I would like to express my sincere appreciation to all our unitholders for their continued support of CRE Logistics REIT, Inc. (“CRE REIT”).

CRE REIT is committed to its basic philosophy of “leveraging the collective capabilities of the CRE Group, which has more than 60 years of experience in the logistics real estate business, to invest in high-quality logistics-related facilities that meet tenant needs. CRE REIT aims to generate stable cash flow and enhance unitholder value through these investments.” CRE REIT was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange on February 7, 2018.

As the only logistics-focused real estate investment corporation sponsored by a Japanese real estate company specializing in logistics facilities, CRE REIT conducts steady asset management.

In recent years, improving the efficiency and sophistication of logistics operations has become an urgent management challenge for companies amid chronic shortages of truck drivers and part-time warehouse workers, as well as sustained high demand for home-delivery services. Against this backdrop, reflecting the expansion of the third-party logistics market and the e-commerce market driven by the increased use of the internet and mail-order services, there has been strong demand for highly functional logistics facilities in strategic locations.

CRE, Inc. (“CRE”), CRE REIT’s sponsor, has worked with property owners, logistics operators, and shippers in Japan’s logistics real estate market for more than 60 years since its establishment in 1964. By collaborating with CRE, which has developed one of the most extensive tenant relationship networks in Japan through the management of numerous facilities, and by investing in high-quality logistics facilities that meet tenant needs, CRE REIT will strive to secure stable earnings over the long term and meet the expectations of its unitholders.

I sincerely ask for the continued support and encouragement of all our unitholders.