Japan Logistics Fund, Inc. The 24th Period (Ended July 2017) Fact Sheet October Mitsui & Co., Logistics Partners Ltd.

Transcription

1 Japan Logistics Fund, Inc. The 24th Period (Ended July 2017) Fact Sheet October 2017 Mitsui & Co., Logistics Partners Ltd.

2 Table of Contents Financial Highlights Leasing 1 Earnings Overview and Forecasts P3 14 Occupancy Rate (For the past 10 periods) P69 2 Major Management Indices (For the past 10 periods) P5 15 Tenant Information (as of October 2, 2017) P71 3 Balance Sheets P9 16 Top 10 Tenants (as of October 2, 2017) P74 4 Statement of Income and Retained Earnings P10 5 Statements of Cash Flows P11 Portfolio Miscellaneous 6 Portfolio List (as of October 2, 2017) P13 17 Loan to Value P75 7 AUM History (as of October 2, 2017) (For the past 10 periods) P16 18 List of Interest-bearing Debt (as of October ) P76 8 Portfolio Diversification (as of October 2, 2017) P17 19 Unitholders' Composition (For the past 10 periods) P79 9 Appraisal Values at the End of the 24th Period P18 10 Appraisal Value History (For the past 10 periods) P20 11 Income (Loss) from Real Estate Leasing Business P23 12 Income (Loss) from Real Estate Leasing Business (by Property) P25 13 Repair expenses / CapEx Management P68 Investment Unit Split JLF has conducted 5-for-1 investment unit split as effective date of February 1,

3 Earnings Overview and Forecasts The 23rd Period The 24th Period The 25th Period (Forecast) *1 The 26th Period (Forecast) *1 From 2016/8/1 From 2017/2/1 From 2017/8/1 From 2018/2/1 To 2017/1/31 To 2017/7/31 Difference To 2018/1/31 Difference To 2018/7/31 Difference Operating Revenue 7,748 7, % 8, , Operating Income 3,981 4, % 4, , Ordinary Income 3,591 3, % 4, , Net Income 3,591 3, % 4, , Total Dividends per Unit *1 4,081 4, % 4, , FFO per Unit *2 6,023 6, % 6, , Payout Ratio 67.8% 66.4% 66.1% 66.1% *3 7,748 7, , , Rent revenue-real estate 7,367 7, , , Other lease business revenue ,037 3,162 3, , Taxes and dues * Outsourcing service expenses Utilities expenses Repair expenses * Insurance expenses * Other expenses related to rent business * Depreciation (A) 1,697 1, , , Loss on write-offs of noncurrent assets (B) (C) 4,710 4, , , (A+B+C) (D) 6,420 6, , , CapEx (E) (D-E) 6,224 6, , , Yield (Annualized) *8 6.5% 6.1% 5.9% 6.0% Yield after Depreciation (Annualized) *9 4.8% 4.4% 4.3% 4.3% Accumulated Acquisition Price 212, ,279 25, ,960 29, ,960 - Book Value 195, ,292 24, ,700 28, ,802-1,897 Total Appraisal Value of the properties owned *10 272, ,590 33, Units Outstanding *11 880, , , ,000 The Number of Properties LTV * % 30.9% - - 3

4 Earnings Overview and Forecasts *1 The forecasts are calculated under certain conditions, as of September 11, The forecasts may change due to unexpected lease termination, asset sale/purchase or financing activities. The forecasts do not guarantee any future dividends payment. *2 FFO per unit = FFO The number of investment units outstanding FFO = Net income + Depreciation and amortization + Loss on Write-offs of noncurrent assets (including a portion of extraordinary loss, and excluding the amount of cash outlays) *3 *4 *5 *6 *7 *8 *9 *10 Real Estate Leasing business revenue includes rent income, CAM charges, and parking charges, utilities charges, and other operating income. Taxes and 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 the Fund, 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 the Fund 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 represents the portion of casualty insurance corresponding to the respective period. Other expenses related to rent business includes trust fees. Yield = Annual / of the asset / operating days x 365 Yield after Depreciation = / of the asset / operating days x 365 For the 23rd period and the 24th period, total appraisal value of the properties owned represents the figures at the end of each period. For the 25th period and the 26th period, total appraisal value of the properties owned represents the sum of the appraisal value of the existing properties and the appraisal value of the properties acquired after the 24th period. *11 *12 *13 JLF has conducted 5-for-1 investment unit split as effective date of February 1, LTV(%)=Total interest-bearing debt Total appraisal value of the property owned 100 Figures below one million JPY are omitted. 4

5 Major Management Indices (For the past 10 periods) The 15th Period The 16th Period The 17th Period The 18th Period The 19th Period 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2013/1/ /7/ /1/ /7/ /1/31 Operating Days (Days) (A) Operating Income 3,025 2,464 3,446 3,534 5,862 Ordinary Income (B) Net Income (C) 2,696 2,126 3,021 3,108 5,456 2,695 2,125 3,020 3,106 5,456 Unitholders' Equity (D) Net Assets (E) Total Assets (F) 97,559 97, , , , ,255 99, , , , , , , , ,785 Units Outstanding (Units) (G) Total Dividends per Unit (JPY) *1 (Reference) Before the split (JPY) *2 Distributions in Excess of Earnings per Unit (JPY) *1 (Reference) Before the split (JPY) *2 FFO per Unit (JPY) *1 (Reference) Before the split (JPY) *2 148, , , , ,000 3,643 3,500 3,639 3,743 3,900 (18,215) (17,500) (18,196) (0) (3,138) (0) 5,394 5,157 5,496 5,703 8,580 (26,972) (25,788) (27,484) ROA ROE (B)/(F) (C)/(E) 1.7% 1.3% 1.7% 1.6% 2.7% 2.7% 2.1% 2.8% 2.7% 4.6% 5

6 Major Management Indices ( For the past 10 periods) The 20th Period The 21st Period The 22nd Period The 23rd Period The 24th Period 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2015/7/ /1/ /7/ /1/ /7/31 Operating Days (Days) (A) Operating Income 3,601 3,991 3,936 3,981 4,069 Ordinary Income (B) Net Income (C) 3,210 3,549 3,563 3,591 3,678 3,209 3,548 3,562 3,591 3,678 Unitholders' Equity (D) Net Assets (E) Total Assets (F) 113, , , , , , , , , , , , , , ,405 Units Outstanding (Units) (G) Total Dividends per Unit (JPY) *1 830, , , , ,000 3,866 4,033 4,048 4,081 4,180 (Reference) Before the split (JPY) *2 Distributions in Excess of Earnings per Unit (JPY) * (Reference) Before the split (JPY) *2 FFO per Unit (JPY) *1 5,914 5,993 6,010 6,023 6,291 (Reference) Before the split (JPY) *2 ROA ROE (B)/(F) (C)/(E) 1.6% 1.7% 1.7% 1.7% 1.7% 2.7% 2.9% 2.8% 2.8% 2.9% 6

7 Major Management Indices (For the past 10 periods) The 15th Period The 16th Period The 17th Period The 18th Period The 19th Period 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2013/1/ /7/ /1/ /7/ /1/31 Book Value (H) Appraised Value (I) 149, , , , , , , , , ,327 Unit Price (JPY) (J) Market Cap (G)*(J) BPS (JPY) (K)=(E)/(G) 811, , , , , , , , , , , , , , ,392 PBR (J)/(K) (L) Yield (L)/(H)/(A)*365 Implied Cap Rate NAV per Unit (JPY) *1 (M)=(K)+((I)-(H))/(G) (Reference) Before the split (JPY) *2 P/NAV Ratio (J)/(M) 4,890 5,086 5,642 5,839 5, % 6.6% 6.2% 6.3% 6.1% 5.8% 5.6% 4.4% 4.4% 4.1% 144, , , , ,746 (721,952) (939,526) (959,405) Interest-bearing Debt (N) LTV (%) (N)/(I) 52,700 64,200 68,200 74,700 69, *1 JLF has conducted 5-for-1 investment unit split as effective date of February 1, Per unit figures from The 1st Period to The 17th Period reflect the 5 - for - 1 investment unit split. *2 Pre-split figures are described in brackets for reference. 7

8 Major Management Indices ( For the past 10 periods) The 20th Period The 21st Period The 22nd Period The 23rd Period The 24th Period 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2015/7/ /1/ /7/ /1/ /7/31 Book Value (H) Appraised Value (I) 191, , , , , , , , , ,590 Unit Price (JPY) (J) Market Cap (G)*(J) BPS (JPY) (K)=(E)/(G) 233, , , , , , , , , , , , , , ,257 PBR (J)/(K) (L) Yield (L)/(H)/(A)*365 Implied Cap Rate NAV per Unit (JPY) *1 (M)=(K)+((I)-(H))/(G) 5,992 6,420 6,404 6,420 6, % 6.4% 6.5% 6.5% 6.1% 4.6% 4.6% 4.6% 4.6% 4.7% 212, , , , ,322 (Reference) Before the split (JPY) *2 P/NAV Ratio (J)/(M) Interest-bearing Debt (N) LTV (%) (N)/(I) 71,700 71,700 71,700 71,700 94, *1 JLF has conducted 5-for-1 investment unit split as effective date of February 1, Per unit figures from The 1st Period to The 17th Period reflect the 5 - for - 1 investment uunit split. *2 Pre-split figures are described in brackets for reference. 8

9 Balance Sheets (Thousand JPY) (Thousand JPY) The 23rd Period The 24th Period The 23rd Period The 24th Period Difference 2017/1/ /7/ /1/ /7/31 Difference Assets Liabilities Current assets 11,884,282 11,826,692-57, % Current liabilities 10,751,303 8,079,111-2,672, % Cash and deposits 7,691,692 6,485,871-1,205, % Operating accounts payable 608, , , % Cash and deposits in trust 3,865,827 4,077, , % Current portion of long-term loans payable 8,000,000 5,500,000-2,500, % Operating accounts receivable 313, ,403 48, % Distribution payable 6,692 7, % Prepaid expenses 13,692 35,448 21, % Accrued expenses 707, ,525 55, % Deferred tax assets % Income taxes payable % Consumption taxes receivable - 846, , Accrued consumption taxes 146, , % Other 26 19,479 19, % Advances received 1,282,048 1,435, , % Non-current assets 197,574, ,524,495 22,950, % Deposits received - 64,379 64, Property, plant and equipment 197,335, ,292,460 22,956, % Non-current liabilities 70,114,171 95,620,089 25,505, % Buildings 5,440,357 7,616,613 2,176, % Investment corporation bond 7,700,000 9,700,000 2,000, % Structures 120, ,993 72, % Long-term loans payable 56,000,000 79,500,000 23,500, % Tools, furniture and fixtures % Tenant leasehold and security deposits 968,170 1,028,710 60, % Land 8,047,890 8,047, % Tenant leasehold and security deposits in trust 5,112,637 5,124,729 12, % Construction in progress 1,624, ,624, % Long-term deposits received 333, ,783-81, % Buildings in trust 88,262,401 96,843,999 8,581, % Derivatives liabilities - 14,865 14, Structures in trust 2,236,601 2,358, , % Total liabilities 80,865, ,699,200 22,833, % Tools, furniture and fixtures in trust 10,204 10, % Net assets Land in trust 91,593, ,222,288 13,629, % Unitholders' equity Intangible assets 2,184 1, % Unitholders' capital, net 122,823, ,823, % Investments and other assets 236, ,281-6, % Unitholders' capital, gross 123,288, ,288, % Long-term prepaid expenses 224, ,261-6, % Deduction from unitholders' capital -464, , % Guarantee deposits 10,010 10, % Total surplus 5,810,880 5,897,782 86, % Other 2,000 2, % Total voluntary retained earnings 2,219,363 2,219, % Reserve for reduction entry of special provisions of Deferred assets 41,455 54,669 13, % 2,219,363 2,219, % Investment corporation bond issuance costs 41,455 54,669 13, % Unappropriated retained earnings (undisposed loss) 3,591,516 3,678,418 86, % Total assets 209,500, ,405,858 22,905, % Total unitholders' equity 128,634, ,721,523 86, % Valuation and translation adjustments Deferred gains or losses on hedges - -14,865-14, Total valuation and translation adjustments - -14,865-14, Total net assets 128,634, ,706,658 72, % Total liabilities and net assets 209,500, ,405,858 22,905, % 9 replaced property

10 Statement of Income and Retained Earnings Operating revenue Rent revenue-real estate Other lease business revenue Distribution revenue from silent partnership Operating expenses Expenses related to rent business Asset management fee Asset custody fee Administrative service fees Directors' compensations Other operating expenses Operating income Non-operating income Non-operating expenses Ordinary income Income before income taxes Income taxes - current Income taxes - deferred Net income Retained earnings brought forward Unappropriated retained earnings (Thousand JPY) The 20st Period The 21st Period The 22nd Period The 23rd Period The 24th Period 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 Difference 2015/7/ /1/ /7/ /1/ /7/31 7,074,441 7,554,679 7,584,970 7,748,593 7,995, , % 6,886,049 7,351,937 7,403,658 7,367,663 7,782, , % 182, , , , , , % 5,826 9, ,473,334 3,563,012 3,648,416 3,766,796 3,925, , % 2,776,102 2,850,266 2,906,989 3,037,875 3,162, , % 581, , , , ,174 27, % 19,372 20,039 20,240 20,258 21,883 1, % 30,506 31,871 33,553 32,427 33,816 1, % 5,400 5,400 5,400 5,400 5, % 60,927 52,347 72,312 56,016 59,694 3, % 3,601,106 3,991,667 3,936,553 3,981,797 4,069,906 88, % 9,095 3,289 1,636 1,196 4,645 3, % 399, , , , ,585 4, % 3,210,518 3,549,552 3,563,376 3,591,858 3,678,966 87, % 3,210,518 3,549,552 3,563,376 3,591,858 3,678,966 87, % 1, % % 3,209,318 3,548,782 3,562,404 3,591,070 3,678,182 87, % % 3,209,318 3,549,321 3,562,685 3,591,516 3,678,418 86, % 10

11 Statements of Cash Flows Net cash provided by (used in) operating activities (Thousand JPY) The 20st Period The 21st Period The 22nd Period The 23rd Period The 24th Period Difference 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2015/7/ /1/ /7/ /1/ /7/31 4,658,176 5,714,399 5,274,545 5,412,357 4,659, ,001 Income before income taxes 3,210,518 3,549,552 3,563,376 3,591,858 3,678,966 87,107 Depreciation 1,669,380 1,718,125 1,707,493 1,697,728 1,856, ,375 Others -221, ,721 3, , , ,484 Net cash provided by (used in) investing activities -9,639,565-8,935,484-1,057,155-1,002,095-24,966,035-23,963,940 Purchase of property, plant and equipment -996,760-1,517, , , , ,575 Purchase of property, plant and equipment in trust -8,735,538-7,638,372-86, ,008-24,103,894-23,878,886 Proceeds from tenant leasehold and security deposits 4,030 30, , , ,769 Repayments of tenant leasehold and security deposits ,583-60,539 23,044 Proceeds from tenant leasehold and security deposits in trust 86, , , , ,300 Repayments of tenant leasehold and security deposits in trust , , , , ,044 Payments for guarantee deposits Proceeds from redemption of investment securities 2,440 75,229 1, Net cash provided by (used in) financing activities -1,236,424 6,019,043-3,555,413-3,561,783 19,394,465 22,956,248 Increase in short-term loans payable 2,000,000 13,000, ,000,000 2,000,000 Decrease in short-term loans payable -2,000,000-13,000, ,000,000-2,000,000 Proceeds from long-term loans payable 2,000,000 8,000,000-1,000,000 26,000,000 25,000,000 Repayment of long-term loans payable ,700,000-1,000,000-5,000,000-4,000,000 Proceeds from issuance of investment corporation bonds - - 1,700,000-2,000,000 2,000,000 Reclemption of investment corporation bond - -8,000, Payments for bond issuance costs , ,614-15,614 Proceeds from issuance of investment units - 9,264, Payments for investment unit issuance expenses - -37, Distributions paid -3,236,424-3,208,064-3,547,750-3,561,783-3,589,919-28,136 Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period -6,217,813 2,797, , , ,215-1,760,693 13,193,661 6,975,847 9,773,806 10,435,782 11,284, ,477 6,975,847 9,773,806 10,435,782 11,284,260 10,372, ,215 11

12 MEMO 12

13 Portfolio List (as of October 2, 2017) Property Acquisition Price Total Leasable Area *3 Leased Area *4 Number of Property Name Location Year Built No. (ratio) *2 ( m2 ) ( m2 ) Tenants Occupancy M - 1 Funabashi Funabashi, Chiba 1993/10/27 8, % 29, , % M - 2 Urayasu Urayasu, Chiba 1986/10/8 2, % 9, , % M - 3 Hiratsuka Hiratsuka, Kanagawa 1990/9/21 1, % 11, , % M - 4 Shinkiba Koto, Tokyo 1993/3/15 2, % 10, , % M - 5 Urayasu Chidori Urayasu, Chiba 2006/1/10 6, % 31, , % M - 6 Funabashi Nishiura Funabashi, Chiba 2006/1/24 5, % 34, , % M - 8 Kawasaki Kawasaki, Kanagawa 1989/7/14 10, % 41, , % M - 9 Narashino Narashino, Chiba 2005/10/5 1, % 2, , % M - 11 Yachiyo *5 Yachiyo, Chiba 2014/12/5 7, % 56, , % M - 12 Yokohama Fukuura Yokohama, Kanagawa 2007/2/25 9, % 35, , % M - 13 Yachiyo II Yachiyo, Chiba 2007/8/24 5, % 32, , % M - 14 Urayasu Chidori II Urayasu, Chiba 2001/1/16 1, % 6, , % M - 15 Ichikawa Ichikawa, Chiba 2008/2/25 4, % 18, , % M - 16 Shinonome *6 Koto, Tokyo 2006/2/8 11, % 16, , % M - 17 Narashino II *6 Narashino, Chiba 2008/1/20 7, % 43, , % M - 18 Ichikawa II *6 Ichikawa, Chiba 2009/10/9 17, % 66, , % M - 19 Souka *7 Souka, Saitama 2008/4/18 14, % 42, , % M - 20 Tatsumi Koto, Tokyo 2012/2/20 9, % 29, , % M - 21 Kashiwa Kashiwa,Tokyo 2006/10/31 3, % 20, , % M - 22 Musashimurayama Musashimurayama, Tokoyo 2003/7/8 8, % 40, , % M - 23 Kashiwa Ⅱ (land) Kashiwa,Tokyo - 2, % 54, , % M - 24 Shin-Koyasu *6 Yokohama, Kanagawa 2012/5/11 9, % 29, , % M - 25 Misato Misato, Saitama 2013/10/1 3, % 19, , % M - 26 Sagamihara Sagamihara, Kanagawa 2014/2/18 8, % 44, , % M - 27 Chiba-Kita Chiba, Chiba 1995/10/30 1, % 14, , % 13

14 Portfolio List (as of October 2, 2017) Property Acquisition Price Total Leasable Area *3 Leased Area *4 Number of Property Name Location Year Built No. (ratio) *2 ( m2 ) ( m2 ) Tenants Occupancy M - 28 Chiba-Kita II Chiba, Chiba 1997/3/24 4, % 25, , % M - 29 Urayasu Chidori III Urayasu, Chiba 1998/12/18 1, % 5, , % M - 30 Zama Zama, Kanagawa 2000/10/12 1, % 9, , % M - 31 Shinkiba II Koto, Tokyo 2015/8/5 15, % 38, , % M - 32 Yokohama Machida Machida,Tokyo 2011/5/19 25, % 64, , % Tokyo Metropolitan Area 215, % 885, , % T - 1 Daito *8 Daito, Osaka 1989/7/31 9, % 92, , % T - 2 Osaka Fukuzaki Osaka, Osaka 2004/10/28 4, % 23, , % T - 3 Kiyosu *9 Kiyosu, Aichi 2017/1/19 3, % 19, , % T - 4 Kadoma Kadoma, Osaka 1993/3/ % 7, , % T - 5 Komaki Komaki, Aichi 1994/8/5 2, % 9, , % T - 6 Komaki II Komaki, Aichi 1992/3/27 1, % 10, , % T - 7 Fukuoka Hakozaki Futo Fukuoka, Fukuoka 2006/12/22 2, % 24, , % T - 8 Tajimi *10 Tajimi, Gifu 2012/9/13 9, % 75, , % T - 9 Fukuoka Kashiihama Fukuoka, Fukuoka 2009/10/30 2, % 21, , % T - 10 Kasugai *11 Kasugai, Aichi 2017/4/17 3, % 20, , % T - 11 Takatsuki Takatsuki,Osaka 2010/2/16 1, % 7, , % Kinki, Chubu, Kyusyu Area 41, % 312, , % O - 1 Maebashi Maebashi, Gunma 2005/2/4 1, % 3, , % O - 2 Hanyu Hanyu, Saitama 2005/10/20 1, % 3, , % O - 3 Saitama Kisai Kazo, Saitama 2007/3/31 4, % 24, , % O - 4 Kazo Kazo, Saitama 2008/3/4 3, % 25, , % Other Areas 10, % 56, , % Portfolio Total 267, % 1,255, ,229, % 14

15 Portfolio List (as of October 2, 2017) *1 *2 *3 *4 *5 *6 *7 *8 *9 *10 Figures are all the estimats as of October 2, 2017, including Yokohama Machida Logistics Center acquired on September 2017, and Takatsuki Logistics Center acquired on October Ratio represents a percentage of the property's acquisition price to the accumulated acquisition price of the portfolio. Figures are rounded off to the first decimal place. The total leasable area is the registered floor area less any area of space not considered for rent. With regard to items for which a more accurate leasable area can be confirmed based on the building floor plan attached to the lease contract, the area recognized to be leasable is indicated as per such floor plan. For the property with land, the lease land area stated in the lease agreement is presented. The leased area represents the total area as part of the total leasable area of the building (or land) indicated in the lease contract of each property. In the lease contracts, it is possible that some of the rent area which is not included in the rentable area is included. OBR has completed on December 15, The acquisition price is calculated by deducting 603 million yen of write-off cost of the former building from the acquisition price stated in the initial sales contract of 2,266 million yen, and adding 6,230 million yen, which is the construction price pertaining to the redevelopment of the building. The figures are the propotion of the co-ownership interest. Shinonome 47%, Narashino II 90%, Ichikawa II 90%, Shin-Koyasu 51% JLF additionally acquired 50% interest of co-ownership on February 6, The acquisition price states the sum of on March 27, 2012 and February 6, The acquisition price is calculated by deducting 291 million yen of write-off cost of the building from the acquisition price stated in the initial sales contract of 7,617 million yen, and adding 2,437 million yen, which is the construction price of the redeveloped Warehouse III. JLF developed the building on the land purchased on December 25, Upon completion of the building, JLF acquired the building on February 24, 2017 and changed the name of the property to Kiyosu Logistics Center from Kiyosu Logistics Center (Land) on the same day. The same applies hereinafter. The acquisition price is calculated by adding 2,325 million yen, the construction price pertaining to the redevelopment of the building, to the acquisition price of 685 million yen stated in the initial sales contract. JLF additionally acquired 25% interest of co-ownership on November 4, The acquisition price stated here is the the sum of the acquisition prices of October 8, 2013 and November 4, *11 Yano Construction Co., Ltd. and JLF jointly developed the building on the land JLF purchased on April 23, 2015, pursuant to the business agreement regarding the redevelopment project. Upon completion of the building, JLF acquired the new building constructed by Yano Construction co., Ltd. on August 1, 2017 and changed the name of the property to Kasugai Logistics Center from Kasugai Logistics Center (Land) on the same day. The same applies hereinafter. The acquisition price stated here is the sum of the acquisition prices of land (830 million yen) on April 23, 2015 and the acquisition price of the building (2,670million yen) on August 1,

16 AUM History (as of October 2, 2017) (For the past 10 periods) (100 Million JPY) 3,000 Tokyo Met. Area Kinki, Chubu, Kyusyu Other 2,679 2,500 2,382 2,000 1,923 1,989 1,948 2,037 2,126 2,126 2,126 1,500 1,586 1,645 1,900 2,155 1,524 1,562 1,498 1,579 1,667 1,667 1,667 1,000 1,284 1, th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 2017/10/2 30prop. 32prop. 36prop. 38prop. 36prop. 38prop. 42prop. 42prop. 42prop. 43prop. 45prop. 16

17 Portfolio Diversification (as of October 2, 2017) By Area Tokyo Metropolitan Area Kinki, Chubu, Kyusyu Area Other Areas Portfolio Total Total Leasable Area *1 Ratio *2 Acquisition Price Ratio *2 885,928.90m2 70.6% 215, % 312,802.41m2 24.9% 41, % 56,679.13m2 4.5% 10, % 1,255,410.44m % 267, % By Size *3 More than 30,000m2 From 10,000m2 to 30,000m2 Fewer than 10,000m2 Portfolio Total Number of Properties Ratio *2 Acquisition Price Ratio * % 185, % % 65, % % 16, % % 267, % By Remaining Lease Period More than 10 years From 5 years to 10 years From 3 years to 5 years Fewer than 3 years Portfolio Total Leased Area *4 Ratio *2 Annual Rents *5 Ratio *2 215,580.18m2 17.5% 2, % 312,591.64m2 25.4% 5, % 262,390.67m2 21.3% 3, % 439,388.72m2 35.7% 6, % 1,229,951.21m % 17, % *1 *2 *3 *4 *5 The total leasable area is the registered floor area less any area of space not considered for rent. With regard to items for which a more accurate leasable area can be confirmed based on the building floor plan attached to the lease contract, the area recognized to be leasable is indicated as per such floor plan.for the property with land, the lease land area stated in the lease agreement and use agreement is presented. Figures are rounded off to the first decimal place. Properties are classified based on total rentable area (100% of total leasable area with respect to co-owned properties) and their portfolio proportions are indicated. The leased area represents the total area as part of the total leasable area of the building (or land) indicated in the lease contract of each property. In the lease contracts, it is possible that some of the rent area which is not included in the rentable area is included. Annual rent represents either annual rent in the lease contract or monthly rent in the lease contract times 12. If the property has multiple tenants, the number is the sum of the all contracts. Figures below one million JPY are omitted. 17

18 Appraisal Values at the End of the 24th Period Property Name Appraisal Value *1 Book Value DCF Direct Capitalization Difference *2 Discount Rate Terminal Cap Cap Rate Funabashi 7,280 7, % 4.3%/4.4% 4.6% 4.4% Urayasu 5,220 2,788 2, % 4.4%/4.5% 4.6% - Hiratsuka 1,930 1, % 4.8% 5.3% 5.1% Shinkiba 3,780 2,231 1, % 4.0%/4.2% 4.5% 4.3% Urayasu Chidori 8,930 5,169 3, % 4.0%/4.2% 4.3% 4.1% Funabashi Nishiura 8,000 4,418 3, % 4.3% 4.5% 4.3% Kawasaki 12,200 9,698 2, % 4.1%/4.3% 4.5% 4.4% Narashino 2,360 1, % 4.7% 4.7% 4.5% Yachiyo 11,800 7,763 4, % 4.2%/4.4% 4.8% 4.6% Yokohama Fukuura 11,600 8,253 3, % 4.7% 4.8% 4.6% Yachiyo II 7,520 4,213 3, % 4.5% 4.8% 4.6% Urayasu Chidori II 1,860 1, % 4.1%/4.3% 4.4% 4.2% Ichikawa 5,640 4,252 1, % 4.3%/4.4% 4.4% 4.2% Shinonome 14,600 11,325 3, % 4.2% 4.3% 4.1% Narashino II 9,850 6,724 3, % 4.4%/4.5% 4.6% 4.4% Ichikawa II 23,500 15,926 7, % 3.9%/4.0% 4.2% 4.0% Souka 16,900 13,887 3, % 4.0% 4.3% 4.1% Tatsumi 11,900 8,588 3, % 3.7%/3.9% 4.1% 3.9% Kashiwa 4,530 3,442 1, % 4.6% 5.0% 4.8% Musashimurayama 10,500 8,191 2, % 4.3%/4.4% 4.6% 4.4% Kashiwa Ⅱ (land) 2,540 2, % 5.8% 5.8% 5.8% Shin-Koyasu 11,800 9,310 2, % 3.8% 4.4% 4.3% Misato 4,720 3,711 1, % 4.4% 4.8% 4.6% Sagamihara 9,980 7,789 2, % 4.3% 4.8% 4.8% 18

19 Appraisal Values at the End of the 24th Period Property Name Appraisal Value *1 Book Value DCF Direct Capitalization Difference *2 Discount Rate Terminal Cap Cap Rate Chiba-Kita 1,950 1, % 4.5%/4.6% 4.8% 5.1% Chiba-Kita II 5,210 4, % 4.6% 4.9% 4.7% Urayasu Chidori III 1,440 1, % 4.0% 4.4% 4.1% Zama 2,020 1, % 4.3% 4.8% 4.6% Shinkiba II 17,700 15,684 2, % 3.8% 4.2% 4.1% Daito 19,200 8,943 10, % 4.8% 4.9% 4.7% Osaka Fukuzaki 6,460 3,429 3, % 4.5% 4.6% 4.4% Kiyosu 5,310 3,077 2, % 4.4%/4.6% 4.8% 4.6% Kadoma 1,500 1, % 4.5%/4.7% 4.8% 4.6% Komaki 2,070 1, % 4.6%/4.8% 4.9% 4.7% Komaki II 1,570 1, % 4.7% 4.9% 4.7% Fukuoka Hakozaki Futo 3,620 2, % 4.5% 5.0% 4.8% Tajimi 12,000 8,885 3, % 4.7% 5.4% 5.0% Fukuoka Kashiihama 3,400 2, % 4.6% 4.9% 4.7% Kasugai 1, % % Maebashi 1, % 5.6% 5.6% 5.4% Hanyu 1,960 1, % 5.3% 5.4% 5.2% Saitama Kisai 4,800 3,383 1, % 4.8%/5.0% 5.2% 5.0% Kazo 4,830 3,267 1, % 4.7% 4.8% 4.6% Total 306, ,292 86, % *1 *2 Appraisal values at end of the period indicates appraisal values evaluated by Tanizawa Sōgō Appraisal Co., Ltd., DAIWA REAL ESTATE APPRAISAL CO.,LTD. and Japan Real Estate Institute 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 Trusts Association, Japan. The ratio of the Difference = (appraised value - book value) / book value 19

20 Appraisal Value History (For the past 10 periods) Property Name From TO Funabashi Urayasu Hiratsuka Shinkiba Urayasu Chidori Funabashi Nishiura Kawasaki Narashino Yachiyo Yokohama Fukuura Yachiyo II Urayasu Chidori II Ichikawa Shinonome Narashino II Ichikawa II Souka Tatsumi Kashiwa Musashimurayama *1 *2 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2013/1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/31 8,860 8,850 7,040 6,910 6,850 6,880 7,020 6,990 7,120 7,280 4,890 5,200 5,200 4,420 4,610 4,740 4,860 4,900 5,070 5,220 1,740 1,680 1,680 1,710 1,760 1,790 1,830 1,860 1,890 1,930 3,050 3,120 3,190 3,260 3,340 3,440 3,520 3,600 3,700 3,780 8,830 9,180 9,210 9,320 9,720 8,380 8,560 8,560 8,720 8,930 6,870 6,950 7,090 7,250 7,540 7,940 7,950 7,960 7,970 8,000 12,100 12,300 12,100 12,400 12,900 11,500 11,700 11,700 12,000 12,200 2,080 2,120 2,120 2,170 2,260 2,290 2,290 2,290 2,320 2,360 2,410 2,270 2,420 3,350 10,600 10,900 11,300 11,300 11,500 11,800 10,000 10,200 10,200 10,300 10,500 10,700 10,900 11,100 11,400 11,600 6,240 6,450 6,450 6,670 6,940 7,090 7,220 7,220 7,360 7,520 1,680 1,650 1,650 1,650 1,730 1,760 1,800 1,800 1,830 1,860 4,690 4,850 4,860 4,960 5,170 5,270 5,390 5,390 5,510 5,640 12,300 12,600 12,900 13,200 13,700 14,200 14,400 14,700 14,900 14,600 8,360 8,640 8,640 8,830 9,210 9,400 9,580 9,580 9,850 9,850 18,600 19,400 19,800 20,200 21,000 21,400 22,400 22,400 23,100 23,500 6,620 6,870 7,020 7,120 7,390 7,590 7,940 7,950 8,100 16,900 9,460 9,780 9,980 10,200 10,600 10,900 11,400 11,600 11,800 11,900-4,140 4,220 4,290 4,350 4,440 4,530 4,620 4,450 4, ,150 9,310 9,510 9,710 9,890 10,100 10,300 10,500 20

21 Appraisal Value History (For the past 10 periods) Property Name From TO Kashiwa Ⅱ (land) Shin-Koyasu Misato Sagamihara Chiba-Kita Chiba-Kita II Urayasu Chidori III Zama Shinkiba II Daito Osaka Fukuzaki Kiyosu Kadoma Komaki Komaki II Fukuoka Hakozaki Futo Tajimi Fukuoka Kashiihama Kasugai Maebashi Hanyu *3 *4 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2013/1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/ ,530 2,540 2,540 2,540 2,540 2,540 2,540 2, ,500 10,600 10,900 11,100 11,400 11,400 11,600 11, ,290 4,340 4,430 4,520 4,610 4,620 4, ,400 9,550 9,560 9,770 9, ,850 1,860 1,900 1, ,170 5,170 5,190 5, ,390 1,410 1,410 1, ,940 1,940 1,980 2, ,700 16,300 16,500 17,100 17,100 17,800 18,100 18,100 18,600 18,800 19,200 5,280 5,460 5,410 5,510 5,830 5,950 6,080 6,210 6,310 6, ,000 2,230 5,310 1,230 1,240 1,250 1,270 1,330 1,570 1,600 1,650 1,470 1,500 1,900 1,920 1,930 1,800 1,840 1,900 1,940 1,990 2,020 2,070 1,570 1,590 1,590 1,620 1,670 1,700 1,740 1,510 1,530 1,570-3,040 3,080 3,140 3,270 3,330 3,390 3,460 3,540 3, ,030 8,100 11,000 11,200 11,400 11,600 11,800 12, ,000 3,110 3,170 3,230 3,300 3,360 3, ,040 1,050 1,110 1,120 1,200 1,370 1,390 1,390 1,400 1,390 1,390 1,390 1,390 1,410 1,410 1,860 1,920 1,920 1,960 1,920 1,920 1,930 1,940 1,960 1,960 21

22 Appraisal Value History (For the past 10 periods) Property Name From TO Saitama Kisai Kazo Funabashi Nishiura II (sold) Yokosuka (sold) Total Appraised Value (A) Total Book Value (B) Unrealized gain ((A)-(B)) *5 *5 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2013/1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/ /1/ /7/31 4,230 4,340 4,340 4,430 4,510 4,600 4,670 4,670 4,720 4,800 4,030 4,170 4,190 4,270 4,360 4,430 4,540 4,610 4,710 4,830 12,000 12,300 12,500 11, ,090 3,130 2,720 2, , , , , , , , , , , , , , , , , , , , ,292 32,966 39,364 42,681 46,615 52,584 57,624 66,018 70,925 77,169 86,297 *1 OBR has completed on December 15, *2 JLF additionally acquired 50% interest of co-ownership on February 6, *3 JLF developed the building on the land purchased on December 25, Upon completion of the building, JLF acquired the building on February 24, *4 JLF additionally acquired 25% interest of co-ownership on November 4, *5 These properties were transferred on September 30,

23 Income (Loss) from Real Estate Leasing Business Fiscal Period From To Operating Days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx yield 15th 16th 17th 18th 19th 2012/8/1 2013/2/1 2013/8/1 2014/2/1 2014/8/1 2013/1/ /7/ /1/ /7/ /1/ days 181 days 184 days 181 days 184 days 5,888 5,992 6,645 6,971 6,795 5,705 5,810 6,454 6,804 6, ,294 2,946 2,544 2,758 2, ,890 5,086 5,642 5,839 5,627 1,284 1,336 1,519 1,614 1, ,593 3,046 4,100 4,212 3, ,731 4,880 5,556 5,344 4, , , , , , , , , , , , , , , , % 6.6% 6.2% 6.3% 6.1% 4.8% 4.0% 4.5% 4.5% 4.3% 97.1% 97.2% 99.0% 98.6% 95.1% 23

24 Income (Loss) from Real Estate Leasing Business Fiscal Period From To Operating Days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx yield 20th 21st 22nd 23rd 24th 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 2015/7/ /1/ /7/ /1/ /7/ days 184 days 182 days 184 days 181 days 7,068 7,544 7,584 7,748 7,995 6,886 7,351 7,403 7,367 7, ,776 2,850 2,906 3,037 3, ,992 6,420 6,404 6,420 6,691 1,668 1,717 1,707 1,697 1, ,292 4,694 4,677 4,710 4, ,742 6,363 6,211 6,224 6, , , , , , , , , , , , , , , , % 6.4% 6.5% 6.5% 6.1% 4.5% 4.7% 4.8% 4.8% 4.4% 99.7% 99.7% 98.2% 98.3% 95.1% 24

25 M-1 M-1 M-1 M-1 M-1 Property Funabashi Funabashi Funabashi Funabashi Funabashi From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,675 8,675 8,675 8,675 8,675 7,423 7,329 7,241 7,156 7,066 6,880 7,020 6,990 7,120 7,280 yield 5.9% 5.9% 6.0% 5.7% 6.2% 3.4% 3.3% 3.2% 3.0% 3.5% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 25

26 M-2 M-2 M-2 M-2 M-2 Property Urayasu Urayasu Urayasu Urayasu Urayasu From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,902 2,902 2,902 2,902 2,902 2,812 2,806 2,800 2,794 2,788 4,740 4,860 4,900 5,070 5,220 yield 1.6% 2.4% 1.8% 1.7% 3.5% 1.2% 2.0% 1.4% 1.2% 3.0% 66.2% 66.2% 57.9% 70.0% 66.5% * Not disclosed, for unable to obtain the tenant's consent. 26

27 M-3 M-3 M-3 M-3 M-3 Property Hiratsuka Hiratsuka Hiratsuka Hiratsuka Hiratsuka From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,466 1,466 1,466 1,466 1,466 1,356 1,346 1,335 1,325 1,315 1,790 1,830 1,860 1,890 1,930 yield 7.8% 7.4% 7.9% 7.6% 8.0% 6.2% 5.9% 6.3% 6.0% 6.4% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 27

28 M-4 M-4 M-4 M-4 M-4 Property Shinkiba Shinkiba Shinkiba Shinkiba Shinkiba From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,454 2,454 2,454 2,454 2,454 2,278 2,264 2,252 2,238 2,231 3,440 3,520 3,600 3,700 3,780 yield 6.7% 6.8% 7.0% 6.6% 7.1% 5.4% 5.6% 5.6% 5.3% 5.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 28

29 M-5 M-5 M-5 M-5 M-5 Property Urayasu Chidori Urayasu Chidori Urayasu Chidori Urayasu Chidori Urayasu Chidori From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,000 6,000 6,000 6,000 6,000 5,282 5,235 5,241 5,217 5,169 8,380 8,560 8,560 8,720 8,930 yield 7.7% 7.8% 7.2% 7.6% 7.9% 6.0% 6.1% 5.4% 5.8% 6.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 29

30 M-6 M-6 M-6 M-6 M-6 Property Funabashi Nishiura Funabashi Nishiura Funabashi Nishiura Funabashi Nishiura Funabashi Nishiura From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,700 5,700 5,700 5,700 5,700 4,586 4,527 4,481 4,420 4,418 7,940 7,950 7,960 7,970 8,000 yield 7.8% 7.7% 8.8% 8.9% -0.8% 5.1% 5.0% 6.0% 6.1% -3.7% 100.0% 100.0% 100.0% 100.0% 20.1% * Not disclosed, for unable to obtain the tenant's consent. 30

31 M-8 M-8 M-8 M-8 M-8 Property Kawasaki Kawasaki Kawasaki Kawasaki Kawasaki From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,905 10,905 10,905 10,905 10,905 9,986 9,915 9,841 9,771 9,698 11,500 11,700 11,700 12,000 12,200 yield 7.0% 6.0% 6.0% 5.9% 6.1% 5.5% 4.5% 4.4% 4.4% 4.5% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 31

32 M-9 M-9 M-9 M-9 M-9 Property Narashino Narashino Narashino Narashino Narashino From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,690 1,690 1,690 1,690 1,690 1,528 1,517 1,507 1,497 1,486 2,290 2,290 2,290 2,320 2,360 yield 7.2% 7.2% 7.1% 7.1% 7.4% 5.8% 5.8% 5.7% 5.7% 6.0% 100.0% 100.0% 100.0% 100.0% 100.0% 32

33 M-11 M-11 M-11 M-11 M-11 Property Yachiyo Yachiyo Yachiyo Yachiyo Yachiyo From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,892 7,892 7,892 7,892 7,892 7,960 7,995 7,915 7,842 7,763 10,900 11,300 11,300 11,500 11,800 yield 1.7% 6.7% 6.9% 6.9% 7.1% -0.2% 4.7% 4.9% 4.9% 5.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 33

34 M-12 M-12 M-12 M-12 M-12 Property Yokohama Fukuura Yokohama Fukuura Yokohama Fukuura Yokohama Fukuura Yokohama Fukuura From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,800 9,800 9,800 9,800 9,800 8,563 8,485 8,406 8,328 8,253 10,700 10,900 11,100 11,400 11,600 yield 6.7% 6.6% 6.8% 6.9% 6.7% 4.9% 4.8% 4.9% 5.0% 4.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 34

35 M-13 M-13 M-13 M-13 M-13 Property Yachiyo II Yachiyo II Yachiyo II Yachiyo II Yachiyo II From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,300 5,300 5,300 5,300 5,300 4,443 4,385 4,325 4,269 4,213 7,090 7,220 7,220 7,360 7,520 yield 8.0% 7.8% 8.2% 7.9% 8.5% 5.1% 4.9% 5.2% 5.0% 5.5% 100.0% 100.0% 100.0% 100.0% 100.0% 35

36 M-14 M-14 M-14 M-14 M-14 Property Urayasu Chidori II Urayasu Chidori II Urayasu Chidori II Urayasu Chidori II Urayasu Chidori II From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,640 1,640 1,640 1,640 1,640 1,538 1,521 1,504 1,488 1,475 1,760 1,800 1,800 1,830 1,860 yield 5.6% 5.6% 5.8% 5.8% 6.0% 3.4% 3.4% 3.6% 3.7% 4.2% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 36

37 M-15 M-15 M-15 M-15 M-15 Property Ichikawa Ichikawa Ichikawa Ichikawa Ichikawa From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,550 4,550 4,550 4,550 4,550 4,363 4,334 4,306 4,280 4,252 5,270 5,390 5,390 5,510 5,640 yield 5.7% 5.7% 5.8% 5.6% 5.8% 4.3% 4.4% 4.5% 4.4% 4.5% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 37

38 M-16 M-16 M-16 M-16 M-16 Property Shinonome Shinonome Shinonome Shinonome Shinonome From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,800 11,800 11,800 11,800 11,800 11,512 11,465 11,419 11,372 11,325 14,200 14,400 14,700 14,900 14,600 yield 5.7% 5.6% 5.7% 5.7% 5.8% 4.3% 4.8% 4.9% 4.9% 5.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Figures for 47% of co-ownership are indicated. 38

39 M-17 M-17 M-17 M-17 M-17 Property Narashino II Narashino II Narashino II Narashino II Narashino II From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,875 7,875 7,875 7,875 7,875 7,031 6,942 6,876 6,803 6,724 9,400 9,580 9,580 9,850 9,850 yield 7.0% 6.7% 6.9% 7.9% 6.5% 4.3% 4.1% 4.1% 5.4% 4.2% 100.0% 100.0% 100.0% 100.0% 100.0% *1 *2 Figures for 90% of co-ownership are indicated. Not disclosed, for unable to obtain the tenant's consent. 39

40 M-18 M-18 M-18 M-18 M-18 Property Ichikawa II Ichikawa II Ichikawa II Ichikawa II Ichikawa II From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,415 17,415 17,415 17,415 17,415 16,402 16,282 16,165 16,046 15,926 21,400 22,400 22,400 23,100 23,500 yield 6.2% 6.1% 6.1% 6.1% 6.4% 4.7% 4.6% 4.6% 4.6% 4.9% 100.0% 100.0% 100.0% 100.0% 100.0% *1 *2 Figures for 90% of co-ownership are indicated. Not disclosed, for unable to obtain the tenant's consent. 40

41 M-19 M-19 M-19 M-19 M-19 Property Souka Souka Souka Souka Souka From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,360 6,360 6,360 6,360 14,440 5,992 5,927 5,876 5,829 13,887 7,590 7,940 7,950 8,100 16,900 yield 6.3% 6.3% 6.1% 6.4% 5.5% 4.1% 4.1% 4.3% 4.7% 3.8% 100.0% 100.0% 100.0% 100.0% 100.0% *1 *2 The additional 50% interest of co-ownership was acquired on February 6, Not disclosed, for unable to obtain the tenant's consent. 41

42 M-20 M-20 M-20 M-20 M-20 Property Tatsumi Tatsumi Tatsumi Tatsumi Tatsumi From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,000 9,000 9,000 9,000 9,000 8,793 8,742 8,691 8,640 8,588 10,900 11,400 11,600 11,800 11,900 yield 5.8% 5.8% 5.8% 5.8% 6.0% 4.6% 4.6% 4.7% 4.6% 4.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 42

43 M-21 M-21 M-21 M-21 M-21 Property Kashiwa Kashiwa Kashiwa Kashiwa Kashiwa From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,725 3,725 3,725 3,725 3,725 3,587 3,550 3,512 3,479 3,442 4,440 4,530 4,620 4,450 4,530 yield 6.8% 6.7% 6.8% 6.6% 4.0% 4.6% 4.6% 4.7% 4.4% 1.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 43

44 M-22 M-22 M-22 M-22 M-22 Property Musashimurayama Musashimurayama Musashimurayama Musashimurayama Musashimurayama From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,650 8,650 8,650 8,650 8,650 8,404 8,347 8,300 8,239 8,191 9,710 9,890 10,100 10,300 10,500 yield 6.0% 6.0% 6.1% 6.0% 6.2% 4.0% 4.5% 4.6% 4.6% 4.7% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 44

45 M-23 M-23 M-23 M-23 M-23 Property Kashiwa Ⅱ (land) Kashiwa Ⅱ (land) Kashiwa Ⅱ (land) Kashiwa Ⅱ (land) Kashiwa Ⅱ (land) From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,500 2,500 2,500 2,500 2,500 2,526 2,526 2,526 2,526 2,526 2,540 2,540 2,540 2,540 2,540 yield 6.0% 5.9% 5.9% 5.9% 6.0% 6.0% 5.9% 5.9% 5.9% 6.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 45

46 M-24 M-24 M-24 M-24 M-24 Property Shin-Koyasu Shin-Koyasu Shin-Koyasu Shin-Koyasu Shin-Koyasu From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,696 9,696 9,696 9,696 9,696 9,568 9,504 9,439 9,375 9,310 11,100 11,400 11,400 11,600 11,800 yield 5.4% 5.5% 5.5% 5.5% 5.7% 4.1% 4.1% 4.2% 4.1% 4.3% 100.0% 100.0% 100.0% 100.0% 100.0% *1 *2 Figures for 51% of co-ownership are indicated. Not disclosed, for unable to obtain the tenant's consent. 46

47 M-25 M-25 M-25 M-25 M-25 Property Misato Misato Misato Misato Misato From 2014/3/4 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 515days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,873 3,873 3,873 3,873 3,873 3,838 3,806 3,774 3,742 3,711 4,430 4,520 4,610 4,620 4,720 yield 5.9% 5.8% 6.0% 5.9% 6.1% 4.2% 4.2% 4.3% 4.2% 4.4% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 47

48 M-26 M-26 M-26 M-26 M-26 Property Sagamihara Sagamihara Sagamihara Sagamihara Sagamihara From 2015/3/3 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 151days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,032 8,032 8,032 8,032 8,032 8,084 8,010 7,936 7,862 7,789 9,400 9,550 9,560 9,770 9,980 yield 6.2% 6.3% 5.6% 5.6% 5.7% 4.4% 4.4% 3.7% 3.7% 3.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 48

49 M-27 M-27 M-27 M-27 M-27 Property Chiba-Kita Chiba-Kita Chiba-Kita Chiba-Kita Chiba-Kita From 2015/9/4 2016/2/1 2016/8/1 2017/2/1 To 2016/1/ /7/ /1/ /7/31 Operating Days days 182days 184days 181days - Rent revenue-real estate - Other lease business revenue - - Taxes and dues - Outsourcing service expenses - Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses - Repair expenses - Insurance expenses - Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,459 1,459 1,459 1,459-1,494 1,491 1,475 1,457-1,850 1,860 1,900 1,950 yield % 6.8% 7.1% 7.4% % 4.4% 4.7% 4.9% % 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 49

50 M-28 M-28 M-28 M-28 M-28 Property Chiba-Kita II Chiba-Kita II Chiba-Kita II Chiba-Kita II Chiba-Kita II From 2015/9/ /2/1 2016/8/1 2017/2/1 To 2016/1/ /7/ /1/ /7/31 Operating Days days 182days 184days 181days - Rent revenue-real estate - Other lease business revenue - - Taxes and dues - Outsourcing service expenses - Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses - Repair expenses - Insurance expenses - Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,608 4,608 4,608 4,608-4,619 4,580 4,540 4,500-5,170 5,170 5,190 5,210 yield % 5.8% 5.7% 5.9% % 4.0% 4.0% 4.1% % 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 50

51 M-29 M-29 M-29 M-29 M-29 Property Urayasu Chidori III Urayasu Chidori III Urayasu Chidori III Urayasu Chidori III Urayasu Chidori III From 2015/9/ /2/1 2016/8/1 2017/2/1 To 2016/1/ /7/ /1/ /7/31 Operating Days days 182days 184days 181days - Rent revenue-real estate - Other lease business revenue - - Taxes and dues - Outsourcing service expenses - Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses - Repair expenses - Insurance expenses - Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,053 1,053 1,053 1,053-1,063 1,058 1,056 1,052-1,390 1,410 1,410 1,440 yield % 7.0% 6.4% 6.8% % 5.9% 5.3% 5.7% % 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 51

52 M-30 M-30 M-30 M-30 M-30 Property Zama Zama Zama Zama Zama From 2015/10/1 2016/2/1 2016/8/1 2017/2/1 To 2016/1/ /7/ /1/ /7/31 Operating Days days 182days 184days 181days - Rent revenue-real estate - Other lease business revenue - - Taxes and dues - Outsourcing service expenses - Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses - Repair expenses - Insurance expenses - Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,728 1,728 1,728 1,728-1,743 1,730 1,718 1,705-1,940 1,940 1,980 2,020 yield % 6.1% 6.0% 6.1% % 4.6% 4.5% 4.6% % 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 52

53 M-31 M-31 M-31 M-31 M-31 Property Shinkiba II Shinkiba II Shinkiba II Shinkiba II Shinkiba II Fiscal Period The 20th Period The 21st Period The 22st Period The 23rd Period The 24rd Period From 2017/3/16 To 2017/7/31 Operating Days days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx , , ,700 yield % % % * Not disclosed, for unable to obtain the tenant's consent. 53

54 T-1 T-1 T-1 T-1 T-1 Property Daito Daito Daito Daito Daito From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,762 9,762 9,762 9,762 9,762 9,208 9,131 9,070 9,011 8,943 18,100 18,100 18,600 18,800 19,200 yield 11.0% 11.0% 11.0% 10.8% 11.2% 9.1% 9.0% 9.1% 8.9% 9.2% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 54

55 T-2 T-2 T-2 T-2 T-2 Property Osaka Fukuzaki Osaka Fukuzaki Osaka Fukuzaki Osaka Fukuzaki Osaka Fukuzaki From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,096 4,096 4,096 4,096 4,096 3,509 3,479 3,449 3,450 3,429 5,950 6,080 6,210 6,310 6,460 yield 8.4% 8.4% 8.5% 8.3% 8.6% 6.7% 6.6% 6.8% 6.6% 6.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 55

56 T-3 T-3 T-3 T-3 T-3 Property Kiyosu Kiyosu Kiyosu Kiyosu Kiyosu From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed*2 Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx , , ,000 2,230 5,310 yield 3.6% 2.0% -1.0% -1.0% 6.1% 3.6% 2.0% -1.0% -1.0% 4.3% 100.0% 0.0% 0.0% 0.0% 100.0% *1 The lease contract with the tenant of the property expired on November 30, 2015, and JLF launched redevelopment project of the new building. Upon completion of the redevelopment project, JLF acquired the building on February 24, *2 Upon the completion of redelopment,full capacity of the property is beginning to lease. Not disclosed, for unable to obtain the tenant's consent. 56

57 T-4 T-4 T-4 T-4 T-4 Property Kadoma Kadoma Kadoma Kadoma Kadoma From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,096 1,086 1,075 1,065 1,055 1,570 1,600 1,650 1,470 1,500 yield 7.4% 8.3% 8.2% 8.3% 8.3% 5.6% 6.4% 6.3% 6.3% 6.3% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 57

58 T-5 T-5 T-5 T-5 T-5 Property Komaki Komaki Komaki Komaki Komaki From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,100 2,100 2,100 2,100 2,100 1,970 1,956 1,941 1,928 1,916 1,900 1,940 1,990 2,020 2,070 yield 5.1% 5.3% 5.6% 5.3% 5.0% 3.6% 3.8% 4.0% 3.7% 3.4% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 58

59 T-6 T-6 T-6 T-6 T-6 Property Komaki II Komaki II Komaki II Komaki II Komaki II From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,800 1,800 1,800 1,800 1,800 1,812 1,795 1,778 1,760 1,743 1,700 1,740 1,510 1,530 1,570 yield 5.5% 5.5% 5.5% 5.6% 5.8% 3.6% 3.6% 3.6% 3.6% 3.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 59

60 T-7 T-7 T-7 T-7 T-7 Property Fukuoka Hakozaki Futo Fukuoka Hakozaki Futo Fukuoka Hakozaki Futo Fukuoka Hakozaki Futo Fukuoka Hakozaki Futo From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,797 2,797 2,797 2,797 2,797 2,806 2,781 2,756 2,732 2,707 3,330 3,390 3,460 3,540 3,620 yield 6.4% 6.4% 5.9% 6.5% 6.6% 4.6% 4.6% 4.1% 4.7% 4.7% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 60

61 T-8 T-8 T-8 T-8 T-8 Property Tajimi Tajimi Tajimi Tajimi Tajimi From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,310 9,310 9,310 9,310 9,310 9,325 9,215 9,105 8,995 8,885 11,200 11,400 11,600 11,800 12,000 yield 6.8% 6.8% 7.0% 7.0% 7.2% 4.4% 4.4% 4.5% 4.5% 4.7% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 61

62 T-9 T-9 T-9 T-9 T-9 Property Fukuoka Kashiihama Fukuoka Kashiihama Fukuoka Kashiihama Fukuoka Kashiihama Fukuoka Kashiihama From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,750 2,750 2,750 2,750 2,750 2,738 2,709 2,680 2,652 2,629 3,170 3,230 3,300 3,360 3,400 yield 6.5% 6.5% 6.5% 6.6% 6.1% 4.4% 4.4% 4.3% 4.4% 3.8% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 62

63 T-10 T-10 T-10 T-10 T-10 Property Kasugai Kasugai Kasugai Kasugai Kasugai From 2015/4/ /8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 100days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed*2 Not disclosed* Depreciation Loss on write-offs of noncurrent assets CapEx ,040 1,050 1,110 1,120 1,200 yield 5.5% 5.5% 1.3% -0.6% -0.6% 5.5% 5.5% 1.3% -0.6% -0.6% 100.0% 100.0% 0.0% 0.0% 0.0% *1 Yano Construction Co., Ltd. and JLF jointly developed the building on the land JLF purchased on April 23, 2015, pursuant to the business agreement regarding the redevelopment project. Upon completion of the building, JLF acquired the new building constructed by Yano Construction co., Ltd. on August 1, *2 Not disclosed, for unable to obtain the tenant's consent. 63

64 O-1 O-1 O-1 O-1 O-1 Property Maebashi Maebashi Maebashi Maebashi Maebashi From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,230 1,230 1,230 1,230 1,230 1,034 1,024 1,014 1, ,390 1,390 1,390 1,410 1,410 yield 7.4% 7.6% 7.8% 7.5% 7.8% 5.5% 5.6% 5.8% 5.5% 5.8% 100.0% 100.0% 100.0% 100.0% 100.0% 64

65 O-2 O-2 O-2 O-2 O-2 Property Hanyu Hanyu Hanyu Hanyu Hanyu From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,705 1,705 1,705 1,705 1,705 1,470 1,458 1,446 1,434 1,422 1,920 1,930 1,940 1,960 1,960 yield 7.4% 6.9% 7.5% 7.3% 7.7% 5.7% 5.3% 5.8% 5.7% 6.0% 100.0% 100.0% 100.0% 100.0% 100.0% 65

66 O-3 O-3 O-3 O-3 O-3 Property Saitama Kisai Saitama Kisai Saitama Kisai Saitama Kisai Saitama Kisai From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,010 4,010 4,010 4,010 4,010 3,495 3,474 3,446 3,414 3,383 4,600 4,670 4,670 4,720 4,800 yield 5.5% 4.3% 6.5% 6.9% 7.2% 3.6% 2.3% 4.4% 5.0% 5.2% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 66

67 O-4 O-4 O-4 O-4 O-4 Property Kazo Kazo Kazo Kazo Kazo From 2015/2/1 2015/8/1 2016/2/1 2016/8/1 2017/2/1 To 2015/7/ /1/ /7/ /1/ /7/31 Operating Days 181days 184days 182days 184days 181days Rent revenue-real estate Other lease business revenue Taxes and dues Outsourcing service expenses Not disclosed* Not disclosed* Not disclosed* Not disclosed* Not disclosed* Utilities expenses Repair expenses Insurance expenses Other expenses related to rent business Depreciation Loss on write-offs of noncurrent assets CapEx ,790 3,790 3,790 3,790 3,790 3,373 3,327 3,308 3,310 3,267 4,430 4,540 4,610 4,710 4,830 yield 6.9% 6.7% 6.9% 6.2% 7.1% 4.1% 4.0% 4.3% 3.7% 4.4% 100.0% 100.0% 100.0% 100.0% 100.0% * Not disclosed, for unable to obtain the tenant's consent. 67

68 Repair expenses / CapEx Management 1,000 CapEx 100.0% Repair expenses % to Depreciation * % Average 23.2% % 60.0% % 31.7% 40.0% 25.4% % 25.1% 18.5% 9.9% 18.2% 16.8% 11.2% 8.5% 15th 16th *1 17th 18th 19th 20th 21st 22nd 23rd 24th 25th(E) 26th(E) 20.0% 0.0% *1 The figure is calculated by deducting the following CapEx; Repair expenses and Cap-Ex associated w/ the Earthquake; at 16th ; \16mn. *2 % to Depreciation = (Repair expenses + CapEx) / Depreciation x

69 Occupancy Rate (For the past 10 periods) M-1 Property Name Funabashi 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 98.1% 98.1% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% M-2 Urayasu M-3 Hiratsuka M-4 Shinkiba M-5 Urayasu Chidori M-6 Funabashi Nishiura M-8 Kawasaki M-9 Narashino M-11 Yachiyo M-12 Yokohama Fukuura M-13 Yachiyo II M-14 Urayasu Chidori II M-15 Ichikawa M-16 Shinonome M-17 Narashino II M-18 Ichikawa II M-19 Souka M-20 Tatsumi M-21 Kashiwa M-22 Musashimurayama M-23 Kashiwa Ⅱ (land) M-24 Shin-Koyasu M-25 Misato 100.0% 100.0% 100.0% 37.1% 37.1% 66.2% 66.2% 57.9% 70.0% 66.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 20.1% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 24.3% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 94.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 69

70 Occupancy Rate (For the past 10 periods) Property Name M-26 Sagamihara M-27 Chiba-Kita M-28 Chiba-Kita II M-29 Urayasu Chidori III M-30 Zama M-31 Shinkiba II T-1 Daito T-2 Osaka Fukuzaki T-3 Kiyosu T-4 Kadoma T-5 Komaki T-6 Komaki II T-7 Fukuoka Hakozaki Futo T-8 Tajimi T-9 Fukuoka Kashiihama T-10 Kasugai O-1 Maebashi O-2 Hanyu O-3 Saitama Kisai O-4 Kazo M-7 Funabashi Nishiura II (sold) M-10 Yokosuka (sold) Total 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th % 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 100.0% 0.0% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % 0.0% 61.9% 100.0% % 97.2% 99.0% 98.6% 95.1% 99.7% 99.7% 98.2% 98.3% 95.1% 70

71 Tenant Information (as of October 2, 2017) Property Tenant Owner Leased Area *1 Lease Contract ship ( m2 ) Ratio M-1 Funabashi YAMATO TRANSPORT CO., LTD % Normal 29, % M-2 Urayasu MBS Steel Products East Co., Ltd % Fixed-term 2, % M-2 Urayasu Abe Co., Ltd., 100.0% Fixed-term % M-2 Urayasu HASHIMOTO SOGYO Ltd % Fixed-term 2, % M-3 Hiratsuka Nissho Kaiun Co., Ltd % Normal 11, % M-4 Shinkiba Nakano Shokai co.,ltd % Fixed-term 10, % M-5 Urayasu Chidori Mitsui & Co.Global Logistics,Ltd % Fixed-term 31, % M-6 Funabashi Nishiura Konoike Transport Co., Ltd 100.0% Fixed-term 15, % M-6 Funabashi Nishiura Chubu Unyu K.K % Fixed-term 6, % M-8 Kawasaki Sagawa Global Logistics Co., Ltd % Normal 41, % M-9 Narashino Sagawa Express Co., Ltd % Fixed-term 2, % M-11 Yachiyo TOTO LTD % Fixed-term 13, % M-11 Yachiyo Hitachi Transport System, Ltd % Fixed-term 43, % M-12 Yokohama Fukuura Sagawa Express Co., Ltd % Fixed-term 3, % M-12 Yokohama Fukuura Terrada Warehouse Company 100.0% Normal 10, % M-12 Yokohama Fukuura Nippon Express Co., Ltd % Normal 12, % 100.0% Normal 9, % M-13 Yachiyo II Amazon Japan G.K % Normal 32, % M-14 Urayasu Chidori II Oriental Land Co., Ltd % Fixed-term 6, % M-15 Ichikawa Tokyo Logistics Factory Co., Ltd % Normal 18, % M-16 Shinonome *3 Sagawa Express Co., Ltd. 47.0% Fixed-term 16, % M-17 Narashino II *3 Nakano Shokai co.,ltd. 90.0% Fixed-term 16, % M-17 Narashino II *3 START TODAY CO.,LTD. 90.0% Fixed-term 13, % M-17 Narashino II *3 MITSUI-SOKO LOGISTICS Co.,Ltd. 90.0% Fixed-term 12, % M-18 Ichikawa II *3 TOMY Company, Ltd. 90.0% Fixed-term 51, % M-18 Ichikawa II *3 JR East Logistics Co., Ltd. 90.0% Fixed-term 15, % 71

72 Tenant Information (as of October 2, 2017) Property M-19 Souka *4 Koyama Kigyo Co., Ltd. M-19 M-19 M-20 M-21 M-22 M-23 M-24 Tenant Owner ship Lease Contract Leased Area *1 ( m2 ) Ratio 100.0% Fixed-term 9, % 100.0% Fixed-term 11, % Souka *4 Sangetsu Co., Ltd % Fixed-term 11, % Souka *4 Ricoh Logistics Systems Co., Ltd % Fixed-term 10, % Tatsumi Nakano Shokai co.,ltd % Fixed-term 29, % Kashiwa Not disclosed * % Fixed-term 20, % Musashimurayama VANTEC CORPORATION 100.0% Fixed-term 40, % Kashiwa Ⅱ (land) Sumitomo Mitsui Finance & Leasing Co., Ltd % Fixed-term 54, % Shin-Koyasu *3 Sagawa Express Co., Ltd. 51.0% Fixed-term 6, % M-24 Shin-Koyasu *3 M-25 M-26 M-27 M-28 M-29 M-30 M-31 M-31 M-32 M-32 M-32 M-32 M-32 M-32 Ricoh Logistics Systems Co., Ltd. 51.0% Fixed-term 3, % 51.0% Fixed-term 16, % 51.0% Fixed-term 3, % Misato Takuyou Co., Ltd % Fixed-term 19, % Sagamihara DHL Supply Chain Ltd. (Japan) 100.0% Fixed-term 44, % Chiba-Kita Hitachi Transport System, Ltd % Fixed-term 14, % Chiba-Kita II Toshiba Logistics Corporation 100.0% Fixed-term 25, % Urayasu Chidori III Not disclosed * % Fixed-term 5, % Zama TOPS Corporation 100.0% Normal 9, % Shinkiba II DHL Japan, Inc., 100.0% Fixed-term 18, % Shinkiba II Nakano Shokai co.,ltd % Fixed-term 9, % Yokohama Machida Not disclosed * % Fixed-term 6, % Yokohama Machida Not disclosed * % Fixed-term 5, % 100.0% Fixed-term 4, % Yokohama Machida Japan Transcity Corporation 100.0% Fixed-term 16, % Yokohama Machida Utoc Corporation 100.0% Fixed-term 16, % Yokohama Machida SG Moving Co.,Ltd % Fixed-term 5, % Yokohama Machida Not disclosed * % Fixed-term 2, % 100.0% Fixed-term 8, % 72

73 Tenant Information (as of October 2, 2017) T-1 T-2 T-3 T-4 T-5 T-6 T-7 T-8 T-9 T-9 T-9 T-10 T-11 O-1 O-2 O-3 O-4 Property Tenant Owner Leased Area *1 Lease Contract ship ( m2 ) Ratio Daito Settsu Warehouse Co., Ltd % Fixed-term 92, % Osaka Fukuzaki Ricoh Logistics Systems Co., Ltd % Normal 23, % Kiyosu Mitsubishi Electric Logistics Corporation 100.0% Fixed-term 19, % Kadoma Kowa Co., Ltd % Fixed-term 7, % Komaki Nippon Access, Inc % Fixed-term 9, % Komaki II Arata Corporation 100.0% Fixed-term 10, % Fukuoka Hakozaki Futo Nakano Shokai co.,ltd % Fixed-term 24, % Tajimi Nippon Express Co., Ltd % Fixed-term 75, % Fukuoka Kashiihama MBS, Inc % Fixed-term 5, % Fukuoka Kashiihama Onoun Co., Ltd % Fixed-term 10, % Fukuoka Kashiihama Mitsui & Co.Global Logistics,Ltd % Normal 5, % Kasugai Settsu Warehouse Co., Ltd % Fixed-term 20, % Takatsuki Lonco Japan 100.0% Fixed-term 7, % Maebashi Sagawa Express Co., Ltd % Fixed-term 3, % Hanyu Sagawa Express Co., Ltd % Fixed-term 3, % Saitama Kisai Sagawa Express Co., Ltd % Fixed-term 24, % Kazo Trancom Co., Ltd % Normal 25, % 1,229, % *1 *2 *3 *4 The leased area represents the total area as part of the total leasable area of the building (or land) indicated in the lease contract of each property. In the lease contracts, it is possible that some of the rent area which is not included in the rentable area is included. Not disclosed, for unable to obtain consent from the tenant. The figures are the propotion of the co-ownership interest. Shinonome 47%, Narashino II 90%, Ichikawa II 90%, Shin-Koyasu:51% JLF additionally acquired 50% of co-ownership interest on February 6,

74 Top 10 Tenants (as of October 2, 2017) by Annual Rent by Leased Area Top 10 Tenants Total 55.9% Top 10 Tenants Total 54.9% Rank Tenant Rank Tenant 1 Sagawa Express Co., Ltd. 1 Settsu Warehouse Co., Ltd. 2 Settsu Warehouse Co., Ltd. 2 Nippon Express Co., Ltd. 3 Nakano Shokai co.,ltd. 3 Nakano Shokai co.,ltd. 4 Nippon Express Co., Ltd. 4 Hitachi Transport System, Ltd. 5 Ricoh Logistics Systems Co., Ltd. 5 Ricoh Logistics Systems Co., Ltd. 6 Hitachi Transport System, Ltd. 6 Sumitomo Mitsui Finance & Leasing Co., Ltd. 7 TOMY Company, Ltd. 7 TOMY Company, Ltd. 8 Sagawa Global Logistics Co., Ltd. 8 DHL Supply Chain Ltd. (Japan) 9 VANTEC CORPORATION 9 Sagawa Global Logistics Co., Ltd. 10 Mitsui & Co.Global Logistics,Ltd. 10 VANTEC CORPORATION 74

75 Loan to Value 300,000 Interest-bearing Debt 100.0% Accumulated Acquisition Price 250,000 LTV * 267, % 200, % 150, , % 33.1% 30.4% 32.0% 29.5% 28.8% 27.1% 26.7% 26.3% 30.9% 34.9% 117, % 50, % 0 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 2017/10/31 0.0% * LTV(%)=Total interest-bearing debt Total appraisal value of the property owned 100 LTV (as of October 31, 2017) is calculated based on the estimated total appraisal value. The estimated total appraisal value is computed by adding the appraisal values of 2 properties acquired after the end of fiscal period end (Yokohama Machida Logistics Center and Takatsuki Logistics Center), and adjusting the impacts of completion of Kasugai Logistics Center OBR, to the total appraisal value as of July 31,

76 List of Interest-bearing Debt (as of October ) Interest-bearing Debt Lenders Bank of Tokyo Mitsubishi UFJ Bank of Tokyo Mitsubishi UFJ Sumitomo Mitsui Trust Bank Mizuho Bank, Ltd. Bank of Tokyo Mitsubishi UFJ Mitsubishi UFJ Trust and Banking Sumitomo Mitsui Trust Bank Mizuho Bank, Ltd. Sumitomo Mitsui Banking Corp. Mitsubishi UFJ Trust and Banking Nippon Life Insurance Company Long-term Loans Development Bank of Japan Development Bank of Japan Mizuho Bank, Ltd. Mitsubishi UFJ Trust and Banking The 77 Bank, Ltd. Sumitomo Mitsui Banking Corp. Sumitomo Mitsui Trust Bank Development Bank of Japan Nippon Life Insurance Company Mitsubishi UFJ Trust and Banking Sumitomo Mitsui Banking Corp. Sumitomo Mitsui Banking Corp. Amount Length of year to Interest Borrowing Date Due Date Term reach maturity Rate 2,000 February 27, 2012 February 27, years 1.3years 1.06% 2,500 February 27, 2012 February 27, years 0.3years 0.93% 3,500 March 26, 2012 March 26, years 1.4years 1.12% 1,000 March 26, 2012 March 26, years 1.4years 1.12% 2,000 August 31, 2012 August 30, years 1.8years 0.89% 2,000 August 31, 2012 August 31, years 4.8years 1.28% 2,000 August 31, 2012 August 31, years 4.8years 1.28% 4,000 September 18, 2012 August 31, years 2.8years 1.00% 2,000 February 28, 2013 February 28, years 5.3years 1.18% 1,000 February 28, 2013 February 28, years 5.3years 1.18% 500 February 28, 2013 February 28, years 5.3years 1.18% 2,000 March 11, 2013 February 28, years 4.3years 1.04% 2,000 March 11, 2013 February 29, years 6.3years 1.35% 3,000 December 27, 2013 December 25, years 3.2years 0.97% 6,000 December 27, 2013 December 27, years 6.2years 1.38% 2,000 December 27, 2013 August 31, years 4.8years 1.23% 2,000 February 25, 2014 February 28, years 4.3years 0.99% 3,000 February 25, 2014 February 28, years 5.3years 1.11% Fixed / Float Fixed Rate 76

77 List of Interest-bearing Debt (as of October ) Interest-bearing Debt Lenders Nippon Life Insurance Company Sumitomo Mitsui Trust Bank Sumitomo Mitsui Banking Corp. Sumitomo Mitsui Banking Corp. Shinkin Central Bank The Norinchukin Bank Sumitomo Mitsui Trust Bank The Bank of Fukuoka Mizuho Trust & Banking Mitsui Sumitomo Insurance Nippon Life Insurance Company Shinkin Central Bank Long-term Loans The Norinchukin Bank Mitsui Sumitomo Insurance Resona Bank Mitsubishi UFJ Trust and Banking Sumitomo Mitsui Banking Corp. Sumitomo Mitsui Trust Bank Mitsubishi UFJ Trust and Banking Sumitomo Mitsui Banking Corp. The Bank of Fukuoka Development Bank of Japan Development Bank of Japan Sumitomo Mitsui Banking Corp. Mitsubishi UFJ Trust and Banking Amount Length of year to Interest Borrowing Date Due Date Term reach maturity Rate 2,500 March 24, 2014 February 29, years 6.3years 1.04% 1,000 March 31, 2015 March 29, years 6.4years 0.69%* 1, 年 3 月 31 日 2025 年 3 月 31 日 10.0years 7.4years 0.77%* 2,000 December 4, 2015 November 29, years 2.1years 0.23% 500 December 4, 2015 November 30, years 5.1years 0.41%* 1,000 December 4, 2015 November 30, years 5.1years 0.41%* 2,000 December 4, 2015 November 30, years 6.1years 0.48%* 500 December 4, 2015 November 28, years 8.1years 0.60% 2,000 December 4, 2015 November 28, years 8.1years 0.64%* 1,000 September 30, 2016 September 29, years 5.9years 0.20% 3,000 February 3, 2017 February 26, years 3.3years 0.15% 1,000 February 3, 2017 August 31, years 3.8years 0.22%* 1,000 February 3, 2017 August 31, years 3.8years 0.22%* 1,000 February 3, 2017 February 29, years 6.3years 0.26% 2,000 February 3, 2017 February 3, years 9.3years 0.47%* 2,000 February 27, 2017 March 31, years 4.4years 0.30% 1,000 February 28, 2017 September 30, years 3.9years 0.29% 2,000 March 15, 2017 March 31, years 2.4years Base 1,000 March 15, 2017 March 31, years 2.4years Rate+0.12% 3,000 March 15, 2017 September 30, years 3.9years 0.30% 2,000 March 15, 2017 March 31, years 9.4years 0.48% 2,500 March 15, 2017 March 31, years 10.4years 0.55% 2,500 March 15, 2017 March 30, years 11.4years 0.61% 1,000 March 27, 2017 September 30, years 3.9years 0.27% 1,000 March 27, 2017 March 31, years 4.4years 0.28% Fixed / Float Fixed Rate Float Rate Fixed Rate 77

78 List of Interest-bearing Debt (as of October ) Interest-bearing Debt Lenders Sumitomo Mitsui Banking Corp. Nippon Life Insurance Company Tokio Marine & Nichido Fire Insurance Mitsubishi UFJ Trust and Banking Long-term Loans Resona Bank Sumitomo Mitsui Trust Bank Development Bank of Japan Development Bank of Japan 2nd Investment Corporation Bond 3rd Investment Corporation Bond Investment 4th Investment Corporation Bond Corporation Bonds (private offering to qualified institutional investors) 5th Investment Corporation Bond Total Amount Length of year to Interest Borrowing Date Due Date Term reach maturity Rate 6,000 August 31, 2017 February 26, years 3.3years 0.22% 2,000 August 31, 2017 August 31, years 3.8years 0.25% 2,000 August 31, 2017 August 31, years 4.8years 0.24% 2,000 August 31, 2017 February 28, years 5.3years 0.30% 2,000 August 31, 2017 August 31, years 9.8years 0.52%* 3,000 August 31, 2017 August 31, years 9.8years 0.52%* 4,500 August 31, 2017 August 31, years 10.8years 0.49% 4,500 August 31, 2017 August 31, years 11.8years 0.54% 3,000 December 27, 2013 December 26, years 8.2years 1.34% 3,000 March 12, 2014 March 12, years 11.4years 1.67% 1,700 February 8, 2016 February 8, years 10.3years 0.57% 2,000 April 20, 2017 April 20, years 9.5years 0.56% 117,700 Fixed / Float Fixed Rate Fixed Rate * Though the loans have floating interest rates, they are hedged by the interest rate swap agreements. Thus, the fixed rate is indicated here. 78

79 Unitholders' Composition (For the past 10 periods) Unitholders' Distribution (by Attribution) 100.0% 3.5% 3.6% 3.6% 3.5% 3.6% 3.6% 3.7% 3.6% 3.7% 3.5% 3.3% 9.0% 9.8% 9.1% 7.6% 7.3% 7.2% 7.4% 7.6% 6.9% 7.0% 7.0% 14.2% 16.5% 19.5% 18.9% 17.7% 18.8% 17.3% 15.9% 18.1% 18.7% 18.9% 50.0% 73.3% 70.0% 67.9% 70.0% 71.4% 70.4% 71.7% 72.8% 71.3% 70.8% 70.8% 0.0% 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th Financial Institutions Overseas Investors Retail Investors Others Top Ten Unitholders Rank Investors Units Held Ratio* 1 Japan Trustee Services Bank, Ltd. (Trust Account) 181, % 2 The Master Trust Bank of Japan, Ltd. (Trust Account) 86, % 3 Trust & Custody Services Bank, Ltd. (Securities Investment Trust Account) 58, % 4 The Nomura Trust and Banking Co., Ltd. (Investment Trust Account) 38, % 5 The Chugoku Bank, Ltd. 18, % 6 MetLife, Inc. 15, % 7 STATE STREET BANK-WEST PENSION FUND CLIENTS-EXEMPT , % 8 THE FUJI FIRE AND MARINE INSURANCE COMPANY,LIMITED 12, % 9 THE BANK OF NEW YORK. NON-TREATY JASDEC ACCOUNT 12, % 10 Trust & Custody Services Bank, Ltd. (Cash in Trust Taxable Account) 11, % Total 449, % *Percentage to the units outstanding, rounded off to the two decimal points. 79

80 Disclaimer Monetary amounts are rounded down to millions or thousands of JPY. Percentage figures are rounded off to the first decimal place. This material contains forward-looking business results, plans, and management targets and strategies. Such forward-looking statements are based on current assumptions and premises, including those regarding anticipated future developments and business environment trends, and these assumptions and premises may not always be correct. Actual results could differ considerably because of a variety of factors. This material has not been prepared for the purpose of soliciting the purchase of the investment units of Japan Logistics Fund ( JLF ) or to solicit the signing of other financial product transaction contracts. In making investments, investors should do so based on their own judgment and responsibility. The investment units of JLF are closed-end fund investment units, whereby investment units are not redeemable at the request of investors. Investors wishing to liquidate their investment units will in principle need to sell them to third parties. The market value of the investment units will be influenced by investor supply and demand at securities exchanges and will fluctuate in accordance with the situation for interest rates, economic circumstances, real estate prices, and other market factors. It is therefore possible that investors will not be able to sell the investment units at their acquisition price and, as a result, will suffer losses. JLF plans to make cash distributions to investors, but whether distributions are made and the amount thereof are not guaranteed under any circumstances. Gains or losses on the sale of real estate, losses on the disposal of fixed assets accompanying the replacement of structures, and other factors can cause fiscal-period income to vary greatly, causing the amount of distributions paid to investors to change. Information provided herein does not constitute any of the disclosure documents or performance reports required by the Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations or by the Securities Listing Regulations of the Tokyo Stock Exchange. This material is to be read and used at the responsibility of customers. JLF and related persons involved in the preparation and publication of this material will not bear any responsibility for any damage arising from the use of this material (whether for direct or indirect damage, and regardless of the cause thereof). While every effort has been made to avoid errors and omissions regarding the information presented in this material, the material has been created as an easy reference for customers, and the presented information may contain inaccuracies or misprints. JLF bears no responsibility for the accuracy, completeness, suitability, or fairness of the information in this material. JLF holds the copyright to the information appearing in this material. Copying, altering, publishing, distributing, appropriating, or displaying this information or using it for commercial purposes without the prior approval of JLF is prohibited. Also, trademarks (trademarks, logos, and service marks) related to JLF appearing in this material are owned by JLF, and copying, altering, publishing, distributing, appropriating, or reproducing such trademarks or using them for commercial purposes without the permission of JLF is prohibited. Photographs appearing on the cover or within this material are used as illustrations of logistics and they may not be properties held by or planned to be acquired by JLF. Japan Logistics Fund, Inc. All rights reserved. Asset Management Company: Mitsui & Co., Logistics Partners Ltd. - Financial instrument business registered with the Director of the Kanto Local Finance Bureau registration No.400 (financial instruments) - Member of the Investment Trusts Association, Japan 80