We believe that the longer lease terms generally associated with logistics facilities, as well as the superior design features of Class-A logistics buildings, will provide substantial stability in earnings and opportunities for earnings growth.

We will seek to maximize earnings stability through an optimal balance between multi-tenant logistics facilities, which provide customer diversification, and build-to-suits, which provide for comparatively longer lease terms with a single customer. We will maintain a well-balanced portfolio of multi-tenant and build-to-suit facilities in accordance with our investment guidelines. Even as we continue to grow our portfolio, we will continue to look for ways to further improve earnings stability.

Overview of Lease Contract in Our Portfolio

As of May 31, 2020

• Number of Tenants

  155

• Top 20 Tenants by Leased Area^{(Note 1)}

  49.9％

• Fixed Term Lease^{(Note 2)}

  100.0％

• WALE^{(Note 3)}

  4.6

• Calculated based on size of leased area.
• Excludes leases to which the Act on Land and Building Leases does not apply.
• WALE stands for Weighted Average Lease Expiry. Calculated based on anticipated annual rent as of May 31, 2020.

• Portfolio Data
• Tenants
• Occupancy