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To Our Unit holders

We would like to take this opportunity to express our heartfelt appreciation to all of our unit holders for supporting Nippon Prologis REIT.

Listed on the Tokyo Stock Exchange on February 14, 2013, Nippon Prologis REIT is a real estate investment trust (“REIT”) with a strategic focus on logistics facilities in Japan. Our investment objective is to maximize unit holder value through a portfolio that generates stable income and achieves steady growth.

We are strategically focused on logistics facilities, which serve a crucial role in Japan's infrastructure as the backbone of modern commerce and industry. Specifically, we invest in high quality “Class-A logistics facilities,” owning and operating them for medium- to long-term purposes. Class-A logistics facilities are those that meet all the requirements of size, location, functionality and safety needed to provide full operational efficiency to our customers.

Nippon Prologis REIT benefits from the full support from our sponsor, the Prologis Group, which boasts a strong track record as the world's leading owner, operator and developer of logistics facilities. We intend to leverage the group's global expertise, customer relationships and other operational resources, as well as pipeline support related to their properties in development, in order to achieve steady growth and increase the value of our portfolio.

We look forward to building and maintaining strong relationships with customers, consumers, local communities and other stakeholders served by our logistics facilities. Going forward, we will continue to dedicate ourselves to the solid management of our portfolio, and to strive for the maximization of value for our unit holders.

We would like to extend our sincere gratitude to our unit holders, and we sincerely look forward to your continued support.

Yoichiro Hamaoka, Supervisory Director Masahiro Sakashita, Executive Director Katsumi Shimamura, Supervisory Diretocr

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Nippon Prologis REIT, Inc.