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

A Strong Financial Standing

High credit ratings

A credit rating is an indicator of a borrower's ability to pay its debts.
JLF enjoys a high credit rating compared to its peers and is considered by third-party experts to have strong creditworthiness.

Issuer’s rating

Rating and Investment Information, Inc. (R&I) 
Issuer rating
AA-(Stable)
Japan Credit Rating Agency, Ltd. (JCR)
Issuer rating
AA(Stable)
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Solid financial operations

JLF maintains an appropriate level of loan to value (LTV) and strives to extend debt maturities longer at the same time it lowers borrowing costs.
It also executes solid financial operations aware of the need for liquidity on hand by establishing a commitment line, for example.

LTV (based on appraisal value) as of end of the latest FP
32.2%
LTV (based on book value) as of end of the latest FP
44.1%
Commitment line  
175billion yen

Changes in interest-bearing debt procurement period and interest-bearing debt cost

(year)
(%)

Flexible cash management

In principle, JLF does not pay out distributions in excess of earnings (distributions equivalent to depreciation paid out as a reversal of capital), a practice employed by many logistics REITs. That puts JLF in a position to make flexible use of much of the funds equivalent to depreciation.
JLF studies making flexible use of cash on hand, for example, through the stabilization and growth of DPU and cash flows, as well as unitholder returns.

Cash Management Policy

Stabilization of DPU and cash flows
    ●Paying down debt
    ●Funding maintenance work
Growth of DPU and cash flows
    ●Funding property acquisitions and OBR projects
    ●Funding property renovations
Unitholder returns
    ●Investment unit buy backs