Nippon Prologis

What Nippon Prologis does

Nippon Prologis REIT, Inc. (NPR) is a Japanese real estate investment trust (J-REIT) listed on the Tokyo Stock Exchange (ticker: 3283) that invests exclusively in Class-A logistics facilities across Japan. Founded in November 2012 and IPO'd in February 2013, NPR is sponsored by Prologis Group, the NYSE-listed global logistics real estate leader, and is managed by Prologis REIT Management K.K. (PLDRM), a wholly-owned subsidiary of the sponsor. As of November 30, 2025, the REIT's portfolio comprises 60 Class-A logistics properties with a total acquisition price of 961.9 billion yen and approximately 4.1 million square meters of leasable floor area, achieving a 98.0% average occupancy rate and 7.0% rent growth on lease renewals and re-leasing in Q2 FY2026, the strongest rent growth since inception.

The REIT's core product is its logistics real estate portfolio, branded under the Prologis Park name and featuring modern, high-specification warehouses including rooftop solar generation systems totaling 67.6MW of capacity, 94% LED lighting coverage, and 97.8% green building certification across leasable floor area. NPR's business model is a classic J-REIT structure: it acquires logistics properties (primarily from the sponsor pipeline), leases them to logistics and supply chain operators (3PL providers, e-commerce fulfillment, manufacturing logistics, retail distribution), and distributes substantially all taxable income to unit holders as semi-annual distributions. The most recent distribution was 1,920 yen per unit (period ended November 2025), with 1,934 yen per unit forecast for both the May 2026 and November 2026 periods. Capital is raised through public offerings and third-party allotments on the Tokyo Stock Exchange, with proceeds deployed for portfolio expansion and refinancing while maintaining a conservative loan-to-value ratio below 29%.

The REIT's go-to-market focuses on institutional and retail investors seeking income-generating real estate exposure to Japan logistics. Unit holders include major trust banks (Custody Bank of Japan at 21.93% and Master Trust Bank at 14.77%), the sponsor (Prologis Property Japan SPC at 15.22%), and other institutional investors, with the top 10 holders controlling 65.28% of outstanding units as of November 2025. Following a 3-for-1 unit split in June 2025, outstanding units increased from 2,796,369 to 8,389,107 to enhance liquidity. Investor relations are supported by coverage from 11 securities firms and ESG credentials including GRESB 5 Stars for 10 consecutive years and JCR Green 1 Star rating, providing access to green-labeled debt and equity pools.

Name

Nippon Prologis

Legal name

Nippon Prologis REIT, Inc.

Website

https://prologis-reit.co.jp

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Nippon Prologis REIT is a Japanese J-REIT (Tokyo Stock Exchange: 3283) that invests exclusively in Class-A logistics facilities across Japan. Sponsored by Prologis Group, it operates a 60-property, 961.9 billion yen portfolio with 98% occupancy, distributing rental income semi-annually to institutional and retail unit holders.

Ownership category

akta.pro rank

Product category

Logistics Real Estate Investment Trust (J-REIT)

NAICS

Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Logistics real estate
• J-REIT investment
• Class-A warehouses
• Industrial property leasing
• Logistics facilities Japan

Headquarters

HQ city

Marunouchi

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Rental Income from Logistics Facilities: Primary revenue stream from leasing Class-A logistics facilities to tenants. The REIT maintains high occupancy rates of approximately 98% and achieves average rent changes of 7.0% on lease renewals and re-leasing, representing the strongest rent change since inception. Portfolio appraisal values have appreciated while maintaining a conservative loan-to-value ratio below 29%.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Nippon Prologis REIT is a Japanese Real Estate Investment Trust (J-REIT) that acquires, owns, and operates a portfolio of Class-A logistics facilities across Japan. The REIT leases modern, high-specification warehouse and distribution center space to logistics operators and generates rental income that is distributed to unit holders. As of November 30, 2025, the portfolio comprises 60 properties with a total acquisition price of approximately 961.9 billion yen, managed by Prologis REIT Management K.K. (PLDRM) under a sponsorship arrangement with the Prologis Group.

Product overview

Nippon Prologis REIT is a single-focus J-REIT investing exclusively in Class-A logistics facilities across Japan, managed by Prologis REIT Management K.K. (a wholly-owned subsidiary of the Prologis Group). The REIT operates as a unified investment vehicle with a portfolio of 60 logistics properties valued at 961.9 billion yen, generating rental income through leasing to logistics operators. The product ecosystem consists of the core REIT investment product, supported by an ESG investment framework for sustainability reporting and a green finance program for capital raising. The portfolio is branded under the Prologis Park name, spanning major metropolitan areas in Japan, with strong sponsorship from the global Prologis Group which has developed over 121 properties in Japan since 2002.

Differentiator

Problem solved

Functional benefit

Products and services

• Nippon Prologis REIT (日本プロロジスリート投資法人) Listed J-REIT investment vehicle providing investors with exposure to Japan's Class-A logistics real estate sector, generating stable rental income distributed as periodic distributions (dividends) to unit holders.
• Class-A Logistics Facilities Portfolio (Prologis Parks) Portfolio of 60 Class-A logistics properties spanning major metropolitan areas in Japan, leased to third-party logistics providers, e-commerce, manufacturing, and retail distribution tenants. Features modern high-specification facilities with high ceilings, floor load capacity, and advanced environmental controls.
• Investment Units (TSE Code: 3283) Tradable investment units providing regular distributions (dividends) to unit holders. The 25th fiscal period (ended May 2025) distribution was 1,920 yen per unit, with forecasted distributions of 1,934 yen per unit for both May 2026 and November 2026 periods.
• Green Finance Program Green financing framework including green loans, green bonds, and sustainability-linked finance aligned with the REIT's environmental objectives and decarbonization targets, with JCR Green 1 Star rating awarded.

Quantifiable outcome

• 98.0% average occupancy rate with 7.0% average rent change on lease renewals and re-leasing
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered flagship / core sponsor, core and minor.

• Prologis, Inc. (Global Parent)flagship / core sponsorStrategic or Co-development Partner · 13 February 2013Prologis, Inc. is the global parent company and sponsor of Nippon Prologis REIT. Headquartered in the United States and listed on NYSE, Prologis has developed, owned, or managed approximately 121 million square meters of logistics real estate in 20 countries. The REIT leverages Prologis Group's strong sponsor support including robust acquisition pipeline, global customer network of 6,500+ customers, operational expertise, and management resources. Prologis Group maintains approximately 15% ownership stake in NPR since listing.
• Prologis Property Japan SPCcoreStrategic or Co-development Partner · 13 February 2013Prologis Property Japan SPC holds 15.22% (1,277,160 units) of Nippon Prologis REIT as of November 30, 2025. As a sponsor entity within the Prologis Group, SPC participates in follow-on offerings to maintain approximately 15% ownership alignment with other unit holders.
• Prologis Japan (Prologis K.K.)coreStrategic or Co-development PartnerPrologis Japan is the Japanese subsidiary and developer that builds and manages logistics facilities in Japan. Since 2002, Prologis Japan has developed 121 properties representing approximately 8.2 million square meters of gross floor area. Prologis Japan provides property development, acquisition pipeline support, and property management services to the REIT.
• Prologis REIT Management K.K. (PLDRM / Asset Manager)flagship / core sponsorStrategic or Co-development PartnerPLDRM is the exclusive asset manager for Nippon Prologis REIT under an asset management agreement. The asset manager handles property acquisitions and dispositions, portfolio operations and management, financing, and investor relations. PLDRM is a wholly owned subsidiary of the Prologis Group and is governed by its own board with Investment Committee and Compliance Committee oversight.
• DNV GL (Now DNV)minorStrategic or Co-development PartnerDNV GL (now DNV) provided a Second Party Opinion on Nippon Prologis REIT's Green Equity Framework in January 2021, validating the framework for green finance activities.
• Sumitomo Mitsui Trust Bank, Ltd. (Stock Administration)minorOthersSumitomo Mitsui Trust Bank serves as the unit holder registry administrator (stock administration) for Nippon Prologis REIT, handling unit holder registry management and related administrative services.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Nippon Building Fund: Largest diversified J-REIT, primarily office-focused. Broad incumbent in the J-REIT universe competing for institutional capital and analyst coverage, though with no direct logistics-asset overlap.
• Japan Real Estate Investment Corporation: Major diversified J-REIT with a primary focus on office properties. Comparable as a large, established, institutionally-held J-REIT competing for the same investor base, though with a different asset-class mix.
• Prologis, Inc. Global parent sponsor of NPR and the world's largest logistics REIT (NYSE: PLD). Operates in 20 countries with 121 million m² of logistics real estate — comparable asset class but vastly larger, global, and operating-company rather than Japan-listed J-REIT structure.

Direct peers

• GLP J-REIT: Japan's largest pure-play logistics J-REIT, directly comparable to NPR with a portfolio focused on modern logistics facilities. Both compete for institutional capital and Class-A tenant demand in Japan's major logistics corridors.
• Daiwa House REIT Investment Corporation: Diversified J-REIT with a significant logistics portfolio alongside retail and office. Competes with NPR for logistics tenants and for institutional capital seeking exposure to Japan logistics real estate.
• LaSalle Logiport REIT: J-REIT focused on logistics facilities in Japan, with a portfolio of modern distribution centers in Tokyo Bay and Greater Osaka. Directly comparable as a Japan-focused, single-sector logistics J-REIT pursuing institutional tenants.
• Industrial & Infrastructure Fund Investment Corporation (IIF): J-REIT investing in industrial and infrastructure properties including logistics, manufacturing, and research facilities. Closest comparable on the industrial side of the J-REIT universe, with overlapping tenant base and asset-class dynamics.
• Mitsubishi Estate Logistics REIT Investment Corporation: Japan logistics-focused J-REIT sponsored by Mitsubishi Estate, competing with NPR for institutional logistics tenants and capital. Most direct comparable among newly-listed logistics J-REITs in Japan.

Regional players

• ESR-REIT: Asia-Pacific logistics REIT with a portfolio including Japan assets. Comparable in logistics asset class and tenant profile, but operates across multiple geographies rather than Japan-exclusive like NPR.

Emerging players

• SOSiLA Logistics REIT: Smaller, recently-listed Japan logistics J-REIT. Comparable asset class and focus, but smaller scale and earlier-stage portfolio relative to NPR's mature 60-property platform.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nippon-prologis-reit-inc

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Prologis