Nippon Prologis REIT : Announces Change in Outlook of Credit Rating from JCR

March 8, 2022

FOR IMMEDIATE RELEASE

Nippon Prologis REIT Announces Change in Outlook of Credit Rating from JCR

Nippon Prologis REIT, Inc. ("NPR") announced today that Japan Credit Rating Agency, Ltd. (JCR) has upgraded its outlook for the long-term issuer rating of NPR, as follows:

Rating Agency	Rating Object	Before	After
JCR	Long-term Issuer Rating	AA	AA
(Outlook)	(Stable)	(Positive)

For details of the rating above, please refer to the news release dated today, posted on the JCR website. https://www.jcr.co.jp/en/

For more information about Nippon Prologis REIT, please visit: https://www.prologis-reit.co.jp/en/

Real Estate Investment Trust Securities Issuer: Nippon Prologis REIT, Inc. (Code 3283) Tokyo Building 21F, 2-7-3, Marunouchi, Chiyoda-ku, Tokyo

Executive Director: Masahiro Sakashita

Asset Management Company: Prologis REIT Management K.K.

Representative: CEO Masahiro Sakashita

Inquiries: CFO Atsushi Toda Tel: [phone]