Presentation Scripts on Financial Results Briefing for the Fiscal Period Ended January 2026(41st Fiscal Period) Video

Financial Results Briefing for the Fiscal Period Ended January 2026 (41st Fiscal Period) Video March 17, 2026

Fiscal Period) Video

(Total: 31 minutes, Presentation: 31 minutes)

Seiichi Suzuki President and CEO

First of all, I would like to express my deepest gratitude to our unitholders, business partners, and all other stakeholders who continue to support JLF's efforts on a daily basis.

At the outset, I would like to talk about our perception of the present situation and the direction we are aiming for.

Since last year, there have been signs of a gradual recovery in logistics REIT unit prices. We believe this is due to growing expectations for an improvement in the supply-demand balance in the logistics property leasing market.

Unit prices reflect expectations for future growth. We must give shape to these expectations in the form of solid results. We believe this is our responsibility as an asset management company.

JLF has been steadily working to strengthen its foothold, even when market conditions have been difficult. We have been working on improving capital efficiency, persistently increasing rents, and accelerating capital recycling, and we have been building up our growth strategies one by one in response to the environment.

We have also prepared several growth scenarios in advance to prepare for changes in market conditions, ensuring operational options and flexibility. Whether the market recovery is faster than expected or, conversely, takes more time, we will select the most appropriate measures in response to the situation at the time and ensure that they lead to results.

A consistent focus of our operations is sustainable growth in FFO per unit. We believe that continuously and steadily enhancing the portfolio's cash-generating capacity will lead to an increase in unitholder value over the long term.

We will continue to respond flexibly to changes in the environment and steadily accumulate results. Through the accumulation of these efforts, we hope to continue to be a stock that our unitholders trust and continue to choose for a long time.

We appreciate your continued support for JLF.

Now, let me explain the summary.

The distribution per unit for the period ended January 31, 2026 was JPY2,300, an increase of 7% from the previous period. The realization of the sale of the property at a price significantly higher than the appraisal resulted in a high level of profit distribution.

For the period ending January 31, 2027, we are projecting 2.8% FFO per unit growth, well above our growth target and on track. In addition, the FFO target per unit for the period ending January 31, 2028 is set at JPY2,500.

Regarding rental growth, we maintain solid momentum, with an expected rental growth rate of plus 7.4% for the fiscal period ending July 31, 2026. We are also building a track record of success in obtaining other incremental opportunities.

Regarding capital recycling, in addition to the property exchange transactions being executed, we continue to recycle 1% to 2% of AUM per year to expand revenues and growth potential.

In the Tokyo metropolitan area, the largest market in the rental market, vacancy rates began to decline in H2 of last year. With new supply expected to decrease significantly in 2027, the possibility of an accelerated improvement in the supply-demand environment is becoming more realistic .

Currently, the closer to the city center, the more favorable the supply-demand environment is, and we believe that JLF's portfolio, mainly in the suburbs of the Tokyo metropolitan area, will be able to further demonstrate its competitive advantage in the future, as supply is expected to decrease.

These are the highlights.