Who are Nippon Prologis REIT's main competitors?

Named competitors: GLP J-REIT (3281.T), Mitsui Fudosan Logistics Park (3471.T), Japan Logistics Fund (8967.T), LaSalle Logiport REIT (3466.T). The cockpit's measured peer set (industry) also includes RioCan Real Estate Investment Trust (REI-UN.TO), Dexus (DXS.AX), Tanger (SKT), Apple Hospitality REIT (APLE), Starwood Property Trust (STWD), Mapletree Logistics Trust (M44U.SI).

Is Nippon Prologis REIT expensive compared with its peers?

On forward p/e it trades at 23.2× against a peer median of 18.9×, 7th most expensive of 18 in its peer set.

How has Nippon Prologis REIT stock performed?

Over six months to 6 Nov 2026 the shares returned -8.1% against -1.0% for the median peer; over one year -7.6%.

← CockpitCompetitor Analysis › 3283.T Nippon Prologis REIT, Inc.Open in the cockpit ↗

Nippon Prologis REIT, Inc.3283.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Logistics-only J-REIT owning modern warehouses, sponsored and pipeline-fed by US developer Prologis.

≈ Prologis's Japan-listed REIT vehicleMomentum neutral 43

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$4.37B

US dollars, full cap

Free float

78%

of shares outstanding

$/day

$7.53M

20-day average traded

Fwd P/E

23.2×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

76 days

21 Jan 2027

Close · JPY¥82,200

1D-1.4%

1W+2.0%

1M+2.8%

3M-8.0%

6M-8.1%

YTD-11.5%

1Y-7.6%

ATR %1.6%

52w lowhigh16.0% off high

What Nippon Prologis REIT does

Logistics-only J-REIT owning modern warehouses, sponsored and pipeline-fed by US developer Prologis.

Collects rent from warehouses leased to many tenants on multi-year contracts and distributes most of it to unit holders, as a Japanese REIT (property trust) is required to. Growth comes from buying newly built warehouses from its sponsor, Prologis, which gives it first look, funded by debt and new units.

In one line: Prologis's Japan-listed REIT vehicle.

Products and services

Multi-tenant logistics facilities
Build-to-suit warehouses

Customers

E-commerce and 3PL tenants
Unitholders

Where it sits in the supply chain

Real estate
J-REIT
Logistics/warehouse

What could go right

E-commerce driven warehouse demand
Low vacancy in modern logistics stock

What could go wrong

New supply of competing warehouses
Interest-rate sensitivity

Moat: narrow (regulatory licence, distribution). Sponsor Prologis's global developer network gives first look at newly built Japanese warehouses.

Headquarters: Tokyo, Japan · Founded: 2012

Named competitors

Nippon Prologis REIT at a glance

Size Nippon Prologis REIT (3283.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $4.37B, the 269th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥82,200 on 6 Nov 2026.

Performance Over six months the shares fell 8.1%, against -1.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.

Growth Revenue grew 9.4% over the last twelve months (peer median +0.5%); the operating margin is 43.9% (peer median 42.8%).

Valuation It trades at 23.2× forward earnings against a peer median of 18.9× (7th most expensive of 18).

Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Nippon Prologis REIT against the median of its 20 peers (local-currency closes).

Nippon Prologis REIT financials

Reported figures in JPY; fiscal year ends 2025-11-30. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥74.8B	¥75.1B	¥61.4B	¥59.4B	¥54.4B
Revenue growth	—	+22%	+4%	+9%	—
Gross profit	¥33.1B	¥34.0B	¥27.6B	¥26.1B	¥24.2B
EBITDA	¥47.8B	¥48.8B	¥41.8B	¥40.0B	¥37.0B
Net income	¥29.7B	¥30.8B	¥25.1B	¥23.5B	¥22.4B
Free cash flow	¥40.8B	-¥506M	¥37.7B	-¥60.8B	-¥29.5B
Capital expenditure	¥2.22B	¥44.2B	¥2.82B	¥97.2B	¥65.4B
Total debt	n/a	¥362B	¥333B	¥333B	¥304B

Quarterly statements and history in the cockpit →

Nippon Prologis REIT competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Nippon Prologis REIT is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Nippon Prologis REIT is the large dot.

Nippon Prologis REIT competitors and peer comparison

Head to head with its named competitors (3283.T vs 3281.T vs 3471.T vs 8967.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Nippon Prologis REIT 3283.T	$4.37B	-8%	+9%	44%	23.2×	n/a
Glp J-reit 3281.T	$4.00B	-2%	-6%	45%	22.5×	n/a
Mitsui Fudosan Logistics Park 3471.T	$2.00B	-13%	+156%	28%	23.1×	n/a
Japan Logistics Fund 8967.T	$1.52B	-8%	+3%	53%	21.0×	n/a
LaSalle LOGIPORT REIT 3466.T	$1.45B	-10%	+71%	28%	17.3×	n/a

How Nippon Prologis REIT compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Nippon Prologis REIT against its 20 peers (data as of 6 Nov 2026)
Measure	3283.T	Peer median	Rank in peer set
1-month return	+2.8%	+3.9%	9th lowest of 21
6-month return	-8.1%	-1.0%	4th lowest of 21
Distance from 52-week high	-16.0%	-13.7%	9th lowest of 21
Revenue growth (TTM)	+9.4%	+0.5%	4th highest of 21
Operating margin	43.9%	42.8%	11th highest of 21
Forward P/E	23.2×	18.9×	7th most expensive of 18

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Nippon Prologis REIT 3283.T	Japan	$4.37B	-8%	+9%	44%	23.2×	n/a	n/a
RioCan Real Estate Investment Trust REI-UN.TO	Canada	$4.41B	-3%	-13%	53%	12.8×	n/a	n/a
Dexus DXS.AX	Australia	$4.44B	0%	-28%	31%	10.9×	n/a	n/a
Tanger SKT	United States	$4.45B	+6%	+11%	30%	34.0×	n/a	n/a
Apple Hospitality REIT APLE	United States	$4.46B	+34%	+1%	18%	25.1×	n/a	n/a
Starwood Property Trust STWD	United States	$4.46B	-32%	+11%	73%	7.7×	n/a	n/a
Mapletree Logistics Trust M44U.SI	Singapore	$4.47B	-6%	-1%	57%	18.8×	n/a	n/a
Kilroy Realty KRC	United States	$4.21B	+3%	-4%	23%	96.4×	n/a	n/a
EPR Properties EPR	United States	$4.56B	+2%	+7%	38%	19.8×	n/a	n/a
Americold Realty Trust COLD	United States	$4.57B	+8%	0%	6%	n/a	n/a	n/a
Keppel DC REIT AJBU.SI	Singapore	$4.67B	-6%	+30%	77%	18.0×	n/a	n/a
General de Galerias Comerciales GGC.MC	Spain	$4.70B	0%	+3%	78%	n/a	n/a	n/a
Glp J-reit 3281.T	Japan	$4.00B	-2%	-6%	45%	22.5×	n/a	n/a
Cousins Properties CUZ	United States	$4.87B	+11%	+8%	24%	65.6×	n/a	n/a
Japan Metropolitan Fund Investment 8953.T	Japan	$4.87B	-8%	0%	41%	18.9×	n/a	n/a
Mapletree Pan Asia Commercial Trust N2IU.SI	Singapore	$4.89B	-7%	-5%	64%	15.6×	n/a	n/a
Shaftesbury Capital SHC.L	United Kingdom	$3.91B	+16%	+9%	53%	30.1×	n/a	n/a
Mapletree Industrial Trust ME8U.SI	Singapore	$3.89B	-10%	-5%	65%	14.6×	n/a	n/a
SL Green Realty SLG	United States	$3.88B	+11%	+9%	12%	n/a	n/a	n/a
Granite Real Estate Investment Trust GRT-UN.TO	Canada	$3.85B	-6%	+9%	73%	14.8×	n/a	n/a
Japan Real Estate Investment 8952.T	Japan	$4.98B	-10%	-1%	38%	25.6×	n/a	n/a

Questions

Who are Nippon Prologis REIT's main competitors?: Named competitors: GLP J-REIT (3281.T), Mitsui Fudosan Logistics Park (3471.T), Japan Logistics Fund (8967.T), LaSalle Logiport REIT (3466.T). The cockpit's measured peer set (industry) also includes RioCan Real Estate Investment Trust (REI-UN.TO), Dexus (DXS.AX), Tanger (SKT), Apple Hospitality REIT (APLE), Starwood Property Trust (STWD), Mapletree Logistics Trust (M44U.SI).
Is Nippon Prologis REIT expensive compared with its peers?: On forward p/e it trades at 23.2× against a peer median of 18.9×, 7th most expensive of 18 in its peer set.
How has Nippon Prologis REIT stock performed?: Over six months to 6 Nov 2026 the shares returned -8.1% against -1.0% for the median peer; over one year -7.6%.