CRE Logistics REIT, Inc.

Securities Code: 3487

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JAPANESE

Green Finance

1. What is green finance?

Green finance means bonds (green bonds) and borrowings (green loans) with restrictions on the use of proceeds for business activities that take the environment into consideration.
The Investment Corporation 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 funding vehicles of the Investment Corporation. It will grasp expected levels of funding vehicle ESG (Environment, Society & Governance) through dialogues with institutional investors who are interested in ESG in the course of funding and apply the details of the expected levels to its asset management.

2. Green finance framework

Evaluations of external institutions

The Investment Corporation has 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”), a green finance assessment body.
For more details, please visit the JCR website.
https://www.jcr.co.jp/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 corporate bonds (including green bonds) for such acquisitions.

Eligibility criteria

The Investment Corporation defines properties that have acquired, have updated or are scheduled to acquire or update any third-party assessment body certification described in (i) to (iii) below as Green Buildings.

(i) DBJ Green Building certification Five or four stars
(ii) CASBEE for Real Estate Certification S or A rank
(iii) BELS Certification Five or four stars

Management of proceeds

After procurement through green finance, the Investment Corporation will use proceeds promptly or without delay to fund acquisitions of Green Buildings or repayments and redemptions of borrowings and investment corporate bonds for such acquisitions.

If Green Buildings for which proceeds are used are excluded from being subject to use of proceeds due to sale, etc., the total amount of balances of green finance will be managed to ensure that the amount does not exceed that of green eligible liabilities (Note).

(Note) The amount of green eligible 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 year.

Reporting

Reporting on the status of fund appropriations
The status of fund appropriations procured through green finance will be disclosed and updated yearly on the Investment Corporation website as long as the balance remains.

Status of fund appropriations from green bonds

As of September 16, 2020

Name Issuance date Redemption date Amount of
issuance
Amount of
appropriated
funds
Amount of
unappropriated
funds
CRE Logistics REIT, Inc.
1st Unsecured Investment Corporation Bond
(CRE Green Bond)
2020/09/08 2025/09/08 2,000 million yen 2,000 million yen

Balance of proceeds through green finance
The total acquisition price for Green Buildings, the balance of green eligible liabilities and the balance of proceeds from green finance will be reported yearly as long as the balance of proceeds from green finance remains.

Status of Green Buildings

As of January 19, 2021

Name of properties Acquisition price
(in millions of yen)
Total floor space
(㎡)
DBJ Green Building
certification
CASBEE for real
estate certification
BELS
certification
M-1 LogiSquare Kuki 9,759 40,907.13 A ★★★★★
M-2 LogiSquare Hanyu 6,830 33,999.61 B+ ★★★★★
M-3 LogiSquare Kuki II 2,079 11,511.22 A ★★★★★
M-4 LogiSquare Urawa Misono 13,060 48,738.29 A ★★★★★
M-5 LogiSquare Niiza 6,960 25,355.82 A ★★★★★
M-6 LogiSquare Moriya 6,157 32,904.90 ★★★★★
M-7 LogiSquare Kawagoe 1,490 7,542.56 ★★★★
M-8 LogiSquare Kasukabe 4,900 21,315.54 A ★★★★★
M-9 LogiSquare Soka 8,109 28,817.59 A
M-10 LogiSquare Yashio 5,073 19,068.60 A
M-11 LogiSquare Mizuho A 2,794 13,755.16
M-12 LogiSquare Mizuho B 3,584 16,016.37
M-13 LogiSquare Ageo 4,908 19,142.84 A ★★★★★
M-14 LogiSquare Miyoshi 11,700 37,931.49 A ★★★★★
M-15 LogiSquare Sayama-Hidaka 14,066 73,728.44 A ★★★★
M-16 LogiSquare Kawagoe Ⅱ 3,244 14,281.38 ★★★★★
O-1 LogiSquare Tosu 2,823 16,739.40 ★★★★★
O-2 LogiSquare Chitose 1,300 19,760.00 ★★★★★
O-3 LogiSquare Kobe Nishi 3,479 16,006.20 A ★★★★
Total 112,316 497,522.54

Balance of proceeds from green finance

As of September 8, 2020
Acquisition price of Green Buildings 85,149 million yen
LTV Ratio(As of June 30, 2020) 45.9%
Amount of green eligible liabilities 39,125 million yen
Balance of proceeds through green finance 2,000 million yen

Impact reporting
The following indices will be disclosed yearly on the Investment Corporation website as reporting pertaining to environmental improvement effects.
◆Type and rank of environmental certification of Green Buildings and aggregate amount of total floor space
◆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

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