Mitsubishi Estate Logistics REIT Investment : Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2022, and Forecast for the Fiscal Period Ending February 28, 2023

February 7, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer

1-6-5 Marunouchi, Chiyoda-ku, Tokyo

Mitsubishi Estate Logistics REIT Investment Corporation

Representative:	Ken Takanashi, Executive Director
	(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative:	Haruhiko Araki, President & CEO
Contact:	Ken Takanashi, Director, General Manager,
	Logistics REIT Management Department

TEL: [phone]

Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2022, and

Forecast for the Fiscal Period Ending February 28, 2023

Mitsubishi Estate Logistics REIT Investment Corporation ("MEL") announces today revisions to its forecast for the fiscal period ending August 31, 2022 (March 1, 2022 to August 31, 2022) as noted in "Summary of Financial Results for the Fiscal Period Ended August 31, 2021 (REIT)" announced on October 15, 2021. In addition, MEL announces today its new forecast for the fiscal period ending February 28, 2023 (September 1, 2022 to February 28, 2023). The revisions and calculations are described below. For the avoidance of doubt, there is no change in the forecast for the fiscal period ending February 28, 2022 (September 1, 2021 to February 28, 2022) as noted in "Summary of Financial Results for the Fiscal Period Ended August 31, 2021 (REIT)" announced on October 15, 2021.

1. Reasons for Revision and Announcement

A resolution was passed at MEL's board of directors meeting held today concerning the issuance of new investment units to appropriate the portion of funds for acquiring the Two New Properties (as defined in "Assets Under Management" in Attachment 1, "Forecast Assumptions for the Fiscal Periods Ending August 31, 2022 and February 28, 2023."). The forecast of operating results for the fiscal period ending August 31, 2022, announced on October 15, 2021, has been revised due to the changes in the assumptions underlying the calculation of estimated operating revenues, which are expected to change by 10% or more, estimated operating income, which are expected to change by 30% or more, and estimated distributions per unit, which are expected to change by 5% or more.

In addition, MEL announces today a new forecast of operating results for the fiscal period ending February 28, 2023, based on the assumptions described below.

2. Revised Forecast for the Fiscal Period Ending August 31, 2022, and Announcement of Forecast for the Fiscal Period Ending February 28, 2023

1. Details of the Revised Forecast for the Fiscal Period Ending August 31, 2022 (12th fiscal period) (March 1, 2022 to August 31, 2022)

	Operating	Operating	Ordinary	Net	Distributions
	Distributions	SCD
	Revenues	Income	Income	Income	per Unit	per Unit	per Unit
	(Millions of	(Millions of	(Millions of	(Millions	(including SCD)
	(excluding	(Yen)
	yen)	yen)	yen)	of yen)	(Yen)
	SCD) (Yen)
Previously
Announced	5,059	2,551	2,430	2,429	6,910	6,210	700
Forecast (A)
Revised	6,198	3,332	2,958	2,957	7,307	6,574	733
Forecast (B)
Net Change
(C)	1,139	780	528	528	397	364	33
((B)-(A))

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared for the purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

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Rate of
Change	22.5%	30.6%	21.8%	21.8%	5.7%	5.9%	4.7%
(C)/(A)

Note: SCD stands for the "surplus cash distributions". The same shall apply hereinafter.

1. Details of the Forecast for the Fiscal Period Ending February 28, 2023 (13th fiscal period) (September 1, 2022 to February 28, 2023)

	Operating	Operating	Ordinary	Net	Distributions
	Distributions	SCD
	Revenues	Income	Income	Income	per Unit	per Unit	per Unit
	(Millions of	(Millions of	(Millions of	(Millions	(including
	(excluding	(Yen)
	yen)	yen)	yen)	of yen)	SCD) (Yen)
	SCD) (Yen)
Forecast for
the Fiscal
Period
Ending	6,224	3,279	3,101	3,100	7,628	6,890	738
February 28,
2023
(13th fiscal
period)

(Reference)

Fiscal period ending August 31, 2022 : Expected number of investment units outstanding at the end of the period : 449,935 units;

Expected Net income per unit: 6,574 yen

Fiscal period ending February 28, 2023 : Expected number of investment units outstanding at the end of the period

• 449,935 units;
  Expected Net income per unit: 6,890 yen

Notes:

1. The forecast information is calculated based on the assumptions described in Attachment 1, "Forecast Assumptions for the Fiscal Periods Ending August 31, 2022 and February 28, 2023". Actual operating revenues, operating income, ordinary income, net income, distributions per unit (including surplus cash distributions), distributions per unit (excluding surplus cash distributions) and surplus cash distributions per unit may vary due to acquisitions or dispositions of properties etc., changes in rent revenues attributable to tenant replacements etc., changes in the property management environment due to unexpected repairs etc., changes in interest rates, the actual number of new units issued and the issue price of such units, or the issuance of additional investment units etc. These forecasts should not be deemed a commitment or guarantee of the amount of cash distributions and surplus cash distributions.
2. These forecasts may be revised if a substantial variation from the current forecast information is anticipated.
3. The figures are rounded down to the nearest million yen or yen, and ratios are rounded to the nearest tenth.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit: https://mel-reit.co.jp/en/

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared for the purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

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Forecast Assumptions for the Fiscal Periods Ending August 31, 2022 and February 28, 2023

Items		Assumptions
	 Fiscal period ending August 31, 2022 (12th fiscal period): From March 1, 2022 to
Accounting Period		August 31, 2022 (184 days)
 Fiscal period ending February 28, 2023 (13th fiscal period): From September 1, 2022
		to February 28, 2023 (181 days)
	 It is assumed that MEL will acquire the real estate trust beneficiary interests in two
		new properties (the "Two New Properties") on March 1, 2022, in addition to its 22
		properties (the "Current Properties") it holds as of today.
		For details about the Two New Properties, please refer to the press release "Notice
		Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease
		Contracts with New Tenants," dated today. It is also assumed that there will be no
Assets Under		change in the operational status of the properties	held	after the scheduled
Management		acquisitions on March 1, 2022 up until February 28, 2023. Changes include acquisitions
		of new properties and dispositions of existing properties.
		LOGIPORT Kawasaki Bay (45% trust beneficiary co-ownership interest) and Logicross
		Atsugi II
	 The actual results may change due to the acquisition of new properties in addition to
		the Two New Properties or the disposition of existing properties, etc.
	 Operating rental revenues take into account factors such as market trends and the
		competitiveness, etc. of each property based on information provided by the current
		owner or the current beneficial owner etc. (the "Current Beneficiary, Etc.") of the Two
Operating Revenues		New Properties and information about the Current Properties held by Mitsubishi Jisho
		Investment Advisors, Inc. (the "Asset Management Company")
	 It is assumed that tenants will not be delinquent on or withhold rental payments.
	 It is assumed that there is no gain or loss on sale of real estate.
	 Main items regarding operating expenses are as follows:
					(Millions of yen)
			Fiscal Period	Fiscal Period
			Ending August 31,	Ending February
			2022		28, 2023
		Total Operating Rental Expenses		2,140	2,168
		Operational Management Fee		286	285
		Utilities Cost		146	163
		Repair and Maintenance		93	96
		Property Taxes		474	475
		Depreciation		1,100	1,108
		Total General and Administrative Expenses		725	777
Operating Expenses		Asset Management Fee		525	591
		Sponsor Support Fee		109	107
	 Of operating rental expenses, which is the main operating expense, expenses except
		depreciation are calculated by taking into account various factors based on historical
		data provided by the Current Beneficiary, Etc., in the case of the Two New Properties,
		and historical data after acquisition in the case of the Current Properties.
	 In general, property taxes and city planning taxes are calculated on a pro-rata basis of
		the calendar year, and settled at the time of acquisition. However, in the case of the
		transactions conducted by MEL, the amounts equivalent to the relevant settlement
		amounts are included in the purchase price, and accordingly, with respect to the Two
		New Properties, the property taxes and city planning taxes for the fiscal year 2022 will
		not be expensed during the fiscal periods ending August 31, 2022 and February 28,
		2023 in the case of settlement at time of property acquisition. Property taxes and city

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared for the purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

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	planning taxes for the Two New Properties will be expensed starting from the fiscal
	period ending August 31, 2023.
	 For building repair expenses, the amount assumed to be necessary for each property
	is based on the mid-to-long term repair and maintenance plans prepared by the Asset
	Management Company. However, due to the possibility that emergency repair
	expenses may be incurred as a result of unexpected damage to the building, the fact
	that the amount of the repair expenses generally varies greatly from year to year, and
	the fact that repair expenses are not regularly incurred, it is possible that the amount
	of the repair expenses for each fiscal period may differ substantially from the
	anticipated amount.
	 For the fiscal period ending August 31, 2022, it is assumed that 374 million yen will be
	incurred as non-operating expenses, which includes 179 million yen for interest
Non-operating	expenses and other debt-related costs and 195 million yen in relation to the offerings
of the new investment units.
Expenses
 For the fiscal period ending February 28, 2023, it is assumed that 178 million yen will
	be incurred as non-operating expenses, which will be used for interest expenses and
	other debt-related costs.
	 The balance of MEL's interest-bearing debt on an accounting basis as of today is
	58,374 million yen.
	 It is assumed that, on March 1, 2022, MEL will obtain a loan of up to 24,100 million
	yen for the purpose of allocating a portion of such funds to acquire the Two New
	Properties described in "Assets Under Management" above. In addition, it is assumed
	that MEL will obtain a third-party allotment loan of 1,100 million yen on March 1, 2022
	for the purpose of allocating a portion of such funds to acquire the Two New
	Properties, which it plans to repay in full using the proceeds from the third-party
	allotment or cash reserves.
	 It is assumed that 3,310 million yen in long-term borrowings due on September 14,
	2022 will be refinanced in full.
	 It is assumed that MEL will receive a consumption tax refund for the fiscal period
Interest-bearing Debt	ending August 31, 2022 during the fiscal period ending February 28, 2023, which will
	be used to repay in full 2,000 million yen in consumption borrowings to be obtained
	on March 1, 2022 during the fiscal period ending February 28, 2023.
	 As a result, the total expected amount of interest-bearing debt at the end of the fiscal
	periods ending August 31, 2022 and February 28, 2023 is estimated to be 81,374
	million yen and 79,374 million yen, respectively.
	 LTV at the end of the fiscal periods ending August 31, 2022 and February 28, 2023 is
	estimated to be 35.6% and 35.0%, respectively. For LTV calculation, please refer to the
	following formula. The ratios are rounded to the nearest tenth:
	LTV (%) = interest-bearing debt/total assets ×100 (%)
	 However, the total expected amount of interest-bearing debt and the actual LTV may
	differ considerably from this assumption, depending on the final number of
	investment units to be issued and the final issue amount.
	 It is assumed that, in addition to the 391,135 investment units that are issued and
	outstanding as of today, all of the 58,800 investment units to be newly issued, which
	will comprise 56,000 investment units to be issued through a primary offering based
	on a resolution at MEL's board of directors meeting held today and 2,800 investment
	units (maximum) through a third-party allotment, will be issued.
Investment Units	 In addition to the above, it is assumed that there will be no change to the number of
investment units through new issuance of investment units by the end of the fiscal
	period ending February 28, 2023 or by other means.
	 Distributions per unit (excluding surplus cash distributions) and surplus cash
	distributions per unit for the fiscal periods ending August 31, 2022 and February 28,
	2023 are calculated based on 449,935 investment units, which is the total number of
	investment units expected to be issued and outstanding at the end of the fiscal

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared for the purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

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	periods ending August 31, 2022 and February 28, 2023, including 58,800 investment
	units, which is the maximum number of the investment units to be newly issued
	according to the above.
	 Distributions per unit (excluding surplus cash distributions) are calculated based on
	the assumption that the distributions will be distributed in accordance with the
Distributions Per Unit	distribution policy of the Articles of Incorporation of MEL.
(excluding surplus	 Distributions per unit (excluding surplus cash distributions) may change due to various
cash distributions)	factors including any additional acquisitions or dispositions of properties, changes in
	rent revenues attributable to tenant replacements, changes in the property
	management environment including unexpected repair etc.
	 Surplus cash distributions per unit are calculated based on the assumption that the
	cash distributions will be distributed in accordance with the fund distribution policy of
	the Articles of Incorporation of MEL. It is therefore assumed that, for the fiscal period
	ending August 31, 2022, 329 million yen as ongoing surplus cash distributions (an
	amount equivalent to 30% of depreciation of the period) will be distributed. It is also
	assumed that, for the fiscal period ending February 28, 2023, 332 million yen as
	ongoing surplus cash distributions (an amount equivalent to 30% of depreciation of
	the period) will be distributed. These are investment refunds categorized as a
	distribution from unitholders' capital for tax purposes and there are no refunds from
	the distribution of the allowance for temporary difference adjustments.
	 The amount of depreciation expenses may change depending on the amount of total
	assets under management, ancillary costs, capital expenditure, the allocation method
	of purchase price for each asset and depreciable life, etc. Surplus cash distributions,
	which will be based on the amount of depreciation expenses, may change accordingly.
	 MEL may implement cash distributions in excess of the distributable amount to
	unitholders based on the financial statements related to cash distribution approved
	under the Act on Investment Trusts and Investment Corporations (Act No. 198 of June
	4, 1951, as amended) if the board of directors of MEL deems such distribution to be
	appropriate (1) in light of the economic environment, real estate market, leasing
	market or other trends; (2) when the amount of income fails to meet the amount
Surplus Cash	equivalent to 90% of distributable income; (3) when the distribution amount fails to
meet the requirements for the Special Provisions for Taxation on Investment
Distributions Per Unit
Corporations; or (4) in other ways to maximize the interests of unitholders. When MEL
	implements cash distributions in excess of the distributable amount, the distribution
	is limited to the total amount of income for the relevant operating period and the
	amount set forth under laws and ordinances (including the rules of the Investment
	Trusts Association, Japan, etc.)
	 Currently, MEL intends to target a level of surplus cash distributions on an ongoing
	basis at an amount equivalent to approximately 30% of the depreciation expense for
	the relevant fiscal period.
	Furthermore, to maintain the stability of MEL's distributions per unit in the event that
	the amount of distributions per unit temporarily decreases due to a series of financing
	activities such as an issuance of new investment units or large-scale repair and
	maintenance, which may result in a temporary dilution of investment units or
	incurrence of large expenses, MEL may make distributions as one-time surplus cash
	distributions. However, MEL may decide not to make any surplus cash distributions in
	a fiscal period based on a consideration of factors such as the economic environment
	or trends in the real estate market and the leasing market, the status of the held
	properties, and MEL's financial condition.
	 In addition, in the event that MEL needs to allocate its cash to emergency capital
	expenditures for unexpected damages on MEL's assets, etc., surplus cash distributions
	per unit may be reduced. In order to continue stable financial management, MEL does
	not plan to pay surplus cash distributions where such payment would cause the
	Appraisal LTV (Note), as defined below, to exceed 60%.

Note:This press release has been prepared for the purpose of announcing to the public certain matters relating to the revisions to the forecast for the fiscal period ending August 31, 2022, and forecast for the fiscal period ending February 28, 2023, and has not been prepared for the purpose of soliciting investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they invest and that they make decisions on investment at their own discretion.

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