Japan Logistics Fund, Inc.TSE: 8967

Presentation Material for the Fiscal Period ended January 2026 (The 41th Period)

· Issued by Japan Logistics Fund, Inc.




For the Fiscal Period ended January 2026

Presentation Material

Spring / Summer 2026

Mitsui & Co., Logistics Partners Limited

https://8967.jp/en/

Since last year, Logistics REIT unit prices have begun to show signs of recovery. We believe this reflects a gradually spreading view that the supply-demand balance in the logistics property leasing market is moving toward improvement.

Unit prices reflect expectations for future growth. Delivering tangible results in line with those expectations is our responsibility as the asset management company.

Even amid a challenging market environment, JLF has steadily strengthened its business foundation. By improving capital efficiency, pursuing rent increases, and accelerating capital recycling, we have steadily built and executed growth strategies tailored to changes in market conditions.

In addition, by preparing multiple growth scenarios in advance, we have secured both flexibility and a broad range of management options. Whether the market recovers sooner than expected or takes longer to improve, we will choose the most appropriate measures for prevailing conditions and steadily translate them into results.

One principle that has remained consistent in our asset management is our strong commitment to sustainable growth in FFO per unit. We believe that continuously enhancing the portfolio's cash-generating capacity will lead to long-term unitholder value creation.

We believe that this steady accumulation of results forms the foundation for earning the long-term trust of our unitholders and continuing to be their REIT of choice.

We sincerely appreciate your continued support.

Seiichi "Sergio" Suzuki

President and CEO Mitsui & Co., Logistics Partners Ltd.



2

To Our Investors

FP 2026/1

Results

  • DPU reached JPY 2,300, driven by capital gains that significantly exceeded the initial forecast

(+7.0% vs. forecast, +7.0% vs. the previous period)

Business performance forecast

  • FFOPU* is expected to grow 2.8% from FP26/1 to FP 27/1, exceeding the target (+2.2% annual growth), with steady progress

  • Set FFOPU target of JPY 2,500 by FP 28/1

Rental growth

  • Expect re-leasing spread of +7.4% for FP 26/7, maintaining momentum above the target

  • Improved renewal rates and expanded adoption of CPI reference clauses

  • "CAPEX plus" initiatives focused on value creation continued to progress,

including a new project, achieving an ROI of 13.8%

Capital recycling

  • Continue to sell and reinvest about 1% to 2% of AUM annually

  • Currently prioritizing reinvestment through property acquisitions that offer

superior returns compared with unit buybacks

Leasing market

  • New supply in the Tokyo metropolitan area is expected to decline significantly

  • Vacancy rates have peaked out, and market recovery is anticipated

  • JLF's portfolio is concentrated in areas where supply is tight

*FFOPU = (Net Income + Depreciation costs, etc. - capital gains + capital losses) / number of investment units issued



3

Executive Summary

Contents Chapter 1

Growth strategy: Develop the Value 2.0

P.5

Chapter 2

Earnings Overview and Forecasts

Appendix

P.22

Logistics Real Estate Market P.28 Supplementary Document P.34 Overview of JLF P.47





Growth strategy: Develop the Value 2.0

Chapter 1