---
title: "Nippon Prologis REIT (3283)"
aliases:
  - "nippon-prologis-reit-3283"
  - "Nippon Prologis REIT"
  - "NPR"
  - "NPR 3283"
  - "日本プロロジスリート投資法人"
  - "Prologis J-REIT Japan"
  - "Prologis sponsor support agreement"
  - "NPR logistics J-REIT"
domain: real-estate-finance
created: 2026-05-25
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2027-01-29
confidence: likely
tags: [real-estate-finance, j-reit, npr, prologis, logistics, modern-logistics, us-sponsor, 3283]
status: active
sources:
  - "https://www.prologis-reit.co.jp/"
  - "https://www.prologis-reit.co.jp/english/"
  - "https://www.prologis-reit.co.jp/en/"
  - "https://www.prologis-reit.co.jp/en/financial/index.html"
  - "https://www.prologis.com/"
  - "https://www.jpx.co.jp/english/markets/products/reit/index.html"
  - "https://www.ares.or.jp/en/"
  - "https://www.fsa.go.jp/en/"
---

# Nippon Prologis REIT (3283)

## TL;DR

**Nippon Prologis REIT, Inc. (NPR, TSE J-REIT 3283)** is the **Prologis-sponsored modern-logistics J-REIT** linked to US-headquartered **Prologis, Inc.** (NYSE: PLD). Listed in February 2013 shortly after GLP J-REIT, NPR discloses a formal sponsor-support framework. Prologis's current global scale and its rank within Japan must be measured from dated, consistently defined data; NPR's exact rights, holdings and approval processes must be read from current NPR documents rather than treated as a market-wide template.

NPR's portfolio is concentrated in modern logistics facilities in **Greater Tokyo, Osaka, and Aichi/Nagoya logistics submarkets**. Where NPR or Prologis uses a facility-class label, treat it as an issuer-defined property specification rather than an independent credit rating, and verify features property by property. Compare NPR with [[real-estate-finance/glp-j-reit-3281|GLP J-REIT]] using same-date portfolio, tenant, ownership and trading data rather than assuming a fixed competitive ranking or shared tenant segment.

## Wiki route

This entry sits under [[real-estate-finance/INDEX|real-estate-finance index]] as the **Prologis-sponsored modern-logistics J-REIT anchor**. Read it together with [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]] for a same-sector peer comparison, with [[real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT asset-class comparison]] for sector-level analysis, and with [[real-estate-finance/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]] for cross-J-REIT positioning. For office contrast use [[real-estate-finance/nippon-building-fund-j-reit-8951|NBF (8951)]] and [[real-estate-finance/japan-real-estate-j-reit-8952|JRE (8952)]]; for diversified contrast use [[real-estate-finance/nomura-real-estate-master-fund-nmf|NMF]]. Governance frame: [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance]] and [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict]].

## 1. Corporate identity

Table evidence (reviewed 2026-07-29): [Nippon Prologis REIT official disclosures](https://www.prologis-reit.co.jp/en/) and the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html).

| Item | Detail |
|---|---|
| Ticker | TSE J-REIT **3283** |
| Investment corporation | Nippon Prologis REIT, Inc. (日本プロロジスリート投資法人) |
| Asset-management company | Prologis REIT Management K.K. (sponsor: Prologis) |
| Sponsor | Prologis, Inc. (NYSE: PLD); Japan operations: Prologis Japan |
| Listing date | February 2013 |
| Asset focus | Modern logistics facilities; issuer-defined facility labels are not credit ratings |
| Geographic focus | Greater Tokyo, Osaka, Nagoya logistics submarkets |
| Rating | Investment-grade by [[financial-regulators/jcr|JCR]] / [[financial-regulators/rating-and-investment|R&I]] |
| Index inclusion | Verify current inclusion directly from each index provider's dated constituent list |

## 2. Prologis sponsor platform

Table evidence (reviewed 2026-07-29): [Nippon Prologis REIT sponsor disclosures](https://www.prologis-reit.co.jp/en/) and [Prologis corporate disclosures](https://www.prologis.com/).

| Item | Prologis detail |
|---|---|
| Headquarters | San Francisco, US |
| NYSE ticker | PLD |
| Scale | Use dated Prologis portfolio and market-capitalization data with a stated denominator; no global rank is asserted here |
| Global presence | Use a dated Prologis corporate report and its geographic definitions; do not infer NPR's rights or portfolio from the group footprint |
| Japan operations | Prologis Japan; compare current development and portfolio data with peers on one definition |
| Development pipeline | Read the current sponsor-support agreement and property-level acquisition history; do not assume every stabilized sponsor asset transfers to NPR |
| Comparator | [[real-estate-finance/glp-j-reit-3281|GLP J-REIT]], whose current materials identify GLP Japan within the broader Ares sponsor group |

Prologis's US listing and global operations provide group context only. Any claim about other listed vehicles, the Japan strategy or resources available to NPR requires a dated Prologis/NPR disclosure and the relevant agreement.

## 3. Sponsor support agreement structure

NPR discloses a formal Prologis sponsor-support agreement. The current terms, scope and transaction history—not a cross-market disclosure ranking—establish what the arrangement provides:

Table evidence (reviewed 2026-07-29): [Nippon Prologis REIT official sponsor-support disclosures](https://www.prologis-reit.co.jp/en/). Rights and approval processes are summarized from the issuer's current public materials; “typically” is not used as a substitute for a disclosed percentage.

| Component | Description |
|---|---|
| Preferential negotiation right | NPR has preferential right to negotiate acquisition of stabilized Prologis-developed properties in Japan |
| Information rights | NPR receives information on sponsor pipeline development progress |
| Warehousing support | Sponsor can warehouse stabilized assets pending NPR acquisition timing |
| Asset rotation cooperation | Sponsor cooperates with NPR's portfolio refresh strategy |
| Sponsor unit-holder stake | Prologis retains a disclosed unit-holder stake; the current percentage must be read from the latest unitholder disclosure |
| AM-company cooperation | Asset-management-company (Prologis REIT Management K.K.) is staffed and supported by Prologis Japan |
| Related-party-transaction governance | Follow NPR's current related-party policy and each transaction's appraisal, approval and disclosure record |

This table describes NPR only. Similar labels used by another J-REIT do not establish identical contractual rights or governance.

## 4. Portfolio composition

Table evidence (reviewed 2026-07-29; property and asset-size figures as of 2026-05-31, occupancy as of 2026-06-30): [Nippon Prologis REIT official dashboard](https://www.prologis-reit.co.jp/en/). The issuer disclosed **60 properties**, ¥963.2 billion asset size and 98.3% occupancy.

| Axis | NPR pattern |
|---|---|
| Asset class | Modern logistics facilities; verify any Class-A / Class-A Plus label against the issuer's definition |
| Property specifications | Record ceiling height, floor load, ramp, dock, fire-protection and BCP features property by property; no listed feature is assumed to apply to every NPR asset |
| Property size | Calculate the distribution from the current property list; do not infer a 100,000+ m2 threshold as typical |
| Geographic focus | Greater Tokyo (Funabashi, Inzai, Soka, Sagamihara), Greater Osaka, Aichi/Nagoya |
| Tenant base | Use dated issuer tenant disclosures and a stated denominator; sector labels do not establish concentration |
| Acquisition source | Read the current sponsor-support agreement and classify each completed transaction; the wider Prologis Japan development pipeline is not automatically NPR's pipeline |

## 5. Capital and leverage

Table evidence (reviewed 2026-07-29; figures as of 2026-05-31): [Nippon Prologis REIT financial data](https://www.prologis-reit.co.jp/en/financial/index.html). Debt was ¥362.3 billion, appraisal LTV 28.5%, average debt cost 0.92%, fixed-rate ratio 93.2%, and long-term debt ratio 98.6%; May 2026 DPU was ¥1,928.

| Item | NPR pattern |
|---|---|
| Appraisal LTV snapshot | **28.5%** as of 2026-05-31 |
| Debt mix | Use NPR's dated debt schedule to distinguish loans and investment-corporation bonds and record rates, maturities and hedging |
| Bond terms | Compare only dated NPR issues with matched-date instruments; an investment-grade label does not establish a bond curve or current pricing |
| Sponsor support stake | Use the latest dated unit-holder disclosure for Prologis's position |
| Distribution snapshot | **¥1,928 DPU** for the period ended 2026-05 |
| Foreign-investor relevance | Use dated unit-holder disclosure for ownership and JPX data for trading flow; do not infer either from index status |

## 6. NPR vs GLP J-REIT

Table evidence (reviewed 2026-07-29): [Nippon Prologis REIT disclosures](https://www.prologis-reit.co.jp/en/) and [GLP J-REIT disclosures](https://www.glpjreit.com/en/). Time-varying metrics are intentionally excluded.

| Axis | NPR (3283) | GLP J-REIT (3281) |
|---|---|---|
| Sponsor | Prologis (US, NYSE PLD) | GLP Japan within the broader Ares sponsor group |
| Listing date | February 2013 | December 2012 |
| Asset focus | Modern logistics; apply NPR's disclosed specifications | Modern logistics; apply GLP J-REIT's disclosed specifications |
| Geographic focus | Greater Tokyo / Osaka / Nagoya | Greater Tokyo / Osaka |
| Sponsor support | Apply NPR's current sponsor-support agreement | Apply GLP J-REIT's current sponsor-support agreements |
| Asset rotation | Measure dated acquisitions and dispositions | Measure dated acquisitions and dispositions |
| Foreign-investor profile | Use NPR's dated unit-holder disclosure | Use GLP J-REIT's dated unit-holder disclosure |
| Distinctive feature | Prologis sponsor platform and issuer-defined facility specifications | GLP Japan / Ares sponsor-group context; verify from current issuer disclosure |

## 7. Sponsor mix in the modern-logistics segment

The modern-logistics J-REIT segment includes both cross-border and domestic sponsor relationships. Prologis sponsors NPR; GLP J-REIT currently identifies GLP Japan within the broader Ares sponsor group; other listed vehicles have LaSalle, KKR-linked, Mitsui Fudosan, Mitsubishi Estate and other relationships. This page does not establish sponsor dominance by asset value or market capitalization.

Table evidence (reviewed 2026-07-29): [Nippon Prologis REIT](https://www.prologis-reit.co.jp/en/), [GLP J-REIT](https://www.glpjreit.com/en/), and the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html). The sources identify issuers and sponsor relationships; they do not by themselves prove the causal explanations previously associated with sector growth.

| Review item | Evidence required |
|---|---|
| Sponsor map | Current issuer and asset-manager disclosures for every vehicle in the comparison set |
| Scale | Same-date acquisition value, appraisal value or market capitalization using one consistent definition |
| Development contribution | Property-level origin and acquisition history, distinguishing sponsor and third-party assets |
| Capital source | Disclosed sponsor, fund and issuer financing; do not infer speed or advantage from headquarters |
| Tenant relationship | Dated tenant and leasing disclosure; do not infer preference from a tenant's nationality |

## Related

- [[real-estate-finance/INDEX|real-estate-finance index]]
- [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]]
- [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]]
- [[real-estate-finance/japan-real-estate-j-reit-8952|Japan Real Estate (JRE, 8952)]]
- [[real-estate-finance/nomura-real-estate-master-fund-nmf|Nomura Real Estate Master Fund (NMF)]]
- [[real-estate-finance/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]]
- [[real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT comparison]]
- [[real-estate-finance/j-reit-market-overview|J-REIT market overview]]
- [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]]
- [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict of interest]]
- [[real-estate-finance/j-reit-foreign-investor-ownership|J-REIT foreign investor ownership]]
- [[real-estate-finance/j-reit-dividend-yield-vs-jgb-spread|J-REIT dividend yield vs JGB spread]]
- [[real-estate-finance/real-estate-cap-rate-compression-2026|real estate cap-rate compression 2026]]
- [[banking/trust-bank-custody-operating-comparison|trust bank custody operating comparison]]
- [[INDEX|FinWiki index]]

## Sources

- Nippon Prologis REIT — official site https://www.prologis-reit.co.jp/ and English IR.
- Prologis (group) — https://www.prologis.com/
- JPX — REIT Market English landing.
- ARES — English landing.
- FSA — investment-corporation framework.