April 21, 2021

To All Concerned Parties

Name of REIT Issuer:

CRE Logistics REIT, Inc.

2-10-1, Toranomon, Minato-ku, Tokyo, Japan

Tsuyoshi Ito, Executive Director

(TSE Code: 3487)

Asset Management Company

CRE REIT Advisers, Inc.

Tsuyoshi Ito, President

Person of Contact:

Hirohisa Toda, Head of Corporate Planning

Tel: +81-3-5575-3600

Notice Concerning Change in Outlook of Issuer Rating

CRE Logistics REIT, Inc. (hereinafter "CRE REIT") announces that Rating and Investment

Information, Inc. ("R&I") publicly announced today that it changed the rating outlook for CRE REIT

as follows.

Rating Company

Object of Rating

Before

After

R&I

Issuer Rating

Ａ－

Ａ－

（Rating Outlook）

（Stable）

（Positive）

For further details, please visit the R&I website.

R&I website: https://www.r-i.co.jp/en/index.html

* CRE Logistic REIT, Inc. website: https://cre-reit.co.jp/en/

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Disclaimer

CRE Logistics REIT Inc. published this content on 21 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2021 06:17:04 UTC.