GLP J-REIT
ESG
Report
2021

Message
2021 Highlights
ESG Policy
Environment
Social
Governance
ESG Finance
P. 3
P. 5
P. 9
P. 12
P. 19
P. 28
P. 32
1
Index

2
GLP J-REIT 2021 ESG REPORT
Publication date
April 2022
Next scheduled publication
April 2023
Report creator/
Contact point for inquiries
GLP Japan Advisors Inc.
Corporate Planning Department
Tel. 03-3289-9630
GLP J-REIT publishes a sustainability website and sustainability reports for our 
stakeholders in an effort to disclose ESG information that describes our efforts 
toward realizing a sustainable society.
Our sustainability reports, which we publish once each year, contain 
straightforwardly organized summaries of information pertaining to GLP J-REIT and 
the rest of the GLP Group, including our ESG policy, highlights of ESG efforts active 
during the current year, our level of KPI achievement, and ESG-related data.
Editorial Policy
On our sustainability website, we leverage the attributes of our website and make 
comprehensive postings of policies, detailed numerical data, and other information 
about the Group’s sustainability activities. We consider timeliness among other 
factors, and operate the website such that it reflects and discloses the latest 
information. We published our first sustainability report in 2021, and now disclose 
information in a more systematic, organized manner based on information posted on 
the sustainability website.
Reporting System
Although the report covers the period from March 2021 to February 2022, it also 
includes information from outside the period.
Period in the report

Message
GLP J-REIT  2021 ESG REPORT
3
To begin, please let me express my best wishes for all of our investor clients.
As the COVID-19 pandemic persists without a clear end in sight, I would also like to express my hopes that 
anyone who may have contracted the disease has a speedy recovery, and my sincere respect and gratitude 
to all health care workers and others who have sustained the constant battle day after day.
GLP J-REIT is Japan’s leading listed real estate investment corporation specializing in logistics facilities. 
We at GLP J-REIT, together with our asset management firm GLP Japan Advisors Inc., consider it to be our 
social mission to strive for a sustainable society through our business activities. To that end, we have 
enhanced our efforts toward sustainability.
Through our endorsement of the Recommendations of the Task Force on Climate-related Financial 
Disclosures (TCFD) last year, we reinforced our commitment to ESG, demonstrated in part by our 
achievement of the highest rating in one of the leading ESG metrics—a 5-star GRESB rating—for two 
consecutive years. Accordingly, we are continuing our proactive efforts toward environmental, social, and 
corporate governance. Additionally, the GLP Group became a signatory of Principles for Responsible 
Investment (PRI), and adopted an Environment, Social Governance & Due Diligence (ESG DD) process and 
made other efforts to incorporate PRI into daily operations. In this way, we are further strengthening our 
efforts to combat climate change.
Our ESG Committee, which was launched last year and has met seven times, actively discussed and 
determined our course of action for a variety of ESG-related topics, including investment decisions, 
measures to enhance environmental considerations, and the execution of new ESG financing that 
leverages our efforts toward ESG.
GLP J-REIT and our asset management firm will continue to maintain and enhance our sustainability 
measures, and by disclosing ESG information we will deepen our communication with our various 
stakeholders from investors, tenants, and members of our supply chain to the wider regional community 
and employees. We hope to work together with our stakeholders to strive toward a sustainable society.
A Message from Our Executives
Yoshiyuki Miura
Executive Director of GLP J-REIT and
President of GLP Japan Advisors Inc.
Amid an increasing focus on efforts to combat climate change and other environmental issues as 
well as work style reform, community revitalization, and other social issues, GLP J-REIT and its 
asset management firm GLP Japan Advisors Inc. take several actions based on our belief in the 
increasing importance of taking steps to consider ESG in all operations, working together with 
stakeholders toward such consideration, and actively and appropriately disclosing information 
about such efforts. We will continue publishing an ESG Annual Report, an effort we started last 
year, and also launch a new ESG page on our website, improve access to ESG-related information, 
and consolidate the information to facilitate understanding. Additionally, we have added new 
ESG-related KPIs in an effort to better visualize the progress of individual efforts.
Our ESG Committee, which we launched last year, takes full advantage of its meetings to share 
information about the status of individual ESG efforts and discuss matters such as establishing 
new KPIs; accordingly, we run the committee in such a way as to maximize its functions as a key 
piece of internal infrastructure.
By further enhancing efforts toward ESG and appropriately disclosing our performance as we 
continue to invest in and manage logistics facilities, we aim to strengthen trust-based 
relationships with our stakeholders and achieve a balance between efforts toward worthy 
endeavors such as environmental consideration and coexistence with local communities on the 
one hand, and improving the value of our assets over the medium and long term on the other.
Hisatake Miki
CSO of GLP Japan
Advisors Inc.
A Message from CSO

ӳ !"#"$%&$'%()"&*+',"-)"./0"12REIT
GLP J-REIT  2021 ESG REPORT
Data is accurate as of February 28, 2022
4
No. of properties 
owned
86
Asset size
7,800
No. of tenant 
companies
170
Operating ratio
99.1
Kanto area
67%
Kansai area
21%
Other
12%
billion yen
! Invests in advanced logistics facilities, and is one of the largest logistics J-
REITs in terms of assets
! With the most properties of any logistics J-REIT, its investment area covers 
the entirety of Japan, centered in the greater Tokyo area and the Kansai area 
known as excellent locations for logistics but with locations from Hokkaido in 
the north to Kyushu in the south
A quick overview of GLP J-REIT

2021 Highlights
5
GLP J-REIT  2021 ESG REPORT
The six Principles for Responsible Investment
1.
We will incorporate ESG issues into investment analysis and decision-making processes.
2.
We will be active owners and incorporate ESG issues into our ownership policies and practices.
3.
We will seek appropriate disclosure on ESG issues by the entities in which we invest.
4.
We will promote acceptance and implementation of the Principles within the investment industry.
5.
We will work together to enhance our effectiveness in implementing the Principles.
6.
We will each report on our activities and progress towards implementing the Principles.
ESG Committee ( GLP Japan Advisors )
ESG Task Force ( the GLP Group )
The Group is united in implementing ESG efforts, determining policy and sharing information through the ESG Committee as well as the ESG Task Force, a joint conference entity with sponsors.
Awarded 5 Stars and Green Star, 
Named Global and Asia Sector Leaders from GRESB
Expanded Environmental Certification
n Obtained BELS (Building-Housing Energy-efficiency Labeling 
System) evaluation certification at GLP Kawashima and seven other 
properties. Seven of the eight properties obtained a ZEB Ready 
rating in addition to the 5-star rating, which is the highest rating of 
BELS.
n Obtained CASBEE certification with ratings of S or A at GLP 
Urayasu and 12 other properties.
n The number of properties that have acquired CASBEE certification 
has expanded to 51, and the ratio of environmental certification has 
increased to 76%.
n GLP J-REIT was selected as the Global Sector Leader in the listed 
logistics real estate sector.
n GLP J-REIT was selected as the Regional Sector Leader in the listed 
and non-listed logistics real estate sector.
n GLP J-REIT was awarded the prestigious 5 Stars and Green Star in the 
2021 GRESB Real Estate Assessment for the second consecutive year.
n GLP J-REIT ranked first among the 34 companies worldwide in the 
listed logistics real estate sector, and first among the nine logistics J-
REITs
Endorsed TCFD Recommendations
n Our asset management firm GLP Japan Advisors Inc. endorsed the Recommendations of the TCFD and joined the 
TCFD Consortium to further promote efforts toward a decarbonized society.
Endorsed Principles for Responsible Investment (PRI)
n The GLP Group endorses the basic concept and approach of PRI, and became a certified signatory in November 
2021.
Joined the Japan Climate Initiative
n Our asset management firm GLP Japan Advisors became the first J-REIT 
specializing in logistics to join the Japan Climate Initiative, a network aiming for 
the cross-sectoral dissemination of information and exchange of opinions 
between companies, local governments, NGOs, and others working on 
measures to counter climate change.
PRI is a global network of investors aiming to achieve the six principles 
listed below. The network is promoted by the United Nations 
Environment Programe Finance Initiative (UNEP FI) and the United 
Nations Global Compact (UNGC).

2021 Highlights
Implemented a System for Ascertaining Data on Utility Usage
! GLP J-REIT is working on various initiatives to collaborate with tenants to save energy and water and reduce waste.
! We have introduced the new system to all GLP J-REIT properties in an effort to realize the centralized, efficient 
collection of data on utility usage.
6
GLP J-REIT  2021 ESG REPORT
STEP 1
Pipeline Review
STEP 2
ESG Screening
STEP 3
Internal DD / 
DD by outside experts
Agreement Signed with
Properties
Location
Year/month of 
agreement
Amagasaki, Hyogo
GLP Amagasaki
231-2, Nishimukojima-cho, Amagasaki, Hyogo
2021/10
Ota-ku, Tokyo
GLP Tokyo
2-1-2 Tokai, Ota-ku, Tokyo
2021/12
Hidaka, Saitama
GLP Sayama-
Hidaka II
788-1 Myogasawa, Kamikayama, Hidaka-shi, 
Saitama
2021/12
Soja, Okayama
GLP Soja I/II
4 Nagara, Soja City, Okayama
2022/3
Kanagawa
Properties located 
in the prefecture
-
2022/3
Image from a meeting with the Yokohama Disaster Risk Reduction 
Learning Center, the recipient of a “corporate hometown tax” 
donation from GLP Japan Advisors
New Disaster Agreements: Partner Municipalities and Target Properties
100 %
Electricity usage
100 %
Greenhouse gas (GHG) 
emissions
100 %
Water usage
79 %
Waste amount
Data coverage (2021 measurements)
Promoted Green Leases
! GLP J-REIT includes a green lease clause in our standard lease contracts with tenants, and in 2021 concluded more 
contracts that include environmentally conscious clauses, specifically those aiming to save energy and water, 
reduce waste, and encourage cooperation in acquiring the ESG target of green building certification.
! GLP J-REIT included green lease clauses in all 53 contracts (Total area: Approximately 850,000 m2) concluded in 
2021.
! Actively implemented an educational campaign for tenants through various efforts to reduce environmental 
impact and save water and electricity, namely promoting the visualization of electricity usage by sending data from 
meter readings to tenants and urging them save water, conserve electricity, and switch off their car engines when 
they are not moving.
Implemented an ESG DD Process
! GLP J-REIT introduced an ESG DD process to check the impact of investment decisions on ESG and established a 
decision-making process that prevents investments from being executed if they are inappropriate in terms of ESG.
! Formulated and introduced a standard ESG DD process checklist for the entire GLP Group.
! Applied the ESG DD process to the four properties purchased by GLP J-REIT in June 2021 (GLP Zama, GLP Niiza, 
GLP Sayama-Hidaka I, GLP Rokko IV), and made the purchases after confirming that there were no problems.
Expanded Contributions to Local Communities through 
Disaster Agreements with Local Governments
! In disaster agreements with local governments, GLP J-REIT agrees to provide assistance for rapid evacuation by 
opening its properties within the local governments’ jurisdictions to local residents as temporary evacuation sites 
when disasters strike or are imminent.
! In 2021, GLP J-REIT concluded disaster agreements with five new municipalities, bringing the total number to nine
! GLP J-REIT owns a total of 19 facilities that are not subject to these disaster agreements, and has implemented 
efforts to provide them as temporary evacuation areas for local residents or to provide portions of the properties 
as disaster coordination centers (reconstruction support centers or evacuation centers during disasters and 
emergencies) when requested by the central or local governments.
“Corporate Hometown Tax” Donations
! GLP Japan Advisors made “corporate hometown tax” donations 
to municipalities where GLP J-REIT properties are located
! Made contributions to local communities by donating to 
businesses that promote employment, implement disaster 
control measures, and the like
The four signers of the disaster agreement with the 
city of Soja in Okayama Prefecture, shown at the 
signing ceremony
From left: President Miura, GLP Japan Advisors; 
President Chosa, GLP Japan Inc.; Mayor Kataoka, City 
of Soja; President Matsuda, Ryobi Holdings

2021 Highlights
7
GLP J-REIT  2021 ESG REPORT
Number of meetings
7
Attendance by relevant 
people
Attendees: President, CFO, CSO, Investment Department Chair (acting CIO), 
Corporate Planning Department Senior Manager
Attendees for specific agenda items: Members of the Investment and Finance 
departments
Main matters for 
discussion/policy 
determination
!
Determining policy for initiatives in 2022
!
Efforts to strengthen information disclosure
!
Formulating and tracking progress of KPIs that contribute to ESG
!
Initiatives for new ESG financing
!
Evaluating assets qualified for ESG bonds and ESG loan procurement
Main matters for 
reporting/sharing
!
Reports on details of ESG Task Force discussions
!
2020 GRESB evaluation results and issues to tackle in 2021
!
ESG due diligence results for the four properties scheduled for acquisition
!
Status of considerations for new ESG financing
!
Actual energy usage figures for properties
!
Status of efforts toward acquiring environmental certification
!
Status of efforts toward concluding disaster agreements with local governments
!
Overview and status of efforts for “corporate hometown tax” donations
!
Creating a new ESG page on the GLP J-REIT website
!
Reflecting on initiatives in 2021
! Consists of representative members of 
each department, including the 
president of GLP Japan Advisors
! Chairman of Committee : CSO
Members
! Formulation of ESG mid to long-term 
basic policies
! Formulation of GRESB response policy 
and implementation of result analysis
! Formulation and implementation of 
policies related to green sustainability 
finance
! Deliberation of other ESG-related 
matters
Initiatives
ESG Committee
Board of
Directors/
Investment 
Committee
Provide regular
Updates to
Board of Directors
Each 
Department/
Rep Member
Report Investment committee 
related matters deliberated in ESG 
committee
Report
Formulate Policy/
Monitor activities
Issued Incentive-Based Interest Rate-Type Sustainability-Linked Bonds
! Issued the world’s first incentive-based interest rate-type sustainability-linked bonds in the publicly issued bond 
market, maintained the highest amount of ESG bonds issued among the 62 listed J-REITs
! Expanded the investor base through proactive new acquisitions with the Dai-ichi Life Group in ESG investment
! Enjoyed a greenium through proactive ESG financing amid ESG bond market expansion
Results of ESG Committee Activities
! The ESG Committee, which was established in 2021, fulfilled its functions by consolidating relevant information 
and discussing and determining policy for initiatives.
Expansion of CASBEE Certification
Name
18th Unsecured Investment Corporation Bond
(Sustainability Link Bond)
Issue Date
September 28, 2021
Issue amount/year
6 billion yen / 7 years
SPTs
Sustainability Performance Targets:
! ESG-related Issuer Targets
! High-ranking environmental certification for at least 80% of the portfolio 
(based on gross floor area)
Interest rate
Initial interest rate : 0.284
Interest rate after achievement of SPTs: 0.234% (ӣ0.05% from initial)
Fixed interest rate period
Variable interest rate period 
Achievement of SPTs
ջ
×
ջ
Redemption 
date
Interest rate after 
achievement of 
SPTs
Interest rate will be determined at the end of July and applied in September every year after the end of December 2024.
Initial interest rate
Payment 
date
5bps
40.9
30
28.5
28
23.5
19
17.4
13.5
13.4
!
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$!
%#
GLP
Company A Company B Company C Company D Company E
Company F Company G Company H
(bn yen)
(As of February 2022)
Outstanding ESG Bonds

2021 Highlights
44 %
(*)
Achieve 
100 %
8
GLP J-REIT  2021 ESG REPORT
ESG-Related KPIs of GLP J-REIT
76 %
(*)
Achieve 100% data coverage 
for properties under 
GLP J-REIT control
Include a green lease clause 
in all fixed-term 
building lease contracts
Acquire environmental 
certification for at least 
80% of properties
Target achievement year:
FY2021
Target achievement year:
FY2023
Target achievement year:
FY2024
(*) Referring to the main common areas of 
properties in which GLP J-REIT holds a majority 
interest.
(*) Referring to the use of non-fossil certificates etc. to 
virtually transition to renewable energy sources for 
electricity.
(*) As of March 31, 2022
Transition to 
100% green 
energy as the 
source for 
electricity used in 
common areas
Transition to 
100% LED 
lighting in 
common areas in 
all properties
Target achievement year:
FY2022
Target achievement year:
FY2025
Amid our push to strengthen efforts to 
reduce electricity usage through 
transitioning to LED lighting, we will 
complete the transition in common areas 
under GLP J-REIT control(*) during 2022.
We will complete a transition to 100% green 
energy(*) as the source for electricity used in 
common areas of our properties by 2025. 
We will also make proposals to tenants to 
promote efforts to transition to green 
energy in tenant-controlled  areas as well.
Progress on KPIs Through Last Year
Establishing New KPIs

GLP J-REIT  2021 ESG REPORT
ESG Policy
9
We focus on improving efficiency across our businesses through the  use and 
integration of data and technology. As a result, we are able  to reduce 
consumption, better manage assets and invest capital  more efficiently, which 
in turn generates better returns for our  shareholders and investors, reduces 
costs for our customers and  partners, and helps our global employees by 
increasing motivation  and productivity to enhance an individual’s livelihood.
We aim to be a global leader on integrated ESG commitments  because we 
believe that sustainability is an essential part of our  long-term success as 
global corporate citizens. To be a global leader  we are committed to 
continuously improving our ESG policy to meet  or exceed evolving standards 
and expectations of our shareholders,  investors, customers, employees and 
communities.
This ESG Policy Framework has been prepared to support us in  developing 
ESG commitments, integration into our overall business  and investment 
approach, responsibility of implementation and  monitoring and reporting 
framework.
At GLP, we are committed to a broad range of environmental, social and 
governance (ESG) commitments  that elevate our business, create value for 
our shareholders and investors, support our employees and  customers, and 
show respect to the local communities in which we work. We believe ESG is 
our corporate  responsibility as business builders and investors as well as an 
opportunity to promote good business ethics and focus on a more sustainable 
and resilient future.
Purpose of the ESG Policy Framework

ESG Policy
GLP J-REIT  2021 ESG REPORT
10
At GLP, we are committed to making sustainability a core component of our 
business in order to build a more sustainable and resilient future.  The intent of 
GLP’s sustainability commitment is to implement our unique ESG Sustainability 
Principles that support this ESG Policy Framework:
GLP’s Sustainability Principles
Build Businesses and 
Invest Responsibly
At GLP, building businesses and investing responsibly 
means  embedding ESG into our investment and decision-
making processes.  This helps us to identify and avoid 
ESG risks and means that:
l we understand and identify how GLP’s activities can 
impact  material ESG factors and how these can affect 
our reputation,  capital value and stakeholders;
l we focus on how we can best manage our workforce, 
whether it is our own employees or contractors and 
suppliers;
l we recognize how we can work with the communities 
where  we invest and operate businesses and how we 
can enhance  our presence through economic 
development, limiting our  environmental impact and 
seeking a community’s license to  operate.
Develop and Manage Sustainable 
Assets
For GLP, ESG also is considered after the development, 
acquisition  or investment decision. GLP teams across 
investment management,  asset management and 
corporate management are empowered to  prioritise, act, 
track and monitor the sustainability performance of  our 
assets and in certain instances collaborate with our 
workforce,  partners and communities.
Consistent ESG performance across an asset’s lifestyle 
helps us to  actively manage the sustainability of assets.
Improve Efficiency and 
Enhance Value
As a leading global investment manager and business 
builder, GLP’s  mission is to build sustainable businesses 
and generate attractive  risk-adjusted returns to 
shareholders and investors over the long  term, while 
providing exceptional investment and operational  
services that enhance value. GLP’s asset management 
teams are  responsible for enhancing the value of our 
assets through effective  operations.
Additionally, GLP develops and invests in technologies 
and  innovations that enhance the efficiency of our assets 
including data  analytics, robotics, automated clearance 
systems, digital loading  docks, smart sorting, telematics, 
energy-efficient fleet management  systems, Internet of 
Things, resource conservation and our transition  to 
renewable energy.
To provide our global customers with increased 
opportunities  to enhance their sustainability endeavours, 
GLP focuses on  sustainability initiatives that increase 
resource conservation, leverage climate action, improve 
health and well-being and support  local communities.
Govern with High Ethics and 
Transparency
GLP is committed to maintaining the highest standards of 
corporate  governance as a means of enhancing 
corporate performance and  accountability. To 
demonstrate its commitment towards excellence in 
corporate governance, GLP has established a series of 
well-defined  policies and processes to protect its 
stakeholders’ interests. GLP’s  leadership team 
recognizes the importance of strong corporate  
governance and the maintenance of high standards of 
accountability  to GLP’s shareholders and remains firmly 
committed to seeing that  those standards are satisfied 
through an evolving suite of governance  practices that 
are woven into the fabric of the GLP’s business.
GLP continually reviews and refines its processes in light 
of best practice, consistent with the needs and 
circumstances of the group.
We maintain a zero-tolerance approach to bribery and 
corruption  and require all management and employees 
to comply with our Code  of Business Conduct at all times 
and provide annual certification.
Promote Well-Being
GLP aims to incorporate health and well-being 
throughout its  organization and assets in support of its 
employees, customers  and the communities in which we 
work. By focusing on promoting  well-being we can 
enhance an individual’s livelihood, increase motivation 
and productivity as well as bring communities together.
We focus on introducing well-being concepts such as 
creating  spaces that encourage physical activity, 
integrating natural lighting,  improving access to nature 
and providing areas for healthy eating  and socializing.

ESG Policy
GLP J-REIT  2021 ESG REPORT
11
Important issues and initiatives in each ESG area
Important issues
GLP J-REIT’s Initiatives
Environment
Social
Governance
Reducing 
the environmental load
Achieving healthy growth for all 
stakeholders
٬Initiatives against climate change
-Initiatives in renewable energy
-Initiatives in energy saving
٬Initiatives in water resources
-Using rainwater and well water
-Updating toilet equipment and installing
٬saving devices Initiatives in recycling
-Promoting the reuse of logistics goods through business partnerships
-Separating trash in collaboration with tenants
٬Initiatives in local communities
-Contributing as a local disaster prevention center
٬Initiatives in BCP
-Seismic isolation structure
-Flood and snow damage control
-Stockpiling disaster-relief supplies for disaster prevention
-Conducting daily COVID-19 countermeasures
٬Initiatives for tenant employees
-Replete with amenities such as cafeterias and stores
-Conducting customer satisfaction surveys
٬Initiatives for employees
-Promoting paid leave
-Promoting remote work and other diverse ways of working
-Implementing training programs and supporting certification exams
٬CSR activities
-Providing work experience opportunities
-Trash pickup campaign
!Reinforcing governance structure
-Governance by general meeting of unitholders, board of directors’ 
meetings, and auditors
-Disclosing decision-making processes
-Establishing a compliance structure to ensure legal compliance
-Eliminating anti-social forces
-Pursuing fiduciary responsibility by implementing governance 
structure for related-party transactions
!Pursuing mutual interests with unitholders
-Operating an employee stock ownership plan targeting officers and 
employees of the sponsor and the asset management company
!Timely and appropriate disclosure of information
Realizing a sustainable society
Coexisting with local communities
A work environment that 
encourages diverse work styles, 
human resource development, 
and gender equality
Contributing to solving social 
issues
GLP J-REIT has established the ESG Committee at GLP Japan Advisors Inc. to promote its 
sustainability initiatives. Under the supervision of the Chief Sustainability Officer (CSO), the ESG 
Committee consists of representative members from each department, including President of GLP 
Japan Advisors Inc. In addition to formulating medium- and long-term basic ESG policies, the 
committee promotes sustainability initiatives by setting ESG-related targets, monitoring progress, 
and deliberating on various initiatives.
ESG Committee
Efforts to achieve the SDGs
! Consists of representative 
members of each department, 
including the president of GLP 
Japan Advisors
! Chairman of Committee : CSO
Members
! Formulation of ESG mid to long-
term basic policies
! Formulation of GRESB response 
policy and implementation of 
result analysis
! Formulation and implementation 
of policies related to green 
sustainability finance
! Deliberation of other ESG-
related matters
Initiatives
ESG Committee
Board of
Directors/
Investment 
Committee
Provide regular
Updates to
Board of 
Directors
Each 
Department/
Rep Member
Report Investment committee 
related matters deliberated in 
ESG committee
Report
Formulate 
Policy/Monitor 
activities

Environment
GLP J-REIT  2021 ESG REPORT
12
The GLP Group's fundamental approach to facility design and 
operational processes is energy-saving. We strive to improve 
energy efficiency in both existing facilities and new facility 
developments. In accordance with the above policy, GLP J-REIT 
actively owns environmentally friendly buildings and introduces 
eco-friendly equipment, as well as develops rules for checking 
sustainability and environment protection items in the due 
diligence process when considering the purchase of a property. 
Thus, it takes utmost care in that its asset management 
operations pay consideration to the sustainability of society and 
environmental protection. At the facilities it operates, GLP J-REIT 
sets numerical targets and monitors the amount of energy and 
water used within the facility as well as the amount of waste. 
Furthermore, GLP J-REIT not only strives to save energy and 
reduce waste in common areas but also shares information on the 
amount of energy used and waste with tenant companies in an 
effort to reduce environmental load together with tenant 
companies by issuing an energy-saving guidebook according to 
energy use and recommending to stop idling engines within 
facility premises.
Basic Policy

Environment
Social
Governance
Environment
13
GLP J-REIT  2021 ESG REPORT
LED lighting
Human-presence sensors
Updating air-conditioning 
equipment
Heat-insulating panels
Initiatives against climate change
Initiatives in renewable energy
Solar power generation facilities
Wind power generation
Number of
solar facilities
21
Annual solar power
generation
28,754 MW
2020
GLP J-REIT strives to reduce the use of energy within its logistics facilities by adopting LED lighting and human-
presence sensors in its facilities and segmenting light switching in the warehouse areas.
Initiatives in energy-saving
GLP J-REIT also improves energy efficiency within buildings by promoting energy-saving through updates of air-
conditioning equipment at facilities and adopting heat-insulating panels on the exterior walls of the facilities that
improve heat insulation performance.

Environment
Social
Governance
Environment
14
GLP J-REIT  2021 ESG REPORT
Reuse Purchase
Purchasing back
with high-price
Selling 
with low-price
Reuse Sales Rental
Storing until Buyer appears
Unnecessary Logistic
Equipment
Second-hand Logistic
Equipment
Initiatives in water resources
GLP J-REIT makes efforts to save water by updating toilet equipment when
tenants move in or leave, and by using rainwater and well water.
Water-saving by updating toilet 
equipment
Installation of water-saving devices.
In an effort to save water, well water and rainwater are used to drain toilets 
as well as to water the plants in the facility.
Initiatives in waste management
Formed a business alliance with Hyperion, the operator of the second-hand logistics equipment purchase site 
"Matebank," and sold cheaply when moving in (purchase price 5-10% OFF) and expensive purchase when moving out 
(purchase price 5-10% UP). Realized. We support the cost reduction associated with the relocation and move-out of 
residents.
Water-saving
devices
After installation
At the facilities it operates, GLP J-REIT sets numerical targets and monitors the amount of energy used within 
the facility. Furthermore, it not only strives to save energy and reduce waste in the common areas but also 
makes efforts to reduce environmental load together with tenant companies through initiatives such as 
issuing an energy-saving guidebook according to the use of energy by the tenants.
Cooperation with tenants
Green lease
GLP J-REIT includes green lease clauses in standard lease contracts with tenants to reduce energy 
and water consumption, waste, and to collaborate in acquiring green building certification.
In addition, we carry out renovations to improve environmental performance in cooperation with 
tenants. We have been improving environmental performance and reducing running costs of 
properties through installation of LED lighting, air conditioning upgrades, and other works.
Tenant management programs
In cooperation with tenants, GLP Group takes part in various initiatives that reduce environmental 
load. We proactively work to increase tenant awareness regarding how to reduce environmental 
load and cut water and electricity consumption. Specifically, we promote the visualization of 
electricity consumption by sending meter data to our tenants, encouraging them to turn off their 
vehicles when stopped, and encouraging them to save water and electricity.
-Visualize electricity consumption in cooperation with tenants
-Provide tenants with information on energy, water, waste, and other consumption and emissions
-Tenant awareness and education activities, etc.
Trash separation
Energy-saving guidebook

Environment
Social
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GLP J-REIT  2021 ESG REPORT
n Rebuilt and redeveloped an existing facility (B building) at GLP Urayasu II 
by GLP Group
n Upon redevelopment, the building acquired Rank A certification from 
CASBEE for Real Estate as it was able to reduce electricity use by 
installing LED lighting throughout the entire newly developed building and 
through large ceiling fans in air-conditioned areas
Reduce environmental load through 
redevelopment
GLP Urayasu II
Consideration for the environment and 
regional revitalization in urban development
GLP Group develops facilities that are environmentally friendly and contribute to the regional revitalization.
n GLP Group is implementing development that will lead to regional revitalization, such as opening cafeteria-
style restaurants to local communities, setting up convenience stores and cafes, and securing community 
spaces, etc.
Consideration for the regional revitalization in urban development
Pollution Prevention
n When acquiring real-estate-related assets, etc., as a rule, experts conduct an environmental contamination survey 
prior to the conclusion of a purchase agreement, and the survey results will be evaluated and considered in 
accordance with the following “soil survey chart” based on the Asset Management Guidelines. 
n Moreover, as a rule, our investment targets will be properties that are appropriately treated for soil contamination, 
etc., in accordance with the Soil Contamination Countermeasures Act (Act No. 53, 2002), other related 
environmental laws, and municipal ordinances or guidance.
n In addition, GLP Group, including GLP J-REIT, conducts its own ESG due diligence when acquiring land, properties, 
etc., and checks in advance the impact on the environment and the community.
n When developing logistics facilities in undeveloped areas, it is necessary to consider environmental impact of the 
development more carefully. GLP Group careful identifies risks through unique ESG-focused due diligence. 
Additionally, we have a policy of obtaining green building certifications to reduce the impact on the environment.

Environment
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GLP J-REIT  2021 ESG REPORT
GLP Kobe-NishiԂԂԂԂԂ
GLP Atsugi IIԂԂԂԂԂ
BELS 
Certification 
Rank
ZEB 
Certification
GLP Kobe-Nishi
ԂԂԂԂԂ
GLP Atsugi II
ԂԂԂԂԂ
GLP Yoshimi
ԂԂԂԂԂ
GLP٬MFLP Ichikawa-
Yokohama
ԂԂԂԂԂ
ZEB Ready
GLP Kawashima
ԂԂԂԂԂ
ZEB Ready
GLP Sayama-Hidaka II
ԂԂԂԂԂ
ZEB Ready
GLP Kashiwa II
ԂԂԂԂԂ
ZEB Ready
GLP Rokko III
ԂԂԂԂԂ
ZEB Ready
GLP Niiza
ԂԂԂԂԂ
ZEB Ready
GLP Sayama-Hidaka I
ԂԂԂԂԂ
ZEB Ready
Number of Green Certified 
Assets
Proportion of Green 
Certified Assets
(based on total floor area)
Proportion of Green 
Certified Assets
(based on Purchase Price)
53 properties
75.6 %
77.5 %
BELS certification
CASBEE certification
LEED certification
18 properties
43 properties
1 property
Certificationsof3rdlevelfromthetoporabove
are green building certifications that meet the
followingcriteria.
٬BELS:3Ԃorabove
٬CASBEE real estate or construction (new
construction):B+
orabove
٬LEED:Silverorabove
٬DBJ Green Building certification: 3 Ԃ or
above
BELS 
Certification 
Rank
ZEB 
Certification
GLP Iwatsuki
ԂԂԂԂ
GLP Koriyama I
ԂԂԂԂ
GLP Misato II
ԂԂԂԂ
GLP Sugito
ԂԂԂԂ
GLP Tosu I
ԂԂԂԂ
GLP Motoyama
ԂԂԂԂ
GLP Komaki
ԂԂԂ
GLP Tokyo II
ԂԂԂ
GLP Sayama-Hidaka II ԂԂԂԂԂ / ZEB Ready
Acquisition of environmental certification
GLP J-REIT intends to pursue the acquisition of third-party green building certifications in order to enhance the 
objectivity and reliability of its efforts to reduce the environmental burden of its properties and to solve 
environmental issues through the operation of modern logistics facilities. The figure below shows the current 
percentage of green building certifications in our portfolio. We plan to raise the proportion of green building 
certification (3rd level from the top or above *) to 80% or higher in our portfolio (based on total floor area) by 2024.
BELS and ZEB
! BELS (Building Energy-efficiency Labeling System) is a public system that evaluates the energy-saving performance 
of non-residential buildings, which was set by the Ministry of Land, Infrastructure, Transport and Tourism in April 
2014. This is a system in which a third-party organization evaluates energy conservation performance based on 
primary energy consumption based on the Energy Conservation Law (Note) regardless of whether it is a new 
building or an existing building. The evaluation is based on five levels of energy conservation performance labeling 
(Ԃ֐ԂԂԂԂ) is displayed.
! A Net Zero Energy Building (“ZEB”) is a building that aims at zero energy balance with considerably reduced annual 
energy consumption by saving as much energy as possible via better heat insulation, solar shading, natural energy 
and high-efficiency equipment, coupled with creating energy by photovoltaic power generation (or other energy 
generating methods), while maintaining a comfortable environment. Since the Building Energy Index (BEI), which is 
used for BELS evaluation, is also used for ZEB evaluation, it is possible to display ZEB evaluation in BELS evaluation. 
ZEB evaluation can be indicated with four levels, "ZEB," "Nearly ZEB," "ZEB Ready," and "ZEB Oriented," 
depending on the zero energy achievement status.

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Social
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GLP J-REIT  2021 ESG REPORT
GLP Koshigaya II
S Rank
GLP Misato III
S Rank
GLP Kazo
A Rank
GLP Fukaehama
A Rank
GLP Sodegaura
S Rank
GLP Komaki
S Rank
GLP Hamura
A Rank
GLP Tokai
A Rank
GLP Urayasu III
S Rank
GLP Soja I
S Rank
GLP Tokyo
A Rank
GLP Hayashima
A Rank
GLP Sugito
S Rank
GLP Soja II
S Rank
GLP Shinsuna
A Rank
GLP Hayashima II
A Rank
GLP-MFLP Ichikawa-
Shiohama
S Rank
GLP Osaka
S Rank
GLP Sendai
A Rank
GLP Ebetsu
A Rank
GLP Yoshimi
S Rank
GLP Koriyama III
S Rank
GLP Funabashi II
A Rank
GLP Hiroshima
A Rank
GLP Kobe-Nishi
S Rank
GLP Atsugi II
S Rank
GLP Shiga
A Rank
GLP Urayasu II-
Building B
A Rank
GLP Tosu I
S Rank
GLP Noda-
Yoshiharu
S Rank
GLP Neyagawa
A Rank
GLP Yachiyo II
A Rank
GLP Sugito II
S Rank
GLP Yokohama
S Rank
GLP Funabashi III
A Rank
GLP Misato II
S Rank
GLP Urayasu
S Rank
GLP Narashino
A Rank
GLP Tokyo II
S Rank
GLP Shonan
S Rank
GLP Matsudo
A Rank
GLP Amagasaki
S Rank
GLP Tomiya
S Rank
GLP Amagasaki II
A Rank
GLP Zama
Platinum
Property with LEED evaluation
GLP ZamaPlatinum
CASBEE
! CASBEEComprehensive Assessment System for Built Environment 
CASBEE (Comprehensive Assessment System for Built Environment 
Efficiency) is a comprehensive rating system provided by the Institute for 
Building Environment and Energy Conservation (IBEC), a non-profit 
organization supervised by the Japanese government, which assesses and 
evaluates buildings' environmental functions based on various factors 
including environmentally friendly construction materials and workplace 
comfort/amenities, and how the building complements the local 
community and environment.
! CASBEE Certifications are based on a five-scale system ("Rank S 
(excellent)," "Rank A (very good)," "Rank B+ (good)," "Rank B- (slightly 
inferior)" and "Rank C (inferior)") for buildings that have been completed 
for more than one year.
GLP TokyoS Rank
GLP Soja IS Rank
Property with CASBEE evaluation
LEED
! LEED (Leadership in Energy & Environmental Design) was developed and operated by the U.S. Green Building 
Council (USGBC), the non-profit and reviewed by GBCI for certification, and a system for evaluating the 
environmental performance of built environments (building and urban environments)
! In order to receive LEED certification, you must meet the mandatory requirements for each certification system 
(Building Design and Construction (BD+C), Interior Design and Construction (ID+C), Operation and Maintenance 
of Existing Buildings (O+M), Neighborhood Development (ND), and Housing (HOMES)), and earn points for 
selected items. Based on the number of points achieved, a project earns one of four LEED rating levels: Platinum 
(80+ points), Gold (60-79 points), Silver (50-59 points), and Standard Certification (40-49 points).

Environment
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Environment
86 %
99 %
80 %
67 %
88 %
66 %
100 %
100 %
79 %
18
GLP J-REIT  2021 ESG REPORT
130,216
2018
Electricity usage
MWh
Coverage rate%
Electricity usage
84 %
62,341
2018
147,615
2019
99 %
71,487
2019
Coverage rate%
Greenhouse gas (GHG) emissions
245,649
2018
Water usageम
Coverage rate%
Water usage
51%
2018
299,871
2019
39%
2019
Recycling rate%
Coverage rate%
Waste amount
Greenhouse gas (GHG) 
emissionst-CO2
164,068
2020
100 %
73,011
2020
341,267
2020
61%
2020
26,557
2018
27,458
2019
Renewable Energy Output
Renewable Energy 
OutputMWh
28,754
2020
Environmental Performance
Through various initiatives, the Investment Corporation is working with tenants to reduce the use of energy, water, 
and waste.
In 2021, a new system for the collection and understanding of water and utility data is being implemented to ensure 
uniform and efficient collection of water and utility data.

Social
GLP J-REIT  2021 ESG REPORT
19
The GLP Group will conduct business management by placing 
emphasis on ensuring the comfort and health of its employees 
and customers as well as local communities. In accordance with 
the above policy, GLP J-REIT actively engages in CSR activities in 
full coordination with the GLP Group. It also contributes to the 
BCP of tenant companies by ensuring the safety of tenants, 
facility users, and local communities as well as that of the stored 
cargo and employees of tenant companies. Furthermore, it 
conducts a customer satisfaction survey of tenant companies 
each year to provide buildings and services that offer comfort to 
tenants and facility users and makes improvements to its 
buildings and services on a continuous basis based on the 
feedback obtained from the survey. It also pays consideration to 
the surrounding environment through activities such as the 
planting of trees as well as volunteering and hosting events in an 
effort to contribute to building a safe and comfortable community. 
We also carry out various initiatives each year to offer job 
satisfaction to employees as well, such as conducting an 
employee satisfaction survey targeting the employees of GLP 
Japan Advisors.
Basic Policy

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GLP J-REIT  2021 ESG REPORT
Information Disclosure and Dialogue with Stakeholders
The GLP Group is actively engaged in CSR activities, offering support in 
discovering and nurturing children's possibilities and talents.
GLP Group's CSR Activities
Activities in Japan
Sports events
Work experience opportunities
Delivering picture books to children 
in developing countries
Picking up trash at the coast
Activities abroad
Founded GLP Hope School and provided educational opportunities to around 10,000 students
Tenants and business partners
! Efforts to save energy and to cut CO2 
emissions;
! Cooperation with tenants based on “green 
lease” clauses;
! Implementation of tenant satisfaction 
surveys;
! Switching to LED, introduction of solar 
power generation; etc...
Investors and lenders
! Briefings on financial results and briefings 
for investors;
! Disclosure through appropriate and timely 
press releases and the like;
! Use of the website to disseminate 
information;
! Compliance with eco-friendly certification 
systems and environmental ratings; etc...
Employees
! Prioritizing the health and safety of 
employees;
! Promoting a variety of work styles;
! Raising the level of human resources;
! Implementation of employee awareness 
surveys; etc...
The local community
! Initiatives toward volunteering and the 
like;
! Provision of facilities in the event of a 
disaster;
! Opening of shared space; etc...
Cooperation in consideration 
of sustainability
Creation of a fair and 
fulfilling workplace
Contributing to 
the regional society
Proactive disclosure

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GLP J-REIT  2021 ESG REPORT
GLP Misato II
GLP Yokohama
GLP Tokyo
GLP Urayasu III
GLP Sugito
GLP Atsugi II
GLP Tokyo II
GLP Sugito II
GLP Kawashima
GLP Osaka
GLP Amagasaki
GLP Soja I
GLP Soja II
GLP Komaki
GLP Zama
GLP Sayama-Hidaka II
GLP Tosu I
Disaster response
Cooperation agreement on disaster management 
with local governments
A slope that people can climb at the same time 
during a disaster
Open cafeterias, etc., 
as temporary evacuation sites
Distributing and stockpiling of 
disaster-relief supplies
The GLP Group has entered into agreements with many local governments to use its modern logistics facilities as a 
reconstruction support base or evacuation point at times of a natural disaster or emergency, building on its highly 
rated business continuity measures such as seismic isolation structures, backup power supply, and groundwater 
supply equipment.
The GLP Group has also entered into agreements with local authorities for use of GLP J-REIT facilities as temporary 
reconstruction support centers and evacuation site in the event of a natural disaster or other emergency. GLP J-REIT 
multi-tenant properties are available for use as emergency shelters for local residents upon request from the local 
authority or residents of the afflicted area. Part of the premises can be used as a disaster management base (a 
temporary reconstruction support center and shelter for the local municipality in the event of a natural disaster or 
other emergency).
Installing in-elevator 
fire prevention cabinets
Contribution to local communities as a disaster prevention base
17 properties available as emergency sites 
or disaster management bases
(Capacity of 12,790 people)
GLP Atsugi II
GLP Kawajima
In September 2020, during the approach of Typhoon 
#12, the local government asked for the use of GLP 
Kawajima as an emergency shelter based on the 
disaster agreement.
GLP Yokohama (Emergency capacity: 922 people)

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GLP J-REIT  2021 ESG REPORT
Contribution to local communities
Opening convenience stores as shared space
Introduction of reservation-based 
parking-matching services
A logistics faculty is more than just a warehouse. When a logistics facility is created, not only does it create a logistics 
hub, but other things such as new jobs, people-to-people connections, and human flows are created. We also endeavor 
to create a space that brings out the best in the area.
In consideration of co-existence with local communities and contributing to the development of communities that 
offer safety and comfort, the GLP Group carries out initiatives such as opening up convenience stores and cafeterias 
to the neighborhood as shared spaces at some of our facilities, planting trees and installing photocatalytic pavement, 
as well as having our employees conduct beautification activities around our facilities.
Employees conduct beautification activities 
around our facilities
Planting trees
Photocatalytic pavement
At some of our facilities, 
we open up convenience stores and cafeterias 
to the neighborhood as shared spaces
Ensuring tenant safety
The GLP Group makes efforts to provide buildings and services that pays consideration to the safety of tenant 
companies and facility users. It also contributes to companies' BCPs by ensuring the safety of the stored cargo and the 
employees of tenant firms.
Seismic isolation structure
We developed and started using our own unique seismic isolation system, the GLP Pile Cap Seismic Isolation 
Construction Method (Patent No. 4934769), which functions properly even in major earthquakes. Furthermore, in 
2015, we developed a new seismic isolation analysis method known as GLP Simultaneous Analysis Method (Patent No. 
5698402) that further reduced costs, and it was implemented at GLP Naruohama.
Snow damage control
We deploy light trucks with blade snowplows to 
remove snow after snowfall.
24-hour security
Flood damage control
We have installed watertight doors that prevent 
flooding at key facilities.
AEDs

Environment
Social
Governance
GLP J-REIT  2021 ESG REPORT
23
Employee support
Response to COVID-19
For Customers
COVID-19 GLP Facility Guideline
Employee support aimed at 
improving physical and mental health 
and productivity / efficiency
Collect Infection Data 
and Information
Upon notification of outbreak of COVID-19 within a facility, the PM informs the 
individuals involved, as well as those in the Disaster Control Center. Information 
about the origins of the outbreak include each employee’s test results, 
symptoms, and the names of others in close contact. An outbreak response HQ 
is also established within the facility for fast and effective decision-making.
Contact Customers
Property manager inform all employees and companies within the facility of the 
outbreak via email. Notices with information about the infection are displayed 
throughout the facility
!"#$#%&'()"&*#"'+,"#-.'
/0'1)&2"#-3
Enhanced daily cleaning and disinfection measures are  implemented  within the 
facility to prevent infection through touch. Extreme disinfection efforts are 
concentrated on area where the infected individual worked within the facility.  
Those who were known to come into close contact with the infected employee 
are advised to quarantine at home.
Outbreak Contained
Outbreak response HQ is disbanded, enhanced precautions are lifted, 
customers are informed of the containment of the outbreak, and GLP 
employees previously advised to stay home can return to the facility
Well-being Support
Supporting diverse work styles and 
physical and mental health
1
Remote work support
Supports various expenses such as 
utility costs and communication costs 
associated with remote work
2
Ensuring office safety
Installation of partitions on the desk, layout design to 
maintain social distance
1
Introduction of pulse check (Monthly)
Regularly check the physical and mental health due to 
changes in the working environment and provide 
appropriate support.
2
Department Manager / Group Leader & 
Regular Communication of Human Resources
Extract title changes and problems in various work 
styles and make improvements
3
Establishment of consultation desk
Individual employees are confused about how to 
work ! Suck up opinions and make improvements
4
Ensuring employee health
Donation to local governments (GLP Japan Advisors)
GLP Japan Advisors makes tax-deductible donations to local governments where GLP J-REIT properties is located.
Contribution to local communities through these donations to businesses working to promote employment, etc.
Meeting with Yokohama City Disaster Prevention Center, 
recipient of donations
the Meeting with Funabashi City Mayor, recipient of donations

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GLP J-REIT  2021 ESG REPORT
BCP measures
n We have back-up power facilities to ensure security functions throughout all buildings in the event of a 
power outage by making lighting and electrical outlets available at security systems and some offices
n Groundwater and rainwater supply systems allow use of toilets in the event that water supply is cut off
n Fuel storage bases have been installed at the facilities, and there are plans to provide fuel to tenant 
companies and neighboring facilities in the event of a disaster
n Digital signage automatically displaying weather warnings and earthquake information has been 
installed at entrances and cafeterias to ensure access to the latest information in the event of a disaster
n Flood control measures have been implemented to protect power conversion facilities from water 
damage caused by heavy rains or floods.
n Seismic isolation structures are used to ensure the safety of the building even in a major earthquake
n A4-sized disaster prevention emergency kits have been stockpiled
n Disaster-relief vending machines have been installed
BCP measures in use
Providing tenants with comfort
The GLP Group aims to provide buildings and services that offer comfort to tenant companies and facility users. It 
conducts a customer satisfaction survey of tenant companies each year to improve its buildings and services on a 
continuous basis based on the feedback obtained from the survey. We have also established GLP Concierge, a one-
stop consultation desk that cooperates with tenants and business partners to provide a wide range of consultation 
services for tenants’ problems and requests. By helping to solve our customers’ issues, we also contribute to solving 
Japan’s logistics issues, all the while strengthening relationships with our tenants who are key stakeholders.
Cafeteria
Rental conference room
Resting space
Universal design toilets
Kitchen
Large ceiling fan
Convenience store
Staffing office
Nursery
Shower room
Kiosk
Commuter bus

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GLP J-REIT  2021 ESG REPORT
Progress in automation
Procuring inexpensive
Materials and equipment
Transportation and 
delivery support
Facility management support
Employment support
Site optimization
Providing solutions to customers’ issues
The Strength of GLP’s Network
Number of Companies using facilities :3,000 companies per day
Number of companies with which GLP is in contract :15,000 companies
We conduct customer satisfaction surveys to obtain requests and opinions 
from customers. We entrust an independent research agency with annual 
satisfaction surveys of our customers housed in multi-tenant logistics 
facilities. In fiscal 2020, we received a high rating of 98% in our survey titled 
“Intent to Continue Using GLP Japan.” Furthermore, the PM team of GLP 
Japan Inc., the sponsor of GLP J-REIT, conducts satisfaction surveys of 
customers housed in BTS logistics facilities as well.
Conducting customer satisfaction surveys
In an effort to better manage and operate our facilities and build relationships with our customers, GLP Group’s 
Property Management Department conducts tenant communication meetings with GLP J-REIT’s facility customers 
once every quarter.
Conducting tenant communication meetings
GLP Group has established GLP 
Concierge, a one-stop 
consultation desk that cooperates 
with tenants and business 
partners to provide a wide range 
of consultation services for 
tenants’ problems and requests by 
helping to solve our customers’ 
issues, we contribute to solving 
Japan’s logistics issues, all the 
while strengthening relationships 
with our tenants who are key 
stakeholders.
Solving tenant issues (GLP Concierge)
With an aim to solve all logistics issues, GLP Group uses advanced 
technologies to develop and implement various systems.
Solving logistics issues with cutting-edge technology
GLP Tokyo II
GLP Osaka
Shared consignee system
Streamlining overall cargo operations
Truck ledger
Streamlining incoming and outgoing trucks
Customer
Satisfaction
98%
!
Waiting time is clarified by registering trucks of 
tenant companies on a tablet in the shared consignee 
room
Business partnership with PASCO CORPORATION
!
Solved the problem of long waiting times for trucks
!
Reduced workload through application management
!
Further streamlining by collecting and analyzing 
data
Haisha Plus
Streamlining vehicle allocation and 
collection operations
Appropriate placement of workers
Streamlining procurement management operations 
of short-term staff
!
Possible to request and confirm responses from 
many dispatch and placement agencies at the same 
time
!
Avoiding congestion during registration by using 
tablets to take staff attendance
!
Reducing management risks by linking attendance 
with daily reports by digitizing attendance 
information
Business partnership with TRANCOM CO.,LTD.
!
Significantly reduced the workload of vehicle 
allocation management
!
Visualized and shared the status of vehicle allocation 
to streamline transportation
!
Responding to waves in logistics quantities through 
quick matching

Environment
Social
Governance
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GLP J-REIT  2021 ESG REPORT
GLP has led the market as a leading provider of modern logistics facilities. And we will continue to innovate 
beyond people's imagination by keeping on challenging without resting on our laurels. To that end, we are 
committed to improve the work environment and review the personnel system ahead of the social situation so 
that employees can enjoy their work, support each other, demonstrate maximum performance, and achieve 
big goals. We are making efforts to create a work environment with various innovations.
To note, since GLP J-REIT does not have any employees because of J-REIT regulation and is virtually managed 
by officers and employees of the Asset Management Company, below information applies to all employees of 
GLP including GLP Japan Advisors Inc., the Asset Management company.
Initiatives for employees
Pursuing comfort and health of employees
Occupational physician
interview system
Prevent health risks with expert support
Support Content
Outline
Health check /
human dock assistance
All employees are required to undergo regular medical examinations or 
human dock examinations once a year, and we are promoting the health of 
employees by providing cost subsidies.
Mental health care training
Harassment / mental health related webinars (twice) for department heads
Support Content
Outline
Well-being support
Supporting diverse work styles and physical and mental health
Remote work support
Supports various expenses such as utility costs and communication costs 
associated with remote work
We have introduced the following employee support with the aim of creating diverse work styles that allow 
each employee to devise ways to maximize productivity and efficiency, including the institutionalization of 
remote work.
Promotion of diverse work styles
Based on the independent training program developed by each employee, we have introduced a system to support 
growth opportunities through seminars, lectures, and courses that will contribute to their careers in the medium to 
long run (100,000 yen per person per year)
Improving sophistication of human resources
Introduction of Training System
Name of training
Target level
Management and leadership training
Managers
Training overview
The asset management company supports its employees in acquiring specialist certifications including as an 
Association for Real Estate Securitization (ARES) Certified Master (an educational program that systematically 
teaches practical expert know-how in the fields of real estate and finance) and as a real estate notary. The asset 
management company bears the costs for the training and exams in acquiring the various certificates as well as for 
maintaining the certificates and increasing and maintaining expertise through seminars, etc., and all employees and 
officers have access to funding.
The number of ARES Certified Masters and real estate notaries as of the end of December 2019 is as follows.
Support for certification exams
Name of certification
Number of certifications
ARES Certified Master
6 people
Real estate notary
5 people
GLP Group has introduced an E-Learning 
platform as part of training for all 
employees, enabling them to utilize the 
abundant learning content of over 3000 
titles and GLP's unique content, as well as 
connecting employees on a global level.
Introduction of 
E-learning platform
GLP offers a variety of training and practical training for young 
employees and new hires. Specifically, we provide OJT training and 
department briefing sessions in each department, site tours, a 
mentor system, and regular follow-up interviews after hiring. We 
support new employees so that they can quickly become familiar 
with GLP’s corporate culture and play an active role in GLP.
Practical training program for 
young employees and new hires

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GLP J-REIT  2021 ESG REPORT
GLP’s personnel evaluation system is a reward-and-evaluate system which strongly encourages each 
employee to contribute to achieving the mission and vision of the company. The personnel evaluation system 
is also designed with cross-departmental collaboration, one of GLP’s business characteristics, in mind, and 
through the administration of the system, all departments, including the revenue and administration 
departments, are expected to work together to achieve corporate growth. In addition, the system encourages 
employees to take on new challenges and evaluates them appropriately. This personnel evaluation system has 
motivated each and every employee to create an organization that takes on challenges and innovates for the 
rapid growth of the company.
Fair evaluation and compensation
Creating a fair and rewarding workplace
Various benefits programs
Child care leave
Employee stock ownership plan
Sick/injured child care leave
Defined contribution pension plan
Family care leave
Company housing system
Cafeteria plan
Health support (EAP) program
Congratulatory or condolence money
Group long-term disability (GLTD) income compensation
Health screening and physical exam 
assistance
Health insurance association
Welfare pension
Employment insurance
Labor insurance
Special leave
Domestic and international business 
travel insurance
Comprehensive welfare group term insurance
Corporate rental car agreement
Institutionalization of remote work
Other allowances (remote work support allowances, well-
being support allowances)
Prenatal and postnatal leave
Reemployment of elderly
Item
As part of our efforts to establish favorable mutual relations between the employees and the company, we 
regularly conduct employee satisfaction surveys through Wevox to evaluate job satisfaction levels, work 
environment satisfaction levels, and other requests to the company (92% response rate). By visualizing 
organizational issues based on these survey results, we are able to realize the well-being of each of our 
employees and improve the working environment and the organization.
Conducting employee satisfaction surveys
To promote employee diversity, the GLP Group offers over 100 programs on diversity and inclusion in a 
learning platform for all employees.
Diversity & Inclusion
GLP Group has introduced a whistleblowing system that accepts whistleblowing not only from all employees 
but also from employees' families and business partners etc. The content covers all fields such as various 
harassment, labor-related issues and environmental issues. Consultations can be made anonymously and are 
protected in accordance with the Whistleblower Protection Act.
Whistleblowing System

Governance
GLP J-REIT  2021 ESG REPORT
28

Environment
Social
Governance
Corporate Governance
29
GLP J-REIT  2021 ESG REPORT
Asset Management Company’s 
Executive Decision-Making Mechanism
Since its listing, GLP J-REIT, together with GLP Japan Advisors, has pursued the maximization of unitholder interest by 
continuously enhancing governance systems to establish a strong relationship that aligns the interests of unitholders, 
GLP J-REIT and GLP Japan Advisors.
The asset management fee is a performance-linked fee where approximately two-thirds of asset management 
remuneration is linked to NOI and EPU.
Adoption of performance-linked 
asset management fee to meet unitholder interest
GLP J-REIT is not allowed to carry out related-party transactions without the approval of independent outside 
expert(s) of the asset management company’s Investment Committee and Compliance Committee.
The selection of such outside expert(s) requires the approval of the J-REIT board.
Introduction of a strict governance structure 
for related-party transactions
GLP J-REIT seeks to improve mutual interest by aligning the interests of GLP J-REIT's unitholders and the interests of 
the GLP Group by having the GLP Group hold investment units.
The GLP Group's holding of investment units 
(same boat investment)
GLP J-REIT was the first J-REIT to implement information disclosure to a wide range of unitholders by holding a 
management call meeting for overseas investors in capital increase through public offering.
GLP J-REIT was the first J-REIT to introduce a telephone conference system for the purpose of information disclosure 
to a wide range of unitholders at the financial presentation meetings.
GLP J-REIT discloses Japanese and English press releases and disclosure material simultaneously.
Highly transparent and appropriate information disclosure 
in pursuit of fair disclosure
Established ESOP targeting officers and employees of GLP Japan Inc. and the asset management company of GLP J-
REIT in May 2020, with a policy to further enhance the alignment of interests with our unitholders.
Further enhancing governance through 
an Employee Stock Ownership Plan (ESOP)
1.
Approval of the J-REIT board is necessary for transactions that require the consent of a J-REIT based on the resolution of the J-REIT board, and 
reporting to the board is necessary for other cases.
Click here for more information on decision-making mechanisms:
(Report on the Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties)PDF
Outline of the Various Committees
Asset Manager
Executive Director CIO/CFO
Compliance Officer
Compliance Committee
Investment Committee
Board of Directors
J-REIT
Board of Directors
Supervisory 
Director
Supervisory
Director
Executive
Director
The approval of the J-REIT board on the new appointment of an outside expert is required.
*Approved by unitholders
!Note"
Outside Expert(s)
Outside Expert(s)
Committee
Item
Details
ESG
Committee
Purpose
To deliberate and decide upon matters concerning the promotion of ESG, etc.
Constituent members
President, CSO, CIO, CFO
Frequency of meetings
Meetings held regularly, with emergency meetings called as the need arises
Compliance 
Committee
Purpose
To ensure thorough compliance with laws and ordinances, 
rules and regulations, and other related matters
Constituent members
President, Compliance Officer, one External Officer
Frequency of meetings
In principle, once every three months, 
with emergency meetings called as the need arises
Investment 
Committee
Purpose
To deliberate and decide upon matters concerning the management, etc. 
of the assets of GLP J-REIT
Constituent members
President, Directors, CIO, CFO, Compliance Officer, one External Officer
Frequency of meetings
In principle, once every three months, 
with emergency meetings called as the need arises
To strengthen governance structure, we provide training on ethical standards to all employees (including part-time 
and contract employees) of GLP Japan Inc., Sponsor, and the Asset Management Company every year.
Implementation of employee training on ethical standards

Environment
Social
Governance
Corporate Governance
30
GLP J-REIT  2021 ESG REPORT
Compliance Committee
In order to establish an appropriate management 
structure for the Asset Management Company to 
conduct the asset management of the Investment 
Corporation, the Asset Management Company has 
established a Compliance Committee charged with the 
revision (excluding the correction of errata) of 
compliance rules; the formulation and revision of a 
Compliance Manual and Compliance Program 
(excluding the correction of errata); deciding on 
corrective measures regarding conduct which is, or is 
suspected to be, inappropriate from a compliance 
standpoint; and the review on whether there are issues 
of compliance with respect to matters concerning 
transactions with related parties and other matters 
regarding that the Compliance Officer judges there to 
be questions in terms of compliance. The Compliance 
Committee is composed of the Compliance Officer as 
chairperson, the President, and at least one outside 
professional designated by the Board of Directors 
(hereinafter referred to as the “Outside Expert(s) on the 
Compliance Committee”). When designating the 
Outside Expert(s) on the Compliance Committee, the 
approval of the board of directors of the Investment 
Corporation will be required (but will not be required 
for reappointment). As of the date of this report, an 
outside attorney is the one Outside Expert on the 
Compliance Committee. Furthermore, the General 
Administration Department has been established under 
the order by the CFO (Executive Officer) and a member 
of the General Administration Department will attend 
meetings of the Compliance Committee under the role 
of secretariat to the Compliance Committee to assist 
the Compliance Officer. In principle, the Compliance 
Committee meets once every three months as 
convened by the chairperson, and as otherwise 
necessary. Decisions of the Compliance Committee 
require that a majority of all of the members with voting 
rights and all Outside Expert(s) on the Compliance 
Committee be present and a majority of those members 
and all Outside Expert(s) on the Compliance Committee 
vote their approval. When the Compliance Committee 
reviews as one of the matters it must decide on whether 
there are issues of compliance with respect to matters 
concerning transactions between related parties and 
the Investment Corporation, a committee member with 
voting rights who is a related party or a committee 
member with voting rights who currently holds the 
position of an officer or employee (including as a 
concurrent position, but excluding cases when such 
person has been seconded or transferred to the Asset 
Management Company) of a related party, which is a 
corporation, may not participate in the decision. 
Decisions of the Compliance Committee will be 
reported regularly to the Board of Directors by the 
Compliance Officer. When the Compliance Committee 
reviews and approves matters which the Investment 
Committee must decide, the substance of the review 
(including any minority opinion presented during the 
course of the review) will be reported to the Investment 
Committee by the Compliance Officer.
Compliance Officer
The Asset Management Company, fully cognizant of the significance of 
the fact that the asset management it conducts with the assets of the 
Investment Corporation constitutes the management of the funds of 
the Investment Corporation’s investors, in order to ensure the 
development of an appropriate management structure, has 
established the position of Compliance Officer as the key person 
responsible for compliance, thereby ensuring the effectiveness of the 
function of internal oversight of other units The selection or the 
dismissal of the Compliance Officer requires the approval of two-
thirds or more of the directors in attendance at meeting of the board of 
directors that is attended by a majority of all the directors with voting 
rights. The Compliance Officer, as the key person responsible for 
compliance at the Asset Management Company, is charged with 
establishing and maintaining the internal compliance structure of the 
company and raising the level of standards awareness within the 
company in regard to compliance with all applicable laws, regulations 
and rules. To those ends, the Compliance Officer prepares a 
Compliance Manual and Compliance Program through the Compliance 
Committee, continually monitors to ensure that all operations 
conducted for the asset management of the Investment Corporation 
by the Asset Management Company comply with all applicable laws, 
regulations, rules and the articles of incorporation of the Investment 
Corporation, and exercises supervision over the overall internal 
compliance environment in daily operations. The General 
Administration Department, established under the overall direction 
and control of the CFO (Executive Officer) and being charged with 
overall general administrative operations, will assist the work of the 
Compliance Officer. In view of the importance of the duties of the 
Compliance Officer, the Compliance Officer at the Asset Management 
Company devotes him/herself exclusively and on a full-time basis to 
addressing compliance matters. Only a person having adequate 
investigative and supervisory capacity for ensuring compliance with all 
applicable laws, regulations and rules may be appointed as the 
Compliance Officer. The Compliance Officer is also in charge of 
internal auditing of the Asset Management Company (However, the 
internal auditing of the Compliance Officer is conducted by the 
President.) All internal organization and job classifications are subject 
to internal audit; audit and other procedures to assess whether the 
operations and management of all internal organizations comply with 
all applicable laws, regulations and rules and are being conducted 
appropriately and efficiently will be carried out on a regular basis 
based on the Compliance Program and the Internal Audit Rules. When 
internal audits are conducted all departments must submit and explain 
all documents, account books or other materials as requested by the 
Compliance Officer and cooperate fully to ensure the smooth 
implementation of the internal auditing.
Thinking Regarding Compliance
GLP J-REIT (hereinafter referred to as the “Investment Corporation”) and GLP Japan Advisors Inc. (hereinafter 
referred to as the “Asset Management Company”) are fully cognizant of the significance of the fact that the asset 
management the Asset Management Company conducts for the assets of the Investment Corporation constitutes the 
management of the funds of the Investment Corporation’s investors, and the Asset Management Company has 
prepared internal compliance rules and other necessary rules and has established a Compliance Committee and a 
position of Compliance Officer as described below to ensure full compliance with applicable laws and regulations in 
order to ensure the development of an appropriate management structure.
Compliance Structure 
(structure for ensuring compliance with laws and regulations)
Implementation of 
internal audit
GLP J-REIT is not allowed to carry out 
related-party transactions without the 
approval of independent outside expert(s) of 
the asset management company’s 
Investment Committee and Compliance 
Committee.
The selection of such outside expert(s) 
requires the approval of the J-REIT board.
Whistleblowing System
GLP Group has introduced a whistleblowing 
system that accepts whistleblowing not only 
from all employees but also from employees' 
families and business partners etc. The 
content covers all fields such as cheating by 
officers and employees and antisocial 
behavior. Consultations can be made 
anonymously and are protected in 
accordance with the Whistleblower 
Protection Act.
Anti-Corruption Regulations
GLP Group has established a system to 
strictly prohibit and prevent corruption that 
violates laws and regulations such as bribery 
by formulating "Anti-Corruption 
Regulations.“
In addition, as a measure to prevent bribery 
and corruption, the "Compliance Manual" of 
the Asset Management Company stipulates 
that "Employees and officers shall not 
provide or receive excessive entertainment 
and gifts to or from the company, business 
partners, related parties, etc.."
An independent Compliance Officer holds 
Compliance Committee as necessary to 
supervise such anti-corruption practices. The 
Asset Management Company has never 
been involved in serious problems related to 
bribery and corruption since its 
establishment.

Environment
Social
Governance
Corporate Governance
31
GLP J-REIT  2021 ESG REPORT
With regard to the management of our company’s inherent risks, we take the following basic stance in our 
work, with the goal of reinforcing our dual duties of loyalty and care as an asset management fiduciary.
Basic stance on risk management
Risk Management
Definition of risks
With regard to the management of operational risks of investment corporation assets, we take the following 
basic stance in our work, with the goal of reinforcing our investment management capability while striving to 
protect the assets under our management.
1.
The primary investment target being real estate, it should be noted that owning real 
estate or similar specific assets, as opposed to traditional financial assets, comes with its 
own set of risks, on top of the general risks associated with asset management, such as 
so-called “market risks.” It is necessary to execute sufficient analysis and 
countermeasures when handling these kinds of real estate risks.
2.
In the management of these risks, we distinguish those risks that can lead to returns 
from risks that need to be eliminated or mitigated, and we act in a safe and reliable 
manner with regard to the latter category of risk.
3.
We will not engage in any action that deviates from the basic stance set forth in the 
preceding paragraph or that neglects strict risk management and the appropriate 
acquisition of profits.
Risks associated with assets 
entrusted and managed
Financial market risks
Risks relating to the 
marketability of real estate
Concentrated investment risks
Transaction liquidity risks
Credit risks
Event risks
Outsourcing risks
Risks of degradation of 
reputation
Operational risks
Legal and compliance risks
Other risks
1.
Our company, as an asset management firm, is solely devoted to that business, and the 
greatest risk we face is the risk of degradation of our reputation due to a decline in the 
value and confidence placed in us by the investment corporations and their investors 
(including potential investors in the securities market in general), who trust us with the 
management of their assets.
2.
It is essential that we carefully and rigorously manage all risks, including risks regarding 
the handling and management of assets, operational risks, and legal and compliance 
risks, as risks such as these are a major potential cause of such declines in value and 
confidence.

Finance
GLP J-REIT  2021 ESG REPORT
32

Finance
ESG Finance
33
GLP J-REIT  2021 ESG REPORT
Type
Issuance Date
Amount of issue
(mil yen)
Term
Sustainability Bonds
2022/2
3,300
3/10
2021/12
3,500
15
2021/3
5,000
20
2020/9
5,000
10
Sustainability Loans
2022/2
3,000
5
Green Bonds/
Sustainability Linked Bonds
2021/9
6,000
7
Green Bonds
2019/11
5,000
10
2019/7
8,000
10
2018/12
5,100
10
40.9
30
28.5
28
23.5
19
17.4
13.5
13.4
!
"#
$!
%#
GLP
Company A Company B Company C Company D Company E
Company F Company G Company H
(bn yen)
(As of February 2022)
GLP J-REIT ESG Finance
! GLP J-REIT aim to diversify sources of financing and further strengthen the financial base by expanding investor 
base willing to invest in ESG through the issuance of the Sustainability Linked Bonds(SLB).
! The Sustainability Performance Targets (SPTs) of the SLB are linked with ESG targets on the ESG Report issued by 
GLP J-REIT in April 2021. GLP J-REIT believes that the issuance of the SLB accelerate GLP J-REIT’s ESG activities 
and contribute to achieve the ESG targets.
Purpose of Issue
Sustainability Linked Bonds (Reward Type)
ESG Finance Issuance History
! GLP J-REIT became the world’s first issuer of interest rate  reward-type SLB in the public bond market
! Expanding the investor base through ESG active investor, with Dai-ichi Life Group
! Enjoying Greenium by active issuance of ESG bonds along with the expansion of ESG bond market
Feature
! Refinancing in February 2022 by procuring GLP J-REIT's first sustainability loan (3 billion yen)
Sustainability Loan Initiatives
Outstanding ESG Bonds
Expansion of CASBEE Certification
Name
18th Unsecured Investment Corporation Bond
(Sustainability Link Bond)
Issue Date
September 28, 2021
Issue amount/year
6 billion yen / 7 years
SPTs
Sustainability Performance Targets:
! ESG-related Issuer Targets
! High-ranking environmental certification for at least 80% of the portfolio 
(based on gross floor area)
Interest rate
Initial interest rate : 0.284
Interest rate after achievement of SPTs: 0.234% (ӣ0.05% from initial)
Fixed interest rate period
Variable interest rate period 
Achievement of SPTs
ջ
×
ջ
Redemption 
date
Interest rate after 
achievement of 
SPTs
Interest rate will be determined at the end of July and applied in September every year after the end of December 2024.
Initial interest rate
Payment 
date
5bps

Finance
ESG Finance
34
GLP J-REIT  2021 ESG REPORT
788 billion yen
86 properties
Eligible Sustainability Projects
352.2 billion yen
17 properties
Eligible Green Projects
610.9 billion yen
54 properties
Eligible Sustainability Projects
352.2 billion yen
17 properties
44.1%
Interest-bearing debt ratio
as of the end of August 2021
(end of the 19th period)
Debts of Eligible Sustainability
Project 155.3 billion yen
Sustainability Finance   Overview of the Sustainability Framework
The upper limit of green finance (limit of the "Debts of Eligible Sustainability Projects") shall be the amount calculated 
by multiplying the total acquisition cost of the Eligible Sustainability Projects by the ratio of actual interest-bearing 
debt to total assets as of the end of the latest fiscal period that can be calculated on the payment date or loan date of 
each investment corporation bond, or as of the end of every February.
Management of Proceeds
Number
Item
Output indicators
17
17 properties 
12,790 people
Emergency shelter for people affected by disaster
17 properties
Standby station for Disaster Relief Teams and Emergency 
Fire Response Teams in the event of a disaster
8 properties
Backup power supply (72 hours)
19,178 L 
(15 properties)
Stockpile volume of fuel
GLP Atsugi !
GLP Soja "
GLP Zama
Number of properties that are Eligible Green Projects
Groundwater facility*
Outcome indicators
!
Some properties have groundwater facilities available for use during a water outage.
Reporting on Social Benefits
!as of February 28, 2022 "
!
Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included 
both in the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in the 
form of sustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The 
amount included in the total value and the outstanding balance overlaps between the two forms of finance.
Property acquisition cost
for GLP J-REIT
Sustainability Balance Sheet
The net proceeds from sustainability finance will be used for the acquisition of assets in the Eligible Green Projects as 
provided for in Eligible Sustainability Projects below, refinancing of loans required for the acquisition of assets in the 
Eligible Sustainability Projects, and for the redemption of the investment corporation bonds that have already been 
issued (including sustainability bonds/green bonds) for the acquisition of assets in the Eligible Sustainability Projects.
Use of Proceeds from Sustainability Finance
Eligible Sustainability Projects are assets or projects that satisfy either of the Eligible Green Project Criteria and the 
Eligible Social Project Criteria shown below.
Eligible Sustainability Projects
DBJ Green Building Certification (Japan) : five, four or three stars
CASBEE (Japan) : S, A or B+
BELS (Japan) : five, four, or three
LEED (U.S.) : Platinum, Gold, Silver
Green buildings
New, existing or renovated buildings that have obtained at least one of the following certifications;
Eligible Green Project Criteria
New, existing, or refurbished buildings that contribute to either of items a through d shown below:
Contribution to the sustainable growth of local communities
a. Safety of local residents in times of disaster
b. Development of the local living environment
c. Revitalization of the local community
d. Provision of parenting support

Finance
ESG Finance
35
GLP J-REIT  2021 ESG REPORT
Green Finance   Overview of the Sustainability Framework
The net proceeds from green finance will be used for the acquisition of assets in the Eligible Green Projects as 
provided for in Eligible Green Projects below, refinancing of loans required for the acquisition of assets in the Eligible 
Green Projects, and for the redemption of the investment corporation bonds that have already been issued (including 
green bonds) for the acquisition of assets in the Eligible Green Projects.
Use of Proceeds from Green Finance
Eligible Green Projects mean the projects involving assets that meet either of the following requirements.
Eligible Green Projects
DBJ Green Building Certification (in Japan) : five, four or three stars
CASBEE (in Japan) : S, A or B+
BELS (in Japan) : five, four, or three
LEED (in the United States) : Platinum, Gold, Silver
A new, existing or refurbished building for which at least one of the following certifications has been obtained:
Being a green building
The upper limit of green finance (limit of the "Debts of Eligible Green Projects") shall be the amount calculated 
by multiplying the total acquisition cost of the Eligible Green Projects by the ratio of actual interest-bearing 
debt to total assets as of the end of the latest fiscal period that can be calculated on the payment date or loan 
date of each investment corporation bond, or as of the end of every February.
Management of Proceeds
788 billion yen
86 properties
Eligible Green Projects
610.9 billion yen
54 properties
Eligible Green Projects
610.9 billion yen
54 properties
44.1%
Interest-bearing debt ratio
as of the end of August 2021
(end of the 19th period)
Debts of Eligible Green Projects
269.5 billion yen
GLP J-REIT acquisition price
Green balance sheet
!as of February 28, 2022"
!
Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included 
both in the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in the 
form of sustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The 
amount included in the total value and the outstanding balance overlaps between the two forms of finance.
Investment corporation bonds
12th Unsecured Bonds
(Green Bonds)
5,100
0.680%
10
2018/12/20
2028/12/20
13th Unsecured Bonds
(Green Bonds)
8,000
0.608%
10
2019/7/8
2029/7/6
14th Unsecured Bonds
(Green Bonds)
5,000
0.550%
10
2019/11/27
2029/11/27
15th Unsecured Bonds 
(Sustainability Bonds)
5,000
0.510%
10
2020/9/25
2030/9/25
16th Unsecured Bonds 
(Sustainability Bonds)
3,500
0.750%
15
2020/12/23
2035/12/21
17th Unsecured Bonds 
(Sustainability Bonds)
5,000
0.970%
20
2021/3/23
2041/3/22
Name
Total Amount
(mm yen)
Interest Rate
Term
Issuance Date
Maturity Date
1: Interest rate of 0.284% per annum will be applied during the period from the day immediately following September 28, 2021 through September 28, 2025. 
Also, interest rate of 0.234% per annum will be applied from the day immediately following September 28, 2025 if the SPTs is achieved as of each Observation 
date after end of December 2024.
18th Unsecured Bonds 
(Sustainability Bonds)
6,000
0.284% 1
7
2021/9/28
2028/9/28
19th Unsecured Bonds 
(Sustainability Bonds)
2,000
0.130%
3
2022/2/25
2025/2/25
20th Unsecured Bonds 
(Sustainability Bonds)
1,300
0.520%
10
2022/2/25
2032/2/25
Sustainability Loan Issuance
Sustainability Loan Signed in 
February 2022
3,000
Base rate +
0.165
5
2022/2/28
2027/2/26
Name
Total Amount
(mm yen)
Interest Rate
Term
Issuance Date
Maturity Date