CRE Logistics REIT, Inc.

Securities Code: 3487

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JAPANESE

Green Finance

What is Green Finance?

Green finance is a method of financing made through green equity offerings, green bonds, and green loans with respect to which the use of proceeds are limited to business activities that take the environment into consideration.
CRE REIT believes that employing proceeds from green finance for the acquisition of assets which satisfy certain eligibility criteria for environmental improvement effects (“Green Buildings”) and providing the Green Buildings as infrastructure assets to society will contribute to the environment and society.
Green finance is defined as a method of expanding the financing methods of CRE REIT. It will also enable CRE REIT to understand the ESG (Environment, Society & Governance) expectations of institutional investors who are interested in ESG through dialogue in the course of financing, and reflect their expectations in asset management.

Green Finance Framework and Green Equity Framework

Evaluations of External Reviewers

CRE REIT has established a green equity framework for green equity offerings and a green finance framework for green bonds and green loans.
We have obtained a second party opinion with respect to eligibility for the green equity framework from DNV Business Assurance Japan K.K. (“DNV”), an external evaluation reviewer.
For more details, please visit the DNV website.
https://www.dnv.jp/assurance/news/Index.html?
CRE REIT has also been assigned “Green 1 (F),” the highest grade in the JCR Green Finance Framework Evaluation with respect to eligibility for green finance framework by Japan Credit Rating Agency, Ltd. (“JCR”), an external evaluation reviewer.
For more details, please visit the JCR website.
https://www.jcr.co.jp/en/greenfinance/

Use of Proceeds

Proceeds from green finance will be used to fund acquisitions of Green Buildings or repayments and redemptions of borrowings (including green loans) and investment corporation bonds (including green bonds) for such acquisitions.

Eligibility Criteria

CRE REIT defines properties that have acquired or renewed, or are scheduled to acquire or renew, any third-party assessment body certification or other assessment described in (i) to (iii) below as Green Buildings.

(i) DBJ Green Building five or four stars
(ii) CASBEE S or A rank
(iii) BELS five or four stars

Management of Proceeds

After conducting green finance, CRE REIT will use proceeds promptly or without delay to fund acquisitions of Green Buildings or repayments and redemptions of borrowings and investment corporation bonds for such acquisitions.
If any Green Building for which such proceeds are to be used is excluded from such use of proceeds due to its sale or other reason and there are unused funds, the total outstanding balance of green bonds and green loans for each fiscal period will be managed to ensure that such balance does not exceed the upper limit of green qualifying liabilities for such fiscal period. (Note).

(Note) The upper limit of green qualifying liabilities is calculated by multiplying the total acquisition price of Green Buildings by the interest-bearing debt ratio (LTV ratio) as of the end of the most recent fiscal period.

Reporting

Reporting on the Status of Funds

The status of funds raised through green finance will be disclosed and updated yearly on CRE REIT's website as long as there are unused proceeds from green bonds and green loans.

Status of Funds from Green Equity Offerings

As of April 3, 2023

Form of offering Payment date Amount of
raised funds
Amount of
funds used
Amount of
funds unused
Property name
Public offering 2021/09/15 13,147 million yen 13,147 million yen LogiSquare Osaka Katano
Public offering 2023/04/03  9,546 million yen  9,546 million yen LogiSquare Shiroi
LogiSquare Hirakata

Status of Funds from Green Bonds

As of September 22, 2023

Name Issuance
date
Redemption
date
Amount of
issuance
Amount of
funds used
Amount of
funds unused
CRE Logistics REIT, Inc.
1st Unsecured Investment Corporation Bond
(Green Bond)
2020/09/08 2025/09/08 2,000 million yen 2,000 million yen
CRE Logistics REIT, Inc.
2nd Unsecured Investment Corporation Bond
(Green Bond)
2021/11/26 2031/11/26 2,000 million yen 2,000 million yen
CRE Logistics REIT, Inc.
3rd Unsecured Investment Corporation Bond
(Green Bond)
2023/09/22 2028/09/21 2,000 million yen 2,000 million yen
(Note) Because there are unused funds 61 million yen due to the sale of the trust beneficial right in the LogiSquare Chitose dated on August 3, 2022, for which the 1st Green Bond was to be used, CRE REIT has managed the total outstanding balance of green bonds and green loans for each fiscal period not to exceed the upper limit of green qualifying liabilities for such fiscal period. Please refer to the ”Outstanding balance of green bonds and green loans” below for the management.

Status of Funds from Green Loans

As of January 31, 2024

Lender Drawdown
date
Repayment
date
Amount of
loan
Amount of
funds used
Amount of
funds unused
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Japan Post Bank Co., Ltd.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd
Development Bank of Japan Inc.
2021/07/30 2028/01/31 4,274 million yen 4,274 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
The Shizuoka Bank, Ltd.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Hyakujushi Bank, Ltd.
The Yamaguchi Bank, Ltd
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
Aozora Bank, Ltd.
The Bank of Toyama, Ltd.
The Yamanashi Chuo Bank, Ltd.
2021/09/15 2027/03/31 4,000 million yen 4,000 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
SBI Shinsei Bank, Limited
Aozora Bank, Ltd.
The Yamaguchi Bank, Ltd
Sumitomo Mitsui Trust Bank, Limited
The Yamanashi Chuo Bank, Ltd.
The Hyakujushi Bank, Ltd.
2021/09/15 2027/09/30 3,500 million yen 3,500 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd
2022/01/31 2028/07/31 3,680 million yen 3,680 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd
2022/07/29 2028/07/31 1,200 million yen 1,200 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Resona Bank, Limited
2023/01/31 2028/01/31 3,330 million yen 3,330 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
Aozora Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Yamaguchi Bank, Ltd.
The Shizuoka Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
The ChibaBank, Ltd.
2023/03/31 2026/03/31 4,550 million yen 4,550 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
Aozora Bank, Ltd.
The Yamaguchi Bank, Ltd.
The Shizuoka Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
The Chiba Bank, Ltd.
2023/03/31 2028/09/29 3,250 million yen 3,250 million yen
MUFG Bank, Ltd. 2023/04/03 2027/09/30 700 million yen 700 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited
Sumitomo Mitsui Trust Bank, Limited
The Nishi-Nippon City Bank, Ltd.
2023/07/31 2029/01/31 2,900 million yen 2,900 million yen
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited
2024/01/31 2029/01/31 2,680 million yen 2,680 million yen
MUFG Bank, Ltd. 2024/01/31 2029/01/31 650 million yen 650 million yen
Outstanding Balance of Green Bonds and Green Loans

The total acquisition price of Green Buildings, the upper limit of green qualifying liabilities and the outstanding balance of green bonds and green loans will be reported yearly as long as there are unused proceeds from green bonds and green loans.

Status of Green Buildings

Please refer to the "External Evaluation and Certifications" page.

Outstanding Balance of Green Bonds and Green Loans

As of February 16, 2024
Acquisition price of Green Buildings 159,504 million yen
LTV Ratio(As of December 31, 2023) 44.1%
Upper limit of green qualifying liabilities 70,364 million yen
Outstanding balance of green bonds and green loans 40,714 million yen
Impact Reporting

The following indices will be disclosed yearly on CRE REIT's website to report on environmental improvement results.
◆Type and rank of environmental certification and aggregate amount of total floor space of all properties including Green Buildings.
◆Following environmental data (data of properties held, not limited to Green Buildings, for which data can be obtained will be disclosed).

(i) Amount of electricity consumption
(ii) Amount of water consumption
(iii) Amount of CO2 emission or reduction

Environmental Data

Environmental improvement results including environmental data are available here.

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