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Fiscal Period Ended May 31, 2018 Unaudited
■Highlights and Updates for Fiscal Period Ended May 2018
Highlights for Fiscal Period Ended May 2018
Strong and Steady NOI Growth
Distributions per Unit Exceed Forecast
Assets Under Management Continued Growth
Successful Completion of Follow-on Offering
Offering Enhanced Unit Holder Value
Strong Sponsor Pipeline Fuels External Growth
Occupancy Rate, Lease Renewals and Rent Revision
Modest Leverage and Significant Capacity for Growth
Cap Rate Trends and Unrealized Capital Gain
Forecasts for Nov. 2018 and May 2019 Fiscal Periods
■Japanese Logistics Real Estate Market
Stock of High-Quality Logistics Facilities Remains Scarce
Actual Supply below Theoretical Redevelopment Needs
Supply vs. Historical-high Demand
■NPR’s Strengths Achieved over Last 5 years
Prologis -Logistics Real Estate Leader both Globally and in Japan
Clear Division of Responsibilities
Portfolio Composed of State-of-the-Art Facilities
Best-in-Class Customer Roaster
Financial Structure Positioned for Long-Term Stability and Efficiency
Liquidity Enhancement and Global Positioning
■Prologis and NPR to Grow along with E-Commerce
Further Growth Potential in E-Commerce Market
E-Commerce Penetration in Japanese Household
Larger Logistics Facilties due to EC Market Growth (US)
Prologis - Pioneer in E-Commerce Logistics Real Estate
Increasing Leasing to E-Fulfillment Customers
Prologis’ Strong Relationship with E-Commerce Customers
■Strategies and Future Growth
Strategies and Future Growth
Key Takeaways