Mitsui Fudosan Logistics Park : Notice Concerning Revisions to Operating Results Forecast for the Fiscal Period Ending July 31, 2022 and January 31, 2023

March 15, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer:

Mitsui Fudosan Logistics Park Inc. (Securities Code: 3471)

6-8-7 Ginza, Chuo-ku, Tokyo 104-0061

Representative: Hiroshi Asai, Executive Director

Asset Management Company:

Mitsui Fudosan Logistics REIT Management Co., Ltd.

Representative: Yukio Yoshida, President and Chief

Executive Officer

Inquiries:

Tatsu Makino, Director & General Manager of Financial

Division

Tel. [phone]

Notice Concerning Revisions to Operating Results Forecast for the Fiscal Period Ending July 31, 2022

and January 31, 2023

Mitsui Fudosan Logistics Park Inc. ("MFLP-REIT") announced today revisions to its operating results forecast for the fiscal period ending July 31, 2022 (February 1, 2022 to July 31, 2022) and January 31, 2023 (August 1, 2022 to January 31, 2023), which MFLP-REIT had announced on January 11, 2022, as follows.

1. Details of revisions to operating results forecast (fiscal period ending July 31, 2022: February 1, 2022 to July 31, 2022)

					Distributions
	Operating	Operating	Ordinary	Net income	per unit	Distributions	Distributions
	revenue	income	income	(yen)	per unit
	in excess of
	(million	(million	(million	(million	(including	(yen)
	yen)	earnings per
	yen)	yen)	yen)	distributions in excess	(excluding
		unit
					of earnings)	distributions in
					(yen)
						excess of earnings)
Previous forecast (A)	10,626	4,467	4,157	4,156	8,352	7,217	1,135
Revised forecast (B)	10,410	4,296	4,001	4,000	8,352	6,945	1,407
Amount increase/	(215)	(171)	(156)	(156)	0	(272)	272
decrease (B - A)
Rate of increase/	(2.0)%	(3.8)%	(3.8)%	(3.8)%	0.0%	(3.8)%	24.0%
decrease

(Reference) Fiscal period ending January 31,2022: Expected number of investment units issued and outstanding at the end of the period: 576,000 units.

1

2. Operating results forecast (fiscal period ending January 31, 2023: August 1, 2022 to January 31, 2023)

					Distributions
	Operating	Operating	Ordinary	Net income	per unit	Distributions	Distributions
	revenue	income	income	(million	(yen)	per unit	in excess of
	(million	(million	(million	(including	(yen)
	yen)	earnings per
	yen)	yen)	yen)	distributions in excess	(excluding
		unit
					of earnings)	distributions in
					(yen)
						excess of earnings)
Previous forecast (A)	10,764	4,473	4,185	4,184	8,396	7,265	1,131
Revised forecast (B)	10,763	4,490	4,205	4,204	8,396	7,300	1,096
Amount increase/	(1)	16	20	20	0	35	(35)
decrease (B - A)
Rate of increase/	(0.0)%	0.4%	0.5%	0.5%	0.0%	0.5%	(3.1)%
decrease

(Reference) Fiscal period ending January 31, 2023: Expected number of investment units issued and outstanding at the end of the fiscal period: 576,000 units.

Notes:

1. The Revised forecast above is calculated as of March 15, 2022 based on the assumptions outlined in the attached "Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022 and the Fiscal Period Ending January 31, 2023". Actual operating revenue, operating income, ordinary income, net income, distribution per unit (excluding distributions in excess of earnings) and distributions in excess of earnings per unit may vary due to differences from assumptions as a result of future acquisitions or dispositions of real estate, etc., changes in the trends of the real estate market, etc. and interest rates, and the environment in which MFLP-REIT operates and other factors. Moreover, these forecasts do not guarantee the amounts of distributions and distributions in excess of earnings.
2. Forecasts may be modified if there is expected to be a noticeable discrepancy with the above forecasts.
3. All amounts are rounded down and percentages are rounded to the nearest tenth.

3. Reasons for revisions to operating results forecast and disclosure of operating results forecast

According to the determination of the issue price of the new investment units announced in the " Notice of Decision of Prices, etc., Concerning the Issue of New Investment Units and Secondary Offering" dated January 19, 2022, and the determination of the number of units issued by the third party allotment announced in the "Notice of the Decision Concerning the Number of Investment Units to Be Issued as New Investment Units by a Third-Party Allotment" dated February 18, 2022, MFLP-REIT has revised its forecasts for operating results and distributions for the fiscal period ending July 31, 2022 and fiscal period ending January 31, 2023 as a result of changes in proceeds from the issuance of new investment units and amount of borrowings for the acquisition of the Acquired Assets (to be defined in the attached" Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022 and the Fiscal Period Ending January 31, 2023") which were assumptions used in the previously announced forecast.

End.

* MFLP-REIT's corporate website: https://www.mflp-r.co.jp/en/

2

[Attachment]

Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022 and January 31,

2023

Item	Assumptions

• The fiscal period ending July 31, 2022 (the 11th fiscal period) (February 1, 2022 to July 31,

Calculation period 	2022) (181 days)
The fiscal period ending January 31, 2023 (the ninth fiscal period): August 1, 2022 to January
	31, 2023 (184 days)
 It is assumed that (i) the total number of the properties held by MFLP-REIT will be 24, which
	includes the trust beneficiary interests in real estate held by MFLP-REIT as of January 31, 2022
	(total of 21 properties), with the acquisition of the trust beneficiary interests in real estate related
Investment assets	to MFLP Yachiyo Katsutadai, MFLP Osaka I, and MFLP Hiratsuka II (collectively, "Assets
Acquired") on February 2, 2022, and that (ii) the assets held will continue to be held as there
	will be no disposition, etc. of them until the end of the fiscal period ending January 31, 2023 and
	(iii) there will be no acquisition of new properties other than the Assets Acquired. However, the
	actual number of investment assets may change due to the acquisition of new properties other
	than Assets Acquired or the disposition, etc. of assets held.
 Leasing business revenues related to the assets held are calculated based on lease contracts
Operating revenue	already executed that are in effect as of today and other factors, including tenant movements and
market trends.
 Calculations assume that there will be no gain or loss on sale of real estate, etc.
	Leasing business expenses, which are major operating expenses, other than depreciation have
	been calculated by taking into consideration changes to expenses, with the historical results used
	as a benchmark.
 Depreciation is calculated using the straight-line method. Depreciation is expected to be ¥2,701
	million for the fiscal period ending July 31, 2022 and ¥2,704 million for the fiscal period ending
	January 31, 2023.
	Leasing business income (excluding gain on sale of real estate, etc.) after the deduction of
	leasing business expenses (including depreciation) is expected to be ¥5,414 million for the fiscal
	period ending July 31, 2022 and ¥5,729 million for the fiscal period ending January 31, 2023.
 In general, when selling and buying real estate, etc., property taxes, city planning taxes and other
Operating	charges levied on new properties acquired are settled at the time of acquisition by prorating for
expenses	the period held with the present owner. However, as MFLP-REIT includes an amount equivalent
	to the settled amount in the acquisitions costs for the property, the amount is not recorded as
	expenses during the operating period that includes the day on which the property is acquired. As
	such, for expenses relating to property taxes, city planning taxes and other charges for the Assets
	Acquired, these property taxes, city planning taxes and other charges for fiscal year 2023 will be
	expensed from the fiscal period ending July 31, 2023.

• Repair expenses for buildings are expected to be ¥127 million for the fiscal period ending July 31, 2022 and ¥195 million for the fiscal period ending January 31, 2023 based on the medium- to long-term repair plan established by the Asset Management Company. However, given the possibility that repair expenses may increase or additional expenses may be incurred due to difficult-to-forecast factors, the actual results may differ significantly from the forecast amount.

3

	 Interest expenses, interest expenses on investment corporation bonds and other expenses related
		to borrowings are expected to be ¥232 million for the fiscal period ending July 31, 2022 and
		¥239 million for the fiscal period ending January 31, 2023.
		Investment corporation bond issuance costs shall be amortized on a monthly basis over a
		ten-year period starting from the month of issuance. Amortization of investment corporation
Non-operating		bond issuance costs is expected to be ¥1 million for the fiscal period ending July 31, 2022 and
	¥1 million for the fiscal period ending January 31, 2023.
expenses
	The expenses for the issuance of new investment units shall be amortized on a monthly basis
		over a three-year period starting from their month of issuance. Amortization of investment unit
		issuance expenses is expected to be ¥44 million for the fiscal period ending July 31, 2022 and
		¥44 million for the fiscal period ending January 31, 2023. It is also expected that there will be
		¥16 million in temporary expenses related to the issuance of new investment units in the fiscal
		period ending July 31, 2022.
		It is assumed that total interest-bearing debt will be ¥123,900 million at the end of the fiscal
		period ending July 31, 2022 and ¥119,500 million at the end of the fiscal period ending January
Interest-bearing		31, 2023.
	The loan to value (LTV) ratio is expected to be 36.6% at the end of the fiscal period ending July
debt
	31, 2022 and 35.8% at the end of the fiscal period ending January 31, 2023. The following
		formula is used to calculate LTV ratio.
		LTV ratio = Total interest-bearing debt ÷ Total assets × 100
	 It is assumed that the number of investment units issued and outstanding is 576,000 units as of
		the date of this document and there will be no change in the number of investment units by
		issuing new investment units, etc. through to the end of the fiscal period ending January 31,
Investment units		2023.
	Distributions per unit (excluding distributions in excess of retained earnings) and distributions in
		excess of retained earnings per unit are calculated based on the 576,000 units of expected total
		number of investment units issued and outstanding at the end of the fiscal period ending July 31,
		2022 and the fiscal period ending January 31, 2023.
		Distributions per unit (excluding distributions in excess of retained earnings) is calculated in
Distributions		accordance with MFLP-REIT's policy on distributions of cash described in its Articles of
	Incorporation and assuming that the entire amount of earnings will be distributed.
per unit (excluding
	However, distributions per unit (excluding distributions in excess of retained earnings) may
distributions in		change for a variety of reasons, including changes in MFLP-REIT's investment assets, changes
excess of earnings)
	in leasing business revenues due to tenant movements, etc., and/or the occurrence of unforeseen
		repairs and maintenance, etc.

• Distributions in excess of retained earnings per unit is calculated in accordance with MFLP-REIT's policy on distributions of cash described in its Articles of Incorporation and the asset management guidelines for the asset management company. Total distributions in excess of retained earnings are expected to be ¥810 million for the fiscal period ending July 31, 2022 (including ¥120 million for temporary distribution in excess of retained earnings), and ¥631 million for the fiscal period ending January 31, 2023.
• MFLP-REITemphasizes cash flow generated by asset management, such as the leasing of investment assets, excluding gain or loss on sale of real estate. For the time being, it is

Distributions in	MFLP-REIT's policy to calculate the amount distributable, including distributions in excess of
retained earnings, to be around 70% of FFO (Note 1) up to a maximum of 75% of FFO and
excess of earnings
continually distribute the amount of this that exceeds the amount of distributions of earnings,
per unit
within a scope where financial stability can be secured and owned assets can be maintained for a
	long duration of time, as distributions in excess of retained earnings determined based on a
	comprehensive judgment of the situation (the "continuous distributions in excess of retained
	earnings"). However, the continuous distributions in excess of retained earnings may be
	terminated given the economic environment, trends in the real estate market or leasing market,
	the situation surrounding owned assets, the percentage of distributions in excess of retained
	earnings accounted for in depreciation during MFLP-REIT's applicable operating period (Note
	2), and the situation pertaining to LTV level and retained cash and deposits, among other factors.

• In addition to the continuous distributions in excess of retained earnings, in cases where the 4

distribution amount for distributions per unit (including distributions in excess of retained earnings) is expected to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., a temporary distribution in excess of retained earnings may be executed in order to standardize the amount of the distributions per unit (including distributions in excess of retained earnings).

• However, from the perspective of continuing to maintain owned assets for a long period of time, in cases where the above distribution of cash is executed, and where the amount equal to the equivalent of depreciation and amortization for the applicable operating period minus the amount of the distribution in excess of retained earnings for the applicable operating period falls below the standard amount of capital for building maintenance (Note 3), the distribution in excess of retained earnings will be decreased by a maximum amount that the distribution amount does not fall below the total equivalent of the distribution of earnings, and this may lead to cases where distribution in excess of retained earnings will not be executed.
• In addition, from the perspective of continuing stable financial management, distributions in excess of retained earnings will not be executed in cases where the appraisal LTV ratio (Note 4) exceeds 60% in the event that the above distribution of cash is executed.
  Notes:
• 1. FFO is an acronym that stands for funds from operation. It is calculated by adding depreciation for the applicable operation period to net income (excluding profit or loss from the sale of real estate, etc.).
  2. The maximum will be an amount equivalent to 60% of the depreciation for the applicable operating period.
  3. "Standard amount of capital for building maintenance" refers to the amount that results by multiplying the six-month-equivalent amount of the 12-year-average amount of the amount equivalent to the capital expenditure amount noted in the Building Condition Evaluation Report by two.
  4. Appraisal LTV ratio (%) = A/B × 100 (%)
     A = Total interest-bearing debt on the applicable accounts settlement date
     B = Total assets on the balance sheet on the applicable accounts settlement date - Amount of book value after depreciation of owned real estate on the applicable accounts settlement date + Appraisal value of owned real estate on the applicable accounts settlement date

		It is assumed that there will be no change in legislation, taxation, accounting standards, listing
		regulations imposed by the Tokyo Stock Exchange, rules and requirements imposed by The
Other		Investment Trusts Association, Japan, etc. that will impact the aforementioned forecasts.
		It is assumed that there will be no unforeseen material changes in general economic trends, real
		estate market conditions, etc.

5