Semiannual Report
SEMIANNUAL REPORT Fiscal Period Ended November 30, 2020 Prologis Park Tsukuba 2 Introduction We continue to have the strongest balance sheet in the J-REIT industry. Our loan-to-value Message from the Executive Director ratio, on a book value basis, remained conservative at 37.5 percent at the end of the fiscal period, and will remain at the same level post the 10th follow-on offering. With this low leverage and the size of our balance sheet, we continue to have significant additional investment capacity of approximately 180 billion yen. Finally, during the fiscal period, the demolition work of the building wreckage of Prologis Masahiro Sakashita Park Iwanuma 1 has proceeded as scheduled, and its redevelopment plan has been determined. According to the plan, we will start reconstruction work in March 2021, which is Executive Director scheduled to be completed in or around April 2022. We believe that the new building will Nippon Prologis REIT, Inc. demonstrate significant competitive advantage in the market. We are proud of our accomplishments and will continue to strive to maximize our investor value in the long-term. We sincerely appreciate your ongoing support to Nippon Prologis REIT. Best regards, Dear Fellow Unit Holders, We are pleased to present our Semiannual Report for the fiscal period ended November 30, Financial Highlights for the Fiscal Period Ended November 30, 2020 2020. During the subject fiscal period, despite the global uncertainties caused by COVID-19 Distribution Per Unit Portfolio Size pandemic, we continued to maximize our investor value through steady growth. As a result (JPY, including Surplus Cash Distributions) (JPY billions) of the long-term structural changes of the Japanese logistics industry, the demand from our customers continued to be strong.
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