashino Logistics Center Y achiyo Logistics Center Y okohama Fukuura Logistics Center Y achiyo Logistics Center II Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) 60 Not disclosed (Note) Not disclosed (Note) 0 Rent revenue - real estate 60 - Other lease business revenue 0 0 (ii) Total real estate leasing business expenses 17 66 Taxes and dues 5 13 Outsourcing service expenses 0 5 Utilities expenses - 2 Repair expenses - 1 Insurance expenses 0 0 Other expenses related to rent business 1 1 Depreciation and amortization 80 8 71 53 41 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) - (ii)) 196 43 233 236 -66 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 277 52 305 290 -25 (v) Capital expenditure 28 － 0 15 16 (vi) NCF (= (iv) - (v)) 248 52 304 274 -41 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 52 (Millions of yen) Property No. M-15 M-16 M-17 M-18 M-19 Name of real estate, etc. Ichikawa Logistics Center Shinonome Logistics Center (Note 1) Narashino Logistics Center II Ichikawa Logistics Center II (Note 1) (Note 2) Souka Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note 3) 355 Not disclosed (Note 3) Not disclosed (Note 3) Not disclosed (Note 3) Rent revenue - real estate 354 Other lease business revenue 0 (ii) Total real estate leasing business expenses 73 Taxes and dues 31 Outsourcing service expenses 0 Utilities expenses - Repair expenses 0 Insurance expenses 0 Other expenses related to rent business 0 Depreciation and amortization 21 38 63 41 94 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) - (ii)) 100 281 205 156 297 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 121 320 269 197 392 (v) Capital expenditure 1 3 39 22 12 (vi) NCF (= (iv) - (v)) 119 316 229 175 380 (Note 1) Figures for quasi-co-ownership are indicated. Shinonome Logistics Center: 47% Ichikawa Logistics Center II: 36% (Note 2) 18% of quasi-co-ownership interest was transferred on February 2, 2026. (Note 3) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 53 (Millions of yen) Property No. M-20 M-21 M-22 M-23 M-24 Name of real estate, etc. Tatsumi Logistics Center Kashiwa Logistics Center Musashi murayama Logistics Center Kashiwa Logistics Center II Shin-Koyasu Logistics Center (Note 1) Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Rent revenue - real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 46 25 55 29 58 Loss on write-off of noncurrent assets - - - - 0 (iii) Income from real estate leasing business (= (i) - (ii)) 227 82 194 122 197 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 273 108 249 151 256 (v) Capital expenditure 9 28 147 0 4 (vi) NCF (= (iv) - (v)) 263 80 102 150 251 (Note 1) Figures for quasi-co-ownership are indicated. Shin-Koyasu Logistics Center: 51% (Note 2) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 54 (Millions of yen) Property No. M-25 M-26 M-27 M-28 M-29 Name of real estate, etc. Misato Logistics Center Sagamihara Logistics Center Chiba Kita Logistics Center Chiba Kita Logistics Center II Urayasu Chidori Logistics Center III (Note1) Number of days under management 181 181 181 181 130 (i) Total real estate leasing business revenue Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Not disclosed (Note 2) Rent revenue - real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 29 63 24 34 4 Loss on write-off of noncurrent assets - - - - 0 (iii) Income from real estate leasing business (= (i) - (ii)) 83 193 46 102 27 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 112 257 70 137 32 (v) Capital expenditure － － 4 － 28 (vi) NCF (= (iv) - (v)) 112 257 66 137 3 (Note1) The asset was transferred on June 11, 2026. (Note2) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 55 (Millions of yen) Property No. M-30 M-31 M-32 M-34 M-35 Name of real estate, etc. Zama Logistics Center Shinkiba Logistics Center II Y okohama Machida Logistics Center Shiroi Logistics Center Toda Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Rent revenue - real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 9 73 96 44 14 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) - (ii)) 49 324 273 77 34 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 59 398 369 122 49 (v) Capital expenditure 33 0 58 - - (vi) NCF (= (iv) – (v)) 25 398 311 122 49 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 56 (Millions of yen) Property No. M-36 M-37 M-38 M-39 M-40 Name of real estate, etc. Ichikawa Logistics Center III Fujisawa Logistics Center Hanyu Logistics Center Saitama Kisai Logistics Center Kazo Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) Not disclosed (Note) 59 Not disclosed (Note) Not disclosed (Note) Rent revenue – real estate 59 Other lease business revenue - (ii) Total real estate leasing business expenses 15 Taxes and dues 3 Outsourcing service expenses 0 - Utilities expenses - Repair expenses 1 Insurance expenses 0 Other expenses related to rent business 0 Depreciation and amortization 22 30 9 23 31 Loss on write-off of noncurrent assets - - - 0 - (iii) Income from real estate leasing business (= (i) – (ii)) 110 69 43 109 80 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 132 99 52 132 111 (v) Capital expenditure - 0 1 3 21 (vi) NCF (= (iv) – (v)) 132 98 51 129 89 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 57 (Millions of yen) Property No. M-41 M-42 M-43 M-44 M-45 Name of real estate, etc. Kuki Logistics Center (Note 1) Itabashi Logistics Center Funabashi Nishiura Logistics Center III (Note 1) (Note 2) Inzai Logistics Center Y okohama Torihama-cho (Land) (Note 3) Number of days under management 181 181 180 181 131 (i) Total real estate leasing business revenue Not disclosed (Note 4) Not disclosed (Note 4) Not disclosed (Note 4) Not disclosed (Note 4) Not disclosed (Note 4) Rent revenue – real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 37 12 13 2 - Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) – (ii)) 135 75 113 23 28 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 172 87 126 25 28 (v) Capital expenditure - - - 2 - (vi) NCF (= (iv) – (v)) 172 87 126 23 28 (Note 1) Figures for quasi-co-ownership are indicated Kuki Logistics Center: 44.5%, Funabashi Nishiura Logistics Center III: 33% (Note 2) 33% of quasi-co-ownership interest was acquired on February 2, 2026. (Note 3) The asset was acquired on March 23, 2026. (Note 4) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 58 (Millions of yen) Property No. T-1 T-2 T-3 T-7 T-9 Name of real estate, etc. Daito Logistics Center Osaka Fukuzaki Logistics Center Kiyosu Logistics Center Fukuoka Hakozaki Futo Logistics Center Fukuoka Kashiihama Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Rent revenue – real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 96 23 33 17 23 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) – (ii)) 396 130 95 70 65 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 492 153 129 88 88 (v) Capital expenditure 97 3 4 2 6 (vi) NCF (= (iv) – (v)) 394 150 125 86 82 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 59 (Millions of yen) Property No. T-10 T-11 T-12 T-13 T-15 Name of real estate, etc. Kasugai Logistics Center Takatsuki Logistics Center Aisai Logistics Center Osaka Nishi yodogawa Logistics Center Settsu Logistics Center Number of days under management 181 181 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Not disclosed (Note) Rent revenue – real estate Other lease business revenue (ii) Total real estate leasing business expenses Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation and amortization 34 11 20 12 4 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) – (ii)) 79 27 47 51 39 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 114 38 67 63 43 (v) Capital expenditure - 0 - 50 - (vi) NCF (= (iv) – (v)) 114 38 67 13 43 (Note) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 60 (Millions of yen) Property No. T-16 T-17 O-1 O-5 O-6 Name of real estate, etc. Kitanagoya Logistics Center Tosu Logistics Center (Note 1) Maebashi Logistics Center Sendaiko-kita Logistics Center Ishikari Logistics Center Number of days under management 181 131 181 181 181 (i) Total real estate leasing business revenue Not disclosed (Note 2) Not disclosed (Note 2) 43 Not disclosed (Note 2) Not disclosed (Note 2) Rent revenue – real estate 43 Other lease business revenue - (ii) Total real estate leasing business expenses 12 Taxes and dues 2 Outsourcing service expenses 0 Utilities expenses - Repair expenses - Insurance expenses 0 Other expenses related to rent business 0 Depreciation and amortization 36 1 8 9 9 Loss on write-off of noncurrent assets - - - - - (iii) Income from real estate leasing business (= (i) – (ii)) 190 14 31 59 46 (iv) NOI from leasing business (= (iii) + depreciation and amortization + loss on write-off of noncurrent assets) 227 15 39 69 55 (v) Capital expenditure 3 - 0 0 24 (vi) NCF (= (iv) – (v)) 223 15 38 68 31 (Note 1) The asset was acquired on March 23, 2026. (Note 2) Not disclosed as the tenant did not agree to disclosure.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 61 (3) Capital expenditure for assets under management (i) Scheduled capital expenditure Major scheduled capital expenditures associated with the planned repair work for real estate, etc. owned by JLF are listed below. The following scheduled expenditures include those accounted for as expenses. Name of real estate, etc. (Location) Purpose Scheduled period Estimated construction cost (Millions of yen) (Note) Total amount Payment for the period Total amount paid Funabashi Nishiura Logistics Center (Funabashi, Chiba) Air Conditioning Units and Total Heat Exchangers Replacement W ork July 2027 60 - - Y achiyo Logistics Center (Y achiyo, Chiba) Exit Sign and Emergency Lighting Replacement W ork January 2028 67 - - Y okohama Fukuura Logistics Center (Y okohama, Kanagawa) Exterior W all Renovation W ork (W est Side, Phase 1) January 2027 81 - - Y okohama Fukuura Logistics Center (Y okohama, Kanagawa) Common Area Renovation W ork January 2027 56 Y okohama Fukuura Logistics Center (Y okohama, Kanagawa) Exterior W all Renovation W ork (W est Side, Phase 2) July 2027 88 - - Y okohama Fukuura Logistics Center (Y okohama, Kanagawa) Exterior W all Renovation W ork (W est Side, Phase 3) January 2028 96 - - Y achiyo Logistics Center II (Y achiyo, Chiba) New Installation of W arehouse Air Conditioning System July 2027 135 - - Narashino Logistics Center II (Narashino, Chiba) Air Conditioning Installation W ork July 2027 420 - - Musashimurayama Logistics Center (Musashimurayama, Tokyo) Partitioning W ork January 2027 93 4 4 Kazo Logistics Center (Kazo, Saitama) W arehouse System Air Conditioning Units Replacement W ork January 2027 42 - - Kazo Logistics Center (Kazo, Saitama) LED Replacement W ork July 2027 46 - - Funabashi Nishiura Logistics Center III (Funabashi Chiba) Air Conditioning Installation W ork July 2027 110 - - Settsu Logistics Center (Settsu, Osaka) Lighting Fixtures Replacement W ork (2nd to 4th Floors) January 2027 14 - - Settsu Logistics Center (Settsu, Osaka) Electrical Substation (Cubicle) Replacement W ork July 2027 75 - - Maebashi Logistics Center (Maebashi Gunma) Renovation W ork for Men's and W omen's Restrooms on the First Floor of the Office Building January 2027 10 - - Sendaiko-kita Logistics Center (Sendai, Miyagi) Refrigeration and Cold Storage Equipment Replacement W ork From November 2025 to April 2027 464 1 3 (Note) Figures are rounded down to the nearest million yen.
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 62 (ii) Capital expenditure during the six-month period The following provides a summary of major construction work applicable to capital expenditure performed during the six-month period in connection with the real estate, etc. owned by JLF . Name of real estate, etc. (Location) Purpose Period Amount of expenditure (Millions of yen) (Note) Musashimurayama Logistics Center (Musashimurayama, Tokyo) Fire Compartment Formation W ork April 2026 147 Zama Logistics Center (Zama, Kanagawa) Installation of Fire Shutter Safety Devices July 2026 33 Daito Logistics Center (Daito, Osaka) W arehouse II North and W est Exterior W all W aterproofing W ork March 2026 73 Osaka Nishiyodogawa Logistics Center (Osaka, Osaka) East and South Exterior W all Repair W ork July 2026 49 (Note) Figures are rounded down to the nearest million yen. (iii) Reserve for long-term repair plan (reserve for repairs) Not applicable
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Japan Logistics Fund, Inc. (8967) Financial Report for the Six-Month Period Ended July 31, 2026 (The 42nd Period) 63 (4) Overview of tenants and major real estate and other properties 10 major tenants The following tenants use the 10 largest areas of real estate owned and leased by JLF as of July 31, 2026. Name of tenant Name of real estate, etc. Leased area (m2) Lease ratio (%) (Note 1) Nakano Shokai co., ltd. Kashiwa Logistics Center II 157,849.64 11.5 Urayasu Chidori Logistics Center Tatsumi Logistics Center Fukuoka Hakozaki Futo Logistics Center Fukuoka Kashiihama Logistics Center Shinkiba Logistics Center II SETTSU W AREHOUSE Co., Ltd. Daito Logistics Center 119,637.29 8.8 Kasugai Logistics Center SBS NEXTHIRD Co., Ltd. Shin-Koyasu Logistics Center (Note 2) 62,371.93 4.6 Osaka Fukuzaki Logistics Center Souka Logistics Center LOGISTEED East Japan, Ltd. Y achiyo Logistics Center 61,768.36 4.5 Ichikawa Logistics Center SAGA W A EXPRESS CO., L TD. Shinonome Logistics Center (Note 2) 57,327.56 4.2 Shin-Koyasu Logistics Center (Note 2) Y okohama Fukuura Logistics Center Hanyu Logistics Center Maebashi Logistics Center Narashino Logistics Center Sagawa Global Logistics Co., Ltd. Kawasaki Logistics Center 53,617.90 3.9 Kuki Logistics Center (Note 2) MITSUI-SOKO LOGISTICS Co., Ltd. Narashino Logistics Center II 48,342.83 3.5 DHL Supply Chain Japan, Inc. Sagamihara Logistics Center 42,733.37 3.1 V ANTEC CORPORA TION Musashi Murayama Logistics Center 40,884.25 3.0 NX NP Logistics Co., Ltd. Urayasu Logistics Center 37,378.68 2.7 Total for all tenants 1,367,119.80 100.0 (Note 1) Figures are rounded off to the first decimal place. (Note 2) Figures for quasi-co-ownership are indicated. Shinonome Logistics Center: 47% Shin-Koyasu Logistics Center: 51% Kuki Logistics Center: 44.5%