January 2026 Period Financial Summary (REIT)

Performance Overview

For the January 2026 period (August 1, 2025 to January 31, 2026), operating revenue was JPY 19,737 million, operating income JPY 9,731 million, ordinary income JPY 8,994 million, and net income JPY 8,993 million. Simple comparisons with the previous period are not applicable due to differences in the operating period; however, profit decreased. Dividends were JPY 3,275 per unit, totaling JPY 10,544 million, with no excess profit distribution. The occupancy rate at period-end was maintained at a favorable 96.4%.

Financial Position and Fundraising

At period-end, total assets stood at JPY 551,703 million, net assets at JPY 322,996 million, and equity ratio was 58.5%. Interest-bearing debt was JPY 210,250 million, with an LTV of 38.1%, maintaining a stable level. Fundraising included appropriate repayment and borrowing of long-term loans, and utilization of green loans amounting to JPY 8,500 million, including short-term borrowings of JPY 6,000 million.

Operational Status and Portfolio

At the end of the period, the portfolio comprised 45 properties with an aggregate acquisition price of JPY 546.1 billion, operated under a dual sponsorship structure by Mitsui Fudosan and Itochu Corporation. Demand for logistics facilities remained solid, with the overall portfolio occupancy rate at a high level of 96.4%. In February 2026, 4 properties were acquired with a total acquisition price of JPY 26,366 million.

Outlook

For the July 2026 and January 2027 periods, operating revenue is forecasted at JPY 16,703 million and JPY 17,079 million respectively, with net income at JPY 5,729 million and JPY 5,742 million. Dividends are expected to be JPY 2,503 and JPY 2,518 per unit respectively, with no excess profit distribution planned. The external growth strategy will continue to focus on high-quality logistics facilities developed by Mitsui Fudosan, while promoting internal growth and stable financial management.