Nippon Prologis REIT : Announces Debt Financing and Completion of Interest Rate Swap Agreements

April 26, 2022

FOR IMMEDIATE RELEASE

Nippon Prologis REIT Announces Debt Financing and

Completion of Interest Rate Swap Agreements

Nippon Prologis REIT, Inc. ("NPR") today announced that it will obtain debt financing (the "Borrowings") and has executed interest rate swap agreements for the Borrowings, as follows:

I.

Summary of Borrowings

Category	Lender	Borrowing Amount	Interest Rate (Note 3) (Note 4) (Note 5)	Borrowing Date	Borrowing Method	Repayment Date (Note 6)	Repayment Method (Note 7)	Collateral
Long-term Borrowing (i)	Syndicate of lenders arranged by Sumitomo Mitsui Banking Corporation and MUFG Bank, Ltd. (Note 1)	4.0 Billion Yen	Base interest rate (JBA 3-month Japanese yen TIBOR) +0.218%	April 28, 2022	Borrowing based on individual term loan agreements dated April 26, 2022, with the lenders shown on the left	February 5, 2029	Paid in full upon maturity	Unsecured and non-guaranteed
Long-term Borrowing (ii)	Syndicate of lenders arranged by Sumitomo Mitsui Banking Corporation and MUFG Bank, Ltd. (Note 2)	6.0 Billion yen	Base interest rate (JBA 3-month Japanese yen TIBOR) +0.250%	Borrowing based on individual term loan agreements dated April 26, 2022, with the lenders shown on the left	April 26, 2030

Notes:

• 1. The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, The Norinchukin Bank and Aozora Bank, Ltd.

• 2. The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., Mizuho Bank, Ltd., Development Bank of Japan Inc. and Resona Bank, Limited.

• 3. The interest rate does not include financing-related costs to be paid to the financial institutions.

• 4. The base interest rate refers to the Japanese yen Tokyo Interbank Offered Rate ("TIBOR") for three-month deposits announced by the JBA TIBOR Association (General Incorporated Association) two business days before the interest payment date for the immediately preceding interest calculation period. The base interest rate will be revised on each interest payment date. However, if there is no corresponding TIBOR to the interest calculation period of such deposits, the base interest rate defined in the loan agreements will be applied according to the terms and conditions of the loan agreements. Please refer to the JBA TIBOR Association's website(https://www.jbatibor.or.jp/english/)for information about changes in the JBA Japanese yen TIBOR.

• 5. The first interest payment date is May 31, 2022, and thereafter the interest payment date will be the last day of February, May, August and November until and including the repayment date. An interest payment date that falls on a non-business day will be moved to the following business day or to the preceding business day if the following business day carries over to the next month.

• 6. The repayment date will be the following business day if the date falls on a non-business day, unless such day falls within the following month, in which case the repayment date will be the preceding business day.

• 7. We may repay the Borrowings either in whole or in part prior to the repayment date if certain requirements, including our advance written notice, are met.

II.

Rationale:

The Borrowings will be made for the refinancing of existing long-term borrowing (total borrowing amount: 10.0 billion yen) with the maturity date of April 28, 2022 (Note).

(Note) Please refer to the press release "Nippon Prologis REIT Refinances 110.5 Billion Yen Debt and Terminates

Interest Rate Swap Agreements" dated April 14, 2017 and "Nippon Prologis REIT Announces Execution of Interest Rate Swap Agreements" dated April 19, 2017, for details of the existing long-term borrowing.

• III. Total Amount, Use of Proceeds and Scheduled Outlay Date of the Proceeds

  • (1) Total amount: 10.0 billion yen

  • (2) Use of proceeds: Allocated to the refinancing of existing long-term borrowing described above II.

  • (3) Scheduled outlay date: April 28, 2022

• IV. Summary of Interest Rate Swap Agreements

  (1) Reasons for the Execution of Interest Rate Swap Agreements

NPR has executed interest rate swap agreements to hedge the risks of interest rate volatility by converting the floating interest rates payable to fixed interest rates for the Borrowings.

(2) Overview of Interest Rate Swap Agreements

Interest Rate Swap Agreement for the Long-term Borrowing (i)

1. Counterparty	Nomura Securities Co., Ltd.
2. Notional Amount	4.0 billion yen
3. Interest Rate	Fixed Interest Rate: 0.3610% Floating Interest Rate: JBA 3-month Japanese yen TIBOR
4. Trade Date	April 26, 2022
5. Effective Date	April 28, 2022
6. Termination Date	February 5, 2029
7. Interest Payment Date	The interest payment is set forth on May 31, 2022, for the first time, subsequently on the last day of February, May, August and November and the Termination Date, respectively (an interest payment date on a non-business day is moved to the following business day or the immediately preceding business day in case the following business day falls in the following month).

(Note) The subject interest rate swap agreement shall, in effect, fix the interest rate of the Long-term Borrowing (i)

at 0.5790%.

Interest Rate Swap Agreement for the Long-term Borrowing (ii)

1. Counterparty	Mizuho Bank, Ltd.
2. Notional Amount	6.0 billion yen
3. Interest Rate	Fixed Interest Rate: 0.4168% Floating Interest Rate: JBA 3-month Japanese yen TIBOR
4. Trade Date	April 26, 2022
5. Effective Date	April 28, 2022
6. Termination Date	April 26, 2030
7. Interest Payment Date	The interest payment is set forth on May 31, 2022, for the first time, subsequently on the last day of February, May, August and November and the Termination Date, respectively (an interest payment date on a non-business day is moved to the following business day or the immediately preceding business day in case the following business day falls in the following month).

(Note) The subject interest rate swap agreement shall, in effect, fix the interest rate of the Long-term Borrowing (ii)

at 0.6668%.

V.

Outstanding Interest-Bearing Debt after Borrowings

(Unit: Millions of yen)

Before Borrowings	After Borrowings	Variance
Short-Term Loan (Note 1) Long-Term Loan (Note 1) Total Loan Amount Investment Corporation Bonds Total Interest-Bearing Debt	7,300	7,300	0
260,500	260,500	0
267,800	267,800	0
36,000	36,000	0
303,800	303,800	0

(Note 1) Short-term loan refers to loans that are due within one year from the borrowing date, and long-term loan refers to loans due within a period longer than one year from the borrowing date.

(Note 2) In addition to the above, NPR maintains a commitment line of 20 billion yen with three banks; there is no outstanding loan balance under this commitment line.

VI.

Additional Information for Investors

There is no material change to the risks stated in "I Fund Information, 1. Fund Status, 3 Investment Risks" as noted in the securities report filed on February 25, 2022.

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

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: Representative Director and President/CEO Satoshi Yamaguchi Inquiries: Director and Deputy President/CFO Atsushi Toda Tel: [phone]