Japan Logistics Fund, Inc. Japan Logistics Fund, Inc. 物流の、未来にかける

External certifications, consent with initiatives, and ESG data collection

Policy on acquiring external certifications

JLF actively pursues ESG activities. Based on the belief it is important to obtain objective evaluations and certifications of its activities, JLF aims to obtain certifications.

Participation in the GRESB Real Estate Assessment

Overview of GRESB Assessment

GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds, as well as the name of organization which runs the assessment. It was founded in 2009 by a group of major European pension funds who played leading roles in launching Principles for Responsible Investment (PRI).
Currently, 150 Investor Members use GRESB data for their investment decision-making and engagement with investees, and several institutions from Japan including Government Pension Investment Fund (GPIF) utilize GRESB Assessment results. In 2023, 2,084 listed or private real estate companies and funds participated in GRESB Real Estate Assessment.
Please refer to GRESB’s website for more details (https://gresb.com/).

Assessment Result

In the 2024 GRESB Real Estate Assessment, JLF received the highest rank “five Stars” in GRESB Rating, which is based on GRESB Overall Score and its quintile position relative to global participants. It also received a Green Star for the seventh consecutive year by achieving high performance both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and “Performance Component” that assesses environmental performance and tenant engagement of properties owned.

GRESB

MSCI ESG Ratings Evaluation Results

MSCI ESG Ratings researches, analyzes, and rates the extent to which companies adequately manage ESG-related risks and opportunities, and provides an overall corporate ESG rating on a seven-point scale from "AAA" to "CCC".
JLF has received an "A" rating (As of end of July 2024).

MSCI

MSCI Japan ESG Select Leaders Index

MSCI Japan ESG Select Leaders Index is composed of companies elected by MSCI from among the constituents of the MSCI Japan IMI Index for excellence in ESG initiatives.
JLF is a constituent of the MSCI Japan ESG Select Leaders Index created and published by MSCI.

MSCI Japan ESG Select Leaders Index

DISCLAIMER

The inclusion of JLF in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of JLF by MSCI or any of its affiliates. the MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.

Consent with initiatives

Principles for Responsible Investment (PRI)

MLP, the asset manager of JLF, agreed with the basic philosophy of PRI and became a signatory organization in August 2021 as MLP and in April 2024 as Mitsui & Co. Asset Management Holdings Group (including MLP).

PRI

* Principles for Responsible Investment (PRI): Investment principles advocated to the finance industry by then Secretary General of the United Nations in 2006. PRI sets forth the following six principles necessary to fulfill ESG responsibilities through investment activities.

the six Principles for Responsible Investment

  1. We will incorporate ESG issues into investment analysis and decision-making processes.
  2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
  3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  4. We will promote acceptance and implementation of the Principles within the investment industry.
  5. We will work together to enhance our effectiveness in implementing the Principles.
  6. We will each report on our activities and progress towards implementing the Principles.

Obtaining of SBT Approval

JLF has set targets to reduce GHG emissions by the fiscal year ending March 2031. These targets are science-based targets following the goals of the Paris Agreement that “aims to keep the global average temperature well below 2°C above pre-industrial levels and pursue efforts to limit global warming to 1.5°C.” JLF has received the Science Based Targets (SBT) certification from the international SBT initiative in 2022.

Obtaining of SBT Approval

Certification Details

Item Coverage Base year Target year Target
GHG emissions(scope1+2) All Properties FY 2021 FY 2030 42% reduction in total emissions
GHG emissions(scope3) All Properties FY 2021 FY 2030 Calculate and reduce total emissions

ESG Data

1.Performance results

Item Unit FY2022 FY2023 increase/
decrease
Percentage
increase/
decrease
Total energy consumption MWh 64,231 62,610 -1,621 -2.52%
 Electricity MWh 3,681 3,785 +104 +2.81%
 Fuels MWh 60,550 58,825 -1,724 -2.84%
 Renewable energy self-consumption MWh 376 369 -7 -1.82%
 Utilization of renewable energy-derived electricity MWh 649 680 +31 +4.84%
Energy use intensity (*1) MWh/㎡ 0.043 0.041 -0.002 -4.36%
Non-fossil fuel certificate utilization MWh 1,740 1,501 -239 -13.73%
Item Unit FY2022 FY2023 increase/
decrease
Percentage
increase/
decrease
Total Greenhouse gas emissions (*2) t-CO2 27,958 24,983 -2,975 -10.64%
Total Greenhouse gas emissions intensity (*1) t-CO2/㎡ 0.019 0.016 -0.002 -12.32%
 scope1 t-CO2 0 0 0 -
 scope2 t-CO2 753 623 -130 -17.26%
 Non-fossil fuel certificate utilization(*3) t-CO2 753 623 -130 -17.26%
 Net CO2 emissions t-CO2 0 0 0 -
 scope3 t-CO2 27,205 24,360 -2,845 -10.45%
 Non-fossil fuel certificate utilization(*3) t-CO2 10 1 -9 -88.95%
 Net CO2 emissions t-CO2 27,195 24,359 -2,836 -10.42%
Item Unit FY2022 FY2023 increase/
decrease
Percentage
increase/
decrease
Total water usage 125,986 123,787 -2,199 -1.74%
 Public drinking water 123,430 121,708 -1,722 -1.39%
 Recycling water 2,557 2,079 -477 -18.66%
Water use intensity (*1) ㎥/㎡ 0.085 0.082 -0.003 -3.59%
Item Unit FY2022 FY2023 increase/
decrease
Percentage
increase/
decrease
Total weight of non-hazardous waste t 10,166 10,602 +435 +4.28%
 Amount recycled t 8,373 7,879 -493 -5.89%
Recycle rate 82.4 74.3 -8.1 -9.83%
Item Unit FY2022 FY2023
Number of properties (*4) Properties 52 53
Floor space (*5) 1,501,960 1,514,734
Percentage of whole portfolio covered (*6) 100 100
  • Intensity = Consumption / Total floor area under the Building Standard Law (adjusted by occupancy rate)
  • Calculated based on the Act on Promotion of Global Warming Countermeasures (“Global Warming Countermeasures Act”). For the emission factors, the actual emission factors provided for in the Ministerial Order on Calculation of Greenhouse Gas Emissions from Business Activities of Specified Emitters are checked every year.
    scope 3 aggregates category 13.
  • The amount of non-fossil certificates purchased is prioritized for the deduction of scope1 and scope2, and if there is a surplus, it is deducted for scope3. 1,740MWh ,762 t-CO2 of non-fossil certificates purchased in FY2022 and 1,501MWh ,624 t-CO2in FY2023. The national average emission factor is used to convert the amount of non-fossil certificates purchased into t-CO2.
  • Include properties acquired or sold within the fiscal year.
  • Total gross total floor area under the Building Standard Law after taking co-ownership into account in the subject property.
  • Calculated based on the total floor area under the Building Standard Law after taking into account the occupancy rate and taking co-ownership into account.
  • The figures for each year are calculated based on co-ownership.
  • Figures for FY2023 are calculated based on the information provided in the "Environmental Performance Data Independent Verification Report" and "Greenhouse Gas Emissions Independent Verification Report (Limited Assurance)".

A limited assurance has been obtained from a third-party institution (by Ernst & Young ShinNihon LLC for FY 2022 and Japan Audit and Certification Organization for Environment and Quality for FY 2023) with regard to the following “Environmental information (details)”, which served as the basis for the above “ Performance Results”.

Environmental Performance Data Independent Verification Report

Greenhouse Gas Emissions Independent Verification Report (Limited Assurance)

2.Status of green building certification

Percentage of portfolio with green building certification (as of October 1, 2024)

Type of certification Number of properties total floor area under the Building Standard Law (㎡) Percentage of portfolio (by area)
Certification for CASBEE for Real Estate 42 1,213,348.74 80.6%
BELS Certification 20 625,561.85 41.5%
CASBEE Certification for Buildings (New Construction) 1 41,968.06 2.8%
Percentage of portfolio with green building certification 46 1,320,588.72 87.7%
  • Some properties have multiple certifications, so the total of the figures for each certification does not equal the figure for the "Percentage of portfolio with green building certification".

Percentage of the top two ranks of green building certification (as of October 1, 2024)

Type of certification Number of properties total floor area under the Building Standard Law (㎡) Percentage of portfolio (by area)
Certification for CASBEE for Real Estate 39 1,143,056.75 75.9%
BELS Certification 20 625,561.85 41.5%
CASBEE Certification for Buildings (New Construction) 1 41,968.06 2.8%
Percentage of portfolio with green building certification 43 1,250,296.73 83.0%
  • Some properties have multiple certifications, so the total of the figures for each certification does not equal the figure for the "Percentage of portfolio with green building certification".
  • The top two ranks are A rank to S rank in Certification for CASBEE for Real Estate, 4 stars to 5 stars in BELS certification, and A rank to S rank in CASBEE Certification for Buildings (New Construction).

Properties with Certification for CASBEE for Real Estate

Certification Property
S M-11 Yachiyo Logistics Center
M-37 Fujisawa Logistics Center
T-2 Osaka Fukuzaki Logistics Center
A M-3 Hiratsuka Logistics Center
M-4 ShinKiba Logistics Center
M-5 Urayasu Chidori Logistics Center
M-6 Funabashi Nishiura Logistics Center
M-9 Narashino Logistics Center
M-12 Yokohama Fukuura Logistics Center
M-13 Yachiyo Logistics Center II
M-16 Shinonome Logistics Center
M-17 Narashino Logistics Center II
M-18 Ichikawa Logistics Center II
M-19 Souka Logistics Center
M-21 Kashiwa Logistics Center
M-22 Musashimurayama Logistics Center
M-23 Kashiwa Logistics Center II
M-24 Shin-Koyasu Logistics Center
M-25 Misato Logistics Center
M-26 Sagamihara Logistics Center
M-27 Chiba Kita Logistics Center
M-28 Chiba Kita Logistics Center II
M-29 Urayasu Chidori Logistics Center III
M-30 Zama Logistics Center
M-31 Shinkiba Logistics Center II
M-32 Yokohama Machida Logistics Center
M-34 Shiroi Logistics Center
M-35 Toda Logistics Center
M-38 Hanyu Logistics Center
M-39 Saitama Kisai Logistics Center
M-40 Kazo Logistics Center
M-42 Itabashi Logistics Center
T-3 Kiyosu Logistics Center
T-7 Fukuoka Hakozaki Futo Logistics Center
T-9 Fukuoka Kashiihama Logistics Center
T-10 Kasugai Logistics Center
T-11 Takatsuki Logistics Center
O-1 Maebashi Logistics Center
O-6 Ishikari Logistics Center No. 2 and No.7
B+ M-20 Tatsumi Logistics Center
M-36 Ichikawa Logistics Center III
T-5 Komaki Logistics Center
O-6 Ishikari Logistics Center No. 10

Properties with BELS Certification

Certification Property
Five Star 『ZEB』 M-41 Kuki Logistics Center
Five Star
ZEB Ready
M-2 Urayasu Logistics Center
M-6 Funabashi Nishiura Logistics Center
M-11 Yachiyo Logistics Center
M-13 Yachiyo Logistics Center II
M-17 Narashino Logistics Center II
M-19 Souka Logistics Center
M-21 Kashiwa Logistics Center
M-22 Musashimurayama Logistics Center
M-26 Sagamihara Logistics Center
M-27 Chiba-kita Logistics Center
M-30 Zama Logistics Center
M-34 Shiroi Logistics Center
M-37 Fujisawa Logistics Center
T-3 Kiyosu Logistics Center
T-10 Kasugai Logistics Center
T-12 Aisai Logistics Center
Five Star M-15 Ichikawa Logistics Center
M-42 Itabashi Logistics Center
T-7 Fukuoka Hakozaki Futo Logistics Center

Properties with CASBEE Certification for Buildings (New Construction)

Certification Property
A M-2 Urayasu Logistics Center

3.Status of asset manager employees

Item FY2023
Total executives and employees 35 persons
Percentage of full-time employees 100%
Male 26 persons
Female 9 persons
Percentage of female executives and employees 26%
Average Number of Years of Attendance 6.2 years
Number of retirees 3 person
Percentage of retirees 9%
Number of managers 5 persons
Number of male managers 5 persons
Number of female managers No person
Percentage of employees with disabilities 0%
Percentage of foreign employees 0%
of those who have lived abroad 17.1%
Response rate to health examination 100%
Paid leave acquisition rate 81.3%