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Mitsui Fudosan Logistics Park Inc. (MFLP-REIT)

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Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) Securities Code 3471 MEMO 1 Table of Contents 1. Basic Strategy of MFLP-REIT 4. Logistics Market Overview 1-1. Basic Strategy of MFLP-REIT …… P4 4-1. Logistics Market Overview …… P29 1-2. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities Business…… P5 5. Appendix …… P6 1-3. Roadmap to Stable Growth of MFLP-REIT • Statement of Income and Balance Sheet …… P34 …… P7 1-4. Future Growth Strategy • Individual Property Income Statement …… P35 • Period-End Appraisal Summary …… P36 2. Financial Summary • Mitsui Fudosan’s 2-1. Financial Highlights …… P9 Major Development/Operation Track Record …… P37 2-2. 2nd Fiscal Period P/L …… P10 • MFLP Komaki Property Overview …… P38 2-3. 3rd Fiscal Period Earnings Forecast …… P11 • Initiatives for ESG …… P39 2-4. Distribution Trends …… P12 • Interest Rate Market Data …… P41 3. Management Status of MFLP-REIT • Status of Interest-Bearing Debt …… P42 3-1. Portfolio Status …… P14 3-1-1. Location …… P15 • Investment Unit Price Trends …… P43 3-1-2. Quality …… P17 • Status of Unitholders …… P44 3-1-3. Balance …… P18 3-2. External Growth …… P19 3-3. Internal Growth …… P22 3-4. Financial Strategy …… P25 3-5. Unitholder Relations …… P27 2 1. Basic Strategy of MFLP-REIT 3 1-1. Basic Strategy of MFLP-REIT MFLP-REIT has established a strategic partnership in the logistics facilities business with comprehensive developer Mitsui Fudosan under which it seeks to maximize unitholder value Mitsui Fudosan assumes mainly the role of “development” and MFLP-REIT assumes mainly the role of “holding” Holding Development Strategic partnership Management 4 1-2. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities Business Image of growth of properties (to be) developed/operated by Mitsui Fudosan Cumulative total investment size as at July 2017 28 facilities 400.0 billion yen (*1) Cumulative total investment size as at March 2016 22 facilities 300.0 billion yen (*1) Cumulative total investment size as at March 2015 13 facilities 160.0 billion yen (*1) MFLP-REIT IPO Transition from Logistics Properties Department to “Logistics Properties Business Division” at Mitsui Fudosan Establishment of “Logistics Properties Department” in Retail Properties Division at Mitsui Fudosan 平成24年度 平成25年度 平成26年度 平成27年度 平成28年度（予定） 平成29年度（予定） 平成30年度（予定） 平成31年度（予定） 平成32年度（予定） Fiscal 2012 Fiscal 2013 Fiscal 2014 Fiscal 2015 Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 (planned) (planned) (planned) (planned) Properties defined in “Right of first look and preferential negotiation agreement” 9 properties 790,000 m2 *2 Construction completed: 490,000 m2 *2 Partially acquired MFLP Sakai MFLP Fukuoka I Expansion of Property acquired *3 *3 MFLP Hino by MFLP-REIT (80%) (81%) properties defined in Partially acquired Construction started: “Right of first look and in 3rd fiscal period 2 MFIP Inzai MFLP Hiratsuka 300,000 m MFLP Komaki (80%)*3 preferential negotiation MFLP Ibaraki 40% quasi co-ownership interest Partially acquired agreement” MFLP Komaki Acquisition amount billion yen Partial acquisition MFLP Inazawa 3.2 (60%)*3 MFLP Atsugi II Acquired on August 4, 2017 * Numerical figures are rounded down to the nearest specified unit and percentage figures are rounded to one decimal place. The same shall apply hereinafter. *1: “Cumulative total investment size” is based on materials released at each point in time by Mitsui Fudosan. For details, please refer to “About major properties developed/operated by Mitsui Fudosan” on p. 45. *2: The floor area subject to the “Right of first look and preferential negotiation agreement” (after taking into consideration the quasi co-ownership interest). *3: The percentage figure in parentheses is the percentage of quasi co-ownership interest subject to the “Right of first look and preferential negotiation agreement.” 5 – Acquisition of MFLP 1-3. Roadmap to Stable Growth of MFLP-REIT Komaki as First Step – Maximization of unitholder value through expansion of asset size and LTV management Fiscal 2016 Fiscal 2017 Fiscal 2018 to Fiscal 2020 Fiscal 2021 or after 1st & 2nd fiscal periods 3rd fiscal period 4th fiscal period 5th fiscal period or after Asset size Acquisition of MFLP Komaki Continuous acquisition of properties, Medium-term target asset size centering on properties defined in 200.0 billion yen “Right of first look and billion yen billion yen 75.5 78.7 preferential negotiation agreement” 9 properties 10 properties 350,000 m2 360,000 m2 LTV ratio Fund procurement and LTV management End of 1st End of 2nd End of 3rd fiscal period Medium- to long-term fiscal period fiscal period Forecast optimal for stabilized LTV level the expansion of asset size 24.5% 21.6% 23.4% 40% to 50% range Distribution per unit (DPU) 1st 2nd 3rd fiscal period Continuous DPU growth Forecast fiscal period fiscal period through leverage effects Growth 5,346 yen 5,198 yen 5,493 yen potential Market cap Expansion of market cap End of 2nd fiscal period through public offerings, etc. 71.5 billion yen 6 1-4. Future Growth Strategy Growth accompanied by quality in line with the interests of unitholders Policy by selecting fund procurement means appropriate for the acquisition size Acquisition Fund procurement means Effects size Expansion of asset size Strategic partnership DPU growth through Property acquisition through LTV management Medium to public offerings, borrowings, etc. large Additional Proper Enhancement of liquidity through issuance of leverage expansion of market cap investment units × control Properties defined in “Right of first look and preferential negotiation agreement” Expansion of investor base 9 properties 790,000 m2 *1 Acquisition Fund procurement means Effects size MFLP Sakai MFIP Inzai MFLP Hino (80%)*2 (80%)*2 Small to Property acquisition utilizing DPU growth through medium borrowings and internal reserves LTV management ■3rd fiscal period (FP): MFLP Fukuoka IMFLP Hiratsuka MFLP Inazawa (81%)*2 Effective acquisition of MFLP Komaki (40% quasi co-ownership interest) through borrowings, etc. Borrowings 2.2 bn yen Distribution per unit (DPU) for 3rd FP Select fund procurement means appropriate for size for the means appropriate acquisition Select fund procurement + Internal reserves 5,493 yen (Forecast) LTV ratio at end of 3rd FP Comparison with 1st FP (Actual): +5.7% + Comparison with forecast *3 MFLP Komaki MFLP Ibaraki MFLP Atsugi II MFLP Komaki bn yen % (Forecast) before acquisition of MFLP Komaki : +5.5% (60%)*2 3.2 23.4 *1: The floor area subject to the “Right of first look and preferential negotiation agreement” (after taking into consideration the quasi co-ownership interest). *2: The percentage figure in parentheses is the percentage of quasi co-ownership interest subject to the “Right of first look and preferential negotiation agreement.” *3: “Forecast before acquisition of MFLP Komaki” refers to the forecast for the 3rd fiscal period (fiscal period ending January 31, 2018) of MFLP-REIT announced on March 16, 2017. 7 2. Financial Summary (2nd fiscal period: from February 1, 2017 to July 31, 2017) 8 2-1. Financial Highlights Asset size 9 properties Appraisal value at end of period (billion yen) at end of period 80.0 (total amount of acquisition price) 75.5 billion yen 80.8 Appraisal value 9 properties 78.4 at end of period (as at July 31, 2017) 80.8 billion yen 75.5 Asset Tokyo metropolitan area Ratio of investment area of 70.0 IPO*1 End of 1st fiscal period End of 2nd fiscal period assets held 93.9% LTV ratio at end of period Occupancy rate *2 % at end of period 100 25% 24.5% 23.4% Balance of 21.6% interest-bearing debt billion yen at end of period 17.0 20% LTV ratio End of 1st fiscal period End of 2nd fiscal period End of 3rd fiscal period at end of period *3 21.6% Actual Actual Forecast Debt Average Distribution per unit (yen) borrowing interest rate % at end of period 0.29 5,500 5,493 Credit rating (JCR) AA- 5,346 (Stable) 5,198 5,000 1st fiscal period 2nd fiscal period 3rd fiscal period *4 Actual Actual Forecast Distribution per unit yen 5,346 *1: Appraisal value at IPO is as at March 31, 2016. *2: “Occupancy rate at end of period” is the occupancy rate on a contract basis. Equity *3: LTV ratio at end of period = Balance of interest-bearing debt ÷ Total assets *4: Including distribution in excess of earnings. NAV per unit *5 *5: NAV per unit = 291,724 yen (Net assets + Unrealized gain on appraisal basis) ÷ Number of investment units issued and outstanding For the figures of each item, please refer to “5. Appendix.” 9 2-2. 2nd Fiscal Period (Ended July 31, 2017) P/L Announced 1st period Mar. 16, 2017 2nd period Actual 2nd period Actual Difference Main breakdown of difference (Unit: million yen) (a) Forecast (b) (b)-(a) Operating revenue Operating revenue 2,383 2,531 2,548 165 Increase due to full-period operation of all 9 properties, etc. +111 Operating expenses 1,075 1,400 1,367 291 Increase in photovoltaic power generation facilities rent revenue +56 Decrease in other operating revenue -2 Of which, Depreciation 553 560 560 6 Operating expenses Operating income 1,307 1,131 1,181 -126 Increase due to expensing of fixed asset tax, city planning tax, etc. +246 Increase due to Non-operating income - - 1 1 full-period operation of all 9 properties, etc. +26 Increase in other operating expenses +19 Non-operating expenses 196 30 30 -165 Non-operating income Ordinary income 1,111 1,101 1,152 40 Interest on refund of consumption taxes +1 Profit (Net income) 1,110 1,100 1,151 41 Non-operating expenses Absence of organization related expenses -56 Absence of investment unit issuance related expenses -104 Decrease in other non-operating expenses -5 Distribution per unit (DPU) (yen) 5,198 5,190 5,346 148 <Reference> * Of which, Formula for distribution per unit based on FFO 4,955 4,913 5,142 187 Distribution of earnings per unit (EPU) (yen) Profit FFO = + Depreciation, etc.
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