Nippon Prologis REIT (TYO:3283) will split its investment units three-for-one on June 1 to broaden its investor base under Japan's expanded Nippon Individual Savings Account (NISA) tax program, according to a Thursday filing on the Tokyo Stock Exchange.

The move will increase the number of units in circulation to 8.52 million from 2.84 million, assuming no change from the current figure. The total number of issuable units will also be tripled to 30 million through an amendment to the Articles of Incorporation.

The effective record date for the split is May 30, as the official May 31 date falls on a holiday.

As a result, NPR revised its distribution forecast for the six months ending Nov. 30 to 1,868 yen per unit from 5,604 yen. The underlying forecast remains unchanged, with the cut reflecting only the change in unit count.

The estimate includes a 100 yen surplus cash distribution. The forecast for the current period to May 31 remains at 5,600 yen per unit.

NPR had previously said it would cancel any units repurchased by May 23. The actual number of post-split units will depend on the final buyback amount.

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