GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

SUMMARY OF FINANCIAL RESULTS (REIT)
For the 24th Fiscal Period Ended February 29, 2024
< Under Japanese GAAP >April 15, 2024
Name of REIT Issuer:
Securities Code:
Representative:
Name of Asset Manager:
Representative:
Contact:

GLP J-REIT
Stock Exchange Listing: TSE
3281
URL https://www.glpjreit.com/(Name) Yoshiyuki Miura, (Title) Executive Director
GLP Japan Advisors Inc.
(Name) Yuma Kawatsuji, (Title) President(Name) Shinji Yagiba, (Title) CFO
TEL: +81-3-6897-8810
Scheduled date to file securities report: May 30, 2024
Scheduled date to commence distribution payments: May 21, 2024
Supplementary materials for financial results: Yes・No (Japanese / English)
Holding of financial results briefing session:
Yes・No (For institutional investors and analysts, in Japanese)(Amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Period Ended February 29, 2024 (From September 1, 2023 to February 29, 2024)(1) Operating Results[Percentages indicate period-on-period changes]
Operating revenues

Operating income

Ordinary income

Net income

Million yen%
Million yen%
Million yen%
Million yen%
Period ended(11.4)
11,995(13.0)
12,704
February 29, 2024
25,824(7.6)
13,577(9.5)
6.9
13,7906.5
14,035
6.9
August 31, 2023
27,954
6.0
15,325(Note) The decrease in each revenue and income for the period ended February 29, 2024 is mainly due to the absence of
earnings contribution from gain on sale of GLP Ebetsu, which was recognized for the period ended August 31, 2023.

Net income
per unit
Period ended
February 29, 2024
August 31, 2023

Return on
unitholders’ equity
Yen
2,584
2,907

%
2.7
3.1

Ordinary income tototal assets

Ordinary income tooperating revenues

%
1.3
1.6

%
46.5
49.3

(2) Distributions
Distributions(excluding OPDs*)
Per Unit

Total

Optimal payable distributions(OPDs)Per Unit

Total

Distributions(including OPDs)
Per
Total
Unit
Yen Million yen
2,760
13,5173,224
15,879

Payoutratio

Distributions
to net assets

Period ended
Yen Million yen
Yen
Million yen
%
%
166
813
100.0
2.7
February 29, 2024
2,594
12,704
374
1,842
100.0
3.0
August 31, 2023
2,850
14,037* The “OPDs” stand for “Optimal Payable Distributions” that mean distributions in excess of retained earnings.
(Note 1) Payout ratio was calculated as follows since treasury investment units were acquired and cancelled for the period ended
February 29, 2024 and new investment units were issued for the period ended August 31, 2023:
Payout ratio = Total distributions (excluding OPDs) / Net income x 100(Note 2) Payout ratio and distributions to net assets ratio are calculated on the basis of excluding OPDs.
(Note 3) All of the amounts of OPDs for the periods ended February 29, 2024 and August 31, 2023 are the refund of investment
categorized as a distribution from unitholders’ capital for tax purposes. The OPDs for the period ended February 29, 2024
were temporarily decreased in accordance with rules prescribed by the Investment Trusts Association, Japan. The OPDs
for the period ended August 31, 2023 included temporary OPD of 100 yen per unit.
Please see “(iv) Overview of Financial Results and Cash Distributions” on page 4.

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Note 4) Retained earnings have decreased at a rate of 0.002 for the period ended February 29, 2024 and 0.005 for the period
ended August 31, 2023, respectively, due to OPDs (a refund of investment categorized as a distribution from unitholders’capital for tax purposes). These rates are calculated based on Article 23, Paragraph 1, Item 4 of the Order for
Enforcement of the Corporation Tax Act.

(3) Financial Position
Total assets
Period ended
February 29, 2024
August 31, 2023

Net assets

Unitholders’ equity tototal assets

Net assets per unit

Million yen

Million yen%

Yen

890,789
896,226

465,336472,31552.2
52.7

95,01095,895

Net cash provided by(used in) operating
activities
Million yen
25,145
21,687

Net cash provided by(used in) investing
activities
Million yen(2,402)(58,802)

Net cash provided by(used in) financing
activities
Million yen(19,682)
41,245

Cash and cash
equivalents at the endof the period
Million yen
38,56835,508(4) Cash Flows

Period ended
February 29, 2024
August 31, 2023

2. Earnings Forecast for the Fiscal Periods Ending August 31, 2024 (From March 1, 2024 to August 31, 2024) andEnding February 28, 2025 (From September 1, 2024 to February 28, 2025)
Operatingrevenues

OperatingincomeOrdinary
income[Percentages indicate period-on-period changes]
Distributions
Distributions
OPDs perNet
per unit
per unit
unit
income(excluding OPDs)(including OPDs)

Million yen % Million yen%
Million yen% Million yen
%
Yen
Yen
Yen
Period ending
August 31, 2024
26,111 1.1 13,387 (1.4) 11,756 (2.0) 12,651 (0.4)
2,583
302
2,885
February 28, 2025 25,627 (1.9) 13,105 (2.1) 11,395 (3.1) 11,588 (8.4)
2,366
301
2,667
(Reference) Estimated net income per unit: For the fiscal period ending August 31, 2024
2,583 yen
For the fiscal period ending February 28, 2025
2,366 yen
(Note) The decrease in net income for the period ending February 28, 2025 is mainly due to the absence of earnings contribution
from extraordinary income such as insurance income, which will be assumed for the period ended August 31, 2024.

* Other(1) Changes in accounting policies, changes in accounting estimates and retroactive restatement(a) Changes in accounting policies due to revisions to accounting standards Noneand other regulations:(b) Changes in accounting policies due to other reasons:None(c) Changes in accounting estimates:
None(d) Retroactive restatement:
None(2) Number of investment units issued and outstanding(a) Number of investment units issued and outstanding, including treasury investment units:
As of February 29, 2024
4,897,731Units
As of August 31, 2023
4,925,331 Units(b) Number of treasury investment units:
As of February 29, 2024
0 Units
As of August 31, 2023
0 Units(Note) Please refer to “Per Unit Information” on page 33 for the number of investment units used as the basis forcalculating the net income per unit.

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

* The financial information on this report is not included in the scope of the external audit.
* Other special matters
The forward-looking statements in this material are based on the information currently available to us and certain assumptions webelieve reasonable. Actual operating performance may differ substantially due to various factors. Furthermore, those statements do
not guarantee the amounts of future distributions and distributions in excess of retained earnings. Please refer to “Assumptions
Underlying Earnings Forecasts for the 25th Fiscal Period Ending August 31, 2024 (From March 1, 2024 to August 31, 2024) and the26th Fiscal Period Ending February 28, 2025 (From September 1, 2024 to February 28, 2025)” on page 7 – 9 for assumptions
regarding the forward-looking statements.

This is an English language translation of the original Japanese announcement of the financial statements (“Kessan Tanshin”). Thistranslation is provided for information purpose only. Should there be any discrepancy between this translation and the Japanese original, theJapanese original shall prevail.

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Table of contents
1. Operating Conditions ........................................................................................................................................... 2(1) Operating Conditions ............................................................................................................................... 2
2. Financial Statements .......................................................................................................................................... 10(1) Balance Sheets ....................................................................................................................................... 10(2) Statements of Income ............................................................................................................................ 12(3) Statements of Changes in Net Assets ..................................................................................................... 13(4) Statements of Distributions.................................................................................................................... 14(5) Statements of Cash Flows ...................................................................................................................... 17(6) Notes Concerning Going Concern Assumption ..................................................................................... 18(7) Notes Concerning Significant Accounting Policies ............................................................................... 18(8) Notes to Financial Statements................................................................................................................ 20(9) Changes in Number of Investment Units Issued and Outstanding ........................................................ 33
3. Reference Information ....................................................................................................................................... 36(1) Price Information on Investment Assets ................................................................................................ 36(2) Status of Capital Expenditure ................................................................................................................ 47

1

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

1. Operating Conditions(1) Operating Conditions[Overview of the Current Fiscal Period](i) Brief Background of GLP J-REIT
GLP J-REIT is a real estate investment corporation (“J-REIT”) specializing in logistics facilities, and it
primarily invests in modern logistics facilities. GLP J-REIT was founded in accordance with the Act on
Investment Trusts and Investment Corporations (hereinafter the “Investment Trust Act”) with GLP Japan
Advisors Inc. (hereinafter the “Asset Manager”) as the founder. It has its units listed on the Real Estate
Investment Trust Market of the Tokyo Stock Exchange since December 21, 2012 (securities code: 3281).

Investing in highly functional modern logistics facilities and taking advantage of the wealth of experienceand management resources with the GLP Group (Note) as the sponsor group, GLP J-REIT aims to earnstable income and achieve steady growth in assets under management over the medium and long terms.
Since the inception of its operation as a listed J-REIT with 30 properties (total acquisition price of 208,731
million yen) in January 2013, GLP J-REIT has been steadily expanding its assets through the continuous
acquisitions of properties. As of the end of the current fiscal period, GLP J-REIT owns 91 properties (totalacquisition price of 887,655 million yen).
(Note)The GLP Group consists of GLP Pte. Ltd., the holding company of the Sponsor of GLP J-REIT,
and its group companies.

(ii) Investment Environment and Business Performance
During the current fiscal period, the Japanese economy continues to recover moderately, with the real
GDP growth rate for the October to December period of 2023 increasing by 0.4% compared to the previous
period. This marks the positive growth, driven by a recovery in production and exports due to the easingof supply constraints and increased demand for services fueled by a rise in foreign visitors to Japan. On
the other hand, while the domestic economy continues to recover, the Bank of Japan’s monetary policy is
increasingly under scrutiny for revision, and import prices are rising. Therefore, we need to continue
monitoring the impact of rising prices and the monetary policies of various countries on economic
activities. Looking ahead, although rising prices may limit consumption, the Japanese economy isexpected to continue its mild recovery trend, due to an improved income environment, including wage
increases, combined with a boost in corporate willingness of capital investments.
In the logistics facilities leasing market, we believe demand remains strong, reflecting logistics industry
business concerns such as labor shortage and supply chain optimization, in addition to a trend of new
expansion, consolidation and integration of logistics facilities among e-commerce service and third-party
logistics (3PL) companies. Further, interest in logistics relay hubs is also growing in response to the “2024issue,” which refers to the logistical delays resulting from regulations related to overtime limits for truck
drivers. While the new supply of advanced logistics facilities has remained at a high level due to the strong
demand, the vacancy rates for advanced logistics facilities one year after completion remained at a low
level of 2.7% in the Tokyo metropolitan area and 0.2% in the Greater Osaka area as of the end of December
2023, reflecting the strong demand in the market (Note 1).
In the logistics real estate market, reflecting relatively low interest rates in Japan, steady demand forproperties and the prospect of stable rental income, both Japanese and overseas institutional investors
remain enthusiastic to invest in the market, and their funds continue to flow in.
2

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Under these circumstances, taking advantage of the strong demand for logistics properties, GLP J-REIT
sold its trust beneficiary right of GLP Morioka on September 25, 2023, in order to distribute the gain onsale to unitholders (sales price: 749 million yen, gain on sale: 71 million yen (Note 2)).
Additionally, with an eye of future external growth opportunities, we are expanding our property-portfolio
through our pipeline, by acquiring preferential negotiation rights for GLP ALFALINK Nagareyama 5&6,
a next-generation modern logistics facility through state-of-art design and technologies.
With respect to internal growth, in collaboration with the leasing team of the GLP Group, the sponsor
group, GLP J-REIT has achieved rent increases for 23 consecutive fiscal periods since its listing on theTSE, by closely monitoring tenant demand. Furthermore, in an environment where prices are rising, weare expanding internal growth by utilizing CPI-linked clauses in lease contracts to increase rents not onlyat the time of renewal of lease contracts but also during the contract period.
As a result of the above initiatives and the proper management and operation of its portfolio with strong
support from the GLP Group that provides modern logistics facilities on a global basis, GLP J-REIT
operates 91 properties (total acquisition price of 887,655 million yen) while maintaining its portfolio
occupancy rate at a high level of 99.8% at the end of the current fiscal period. The total appraisal value is
1,139,380 million yen with a total unrealized gain of 295,026 million yen and an unrealized gain ratio(Note 3) of 34.9 % at the end of the current fiscal period.
In addition, GLP J-REIT has received high evaluations for its ESG initiatives, achieving the highest ratingof “5 Stars” in the GRESB Real Estate Assessment for four consecutive years including 2023. It has also
been recognized as the Global Top Leader in the listed logistics real estate sector for three consecutive
years.
(Note 1) Source: CBRE K.K.
(Note 2) The amount is calculated by deducting selling expenses from the difference between the sales
price and the book value.
(Note 3) Unrealized gain ratio = Unrealized gain (Appraisal value or research value at the fiscal period
end – Book value) / Book value.
(iii) Overview of Financing
With strong relationships with financial institutions, GLP J-REIT operates by pursuing the optimal balance
between financial stability and the enhancement of investor value, aims to control rising interest costs bydiversifying repayment dates, and maintains an appropriate Loan-To-Value ratio (hereinafter “LTV”).
In the current fiscal period, GLP J-REIT refinanced 5,230 million yen of bank loans matured on September
1, 2023 with 5,230 million yen of bank loans executed on the same day, and 3,650 million yen of bankloans matured on December 20, 2023 with 3,650 million yen of bank loans executed on the same day. In
addition, on February 29, 2024, GLP J-REIT refinanced a total of the following bank loans of 20,590
million yen with new bank loans: (i) 8,150 million yen of a bank loan, executed on September 1, 2016,
with its original maturity date of March 1, 2024 and (ii) 12,440 million yen of bank loans with its original
maturity date of February 29, 2024.

3

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

As a result of the above, outstanding interest-bearing liabilities as of the end of the current fiscal period
totaled 396,560 million yen (outstanding loans 341,460 million yen, outstanding investment corporation
bonds 55,100 million yen) and the ratio of interest-bearing liabilities to total assets (LTV) was 44.5 %.
GLP J-REIT was assigned the following credit ratings as of the end of the current fiscal period.
Credit Rating Agency

Type

RatingOutlook

JCR
Long-term issuer rating
AA
Stable(Japan Credit Rating
Bond rating (Note)AA–
Agency, Ltd.)(Note) This is the rating for GLP J-REIT Unsecured Bonds, except for redeemed bonds.

(iv) Overview of Financial Results and Cash Distributions
As a result of these management efforts, GLP J-REIT reported total operating revenues of 25,824 million
yen, operating income of 13,577 million yen, ordinary income of 11,995 million yen and net income of
12,704 million yen for the current fiscal period.
As for a cash distribution for the current fiscal period, in accordance with the distribution policy set forthin its Articles of Incorporation, GLP J-REIT decided to distribute 12,704,714,214 yen. This cash
distribution is eligible for the special tax treatment on investment corporations (Section 67.15 of theSpecial Taxation Measures Act) and represents the multiple of the number of investment units issued andoutstanding (4,897,731 units) from unappropriated retained earnings. Accordingly, the distribution perunit for the current fiscal period was 2,594 yen.
In addition, GLP J-REIT intends to distribute funds in excess of the amount of retained earnings (OPD)
for each fiscal period on a continuous basis (hereinafter, “continuous OPD”), in accordance with the
distribution policy set forth in the Articles of Incorporation (Note). Furthermore, when it is anticipatedthat the amount of a distribution per unit would temporarily decrease to certain level as a result of theissuance of new investment units, the issuance of investment corporation bonds, financing throughborrowings, disposal of buildings and facilities, major repairs or other matters, the distribution policy
allows GLP J-REIT to make a temporary cash distribution in excess of retained earnings (hereinafter,“temporary OPD”), in addition to a continuous OPD, for the purposes of maintaining a stable level of
distributions. (However, these distributions shall be within the limit stipulated in the rules and regulationsof the Investment Trusts Association, Japan (hereinafter the “ITAJ”).) Further, in addition to thecontinuous OPD and temporary OPD, GLP J-REIT can make a cash distribution in excess of retained
earnings from allowance for temporary difference adjustments in accordance with laws and regulations
including rules prescribed by the ITAJ.
Based on this, GLP J-REIT decided to distribute 166 yen per unit as a continuous OPD, a refund ofinvestment categorized as a distribution from unitholders’ capital for tax purposes.
(Note) GLP J-REIT intends to distribute funds in excess of the amount of retained earnings (a refund ofinvestment categorized as a distribution from unitholders’ capital for tax purposes) that do not
exceed the amount obtained by deducting capital expenditure for the accounting period
immediately before the period in which the distribution is made from an amount equal to4

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

depreciation expenses for the corresponding period. The amount obtained by deducting 1,877
million yen of capital expenditure for the current fiscal period from 4,499 million yen of
depreciation expenses for the period is 2,621 million yen.
For the time being, GLP J-REIT intends to make an OPD (a refund of investment categorized as a
distribution from unitholders’ capital for tax purposes) in the amount equal to approximately 30%
of depreciation expenses for the accounting period immediately before the period in which the
distribution is made, unless GLP J-REIT determines that the OPD payment (a refund of investment
categorized as a distribution from unitholders’ capital for tax purposes) would have a negative
impact on its long-term repair and maintenance plan or financial conditions in light of the estimatedamount of capital expenditure for each fiscal period based on the plan.
With respect to all 91 properties held as of the end of the current fiscal period, the six-month period
average of the total amount of the emergency repair and maintenance expenses and the mediumto long-term repair and maintenance expenses, which are set forth in the Engineering Reports, is
944 million yen.

[Outlook of Next Fiscal Period](i) Future Management Policy and Matters to be Addressed
GLP J-REIT is committed to implementing the following measures to advance growth over the medium
to long term:(A) In terms of its internal growth strategy, while enjoying the stable cash flows that characterize its
portfolio of assets, GLP J-REIT will aim to maintain both the profitability and high occupancy rateof its facilities. In particular, when renewing leases upon the expirations of lease periods, GLP J-REIT
will collaborate with the in-house leasing team from the GLP Group, the sponsor group, withconsideration of the market rents and market trends of modern logistics facilities and by taking
advantage of the gap between existing rents and market rents. At the same time, GLP J-REIT willseek to enhance the value of existing assets through appropriate maintenance of such assets and capital
expenditures.
(B) With regard to its external growth strategy, while utilizing the bridge approach through the Optimal
Takeout Arrangement (“OTA”) (Note), GLP J-REIT will pursue further expansion of its portfolio
focusing on both the improvement of profitability and portfolio quality by acquiring both properties
developed by the GLP Group as well as third-party properties. GLP J-REIT will seek acquisition
opportunities through the sponsor pipeline, which consists of properties held by a joint venture
partnership formed by the GLP Group with a third party, in addition to the properties subject to the
Rights-of-First-Look agreement. Further, GLP J-REIT will also work to maximize asset value throughredevelopment of owned properties.
(C) With regard to property sales strategy, GLP J-REIT will continue to engage in discussions regarding
the sale of properties at the appropriate timing based on trends in the logistics real estate market.
(D) As to financial strategy, GLP J-REIT will examine such financing activities, including ESG finance,
as extending debt maturities through refinancing, issuing investment corporation bonds and raising
5

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

funds through public offerings of units, while closely monitoring trends in the financing environment.
By doing so, GLP J-REIT will work to achieve an optimal balance of financing methods and financing
costs. In addition, we will consider effective ways to use cash on hands generated from the sale ofproperties to enhance unitholder value, including acquisitions of properties and/or our own
investment units.
(Note)

Optimal Takeout Arrangement (“OTA”) refers to the arrangement under which GLP J-REIT
acquires an asset at the timing designated by GLP J-REIT within the scheduled period, andwith an acquisition price which may be reduced to some degree depending on the timing ofacquisition. The assets subject to the OTA are referred to as the OTA assets.

(ii) Significant Subsequent Events
Acquisition of assets
GLP J-REIT acquired the following asset:
GLP Kazo II
Kazo, Saitama
April 1, 2024
7,700 million yen (Note)
LOGISTEED, Ltd.

・Location・Acquisition date・Acquisition price・Seller(Note) “Acquisition price” excludes acquisition related expenses, property taxes, city planningtaxes, consumption taxes and local consumption taxes.
Based on the agreement on March 28, 2024, certain part of 2,506 million yen of the indemnification
received from LOGISTEED, Ltd. for the building damage of GLP Maishima II will be deductedfrom the acquisition cost as the reduction entry.
(iii) Earnings Forecast
GLP J-REIT has made the following earnings forecasts for the fiscal period ending August 31, 2024 (FromMarch 1, 2024 to August 31, 2024) and the fiscal period ending February 28, 2025 (From September 1,
2024 to February 28, 2025). Please refer the forecast assumptions to “Assumptions Underlying Earnings
Forecasts for the 25th Fiscal Period Ending August 31, 2024 (From March 1, 2024 to August 31, 2024)
and the 26th Fiscal Period Ending February 28, 2025 (From September 1, 2024 to February 28, 2025)”
below.
Operatingrevenues

OperatingincomeOrdinary
income[Percentages indicate period-on-period changes]
Distributions
Distributions
OPDs perNet
per unit
per unit
unit
income(excluding OPDs)(including OPDs)

Million yen % Million yen%
Million yen% Million yen
%
Yen
Yen
Yen
Period ending
2,583
302
2,885
August 31, 2024
26,111 1.1 13,387 (1.4) 11,756 (2.0) 12,651 (0.4)
2,366
301
2,667
February 28, 2025 25,627 (1.9) 13,105 (2.1) 11,395 (3.1) 11,588 (8.4)(Note 1) The forecast figures are the current figures calculated based on certain assumptions, and the actual net income,

distributions per unit, OPDs per unit and other figures may vary due to changes in circumstances surrounding GLP JREIT. In addition, the forecasts are not a guarantee of the amount of distributions or OPDs.
(Note 2) The decrease in net income for the period ending February 28, 2025 is mainly due to the absence of earnings
contribution from extraordinary income such as insurance income, which will be assumed for the period ended August
31, 2024.

6

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Assumptions Underlying Earnings Forecasts for:The 25th Fiscal Period Ending August 31, 2024 (From March 1, 2024 to August 31, 2024) andthe 26th Fiscal Period Ending February 28, 2025 (From September 1, 2024 to February 28, 2025)
Item
Accounting period

Assumptions
The 25th Fiscal Period: From March 1, 2024 to August 31, 2024 (184 days)
The 26th Fiscal Period: From September 1, 2024 to February 28, 2025 (181 days)

・ The forecasts assume that the portfolio assets include trust beneficiary rights of 92 properties after
Portfolio assets

Number of investment units
issued and outstanding

the acquisition of trust beneficiary right of GLP Kazo II on April 1, 2024 and one preferred equity
securities, and there will be no changes to the portfolio assets (acquisition of new assets, disposal
of portfolio assets, etc.) until the end of the 26th Fiscal Period. In practice, however, changes in
assets may occur due to new acquisition or disposal of assets other than above.

・ It is assumed to be 4,897,731 units, which is the number of investment units issued andoutstanding as of the date of this report.

・ The outstanding interest-bearing liabilities of GLP J-REIT as of the date of this report are 396,560
million yen.

・ It is assumed that the following amounts of loans payable will be refinanced with investment
corporation bonds or borrowings in the 26th Fiscal Period: 18,610 million yen to be matured in
September 2024 and 7,100 million yen to be matured in February 2025.
Interest-bearing
liabilities

・ It is assumed that the following investment corporation bonds will be refinanced with investment
corporation bonds or borrowings on respective redemption dates: 2,000 million yen to beredeemed in July 2024 and 2,000 million yen to be redeemed in February 2025.

・ As a result of above, it is assumed that LTV at the end of the 25th Fiscal Period will be around44.6% and LTV at the end of the 26th Fiscal Period will be around 44.8%.
The following formula is used to compute LTV.
LTV = (Balance of interest-bearing liabilities / Total assets) x 100

・ The forecasts assume seasonal effects on rent revenues since solar panels attached to properties
Operating revenues

are leased under variable-rent leases. Rental income from solar panel leasing is assumed to be 654
million yen for the 25th Fiscal Period and 431 million yen for the 26th Fiscal Period.

・ Concerning operating revenues, the forecasts assume that there is no delinquent rent payment bytenants.

・ With respect to taxes on property and equipment (fixed asset tax, city planning tax and depreciable

Operating expenses

asset tax on real estate, etc. hereinafter the “property-related taxes”) held by GLP J-REIT, of the
tax amounts assessed and determined, the amounts corresponding to the relevant accounting
period are recognized as rental expenses. However, if property and equipment is newly acquired
and adjusted amounts of the property-related taxes for the year under the same accounting period(the “amounts equivalent to the property-related taxes”) arise between GLP J-REIT and thetransferor, the relevant adjusted amounts are capitalized as part of the acquisition cost of therelevant property. As to four properties acquired in June 2023 (GLP ALFALINK Sagamihara 4(30% joint co-ownership ratio), GLP Soja III, GLP Fukuoka Kasuya, and GLP Okinawa Urasoe),
the amount of the property-related taxes capitalized as part of the acquisition cost are 102 million
yen. The property-related taxes for the relevant properties are assumed to be 125 million yen forthe 25th Fiscal Period and 125 million yen for the 26th Fiscal Period. The property-related taxes
for GLP Kazo II acquired in April 2024 will not be recognized in the 25th Fiscal Period and the26th Fiscal Period but recognized as expenses in the 27th Fiscal Period and thereafter. The amountof the property-related taxes to be capitalized as part of the acquisition cost is assume to be 56
million yen.

・ Taxes and dues are assumed to be 2,218 million yen for the 25th Fiscal Period and 2,218 million
yen for the 26th Fiscal Period.

・ Repair and maintenance expenses are assumed to be 137 million yen for the 25th Fiscal Period
and 97 million yen for the 26th Fiscal Period.

・ Property and facility management fees are assumed to be 937 million yen for the 25th Fiscal
Period and 968 million yen for the 26th Fiscal Period.

・ Depreciation is assumed to be 4,530 million yen for the 25th Fiscal Period and 4,514 million yen
for the 26th Fiscal Period.
(Continue)

7

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Assumptions

Item・ Of rental expenses that are the main operating expenses, expenses other than depreciation are
estimated based on the historical experiences and fluctuation factors.

・ Please be aware that actual amount of repair and maintenance expenses of each accounting period
Operating expenses

may be significantly different from the estimated amount due to the following reasons: repair andmaintenance (i) may emergently arise due to property damages occurred by unpredictable
incidents; (ii) generally varies in amount from period to period and (iii) may not arise regularly.

・ Depreciation is estimated using the straight-line method based on acquisition costs including
incidental expenses assumed and additional capital expenditure in the future.

・ NOI (the amount calculated by deducting rental expenses, excluding depreciation and loss on
NOI (Net Operating
Income)retirement of noncurrent assets, from operating revenues excluding gain on sale of property andequipment) is assumed to be 21,177 million yen for the 25th Fiscal Period and 20,642 million yen
for the 26th Fiscal Period.

・ The total amount of interest expenses on loans, interest expenses on investment corporation

Non-operating expenses

bonds, amortization of investment corporation bonds issuance expenses and other finance-related
expenses are assumed to be 1,598 million yen for the 25th Fiscal Period and 1,684 million yen
for the 26th Fiscal Period. Investment corporation bonds issuance expenses are amortizedmonthly for the period from issuance to redemption, and the amounts are assumed to be 19 million
yen for the 25th Fiscal Period and 18 million yen for the 26th Fiscal Period.

・ Investment unit issuance expenses are amortized monthly for three years from occurrence, andamortization expenses are assumed to be 30 million yen for the 25th Fiscal Period and 23 million
yen for the 26th Fiscal Period.

・ The forecasts assume that profit insurance income of 126 million yen based on the profit insurance
Extraordinary income

contract for GLP Maishima II and the fire insurance income of 486 million yen will be recognized
as extraordinary income in the 25th Fiscal Period.

・ The forecasts assume that the compensation for fire damage of GLP Maishima II of 2,703 million
yen and 193 million yen will be recognized as extraordinary income in the 25th Fiscal Period andthe 26th Fiscal Period, respectively.

・ The forecasts assume that the reduction entry of 1,874 million yen for GLP Kazo II acquired in
Extraordinary loss

April 2024 and the reduction entry of 546 million yen for assets to be acquired in the future will
be recognized as extraordinary loss in the 25th Fiscal Period.

・ It is calculated in accordance with the distribution policy set forth in the Articles of Incorporation
Distributions per unit
(excluding OPDs)

of GLP J-REIT.

・ The amount of distributions per unit (excluding OPDs) may change due to various factors
including changes in portfolio assets, changes in rental revenues in connection with changes intenants, unexpected repair, changes in interest rates and additional issuance of investment units.

・ The forecasts assume that all of the amounts of OPDs for the 25th Fiscal Period and the 26th
Fiscal Period will be the refund of its investment categorized as a distribution from unitholders’capital for tax purposes.

・ For the time being, GLP J-REIT intends to make a continuous OPD (a refund of its investment

Optimal payable
distributions (OPDs)
per unit

categorized as a distribution from unitholders’ capital for tax purposes) in the amount equal toapproximately 30% of the depreciation expenses for the accounting period immediately before
the period in which the distribution is made, unless GLP J-REIT determines that the OPD payment
would have a negative impact on its long-term repair and maintenance plan or financial conditions
in light of the estimated amount of capital expenditure for each fiscal period based on the plan.
The OPD per unit (continuous OPD) is calculated in accordance with the policy on cash
distributions in excess of retained earnings provided in the Management Guidelines, the internal
policy of the Asset Manager. It is calculated by assuming distributions of approximately 30% of
respective depreciation arising in the 25th Fiscal Period and the 26th Fiscal Period.
(Continue)

8

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Assumptions

Item・ Depreciation may vary from the current assumed amount due to change in portfolio assets, theamount of incidental expenses incurred and the amount of capital expenditure. Therefore, the total
amount of the OPD calculated on the basis of depreciation may also vary due to these and othervarious factors. In addition, in order to maintain the value of assets held by GLP J-REIT, in theevent that GLP J-REIT is to pay out the OPD, GLP J-REIT sets the maximum as the amount ofdepreciation less capital expenditure incurred in the accounting period in which the concerned
depreciation was recognized. Therefore, when urgent capital expenditure arises from unforeseen
factors causing building damage and other, the amount of the OPD (continuous OPD) per unit
may decrease.

・ When it is assumed that certain events, such as the issuance of new investment units and/or
Optimal payable
distributions (OPDs)
per unit

investment corporation bonds, borrowings of funds and other financing, disposal of buildings andequipment and major repairs, may result in a temporary decrease in the amount of a distribution
per unit to a certain level, the distribution policy allows GLP J-REIT to make a temporary
distribution of funds in excess of retained earnings for the purpose of maintaining a stable levelof distributions in addition to a continuous OPD. In the 25th Fiscal Period and the 26th Fiscal
Period, since the temporary decrease in the amount of a distribution per unit is expected due toredevelopment of GLP Narashino II, the forecasts assume temporary OPDs of 25 yen per unit
will be made in addition to continuous OPDs.

・ These OPDs shall not exceed the amount stipulated in the ITAJ’s rules.
・ Moreover, when the appraisal LTV provided below exceeds 60%, GLP J-REIT will not pay out
OPDs.
Appraisal LTV (%) = A/B x 100 (%)
A= Interest-bearing liabilities balance (including investment corporation bonds balance andshort-term investment corporation bonds balance) at the end of the period + Deposit releaseamount at the end of the period
B= Total amount of appraisal value or research value of portfolio assets at the end of the period+ Cash and deposits balance at the end of the period – Scheduled total amount of distributionsof earnings – Scheduled total amount of OPDs
The scheduled total amount of distributions of earnings and scheduled total amount of OPDs
are assumed to be the same as the actual figures of the most recent fiscal period.

・ The forecasts assume that there will be no revision of laws and regulations, tax systems,
Otheraccounting standards, listing regulations of the Tokyo Stock Exchange, Inc., the ITAJ’s rules, etc.
that will impact the forecast figures above.

・ The forecasts assume that there will be no unforeseen material change in general economic trends
and real estate market conditions, etc.

9

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

2. Financial Statements(1) Balance Sheets
Prior Period
As of August 31, 2023
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Noncurrent assets
Property and equipment
VehiclesAccumulated depreciation
Vehicles, net
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment, net
Intangible assets
Land leasehold interests in trust
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Security deposits
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total Assets

10(Unit: Thousand yen)
Current Period
As of February 29, 2024

23,059,854
12,448,853
2,698,497
956,354782,266
23,85439,969,681

24,328,532
14,239,880
3,468,896
1,337,458－
14,16743,388,935

1,016(1,016)－367,276,876(60,634,186)
306,642,690
6,920,518(3,225,025)
3,695,493
66,327(56,480)
9,847
332,369(225,689)
106,679
540,035,995
850,490,705

1,016(1,016)－360,121,038(61,977,171)
298,143,866
6,752,942(3,237,065)
3,515,876
66,560(57,312)
9,248
338,676(228,826)
109,850
539,702,016
841,480,859

2,872,902
2,872,902

2,872,902
2,872,902

1,600
2,518,696
10,6461,400
2,532,342
855,895,950

260,875
2,474,155
10,646
1,400
2,747,077
847,100,838

141,078
219,654360,732
896,226,364

98,838201,107299,946
890,789,719

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Unit: Thousand yen)

Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable
Accrued expenses
Income taxes payable
Consumption taxes payable
Advances received
Deposits received
Current portion of tenant leasehold and security deposits
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total Liabilities
Net Assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders' capital *3
Unitholders’ capital, net
Retained earnings
Unappropriated retained earnings
Total retained earnings
Total unitholders’ equity
Total Net Assets *2
Total Liabilities and Net Assets

11

Prior Period
As of August 31, 2023

Current Period
As of February 29, 2024

605,2742,000,000
29,470,000
3,879,796
190,452605－
4,343,883
46,1691,221,550
41,757,730

352,823
4,000,000
25,710,000
4,044,605
188,317605
2,385,314
4,388,658－
109,674
41,179,998

53,100,000
311,990,000
16,720,549
342,824
382,153,373
423,911,104

51,100,000
315,750,000
17,080,719
342,824
384,273,543
425,453,542

480,149,318(21,873,023)
458,276,294

480,149,318(27,519,005)
452,630,313

14,038,964
14,038,964
472,315,259
472,315,259
896,226,364

12,705,864
12,705,864
465,336,177
465,336,177
890,789,719

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(2) Statements of Income
Prior Period
From March 1, 2023
To August 31, 2023
Operating revenues
Rental revenues *1
Other rental revenues *1
Gain on sale of property and equipment *2
Total operating revenues
Operating expenses
Rental expenses *1
Asset management fee
Asset custody fee
Administrative service fees
Directors’ remuneration
Audit fee
Taxes and dues
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distributions payable
Interest on refund of consumption taxes
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expense
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuance costs
Borrowing related expenses
Amortization of investment unit issuance expenses
Offering costs associated with issuance of investment units
OthersTotal non-operating expenses
Ordinary income
Extraordinary income
Insurance income *3
Indemnification received *3
Total extraordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Accumulated earnings brought forward
Unappropriated retained earnings

12(Unit: Thousand yen)
Current Period
From September 1, 2023
To February 29, 2024

23,883,001
1,888,057
2,183,489
27,954,548

24,135,006
1,560,588
128,426
25,824,022

9,370,427
3,053,413
10,341
31,7105,940
13,00029,179115,087
12,629,099
15,325,448

9,051,416
3,014,127
10,85632,766
5,940
15,0004,701
111,346
12,246,155
13,577,867

149
758
5,227
739
6,875

181
803
289
－
1,274

879,884
174,541
18,794
381,72155,914
27,834
2,749
1,541,439
13,790,884

945,716
179,531
18,547394,193
42,239－3,188
1,583,415
11,995,725

244,843－244,843
14,035,727
605
12
617
14,035,110
3,854
14,038,964

272,569
436,402708,971
12,704,697
605
－
605
12,704,092
1,771
12,705,864

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(3) Statements of Changes in Net Assets
Prior period (From March 1, 2023 to August 31, 2023)(Unit: Thousand yen)
Unitholders’ equity
Retained earnings
Unitholders’ UnappropriatedTotal
capital, net
retainedretainedearnings
earnings

Total
unitholders’equityTotal Net
Assets450,198,754 (20,228,486)

429,970,267

443,097,432

443,097,432

29,950,564

29,950,564

29,950,564

29,950,564(1,644,536)(1,644,536)(1,644,536)(13,123,309)(13,123,309)

Deduction
fromunitholders’capitalUnitholders’capitalBalance at the
beginning of theperiodChanges of items
during the period
Issuance ofinvestment units
Distributions inexcess of retained
earnings
Distributions ofearnings(1,644,536)

13,127,164(13,123,309) (13,123,309)

Net income
Total changes of items
during the period
Balance at the end of
the period *1

13,127,164

29,950,564

14,035,110

14,035,110

14,035,110

14,035,110(1,644,536)

28,306,027

911,800

911,800

29,217,827

29,217,827

480,149,318 (21,873,023)

458,276,294

14,038,964

14,038,964

472,315,259

472,315,259

Current period (From September 1, 2023 to February 29, 2024)(Unit: Thousand yen)
Unitholders’ equity
Unitholders’capitalBalance at the
beginning of theperiodChanges of items
during the period
Distributions inexcess ofretained earnings
Distributions ofearnings

480,149,318

Deduction
fromunitholders’capitalRetained earnings
Treasury
Total
Unitholders’ Unappropriatedinvestment
unitholders’
Total retained
capital, net
retainedunits
equityearnings
earnings(21,873,023) 458,276,294(1,842,073)

14,038,964

14,038,964－(1,842,073)

Net income
Purchase oftreasury
investment units
Cancellation oftreasury
investment units
Total changes of
items during theperiodBalance at the end of
the period *1

480,149,318

472,315,259 472,315,259(1,842,073)(1,842,073)(14,037,193) (14,037,193)(14,037,193) (14,037,193)

12,704,092

12,704,092

12,704,092(3,803,907)(3,803,907)(6,979,082)

12,704,092(3,803,907)－

Total Net
Assets(3,803,907)(3,803,907)(5,645,981)(5,645,981)(1,333,100)(1,333,100)－(6,979,082)(27,519,005) 452,630,313

12,705,864

12,705,864－

465,336,177 465,336,177

13

3,803,907

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(4) Statements of Distributions(Unit: Yen)I

Unappropriated retained earnings

II Distributions in excess of retained earnings
Of which, deduction from unitholders’ capital
III Distributions

Prior Period

Current Period

From March 1, 2023

From September 1, 2023

To August 31, 2023

To February 29, 2024

14,038,964,844

12,705,864,122

1,842,073,794

813,023,346

1,842,073,794

813,023,346

15,879,267,144

13,517,737,560[Distributions per unit]
Of which, distributions of earnings[Of which, distributions of earnings per unit]
Of which, distributions in excess of retained earnings[Of which, distributions in excess of retained
earnings per unit]
IV Retained earnings carried forward
Calculation method of distribution amount[3,224][2,760]14,037,193,350

12,704,714,214[2,850][2,594]

1,842,073,794

813,023,346

[374]

[166]

1,771,494

1,149,908

In accordance with Section 34.1 of

In accordance with Section 34.1 of

the Article of Incorporation set forth

the Article of Incorporation set forthby GLP J-REIT for distributions ofby GLP J-REIT for distributions ofcash dividends, the amount of the

cash dividends, the amount of the

distributions shall be more than 90%

distributions shall be more than 90%

of income available for dividendsof income available for dividends

defined in Section 67.15 of thedefined in Section 67.15 of theSpecial Taxation Measures Act.

Special Taxation Measures Act.

Accordingly, GLP J-REIT declared a Accordingly, GLP J-REIT declared a
distribution amount of

distribution amount of

14,037,193,350 yen, which was the

12,704,714,214 yen, which was theamount equivalent to the maximum

amount equivalent to the maximum

integral multiples of the number ofintegral multiples of the number ofinvestment units issued andinvestment units issued andoutstanding as of the end of theoutstanding as of the end of theperiod but not exceeding the amountperiod but not exceeding the amountof unappropriated retained earnings.

of unappropriated retained earnings.

Furthermore, based on the

Furthermore, based on the

distribution policy as defined in

distribution policy as defined in

Section 34.2 of its Article ofSection 34.2 of its Article of

Incorporation, GLP J-REIT will

Incorporation, GLP J-REIT will

make an Optimal Payable

make an Optimal Payable

Distribution (the “OPD”), which

Distribution (the “OPD”), which

represents a distribution of funds inrepresents a distribution of funds inexcess of retained earnings in eachexcess of retained earnings in eachfiscal period on a continuous basis

fiscal period on a continuous basis(“continuous OPD”).

(“continuous OPD”).
(Continued)

14(Continued)

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Continued)(Continued)

In addition, when the amount of a

In addition, when the amount of a

distribution per unit temporarily decreases

distribution per unit temporarily decreases

to certain level, the distribution policy

to certain level, the distribution policy

allows GLP J-REIT to make a temporary

allows GLP J-REIT to make a temporary

distribution of funds in excess of retained

distribution of funds in excess of retained

earnings (“temporary OPD”) for theearnings (“temporary OPD”) for the

purpose of maintaining a stable level of

purpose of maintaining a stable level of

distributions. In addition, for the purpose

distributions. In addition, for the purposeof minimizing the burden of taxation thatof minimizing the burden of taxation thatwould be incurred due to a difference

would be incurred due to a difference

between accounting income and taxable

between accounting income and taxable

income, GLP J-REIT can make a cash

income, GLP J-REIT can make a cash

distribution in excess of retained earnings

distribution in excess of retained earnings

from allowance for temporary difference

from allowance for temporary difference

adjustments in accordance with laws andadjustments in accordance with laws andregulations including rules prescribed byregulations including rules prescribed by

the ITAJ.

the ITAJ.

Thus, GLP J-REIT declared a continuous

Thus, GLP J-REIT declared a continuous

OPD (a refund of investment categorized

OPD (a refund of investment categorized

as a distribution from unitholders’ capital

as a distribution from unitholders’ capitalfor tax purposes) amounting tofor tax purposes) amounting to

1,349,540,694 yen, which was determined

813,023,346 yen.

as follows: (1) the amount not exceeding
the upper limit of 3,094,575,682 yen
calculated by deducting capital expenditureof 1,416,263,960 yen from depreciation
expense of 4,510,839,642 yen, and (2)approximately 30% of the depreciation
expense of 4,510,839,642 yen for theperiod.
In addition, for the current period, GLP JREIT declared a temporary OPD (a refundof investment categorized as a distribution
from unitholders’ capital for tax purposes)of 492,533,100 yen, as the distribution perunit was temporarily decreased due to theissuance of investment units, borrowingsof funds, and an increase in insurance
premiums.
(Note) For the time being, GLP J-REIT intends to make an OPD (a refund of its investment categorized as a distribution
from unitholders’ capital for tax purposes) in the amount equal to approximately 30% of the depreciation expenses
for the accounting period immediately before the period in which the distribution is made, unless GLP J-REIT
determines that the OPD payment (a refund of its investment categorized as a distribution from unitholders’ capitalfor tax purposes) would have a negative impact on its long-term repair and maintenance plan or financial conditions

15

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

in light of the estimated amount of capital expenditure for each fiscal period based on the plan (“continuous OPD”).
Furthermore, when it is anticipated that the amount of a distribution per unit would temporarily decrease to certain
level as a result of the issuance of new investment units, the issuance of investment corporation bonds, financing
through borrowings, disposal of buildings and facilities, major repairs or other matters, the distribution policy allows
GLP J-REIT to make a temporary cash distribution in excess of retained earnings (“temporary OPD,” a refund of
its investment categorized as a distribution from unitholders’ capital for tax purposes), in addition to a continuous
OPD, for the purposes of maintaining a stable level of distributions. However, these distributions shall be within
the limit stipulated in the rules and regulations of the ITAJ.

(This part is intentionally left blank.)

16

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(5) Statements of Cash Flows
Prior Period
From March 1, 2023
To August 31, 2023
Operating activities:
Income before income taxes
Depreciation
Loss on retirement of noncurrent assets
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Reversal of distributions payable
Interest expense
Insurance income
Indemnification received
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in consumption taxes receivable
Decrease (increase) in other current assets
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in consumption taxes payable
Increase (decrease) in advances received
Increase (decrease) in deposits received
Decrease in property and equipment in trust due to sale
SubtotalInterest received
Interest paid
Income taxes paid
Proceeds from insurance income
Net cash provided by (used in) operating activities
Investing activities:
Purchase of property and equipment in trust
Proceeds from tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits
Purchase of investment securities
Net cash provided by (used in) investing activities
Financing activities:
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments of investment corporation bond issuance costs
Proceeds from issuance of investment units
Purchase of treasury investment units
Payment of distributions of earnings
Payment of distributions in excess of retained earnings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period *1

17(Unit: Thousand yen)
Current Period
From September 1, 2023
To February 29, 2024

14,035,727
4,510,839
908
18,79455,914(149)(758)
1,054,425(244,843)－(839,024)
287,642
1,744,140(9,895)(4,179)175,097
177,400－
148,613
46,1691,324,620
22,481,443
149(1,037,999)(830)
244,843
21,687,606

12,704,697
4,499,222
2,469
18,54742,239(181)(803)
1,125,247(272,569)(436,402)(333,996)(381,104)
782,266
9,687
44,541(252,450)(323,215)
2,385,314
44,774(46,169)
6,388,209
26,000,323
181(1,127,382)(605)
272,569
25,145,086(60,123,464)
1,420,796
190,263(290,519)－(58,802,923)(1,391,773)
473,368－(1,225,073)(259,275)(2,402,754)

26,500,000(26,500,000)
33,550,000(8,000,000)
2,600,000(2,000,000)(17,397)
29,880,409－(13,122,806)(1,644,347)
41,245,859
4,130,542
31,378,165
35,508,708－－
29,470,000(29,470,000)
－
－
(201)
－
(3,803,907)(14,036,744)(1,841,773)(19,682,627)
3,059,704
35,508,708
38,568,412

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(6) Notes Concerning Going Concern Assumption
None(7) Notes Concerning Significant Accounting Policies
1. Basis and method of valuationof assets

Securities(1) Stocks of subsidiaries and associates are stated at cost determined by the movingaverage method.
(2) Available-for-sale securities with no readily determinable market price are stated atcost determined by the mobbing-average method.

2. Depreciation of noncurrent
assetsProperty and equipment including trust assets
Property and equipment are stated at cost, which includes the original purchaseprice and related acquisition costs and expenses. Depreciation of property andequipment, including property and equipment in trust, is calculated by the straightline method over the estimated useful lives as follows:
Buildings

2 to 77 years

Structures

2 to 60 years

Machinery and equipment

6 to 12 years

Vehicles4 years

Tools, furniture and fixtures
3. Accounting treatment fordeferred assets

2 to 18 years(1) Investment unit issuance expenses are amortized over three years using the straightline method.
(2) Investment corporation bond issuance costs are amortized over the respective termsof the bonds using the straight-line method.

4. Revenue and expense
recognition(1) Taxes on property and equipment
With respect to taxes on property and equipment held by GLP J-REIT, of the tax
amounts assessed and determined, the amounts corresponding to the relevant
accounting period are accounted for as rental expenses.
Of the amounts paid for the acquisition of real estate or beneficiary right of realestate in trust, the amounts equivalent to the property-related taxes are capitalized aspart of the acquisition cost of the relevant property instead of being charged as
expenses. Capitalized property-related taxes amounted to 54,140 thousand yen for theprior period and none for the current period.
(2) Revenue Recognition
Details of major performance obligations related to revenue from contracts withcustomers and a typical point in time at which GLP J-REIT satisfies a performanceobligation and recognizes revenue are as follows:(a) Sale of properties, etc.
As to sale of properties, etc., GLP J-REIT recognizes revenue when a buyer, who
is a customer, obtains control of a property by GLP J-REIT’s satisfying theperformance obligation to transfer the property as prescribed in the sales and purchase
contract of the property.
(Continued)

18

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Continued)

As for the presentation in the statements of income, “Gain on sale of property andequipment” or “Loss on sale of property and equipment” presents the amountcalculated by subtracting “Costs of property and equipment sold,” a book value of theproperty and equipment, and “Other selling expenses,” direct expenses incurred forthe sale, from the “Sales proceeds,” sales proceeds received in connection with thesale of property and equipment.
(b) Utilities charges revenue
As to utilities charges revenue, GLP J-REIT recognizes revenue based on the
supply amount of electricity, water, etc. to a tenant, who is a customer, in accordancewith the property lease contract and related agreements.
5. Hedge accounting

GLP J-REIT enters into derivative transactions in order to hedge against risks
defined in its Articles of Incorporation in compliance with their general risk
management policy. GLP J-REIT uses interest rate swaps for the purpose of hedging
its risk exposure associated with interests on floating rate loans payable. Where
deferral accounting is generally adopted for hedge transactions, GLP J-REIT applies
the special accounting treatment to interest rate swaps which qualify for hedge
accounting and meet the specific matching criteria. Under the special accounting
treatment, interest rate swaps are not measured at fair value, but the differential paidor received under the swap agreements is recognized and included in interest expense.
The hedge effectiveness test for interest rate swaps is omitted since all interest rate
swaps of GLP J-REIT meet the specific matching criteria for the special accounting
treatment as permitted under the Japanese GAAP.

6. Cash and cash equivalents as

Cash and cash equivalents consist of cash on hand and cash in trust, readily-stated in the Statements ofavailable bank deposits, readily-available bank deposits in trust and short-term

Cash Flows

investments that are liquid and realizable with a maturity of three months or less whenpurchased and that are subject to an insignificant risk of changes in value.

7. Other significant matters which

Accounting treatment of beneficiary right of real estate in trust

constitute the basis for

As to beneficiary rights of real estate in trust, all accounts of assets and liabilities

preparation of financial

for assets in trust as well as the related income generated and expenses incurred arestatements

recorded in the relevant balance sheet and statement of income accounts.
The following significant trust assets are shown separately on the balance sheets.
(1) Cash and deposits in trust(2) Buildings in trust, structures in trust, machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust and land leasehold interests in trust(3) Tenant leasehold and security deposits in trust

19

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(8) Notes to Financial Statements(Notes to Balance Sheets)*1. Commitment line agreement
GLP J-REIT has entered into a commitment line agreement with three financial institutions.
(Unit: Thousand yen)
Prior Period
As of August 31, 2023

Current Period
As of February 29, 2024

15,000,000

15,000,000

Total amount of commitment line
Balance executed as loans
Unused line of credit－－

15,000,000

15,000,000*2. Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations:(Unit: Thousand yen)
Prior Period

Current Period

As of August 31, 2023

As of February 29, 2024

50,00050,000*3. Status on cancellation of treasury investment units
Prior Period
As of August 31, 2023

Current Period
As of February 29, 2024

Total units of cancellation－

27,600 units

Total amount cancelled－

3,803,907 thousand yen

20

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Notes to Statements of Income)*1. Revenues and expenses generated from property leasing activities:(Unit: Thousand yen)
Prior Period
From March 1, 2023

Current Period
From September 1, 2023

To August 31, 2023

To February 29, 2024

A．Property-related revenues
Rental revenues:
Rental revenues

23,026,523

Common area charges

23,289,112

856,477

845,894

23,883,001

24,135,006

Utility charges

1,045,386

855,847

Parking lots

121,623

128,539

Solar panel leasing

654,773468,249

Others

66,273

107,952

Total
Other revenues related to property leasing

Total
Total property-related revenues

1,888,057

1,560,588

25,771,059

25,695,595

B．Property-related expenses
Rental expenses:
Taxes and dues

2,068,748

2,018,144

Property and facility management fees

956,500

935,841

Utilities

944,718

798,357

Repairs and maintenance

98,383

110,484

Casualty insurance

335,691

343,4134,510,839

4,499,222

455,545

345,953

Depreciation
OthersTotal property-related expenses
C．Operating income from property leasing (A－B)

9,370,427

9,051,416

16,400,631

16,644,178*2. Gain on sale of property and equipment:
Prior Period (From March 1, 2023 to August 31, 2023)(Unit: Thousand yen)
GLP Ebetsu
Sales proceeds

3,530,000

Costs of property and equipment sold

1,324,620

Other selling expenses

21,890Gain on sale of property and equipment

2,183,489

21

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Current Period (From September 1, 2023 to February 29, 2024)(Unit: Thousand yen)
GLP Morioka
Sales proceeds

749,000

Costs of property and equipment sold671,143

Other selling expenses

6,182

Gain on sale of property and equipment

71,673(Unit: Thousand yen)

GLP Narashino II (Buildings)
Sales proceeds

5,850,000

Costs of property and equipment sold

5,717,065

Other selling expenses

76,181Gain on sale of property and equipment

56,752*3. Extraordinary income:Current Period
From September 1, 2023

Prior Period
From March 1, 2023

To February 29, 2024

To August 31, 2023
In connection with a fire accident occurred at GLP

In connection with a fire accident occurred at GLP

Maishima II for the period ended February 28, 2022,

Maishima II for the period ended February 28, 2022,

GLP J-REIT received insurance proceeds for the lost

GLP J-REIT received insurance proceeds for the lostearnings due to the fire and recognized insurance

earnings due to the fire and recognized insuranceincome of 244,843 thousand yen under extraordinary

income of 272,569 thousand yen under extraordinary

income.

income. Furthermore, GLP J-REIT received theindemnification from a party who was the tenant at thetime of the fire accident in the amount equivalent to theinsurance premium increase (for the period fromJanuary 2023 to February 2024) due to the receipt of
insurance proceeds. Such amount of 436,402 thousand
yen was recorded as “Indemnification received” under
extraordinary income.

(Notes to Statements of Changes in Net Assets)*1. Number of investment units authorized and number of investment units issued and outstanding
Prior Period
From March 1, 2023

Current Period
From September 1, 2023

To August 31, 2023

To February 29, 2024

Number of investment units authorized

16,000,000 units

16,000,000 units

Number of investment units issued and outstanding

4,925,331 units

4,897,731 units

22

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Notes to Statements of Cash Flows)*1. Reconciliation of cash and cash equivalents in the Statements of Cash Flows to accounts and amounts in the accompanying
balance sheets(Unit: Thousand yen)
Prior Period
From March 1, 2023

Current Period
From September 1, 2023

To August 31, 2023

To February 29, 2024

Cash and deposits

23,059,854

24,328,532

Cash and deposits in trust

12,448,853

14,239,880

Cash and cash equivalents

35,508,708

38,568,412(Leases)
Operating lease transactions (As Lessor)
Future minimum rental revenues(Unit: Thousand yen)
Prior Period
As of August 31, 2023

Current Period
As of February 29, 2024

Due within one year

44,166,663

44,466,187

Due after one year

137,516,562

132,167,461

Total

181,683,226

176,633,648(Financial Instruments)
1．Status of financial instruments(1) Policy for financial instruments
GLP J-REIT procures funds for acquisition of assets or repayment of debts through issuance of new investment units,bank loans and issuance of investment corporation bonds.
GLP J-REIT enters into derivative transactions solely for the purpose of reducing interest rate and other risks. GLP JREIT does not use derivative transactions for speculative purposes.
GLP J-REIT generally invests surplus funds in deposits considering the safety and liquidity of the investment althoughsurplus funds could be invested in securities and monetary claims as a matter of policy.
(2) Financial instruments, their risks and risk management system
Deposits are used for investment of GLP J-REIT’s surplus funds. These deposits are exposed to credit risk, such as
bankruptcy of the depository financial institution. GLP J-REIT limits credit risk by using only short-term deposits infinancial institutions with high credit ratings.
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties andrefinancing of bank loans or investment corporation bonds upon their maturities. GLP J-REIT mitigates the liquidity risk
exposure upon repayment and redemption of loans by diversifying the maturities and lending institutions and by entering
into commitment line agreements with financial institutions, and manages such liquidity risk by preparing and monitoring
the forecasted cash flows.
Certain loans are floating rate and exposed to the risk of rising interest rates. GLP J-REIT mitigates such risk by
maintaining a prudent loan-to-value ratio and stabilizing its financial costs with the use of derivative transactions (interest
rate swaps) as a hedge. All interest rate swaps meet the specific matching criteria to qualify for the special accounting
treatment, thus the hedge effectiveness test is omitted. Derivative transactions are executed and managed under theManagement Guidelines of the Asset Manager.

23

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are deposits received fromtenants. GLP J-REIT is obligated to repay the deposits upon the tenant’s termination of the leased property, and is thus
exposed to liquidity risk. GLP J-REIT generally minimizes and manages such risk by holding sufficient funds to make therepayments and monitoring its cash flows.
(3) Supplemental explanation regarding fair values of financial instruments
In estimating the fair value of financial instruments, various factors are considered; therefore, different assumptions andfactors could result in a range of fair values.
2. Estimated fair value of financial instruments
Prior Period (As of August 31, 2023)
Book value, fair value and differences between the values as of August 31, 2023 are as stated below. The disclosure for“Cash and deposits” and “Cash and deposits in trust” is omitted since their fair value approximates their book value due toshort maturity.
(Unit: Thousand yen)Book value

Fair value

Difference(1) Current portion of investment corporation bonds

2,000,000

2,010,800

10,800(2) Current portion of long-term loans payable

29,470,000

29,515,080

45,080(3) Investment corporation bonds

53,100,000

51,318,490(1,781,510)(4) Long-term loans payable

311,990,000

308,594,860(3,395,139)

396,560,000

391,439,231(5,120,768)－(1,364)(1,364)

Total liabilities
Derivative transactions

Current Period (As of February 29, 2024)
Book value, fair value and differences between the values as of February 29, 2024 are as stated below. The disclosure for“Cash and deposits” and “Cash and deposits in trust” is omitted since their fair value approximates their book value due toshort maturity.
(Unit: Thousand yen)Book value

Fair value

Difference(1) Current portion of investment corporation bonds

4,000,000(2) Current portion of long-term loans payable

25,710,000

25,716,826

6,826(3) Investment corporation bonds

51,100,000

49,273,340(1,826,660)(4) Long-term loans payable

315,750,000

312,450,819(3,299,180)

396,560,000

391,439,585(5,120,414)

－

－

－

Total liabilities
Derivative transactions

3,998,600(1,400)(Note 1) Methods to estimate fair value of financial instruments and matters regarding derivative transactions(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
The reference value published by the Japan Securities Dealers Association is used as the fair value.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
With respect to long-term loans payable, interest rates of floating-rate loans are periodically adjusted or
renewed by contract. Thus, the book value of these instruments is deemed a reasonable approximation of thefair value, and the book value is, therefore, used as the fair value. The fair value of fixed-rate loans is measured
by discounting the total principal and interest amount at the current rates that are reasonably estimated to be
applicable if GLP J-REIT enters into new similar loans. The fair value of interest rate swaps under the special
accounting treatment is included in long-term loans payable designated as a hedged item.

24

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Derivative transactions:
Please refer to “(Derivative Transactions)” described below.

(Note 2) Redemption schedules for investment corporation bonds and long-term loans payable
Prior Period (As of August 31, 2023)(Unit: Thousand yen)
Due after
Due after four Due after fiveDue within Due after one Due after two
three to four
one yearto two years to three years
years
to five years
years
Investment corporation bonds
2,000,000
3,500,000－
5,100,000
1,000,000 43,500,000
Long-term loans payable
Total

29,470,000

37,420,000

52,920,000

48,323,000

60,900,000 112,427,000

31,470,000

40,920,000

52,920,000

53,423,000

61,900,000 155,927,000

Current Period (As of February 29, 2024)(Unit: Thousand yen)
Due after
Due after four Due after fiveDue within Due after one Due after two
three to four
one yearto two years to three years
years
to five years
years
Investment corporation bonds
4,000,000
1,500,000
5,100,000－ 12,100,000 32,400,000
Long-term loans payable
Total

25,710,000

36,250,000

55,370,000

54,323,000

56,680,000 113,127,000

29,710,000

37,750,000

60,470,000

54,323,000

68,780,000 145,527,000(Investment Securities)
Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None(Derivative Transactions)
1. Derivative transactions for which hedge accounting is not applied
Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None
2. Derivative transactions for which hedge accounting is applied
The contract amount or notional amount as of the balance sheet date by hedge accounting method is as follows:
Prior Period (As of August 31, 2023)(Unit: Thousand yen)
Hedge accounting
methodType of derivativetransaction

Primary
hedged item

Contract amount and other
Due after
one year

Fair value

Fair value
measurement

Interest rate swaps
292,320,000 277,380,000 (1,364)
Long-term
Receive floating/(Note 3)loans payable(Note 1)
(Note 1)
(Note 2)
Pay fix(Note 1) The amount includes 870 million yen of the interest swap contract entered into on August 30, 2023. The

Special treatment forinterest rate swaps

execution date of long-term loans payable, its hedged item, is September 1, 2023.
(Note 2) Concerning the aforementioned interest rate swap entered into on August 30, 2023, the fair value as of the endof the fiscal period (August 31, 2023) is stated since it is not accounted for as an integral component of long-25

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

term loans payable under the special accounting treatment due to the fact that no such loans payable isrecognized as of the fiscal period then ended. Interest rate swaps under the special accounting treatment, except
for those aforementioned, are accounted for as an integral component of long-term loans payable designated ashedged items. Thus, their fair value is included in that of long-term loans payable disclosed in aforementioned“(Financial Instruments), 2. Estimated fair value of financial instruments, (2) Current portion of long-term loans
payable and (4) Long-term loans payable.”(Note 3) Fair value is measured by the counterparty of the relevant transaction based on market rates.
Current Period (As of February 29, 2024)(Unit: Thousand yen)
Hedge accounting
methodType of derivativetransaction

Primary
hedged item

Contract amount and other
Due after
one year

Fair value

Fair value
measurement

Interest rate swaps
Long-term
Receive floating/
298,720,000 277,110,000(Note 1)
(Note 2)loans payable
Pay fix(Note 1) Interest rate swaps under the special accounting treatment are accounted for as an integral component of long-

Special treatment forinterest rate swaps

term loans payable designated as hedged items. Thus, their fair value is included in that of long-term loans
payable disclosed in aforementioned “(Financial Instruments), 2. Estimated fair value of financial instruments,(2) Current portion of long-term loans payable and (4) Long-term loans payable.”(Note 2) Fair value is measured by the counterparty of the relevant transaction based on market rates.

(Retirement Benefit Plans)
Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None(Equity in Income)Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None(Asset Retirement Obligation)
Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None

26

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Deferred Tax Accounting)
1. Significant components of deferred tax assets and liabilities
Prior Period (As of August 31, 2023) and Current Period (As of February 29, 2024)
None
2. Reconciliation between Japanese statutory tax rate and the effective income tax rate with respect to pre-tax income reflectedin the accompanying statement of income for each period is as follows.
(Unit: %)Prior Period
As of August 31, 2023

Current Period
As of February 29, 2024

31.46

31.46

Statutory effective tax rate
(Adjustments)
Distributions deductible for tax purposes(31.46)(31.46)

Other

0.00

0.00

Actual tax rate

0.00

0.00

(Related Party Transactions)
1. Transactions and account balances with the parent company and major unitholders
Prior Period (From March 1, 2023 to August 31, 2023) and Current Period (From September 1, 2023 to February 29, 2024)
None
2. Transactions and account balances with affiliates
Prior Period (From March 1, 2023 to August 31, 2023)
None
Current Period (From September 1, 2023 to February 29, 2024)
Classification

Name

Associate

Acacia Special
Purpose Company

Location

Chuo-ku,Tokyo

Statedcapital(Thousandyen)

1,323,100

Type of business% of voting
rightsRelationshipType of transaction(owned)Property
management

Transaction
amountBalance
Account title(Thousand yen)

19.4%
Transfer ofPreferredan asset
equitySale of buildings

5,850,000(Thousand
yen)

–

–

(Note 1) The transaction amount was determined by negotiation between the parties based on prevailing market prices.
(Note 2) The transaction amount excludes related expenses, property taxes, city planning taxes, consumption taxes and local consumption taxes.

3. Transactions and account balances with companies under common control
Prior Period (From March 1, 2023 to August 31, 2023) and Current Period (From September 1, 2023 to February 29, 2024)
None
4. Transactions and account balances with directors and major individual unitholders
Prior Period (March 1, 2023 to August 31, 2023)
Classification

Name

Directorand his/her Yoshiyuki Miura
relatives

Location－

Statedcapital(Thousandyen)－Type of business% of voting
rightsType of transaction(owned)Payment of asset management－ fee to GLP Japan Advisors Inc.
(Note 2)

(Note 2)

Transaction
amountAccount
title(Thousand yen)

3,362,213

Accounts
payableBalance(Thousandyen)

2,940,018(Note 1) Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
(Note 2) It is the transaction executed by Yoshiyuki Miura as the President & CEO of GLP Japan Advisors Inc. The asset management fee was27

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

determined in accordance with the rules prescribed in the Articles of Incorporation of GLP J-REIT. The asset management fee includes (1)291,150 thousand yen of the management fee in connection with the acquisition of properties, which was capitalized as part of the bookvalue of each property and (2) 17,650 thousand yen of the management fee in connection with the disposition of the property, which was
included in the calculation of gain on sale of property and equipment.

Current Period (September 1, 2023 to February 29, 2024)
Classification

Name

Location

Directorand his/her Yoshiyuki Miura
relatives

Statedcapital(Thousand
yen)

－

－

Type of business% of voting
rightsType of transaction(owned)Transaction
amount(Thousand yen)

Payment of asset management－ fee to GLP Japan Advisors Inc.
(Note 2)

(Note 2)

Account
title

3,047,122

Accounts
payableBalance(Thousandyen)

2,874,574(Note 1) Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
(Note 2) It is the transaction executed by Yoshiyuki Miura as the President & CEO of GLP Japan Advisors Inc. The asset management fee wasdetermined in accordance with the rules prescribed in the Articles of Incorporation of GLP J-REIT. The asset management fee includes
32,995 thousand yen of the management fee in connection with the disposition of the property, which was included in the calculation of gainon sale of property and equipment.

(Investment and Rental Properties)
Property and equipment consist of leasable logistics facilities for the purpose of earning rental revenues. The following
table summarizes the book value, including changes during the fiscal periods and fair value of these rental properties.
Prior Period
From March 1, 2023
To August 31, 2023

(Unit: Thousand yen)
Current Period
From September 1, 2023
To February 29, 2024

Book value
Balance at the beginning of the period

799,138,397

853,363,607

Change during the period

54,225,209(9,009,846)

Balance at the end of the period

853,363,607

844,353,761

1,144,234,000

1,139,380,000

Fair value at the end of the period(Note 1) The amount on the balance sheets (book value) is based on the acquisition cost less the accumulated amount ofdepreciation.
(Note 2) Of the change in book value during each period, the major increase for the prior period was primarily due to theacquisition of four properties (GLP ALFALINK Sagamihara 4 (30% joint co-ownership ratio), GLP Soja III,GLP Fukuoka Kasuya, and GLP Okinawa Urasoe) in the amount of 58,645,314 thousand yen, whereas the major
decrease was due to the sale of a property (GLP Ebetsu) in the amount of 1,324,620 thousand yen and depreciationof 4,510,839 thousand yen. The major increase for the current period was primarily due to capital expenditures,
whereas the major decrease was due to the sale of properties (GLP Narashino II (Buildings), GLP Morioka) in
the total amount of 6,388,209 thousand yen and depreciation of 4,499,222 thousand yen.
(Note 3) The fair value of investment and rental properties was determined based on third-party appraisals or researchvalue. For GLP Maishima II, the property was significantly destroyed by the fire accident and thus only theappraisal value of the land portion of the property is included in fair value at the end of the prior period andcurrent period. Furthermore, for GLP Narashino II whose building portion was sold, only the appraisal value ofthe land portion of the property is included in fair value at the end of the current period.
Income and loss in connection with investment and rental properties are disclosed in “Notes to Statements of Income.”

28

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Revenue Recognition)
Prior Period (From March 1, 2023 to August 31, 2023)
Information on Disaggregated Revenue from Contracts with Customers
Please refer to “(Notes to Statements of Income), *1. Revenues and expenses generated from property leasing activities”
and “*2. Gain on sale of property and equipment” for information on disaggregated revenue from contracts with customers.
Revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) is included in “*1. Revenues
and expenses generated from property leasing activities.” Revenue from contracts with customers consists mostly of “Sales
proceeds” and “Utilities charges revenue.”
Current Period (From September 1, 2023 to February 29, 2024)
Information on Disaggregated Revenue from Contracts with Customers
Please refer to “(Notes to Statements of Income), *1. Revenues and expenses generated from property leasing activities”
and “*2. Gain on sale of property and equipment” for information on disaggregated revenue from contracts with customers.
Revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) is included in “*1. Revenues
and expenses generated from property leasing activities.” Furthermore, “*2. Gain on sale of property and equipment” includes
revenue based on the JICPA (the Japanese Institute of Certified Public Accountants) Accounting System Committee Statement
No.15, “Practical Guidelines on Accounting for Transferees in Securitization of Real Estate Using Special Purpose Companies.”
Revenue from contracts with customers consists mostly of “Sales proceeds” and “Utilities charges revenue.”(Segment and Related Information)(Segment Information)
1．Overview of operating and reportable segments
Operating segments are a component of GLP J-REIT for which separate financial information is available and whose
operating results are regularly evaluated by the Board of Directors to make decisions about how resources are allocatedand assess their performance. Consequently, each property is considered an operating segment. However, when properties
share similar economic characteristic and meet other specific conditions, they may be aggregated for purposes of reporting
segment information. Therefore, properties with multiple tenants have been aggregated and presented as the “Multi-tenant
Property” reportable segment, whereas build-to-suit (“BTS”) properties developed for a single tenant or properties with asingle tenant have been aggregated and presented as the “BTS Property” reportable segment.
GLP J-REIT’s properties were classified into each reportable segment as follows:
Multi-tenant property:

GLP Tokyo, GLP Sugito II, GLP Koshigaya II, GLP Misato II, GLP Amagasaki, GLP
Koriyama III, GLP Urayasu III, GLP Komaki, GLP Tokyo II, GLP Narashino, GLP-MFLP
Ichikawa Shiohama, GLP Atsugi II, GLP Soja I, GLP Soja II, GLP Shinsuna, GLP Osaka, GLP
Yokohama, GLP Kawajima, GLP Sayama Hidaka II, GLP Rokko III, GLP Zama, GLP
Kitamoto and GLP Soja III

BTS property:

GLP Higashi-Ogishima, GLP Akishima, GLP Tomisato, GLP Narashino II, GLP Funabashi,
GLP Kazo, GLP Iwatsuki, GLP Kasukabe, GLP Tatsumi, GLP Hirakata, GLP Hirakata II, GLP
Maishima II, GLP Tsumori, GLP Rokko, GLP Amagasaki II, GLP Nara, GLP Sakai, GLPTomiya, GLP Koriyama I, GLP Tokai, GLP Hayashima, GLP Hayashima II, GLP Kiyama,
GLP Sendai, GLP Hamura, GLP Funabashi III, GLP Sodegaura, GLP Rokko II, GLP Kuwana,
GLP Tatsumi IIa, GLP Kadoma, GLP Ogimachi, GLP Hiroshima, GLP Kobe-Nishi, GLP
Shinkiba, GLP Sugito, GLP Matsudo, GLP Tosu I, GLP Yoshimi, GLP Fukaehama, GLPTomiya IV, GLP Noda-Yoshiharu, GLP Urayasu, GLP Funabashi II, GLP Misato, GLP
Maishima I, GLP Shonan, GLP Settsu, GLP Nishinomiya, GLP Shiga, GLP Neyagawa, GLP
Fujimae, GLP Funabashi IV, GLP Higashi-Ogishima II, GLP Higashi-Ogishima III, GLP

29

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Urayasu II, GLP Kashiwa II, GLP Yachiyo II, GLP Niiza, GLP Sayama Hidaka I, GLP Rokko
IV, GLP Joso, GLP Amagasaki III, GLP Yasu, GLP Suzuka, GLP ALFALINK Sagamihara 4,
GLP Fukuoka Kasuya, and GLP Okinawa Urasoe
2．Basis of measurement for the amounts of segment income, segment assets and other items for each reportable segment
The accounting policies of each reportable segment are consistent to those disclosed in “Notes Concerning Significant
Accounting Policies.” Segment income is measured on the basis of operating income.
3．Information about segment income, segment assets and other items
Prior Period (August 31, 2023)

Operating revenues (Note 1)
Segment income

Multi-tenant rental
business
12,774,025

Segment assets
Other items
Depreciation
Increase in property andequipment(Unit: Thousand yen)Amount on financial
statements
27,954,548

12,997,033

Reconciling
items (Note 2)
2,183,489

7,968,865

8,431,766(1,075,183)

15,325,448

416,275,200

452,499,041

27,452,121

896,226,364

1,909,324

2,601,515－

4,510,839

7,617,053

52,444,524－

60,061,578

BTS rental business(Note 1) Operating revenues are exclusively earned from external parties.
(Note 2) Reconciling items to operating revenues in the amount of 2,183,489 thousand yen consist of gain on sale ofproperty and equipment that is not attributable to each reportable segment.
Reconciling items to segment income in the negative amount of 1,075,183 thousand yen consist of 3,258,672
thousand yen of corporate expenses that are not allocated to each reportable segment and 2,183,489 thousand
yen of gain on sale of property and equipment that is not attributable to each reportable segment. Corporate
expenses present mainly asset management fee, asset custody fee, administrative service fees, directors’
remuneration and other expenses.
Reconciling items to segment assets in the amount of 27,452,121 thousand yen include current assets of
24,564,350 thousand yen, investments and other assets of 2,527,038 thousand yen and deferred assets of
360,732 thousand yen.
Current Period (February 29, 2024)

Operating revenues (Note 1)
Segment income
Segment assets
Other items
Depreciation
Increase in property andequipment

12,952,161
8,547,366

Reconciling
items (Note 2)
128,426(3,066,311)(Unit: Thousand yen)Amount on financial
statements
25,824,022
13,577,867

416,737,218

445,949,129

28,103,371

890,789,719

1,938,851

2,560,370－

4,499,222

805,692

1,074,361－

1,880,054

Multi-tenant rental
business
12,743,434
8,096,812

BTS rental business(Note 1) Operating revenues are exclusively earned from external parties.
(Note 2) Reconciling items to operating revenues in the amount of 128,426 thousand yen consist of gain on sale ofproperty and equipment that is not attributable to each reportable segment.
Reconciling items to segment income in the negative amount of 3,066,311 thousand yen consist of 3,194,738
thousand yen of corporate expenses that are not allocated to each reportable segment and 128,426 thousand

30

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

yen of gain on sale of property and equipment that is not attributable to each reportable segment. Corporate
expenses present mainly asset management fee, asset custody fee, administrative service fees, directors’
remuneration and other expenses.
Reconciling items to segment assets in the amount of 28,103,371 thousand yen include current assets of
25,061,501 thousand yen, investments and other assets of 2,741,923 thousand yen and deferred assets of
299,946 thousand yen.

(Related Information)
Prior Period (From March 1, 2023 to August 31, 2023)
1．Revenue information by product and service
Substantially all of the operating revenue is earned from external customers in Japan.
2．Information by geographic area
(1) Operating revenues
Substantially all property and equipment are located in Japan.
(2) Property and equipment
Disclosure of this information has been omitted as the amount of property and equipment in Japan has exceeded 90% of
the amount of total property and equipment on the accompanying balance sheet.
3．Information on major tenants
Disclosure of this information has been omitted as no customer accounting for 10% or more of total operating revenues
existed.
Current Period (From September 1, 2023 to February 29, 2024)
1．Revenue information by product and service
Substantially all of the operating revenue is earned from external customers in Japan.
2．Information by geographic area
(1) Operating revenues
Substantially all property and equipment are located in Japan.
(2) Property and equipment
Disclosure of this information has been omitted as the amount of property and equipment in Japan has exceeded 90% of
the amount of total property and equipment on the accompanying balance sheet.
3．Information on major tenants
Disclosure of this information has been omitted as no customer accounting for 10% or more of total operating revenues
existed.

(Per Unit Information)
Prior Period
From March 1, 2023
To August 31, 2023

Current Period
From September 1, 2023
To February 29, 2024

Net assets per unit

95,895 yen

95,010 yen

Net income per unit

2,907 yen

2,584 yen

(Note 1) Net income per unit is calculated by dividing net income for the period by the weighted average number ofinvestment units issued and outstanding. Diluted net income per unit is not stated as no dilutive securities were
outstanding.

31

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(Note 2) The basis for calculating the net income per unit is as follows:
Prior Period
From March 1, 2023
To August 31, 2023
Net income

14,035,110 thousand yen

Current Period
From September 1, 2023
To February 29, 2024
12,704,092 thousand yen

Amount not attributable to ordinary unitholders－ thousand yen－ thousand yen

Net income attributable to ordinary unitholders

14,035,110 thousand yen

12,704,092 thousand yen

Average number of investment units outstanding

4,827,535 units

4,914,823 units(Significant Subsequent Events)
Acquisition of assets
GLP J-REIT acquired the following asset:
GLP Kazo II
Kazo, Saitama

・Location・Acquisition date

April 1, 2024

・Acquisition price7,700 million yen (Note)・Seller

LOGISTEED, Ltd.

(Note) “Acquisition price” excludes acquisition related expenses, property taxes, city planning taxes, consumption taxes
and local consumption taxes.
Based on the agreement on March 28, 2024, certain part of 2,506 million yen of the indemnification received fromLOGISTEED, Ltd. for the building damage of GLP Maishima II will be deducted from the acquisition cost as the
reduction entry.

32

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(9) Changes in Number of Investment Units Issued and Outstanding
Changes in number of investment units issued and outstanding and net unitholders’ capital for the last five years are as follows:

Date

Type of issue

Number of investment units
issued and outstanding (Unit)
Increase(decrease)

May 21, 2019

November 18, 2019

May 19, 2020

Distributions in excess ofretained earnings(a refund of investment)
Distributions in excess ofretained earnings(a refund of investment)
Distributions in excess ofretained earnings(a refund of investment)

Total

Unitholders’ capital, net(Note 1) (Note 23)(Million yen)
Increase
Total(decrease)

Note

－

3,833,420(1,134)308,499(Note 2)－

3,833,420(1,127)

307,372(Note 3)－

3,833,420(1,127)306,245(Note 4)

June 29, 2020

International offering

149,560

3,982,980

20,700326,945(Note 5)

November 18, 2020

Distributions in excess ofretained earnings(a refund of investment)－

3,982,980(1,581)

325,364(Note 6)

December 7, 2020

Public offering

345,346

4,328,326

51,530376,894(Note 7)

15,3384,343,664

2,288

379,183(Note 8)－4,343,664(2,067)377,115(Note 9)142,513

4,486,177

25,901

403,017(Note 10)

4,192

4,490,369

761

403,779(Note 11)－4,490,369(1,926)

401,853(Note 12)－4,490,369(1,293)

400,559(Note 13)215,962

4,706,331

30,258430,817(Note 14)January 5, 2021

May 21, 2021
July 6, 2021
August 3, 2021

November 18, 2021

May 20, 2022
October 21, 2022
November 18, 2022

November 21, 2022

May 19, 2023
May 24, 2023

Issuance of investment units
through allocation to a third
party
Distributions in excess ofretained earnings(a refund of investment)

Public offering
Issuance of investment units
through allocation to a third
party
Distributions in excess ofretained earnings(a refund of investment)
Distributions in excess ofretained earnings(a refund of investment)

Public offering
Distributions in excess ofretained earnings(a refund of investment)
Issuance of investment units
through allocation to a third
party
Distributions in excess ofretained earnings(a refund of investment)－

4,706,331(1,661)

429,156(Note 15)

5,809

4,712,140

813

429,970(Note 16)－

4,712,140(1,644)428,325(Note 17)

Public offering

209,991

4,922,131

29,501

457,826(Note 18)33

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Date

Type of issue

Number of investment units
issued and outstanding (Unit)
Increase(decrease)

June 20, 2023

November 17, 2023

Issuance of investment units
through allocation to a third
party
Distributions in excess ofretained earnings(a refund of investment)

February 29, 2024

Cancellation

Total

Unitholders’ capital, net(Note 1) (Note 23)(Million yen)
Increase
Total(decrease)

Note

3,200

4,925,331

449

458,276(Note 19)－

4,925,331(1,842)456,434(Note 20)

(27,600)

4,897,731(3,803)452,630(Note 21)(Note 1) “Unitholders’ capital, net” represents the amount of unitholders’ capital, net of distributions in excess of retained earnings deducted fromtotal unitholders’ capital.
(Note 2) At the Board of Directors’ Meeting held on April 15, 2019, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 296 yen per unit for the 14th
Fiscal Period (the period ended February 28, 2019). The payment of distributions was commenced on May 21, 2019.
(Note 3) At the Board of Directors’ Meeting held on October 16, 2019, it was resolved that GLP J-REIT would make distributions in excess ofretained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 294 yen per unit forthe 15th Fiscal Period (the period ended August 31, 2019). The payment of distributions was commenced on November 18, 2019.
(Note 4) At the Board of Directors’ Meeting held on April 15, 2020, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 294 yen per unit for the 16th
Fiscal Period (the period ended February 29, 2020). The payment of distributions was commenced on May 19, 2020.
(Note 5) In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through an international offering at the offer
price of 142,956 yen per unit (the issue amount of 138,407 yen).
(Note 6) At the Board of Directors’ Meeting held on October 13, 2020, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 397 yen per unit for the 17th
Fiscal Period (the period ended August 31, 2020). The payment of distributions was commenced on November 18, 2020.
(Note 7) In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the offer price of
154,154 yen per unit (the issue amount of 149,214 yen).
(Note 8) In connection with the public offering, GLP J-REIT issued new investment units through a third-party allocation at the issue amount of
149,214 yen.
(Note 9) At the Board of Directors’ Meeting held on April 14, 2021, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 476 yen per unit for the 18th
Fiscal Period (the period ended February 28, 2021). The payment of distributions was commenced on May 21, 2021.
(Note 10) In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the offer price of
187,768 yen per unit (the issue amount of 181,751 yen).
(Note 11) In connection with the public offering, GLP J-REIT issued new investment units through a third-party allocation at the issue amount of
181,751 yen.
(Note 12) At the Board of Directors’ Meeting held on October 13, 2021, it was resolved that GLP J-REIT would make distributions in excess ofretained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 429 yen per unit forthe 19th Fiscal Period (the period ended August 31, 2021). The payment of distributions was commenced on November 18, 2021.
(Note 13) At the Board of Directors’ Meeting held on April 13, 2022, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 288 yen per unit for the 20th
Fiscal Period (the period ended February 28, 2022). The payment of distributions was commenced on May 20, 2022.
(Note 14) In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the offer price of
144,746 yen per unit (the issue amount of 140,108 yen).
(Note 15) At the Board of Directors’ Meeting held on October 12, 2022, it was resolved that GLP J-REIT would make distributions in excess of34

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

retained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 370 yen per unit forthe 21st Fiscal Period (the period ended August 31, 2022). The payment of distributions was commenced on November 18, 2022.
(Note 16) In connection with the public offering, GLP J-REIT issued new investment units through a third-party allocation at the issue amount of
140,108 yen.
(Note 17) At the Board of Directors’ Meeting held on April 14, 2023, it was resolved that GLP J-REIT would make distributions in excess of retained
earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 349 yen per unit for the 22nd
Fiscal Period (the period ended February 28, 2023). The payment of distributions was commenced on May 19, 2023.
(Note 18) In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the offer price of
145,138 yen per unit (the issue amount of 140,487 yen).
(Note 19) In connection with the public offering, GLP J-REIT issued new investment units through a third-party allocation at the issue amount of
140,487 yen.
(Note 20) At the Board of Directors’ Meeting held on October 13, 2023, it was resolved that GLP J-REIT would make distributions in excess ofretained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 374 yen per unit forthe 23rd Fiscal Period (the period ended August 31, 2023). The payment of distributions was commenced on November 17, 2023.
(Note 21) GLP J-REIT acquired its own investment units through open-market repurchase on the Tokyo Stock Exchange based on a discretionarytransaction agreement with a securities company from November 28, 2023 to December 26, 2023. Based on the resolution of the Board of
Directors’ Meeting held on February 19, 2024, the treasury investment units acquired (27,600 units) were all cancelled on February 29,
2024.
(Note 22) This excludes a change in unitholders’ capital due to a distribution in excess of retained earnings associated with allowance for temporary
difference adjustments.

35

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

3. Reference Information(1) Price Information on Investment Assets(i) Investment Status

Type of asset

Area(Note 1)

Prior Period
Current Period
August 31, 2023
February 29, 2024
Total amount held Ratio to total assets Total amount held Ratio to total assets(Million yen)(%)
(Million yen)(%)
(Note 2)
(Note 3)(Note 2)
(Note 3)Tokyo
metropolitan area
Greater Osaka
area

561,203

62.6

554,02762.2

163,004

18.2

162,595

18.3

129,155

14.4

127,730

14.3

853,363

95.2

844,353

94.8

–

–

259

0.0

Deposits and other assets

42,862

4.8

46,176

5.2

Total assets (Notes 6 and 7)

896,226[853,363]

100.0[95.2]

890,789[844,353]

100.0[94.8]

Property andequipment in trust(Note 4)Other
Sub Total
Preferred equity securities (Note 5)

Amount(Million yen)

As a ratio to total
assets (%)(Note 3)As a ratio to total
assets (%)(Note 3)

Amount(Million yen)

Total liabilities (Note 6)

423,91147.3

425,453

47.8

Total net assets (Note 6)

472,31552.7

465,33652.2(Note 1)

“Tokyo metropolitan area” includes Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Tochigi, Gunma and Yamanashi
prefectures. “Greater Osaka area” includes Osaka, Hyogo, Kyoto, Shiga, Nara and Wakayama prefectures. “Other”
includes areas other than above.

(Note 2)

“Total amount held” represents the book value (for property and equipment or property and equipment in trust, the bookvalue after deducting depreciation).

(Note 3)(Note 4)

“Ratio to total assets” is rounded to the first decimal place.
The amount of property and equipment in trust does not include the amount of construction in progress and constructionin progress in trust.

(Note 5)Preferred equity securities are issued by Acacia Special Purpose Company, with GLP Narashino II as underlying real estate(Beneficiary right of real estate in trust acquired by Acacia Special Purpose Company, which is the revenue source ofAcacia Special Purpose Company).

(Note 6)The book value is stated for “total assets”, “total liabilities” and “total net assets”.

(Note 7)

The figures in square brackets represent the holding properties portion to total assets.

(ii) Major investment securities
The following table summarizes the securities held by GLP J-REIT at the fiscal period end.
Book value
Appraisal value(Thousand yen)(Thousand yen)Type of
VolumeIssue
asset
AmountPer unit
AmountPer unit(Note 1)
Preferred equity
Preferred
25,690securities issued by－
259,275－
259,275
equityunits
Acacia Special
securities
Purpose Company(Note 1) The book value is shown as “Appraisal value” above.
(Note 2) The underlying asset is the beneficiary right of real estate in trust of “GLP Narashino II.”

36

Valuation
gain/ loss

Note

(Thousand yen)－

(Note 2)

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024(iii) Portfolio Overview
The following table summarizes the beneficiary rights of real estate in trust or the real estate properties in trust held by GLP J-REIT
at the fiscal period end. Each figure in this table is the information as of February 29, 2024 unless otherwise stated.
Acquisition
Appraisal
Occupa- Number
Share Leasable area Leased area
price
value
Propertyncy ratioofBook value2
2
Property name
(m )
(%)
(m )
(Million yen)
(Million yen)
(Million yen)number(%)
tenants(Note 4)(Note 5)(Note 3)(Note 6) (Note 7)(Note 1)
(Note 2)
Tokyo-1

GLP Tokyo
GLP HigashiOgishima
GLP Akishima

22,70021,29235,5002.6

56,757.92

56,757.92

100.0

2

4,980

4,743

8,320

0.6

34,582.00

34,582.00

100.0

1

7,555

7,140

11,3000.9

27,356.63

27,356.63

100.0

3

4,990

4,266

7,070

0.6

27,042.59

27,042.59

100.0

1

8,340

8,360

8,410

0.9

－

－

－

－

Tokyo-6

GLP Tomisato
GLP Narashino II(Land) (Note 8)
GLP Funabashi

1,720

1,872

2,430

0.2

10,465.03

10,465.03

100.0

1

Tokyo-7

GLP Kazo

11,500

10,153

16,5001.3

76,532.71

76,532.71

100.0

1

Tokyo-9

GLP Sugito II

19,000

16,54229,0002.1

101,272.40

100,345.84

99.1

4

Tokyo-10

GLP Iwatsuki

6,940

6,197

11,1000.8

31,839.99

31,839.99

100.0

1

Tokyo-11

GLP Kasukabe

4,240

3,842

5,350

0.5

18,460.73

18,460.73

100.0

1

Tokyo-12

GLP Koshigaya II

9,780

8,864

16,0001.1

43,533.28

43,533.28

100.0

2

Tokyo-13

GLP Misato II

14,86813,582

24,9001.7

57,556.97

57,556.97

100.0

3

Tokyo-14

GLP Tatsumi

4,960

4,778

6,970

0.6

12,925.58

12,925.58

100.0

1

Tokyo-15

GLP Hamura

7,660

6,982

13,1000.9

40,277.93

40,277.93

100.0

1

Tokyo-16

GLP Funabashi III

3,050

2,898

5,620

0.3

18,281.84

18,281.84

100.0

1

Tokyo-17

GLP Sodegaura

6,150

5,382

9,380

0.7

45,582.06

45,582.06

100.0

1

Tokyo-18

GLP Urayasu III

18,76017,16427,4002.1

64,198.11

64,198.11

100.0

2

Tokyo-19

GLP Tatsumi IIa

6,694

6,555

10,2000.8

17,108.52

17,108.52

100.0

1

Tokyo-21

GLP Tokyo II

36,373

33,66357,9004.1

79,073.21

79,073.21

100.0

6

Tokyo-23

GLP Shinkiba

11,54011,55416,0001.3

18,341.73

18,341.73

100.0

1

Tokyo-24

GLP Narashino

5,320

5,229

6,600

0.6

23,548.03

23,548.03

100.0

3

Tokyo-26

GLP Sugito

8,481

7,929

11,1001

58,918.12

58,918.12

100.0

1

Tokyo-27

GLP Matsudo
GLP-MFLP
Ichikawa Shiohama(Note 9)
GLP Atsugi II

2,356

2,490

3,780

0.3

14,904.60

14,904.60

100.0

1

15,50014,742

20,0501.7

50,813.07

50,813.07

100.0

5

21,10019,49429,0002.4

74,176.30

74,176.30

100.0

2

11,20010,17914,0001.3

62,362.89

62,362.89

100.0

1

4,496

4,206

6,190

0.5

26,631.40

26,631.40

100.0

1

Tokyo-32

GLP Yoshimi
GLP NodaYoshiharu
GLP Urayasu

7,440

7,314

8,850

0.8

25,839.60

25,839.60

100.0

1

Tokyo-33

GLP Funabashi II

7,789

7,596

8,740

0.9

34,699.09

34,349.01

99.0

1Tokyo-34

GLP Misato

16,93916,445

19,9001.9

46,892.00

46,892.00

100.0

1

Tokyo-35

GLP Shinsuna

18,30018,17322,4002.1

44,355.46

44,355.46

100.0

5

Tokyo-36

GLP Shonan

5,870

5,752

7,320

0.7

23,832.60

23,832.60

100.0

1

Tokyo-37

GLP Yokohama

40,42040,43746,000

4.6

95,312.41

95,312.41

100.0

5

Tokyo-38

GLP Kawajima

12,15011,814

13,6001.4

42,187.39

42,187.39

100.0

1

Tokyo-39

GLP Funabashi IV
GLP HigashiOgishima II

7,710

7,837

9,660

0.9

31,576.60

31,576.60

100.0

1

2,365

2,576

2,820

0.3

11,362.32

11,362.32

100.0

1

Tokyo-2
Tokyo-3
Tokyo-4
Tokyo-5

Tokyo-28
Tokyo-29
Tokyo-30
Tokyo-31

Tokyo-40

37

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property
number

Property nameAcquisition
priceBook value

Appraisal
value(Million yen)

(Million yen)

(Million yen)

(Note 2)

(Note 1)

Share Leasable area(m2)(%)
(Note 3)(Note 4)

Leased area(m2)
(Note 5)

Occupa- Number
ncy ratioof(%)
tenants(Note 6) (Note 7)

Tokyo-43

GLP Sayama
Hidaka II
GLP HigashiOgishima III
GLP Urayasu II

Tokyo-44

GLP Kashiwa II

8,106

7,911

9,760

0.9

32,363.57

32,363.57

100.0

1

Tokyo-45

GLP Yachiyo II

13,03912,63815,0001.5

54,240.25

54,240.25

100.0

1

Tokyo-46

GLP Zama

43,11342,86047,200

4.9

114,147.88

107,843.37

94.5

17

Tokyo-47

GLP Niiza
GLP Sayama
Hidaka I
GLP Joso

7,191

7,038

8,810

0.8

30,017.25

30,017.25

100.0

1

10,300

10,13012,5001.2

39,579.04

39,579.04

100.0

1

16,35016,147

16,4001.8

58,606.44

58,606.44

100.0

1

15,64915,556

16,2001.8

48,800.25

48,800.25

100.0

3

19,35019,42920,6002.2

41,864.61

41,864.61

100.0

1

4,750

4,456

7,240

0.5

29,829.56

29,829.56

100.0

1

7,940

7,318

12,0000.9

43,283.01

43,283.01

100.0

1

3,283

3,298

5,200

0.4

－

－

－

－

1,990

2,082

3,460

0.2

16,080.14

16,080.14

100.0

1

Tokyo-41
Tokyo-42

Tokyo-48
Tokyo-49
Tokyo-50
Tokyo-51
Osaka-1
Osaka-2

GLP Kitamoto
GLP ALFALINK
Sagamihara 4(Note 10)
GLP Hirakata

21,63021,08624,2002.4

75,719.13

75,719.13

100.0

2

6,320

6,551

7,490

0.7

29,787.10

29,787.10

100.0

1

16,885

16,617

19,1001.9

47,192.44

47,192.44

100.0

1

Osaka-4

GLP Hirakata II
GLP Maishima II(Note 11)
GLP Tsumori

Osaka-5

GLP Rokko

5,160

4,873

7,550

0.6

39,339.00

39,339.00

100.0

1

Osaka-6

GLP Amagasaki

24,96322,14936,9002.8

110,228.80

110,228.80

100.0

7

Osaka-7

GLP Amagasaki II

2,040

1,938

2,940

0.2

12,315.21

12,315.21

100.0

1

Osaka-8

GLP Nara

2,410

1,855

2,860

0.3

19,545.35

19,545.35

100.0

1

Osaka-9

GLP Sakai

2,000

1,689

2,600

0.2

10,372.10

10,372.10

100.0

1

Osaka-10

GLP Rokko II

3,430

2,910

4,950

0.4

20,407.30

20,407.30

100.0

1

Osaka-11

GLP Kadoma

2,430

2,394

3,820

0.3

12,211.73

12,211.73

100.0

1

Osaka-14

GLP Kobe-Nishi

7,150

6,160

9,140

0.8

35,417.31

35,417.31

100.0

1

Osaka-15

GLP Fukaehama

4,798

4,326

5,470

0.5

19,386.00

19,386.00

100.0

1

Osaka-16

GLP Maishima I

19,39017,92022,3002.2

72,948.78

72,948.78

100.0

1

Osaka-17

GLP Osaka

36,00034,55444,7004.1

128,520.37

128,342.94

99.9

11

Osaka-18

GLP Settsu

7,300

7,304

8,100

0.8

38,997.24

38,997.24

100.0

1

Osaka-19

GLP Nishinomiya

2,750

2,719

3,160

0.3

19,766.00

19,766.00

100.0

1

Osaka-20

GLP Shiga

4,550

4,549

4,990

0.5

29,848.70

29,848.70

100.0

1

Osaka-21

GLP Neyagawa

8,100

7,652

9,520

0.9

26,938.02

26,938.02

100.0

1

Osaka-22

GLP Rokko III

7,981

7,753

9,720

0.9

31,239.46

31,239.46

100.0

2

Osaka-23

GLP Rokko IV

2,175

2,269

2,970

0.2

12,478.46

12,478.46

100.0

1

Osaka-24

GLP Amagasaki III

6,665

6,643

6,970

0.8

17,220.12

17,220.12

100.0

1

Osaka-3

Osaka-25

GLP Yasu

5,820

5,772

5,920

0.7

20,350.16

20,350.16

100.0

1

Other-2

GLP Tomiya

3,102

2,687

4,050

0.3

20,466.98

20,466.98

100.0

1

Other-3

GLP Koriyama I

4,100

3,498

4,730

0.5

24,335.96

24,335.96

100.0

1

Other-4

GLP Koriyama III

2,620

2,551

3,050

0.3

27,671.51

27,671.51

100.0

4

Other-5

GLP Tokai

6,210

5,736

9,460

0.7

32,343.31

32,343.31

100.0

1

Other-6

GLP Hayashima

1,190

1,153

1,980

0.1

13,527.76

13,527.76

100.0

1

38

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property
number

Property nameAcquisition
priceBook value

Appraisal
value(Million yen)

(Million yen)

(Million yen)

(Note 2)

(Note 1)

Share Leasable area(m2)(%)
(Note 3)(Note 4)

Leased area(m2)
(Note 5)

Occupa- Number
ncy ratioof(%)
tenants(Note 6) (Note 7)

Other-7

GLP Hayashima II

2,460

1,986

3,420

0.3

14,447.48

14,447.48

100.0

1

Other-8

GLP Kiyama

5,278

4,094

6,780

0.6

23,455.96

23,455.96

100.0

1

Other-10

GLP Sendai

5,620

5,047

8,250

0.6

37,256.23

37,256.23

100.0

1

Other-12

GLP Kuwana

3,650

3,062

4,700

0.4

20,402.12

20,402.12

100.0

1

Other-14

GLP Komaki

10,748

9,639

16,4001.2

52,709.97

52,709.97

100.0

1

Other-15

GLP Ogimachi

1,460

1,322

1,670

0.2

13,155.28

13,155.28

100.0

1

Other-16

GLP Hiroshima

3,740

3,401

5,120

0.4

21,003.04

21,003.04

100.0

2

Other-19

GLP Tosu I

9,898

8,579

13,6001.1

74,860.38

74,860.38

100.0

1

Other-20

GLP Tomiya IV

5,940

5,458

6,940

0.7

32,562.60

32,562.60

100.0

1

Other-21

GLP Soja I

12,80011,938

14,1001.4

62,995.38

62,995.38

100.0

6

Other-22

GLP Soja II

12,70011,803

13,9001.4

63,163.02

62,914.89

99.6

5

Other-23

GLP Fujimae

1,980

1,927

2,380

0.2

12,609.00

12,609.00

100.0

1

Other-24

GLP Suzuka

5,030

5,000

6,230

0.6

33,101.73

33,101.73

100.0

1

GLP Soja III
GLP Fukuoka
Other-26
KasuyaGLP Okinawa
Other-27
UrasoeTotal portfolio

6,980

6,962

7,120

0.8

31,425.13

31,425.13

100.0

4

14,00014,01014,3001.6

41,338.75

41,338.75

100.0

1

17,90017,86619,0002.0

57,700.45

57,700.45

100.0

1

887,655

844,353

1,139,380

100.0

3,498,173.95

3,490,167,24

99.8

171

Other-25(Note 1) “Acquisition price” represents the purchase amount (excluding acquisition costs and consumption taxes) of each property or beneficiaryright in trust as stated in the Sales and Purchase Contract or the Price Agreement associated to the Contract.
(Note 2) “Appraisal value” represents the appraisal value or research value as set forth on the relevant study reports by real estate appraisers as of
the balance sheet date in accordance with the policy prescribed in the Articles of Incorporation of GLP J-REIT and the rules of the ITAJ.
(Note 3) “Share” is the ratio of the acquisition price of each property or property in trust to total acquisition price, and rounded to the first decimal
place.
(Note 4) “Leasable area” is the area of property or property in trust that is available for lease in accordance with relevant lease agreements orarchitectural drawings. The figures are rounded down to the second decimal place. The leasable area may be changed upon renewal of leaseagreements.
(Note 5) “Leased area” is the total area leased to building tenants in accordance with the relevant lease agreement of each property or property intrust. The figures are rounded down to the second decimal place. When the property or property in trust is leased through a master leaseagreement, the leased area represents the total space actually leased based on the lease agreement concluded with end-tenants.
(Note 6) “Occupancy ratio” is rounded to the first decimal place. However, when it may result in 100.0% after rounding, the figure is rounded down
to the first decimal place and shown as 99.9%(Note 7) “Number of tenants” represents the total number of building tenants stated on the lease agreement of each property or property in trust.
(Note 8) Since the building portions of GLP Narashino II (Land) was sold in the period ended February 29, 2024, the above “Acquisition price,”“Book value, “Appraisal value” and “Share” for this property are stated only for the land portion in trust.
(Note 9) GLP-MFLP Ichikawa Shiohama is a property under joint co-ownership which GLP J-REIT holds 50% beneficiary right of real estate intrust. “Leasable area” and “Leased area” stated above are computed by multiplying 50% of the joint co-ownership ratio.
(Note 10) GLP ALFALINK Sagamihara 4 is a property under joint co-ownership which GLP J-REIT holds 30% beneficiary right of real estate intrust. “Leasable area” and “Leased area” stated above are computed by multiplying 30% of the joint co-ownership ratio.
(Note 11) GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. The above “Acquisition
price, “Book value,” “Appraisal value” and “Share” for this property are stated only for the land portion in trust.

39

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024(iii) Overview of Property Leasing and Status of Operating Income
The 24th Fiscal Period (From September 1, 2023 to February 29, 2024)
Property number(Unit in amount: Thousand yen)

Tokyo-1

Tokyo-2

Tokyo-3

Tokyo-4

Property name

GLP Tokyo

GLP HigashiOgishima

GLP Akishima

GLP Tomisato

Operating dates(1) Property-related revenues(2) Property-related expenses

182

182

182

(Note 1)

(Note 1)

(Note 1)

Taxes and dues
Property and facility
management fees
Utilities

Tokyo-6

Tokyo-7

GLP Funabashi

GLP Kazo

182

Tokyo-5
GLP
Narashino II(Note 2)
182

182

182

(Note 1)

(Note 1)

(Note 1)

(Note 1)

Repair and maintenance
Casualty insurance
Others(3) NOI((1)-(2))

611,425

158,631

222,739

149,787(25,548)

42,699351,756(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

67,95645,00329,26733,07523,241

19,80985,476

–

–

–

–

–

–

–

543,469

113,627

193,471

116,712(48,790)

22,889266,279

55,29275,473

2,560

2,100

-

47,92059,634556,133

83,158220,179

147,687(25,548)(5,220)292,122

Property number

Tokyo-9

Tokyo-10

Tokyo-11

Property name

GLP Sugito II

GLP Iwatsuki

GLP Kasukabe

182

182

Operating dates(1) Property-related revenues(2) Property-related expenses

182713,273
146,327

Taxes and dues
Property and facility
management fees
Utilities

51,39941,028

Tokyo-12
GLP
Koshigaya II
182

Tokyo-13

Tokyo-14

Tokyo-15

GLP Misato II

GLP Tatsumi

GLP Hamura

182

182

(Note 1)

(Note 1)

182
466,369
140,720
34,431(Note 1)

(Note 1)

26,124(Note 1)40,357

17,613

Repair and maintenance

1,061

1,974

Casualty insurance

10,255

5,839

Others2,225(3) NOI((1)-(2))

566,945

203,702

96,210292,201

325,649

54,737120,201

195,572(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

103,869

40,31921,78547,89489,717

10,404

39,665

–

–

–

–

–

–

–

463,076

163,383

74,425244,307

235,932

109,796

155,907

4,951

13,057

104,624

2,556

152,779

15,5683,620

561,994

190,645(8,414)

289,645

172,870

104,633

191,952

40

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number
Property nameOperating dates(1) Property-related revenues

Tokyo-16
GLP
Funabashi III
182

Tokyo-17
GLP
Sodegaura
182

Tokyo-18
GLP
Urayasu III
182

Tokyo-19
GLP
Tatsumi IIa
182

Tokyo-21
GLP
Tokyo II
182

Tokyo-23
GLP Shinkiba
182

Tokyo-24
GLP
Narashino
182

1,181,997

177,199(2) Property-related expenses

272,642

36,078

Taxes and dues
Property and facility
management fees
Utilities

90,2788,696(Note 1)

(Note 1)

(Note 1)

62,411(Note 1)

9,260

(Note 1)

97,227

10,208

Repair and maintenance

2,384

568

Casualty insurance

9,875

1,862

Others

10,466

5,483(3) NOI((1)-(2))

98,648205,599

480,982

150,018

909,354

265,516

141,121(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

23,07042,74887,38423,809128,655

25,58522,334

–

–

–

–

–

–

–

75,578

162,850

393,598

126,209780,699

239,931

118,786

6,060

2,350

20,60743,675

13,213

15,47929,824

92,588203,249

460,375

106,343896,141

250,037

111,297

Property number

Tokyo-26

Tokyo-27

Property name

GLP Sugito

GLP Matsudo

Operating dates(1) Property-related revenues

182

182

Tokyo-28
GLP-MFLP
Ichikawa
Shiohama
182

Tokyo-30

Tokyo-31

Tokyo-32

GLP Atsugi II

GLP Yoshimi

GLP NodaYoshiharu

GLP Urayasu

182

182

182

182

(Note 1)

(Note 1)

(Note 1)

(Note 1)

482,994(2) Property-related expenses

104,980

Taxes and dues
Property and facility
management fees
Utilities

40,220(Note 1)

25,510(Note 1)

24,787

Repair and maintenance

4,247

Casualty insurance

5,604

Others(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

Tokyo-29

4,611
212,560
42,92768,925
15,462

378,013
67,186481,129
115,959

276,779
74,780116,390
30,672

174,396
33,127

–

–

–

–

–

–

–

169,632

53,462

310,826

365,170

201,999

85,717141,269

8,858

40,569

6,061

5,350

6,121

–

11,544

203,70228,355371,952

475,779

270,658

116,390

162,852

41

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number
Property nameOperating dates(1) Property-related revenues

Tokyo-33
GLP
Funabashi II
182

Tokyo-34

Tokyo-35

Tokyo-36

GLP Misato

GLP Shinsuna

GLP Shonan

182

182

182

Tokyo-37
GLP
Yokohama
182

484,034

998,449(2) Property-related expenses

77,445

186,295

Taxes and dues
Property and facility
management fees
Utilities

35,322

63,662(Note 1)

18,548(Note 1)50,441(Note 1)

16,632
1,140

2,460

Casualty insurance

4,622

11,334

OthersProperty number
Property nameOperating dates(1) Property-related revenues

Tokyo-39
GLP
Funabashi IV
182(Note 1)

(Note 1)

56,161

Repair and maintenance(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

Tokyo-38
GLP
Kawajima
182

1,179

2,235

181,005
39,219364,500
46,999406,589
43,009145,438
24,068812,153
87,036

234,585
59,164

178,818
20,475

–

–

–

–

–

–

–

141,786

317,501

363,580

121,369

725,117

175,421

158,342

17,722

4,400

25,3689,570

43,864

5,474

109,240

163,283

360,100

381,221

135,868

768,288229,11169,578

Tokyo-40
GLP
HigashiOgishima II
182

Tokyo-41
GLP
SayamaHidaka II
182

Tokyo-42
GLP
HigashiOgishima III
182

Tokyo-43

Tokyo-44

Tokyo-45

Tokyo-46

GLP
Urayasu II

GLPKashiwa II

GLP
Yachiyo II

GLP Zama

182

182

182

182
1,060,532(2) Property-related expenses

241,275

Taxes and dues
Property and facility
management fees
Utilities

85,323(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)54,530(Note 1)

74,070

Repair and maintenance

5,633

Casualty insurance

12,002Others(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

9,715
54,8749,305

396,018
107,300

148,180
25,336

318,450
67,117

169,998
37,573

258,091
72,886819,257
134,969

–

–

–

–

–

–

–

45,568288,718

122,843

251,333

132,424

185,205

684,287

25,808

9,753

4,623

6,543

–

–

7,251

29,066386,265

143,557

311,907

169,998

258,091

812,00642

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number

Tokyo-47

Tokyo-48

Tokyo-49

Tokyo-50

Property name

GLP
Niiza

GLP Sayama
Hidaka I

GLP Joso

GLP
Kitamoto

182

182

182

182

Operating dates(1) Property-related revenues

84,970

Taxes and dues
Property and facility
management fees
Utilities

39,056(Note 1)

(Note 1)

26,120(Note 1)

182

182

(Note 1)

(Note 1)

(Note 1)

1,196
163,41139,954

212,110
49,982

301,827
112,891

291,256
71,695362,591
48,236

170,768
23,437238,378
37,699

–

–

–

–

–

–

–

123,456

162,128

188,935

219,561

314,354

147,330

200,679

–

5,488

–

2,400

–

14,03550,057

163,411

206,622

301,827

288,856

362,591

156,733

188,321

Osaka-6
GLP
Amagasaki
182

Osaka-7
GLP
Amagasaki II
182

Osaka-8

Osaka-9

GLP Nara

GLP Sakai

182

182

(Note 1)

(Note 1)

(Note 1)

Osaka-3
GLP
Maishima II
182

Osaka-4

Osaka-5

GLP Tsumori

GLP Rokko

182

182

905,215(2) Property-related expenses

196,758

Taxes and dues
Property and facility
management fees
Utilities

47,16871,619(Note 1)

(Note 1)

(Note 1)

58,396

Repair and maintenance

2,908

Casualty insurance

11,003

Others(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

GLP
Hirakata II

5,141

OthersProperty name

GLP Hirakata

133

Casualty insurance

Operating dates(1) Property-related revenues

Osaka-2

13,321

Repair and maintenance

Property number

Osaka-1

376,227(2) Property-related expenses(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

Tokyo 51GLPALFALINK
Sagamihara 4
182

5,661
(7,197)-73,623
11,374

171,139
32,357

708,457
153,064

66,663
15,98384,85725,443

57,795
14,275

–

–

–

–

–

–

–

(7,197)

62,249138,782555,392

50,68059,413

43,520–68,118

14,682

23,846

1,970

3,400

2,627

(7,197)

5,505

156,457

684,61164,69381,45755,16843

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number
Property nameOperating dates(1) Property-related revenues

Osaka-10
GLP
Rokko II
182

Osaka-11
GLP Kadoma
182

Osaka-14
GLP KobeNishi
182

Osaka-15
GLP
Fukaehama
182

Osaka-16
GLP
Maishima I
182

Osaka-17

Osaka-18

GLP Osaka

GLP Settsu

182

182

959,270(2) Property-related expenses

198,696

Taxes and dues
Property and facility
management fees
Utilities

72,674(Note 1)

(Note 1)

(Note 1)

(Note 1)

50,210(Note 1)

Repair and maintenance

2,356

Casualty insurance

13,587

Others(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

Property number
Property nameOperating dates(1) Property-related revenues(Note 1)47,656

12,210115,233
25,42276,36913,635

184,11459,030129,590
38,670416,575
144,872

760,574
174,156

217,880
17,154

–

2,469

–

–

–

–

–

89,81060,264125,084

90,920271,702586,417200,726

4,866

39,717537

1,997

18,633

298,0229,331

110,367

36,652

183,577

127,593

397,942

462,551

208,549

Osaka-19
GLP
Nishinomiya
182

GLP Shiga

Osaka-20

Osaka-22
GLP
Rokko III
182

Osaka-23
GLP
Rokko IV
182

Osaka-24
GLP
Amagasaki III
182

GLP Yasu

182

Osaka-21
GLP
Neyagawa
182(Note 1)

Osaka-25(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

182(2) Property-related expenses
Taxes and dues
Property and facility
management fees
Utilities
Repair and maintenance
Casualty insurance
Others(3) NOI((1)-(2))(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

67,337
23,059118,192
30,584

159,900
45,500179,463
42,25554,651
4,176

121,276
24,397111,945
32,151

–

–

–

–

–

–

–

44,27787,608114,400

137,20750,47596,87879,793

10,914

15,680

342

–

3,522

–

–

56,423

102,512

159,558

179,463

51,129121,276

111,945

44

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number
Property nameOperating dates(1) Property-related revenues

Other-1
GLP Morioka(Note 3)24

Other-2
GLP Tomiya
182

Other-3
GLP
Koriyama I
182

Other-4
GLP
Koriyama III
182
129,142(2) Property-related expenses

37,504

Taxes and dues
Property and facility
management fees
Utilities

15,059(Note 1)

(Note 1)

6,995

(Note 1)Other-5

182

Other-6
GLP
Hayashima
182

Other-7
GLP
Hayashima II
182(Note 1)

(Note 1)

(Note 1)

GLP Tokai

9,328

Repair and maintenance

340

Casualty insurance

2,449

Others3,331(3) NOI((1)-(2))

3,877

102,564

117,701

91,638

179,696

52,607

78,214(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

2,349

27,46350,015

31,11928,368

7,745

22,677

–

–

–

–

–

–

–

1,528

75,101

67,68560,518151,327

44,86255,536-

10,48034,402

9,140

3,540

2,654

10,0503,877

92,084

83,29982,498176,156

49,953

68,164

Property number

Other-8

Other-10

Other-12

Other-14

Other-16
GLP
Hiroshima
182

GLP Tosu I

182

Other-15
GLP
Ogimachi
182

Property name

GLP Kiyama

GLP Sendai

GLP Kuwana

GLP Komaki

Operating dates(1) Property-related revenues

182

182

182

(Note 1)

(Note 1)

(Note 1)Other-19(Note 1)

(Note 1)

(Note 1)

(Note 1)

182(2) Property-related expenses
Taxes and dues
Property and facility
management fees
Utilities
Repair and maintenance
Casualty insurance
Others(3) NOI((1)-(2))

167,916

172,230

121,039

314,683

46,560121,321296,495(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

65,77742,69529,73977,38021,413

26,388104,849

–

–

–

–

–

–

–

102,139

129,534

91,300237,303

25,147

94,933

191,645

16,434

5,483

2,980

65,111

1,796

4,836

19,737

151,482

166,747

118,059

249,572

44,764116,485276,758

45

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property number

Other-21

Other-22

Other-23

Other 24

Other 25

GLP Soja I

GLP Soja II

GLP Fujimae

GLP Suzuka

GLP Soja III

182

182

182

182

182

423,246

407,361

202,642(2) Property-related expenses

89,134

82,62427,330

Taxes and dues
Property and facility
management fees
Utilities

18,323

19,955-24,552

22,57430,154

24,647

Property nameOperating dates(1) Property-related revenues

Other-20
GLP
Tomiya IV
182(Note 1)

(Note 1)Other-26
GLP Fukuoka
Kasuya182

12,757(Note 1)

Repair and maintenance

2,003

1,114

-

Casualty insurance

6,368

6,195

3,267

Others(Note 1)

10,308

7,732

8,136

(3) NOI((1)-(2))

168,085

334,112324,737

56,308140,548

175,312287,906(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))

47,58490,42885,212

12,55843,864

51,10164,279

–

–

–

–

–

–

–

120,501

243,683

239,524

43,74996,684

124,211

223,626(7) Capital expenditure(8) NCF((3)-(7))
Property number
Property nameOperating dates(1) Property-related revenues

996

17,80922,304

2,525

6,097

32,613––150,276

311,808322,21250,211

107,935

175,312287,906

Other-27
GLP Okinawa
Urasoe182(2) Property-related expenses
Taxes and dues
Property and facility
management fees
Utilities(Note 1)

Repair and maintenance
Casualty insurance
Others(3) NOI((1)-(2))

427,870(4) Depreciation(5) Loss on retirement of
noncurrent assets(6) Operating income fromproperty leasing((3)-(4)-(5))(7) Capital expenditure(8) NCF((3)-(7))

89,093–
338,777–
427,870(Note 1) Disclosure is omitted as the tenants’ consents have not been obtained.
(Note 2) GLP Narashino II (Buildings) was sold to Acacia Special Purpose Company on September 29, 2023.
(Note 3) GLP Morioka was sold to a third party on September 25, 2023.

46

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

(2) Status of Capital Expenditure(i) Future plan for capital expenditure
The following table summarizes the major capital expenditure plan in connection with scheduled renovation and others forproperties owned as of the end of the current fiscal period. Estimated construction cost includes the amounts to be expensed foraccounting purpose.

Property nameLocation

GLP Soja III

Soja,
Okayama

GLP Kasukabe

Kasukabe,
Saitama

GLP Tokyo II

Koto, Tokyo

GLP Kitamoto

Kitamoto,
Saitama

GLP Hamura

Hamura,Tokyo

GLP Hirakata

Hirakata,Osaka

GLP Kitamoto
GLP Funabashi

Kitamoto,
Saitama
Funabashi,
Chiba

GLP Kitamoto

Kitamoto,
Saitama

GLP Kitamoto

Kitamoto,
Saitama

GLP Misato II
GLP Osaka

Misato,SaitamaOsaka,Osaka

GLP Tokyo II

Koto, Tokyo

GLP Yokohama

Yokohama,
Kanagawa

GLP Tokai

Tokai, Aichi

GLP Rokko IV
GLP Hiroshima

Kobe,
Hyogo
Hiroshima,
Hiroshima

Estimated construction cost
(Million yen)Amount
Total
Total
paid
amountamountduring thepaidperiodPurposePlanned period

Installation of solar power
generation equipment
Installation of air
conditioners on the 3rd
floor of the warehouse
Installation of air
conditioners, tripartition
Work of vertical transport
equipment to stop at eachfloor, A-area
Replacement of fright EV
battery-chargers, LED
lighting and other
Replacement with LED
lighting in the facility
yard
Move-in support work for
new tenants
Renovation of South-side
exterior walls
Work of vertical transport
equipment to stop at eachfloor, B-area
Work of vertical transport
equipment to stop at eachfloor, C-area
Installation of partition
shutters
Renewal of central
monitoring systems
Renewal of air
conditioning equipment,
Phase I
Renewal of deluge valves(1/3)
Replacement of air
conditioning equipment,
Phase II
Replacement of verticaltransport device No.1
Replacement with LED
lighting

From December 2023
To March 2024

165

－

－

From April 2024
To April 2024

85

－

－

From August 2024
To September 2024

80

－

－

From January 2025
To February 2025

67

－

－

From February 2024
To April 2024

52

－

－

From July 2024
To August 2024

50

－

－

50

－

－

47

－

－

From January 2025
To February 2025

42

－

－

From January 2025
To February 2025

42

－

－

40

－

－

37

－

－

From October 2024
To November 2024

36

－

－

From December 2024
To February 2025

36

－

－

From November 2024
To December 2024

35

－

－

33

－

－

31

－

－

47

From January 2025
To February 2025
From September 2024
To February 2025

From May 2024
To June 2024
From January 2025
To February 2025

From January 2025
To February 2025
From August 2024
To September 2024

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024

Property name

GLP Kuwana
GLP Hayashima
GLP Tomiya
GLP Urayasu III
GLP Koriyama I
GLP Yokohama
GLP Hayashima
GLP Osaka

Location

PurposePlanned period

Kuwana,Mie
Tsukubo,OkayamaTomiya,MiyagiUrayasu,
Chiba
Koriyama,
Fukushima

Replacement with LED
lighting
Replacement with LED
lighting
Replacement with LED
lighting
Installation of EV batterychargers
Replacement with LED
lighting
Renewal of air
conditioning equipment(4-1/5)

From July 2024
To August 2024
From August 2024
To August 2024
From June 2024
To June 2024
From October 2024
To February 2025
From December 2024
To February 2025

Yokohama,
Kanagawa
Tsukubo,OkayamaOsaka,Osaka

GLP Yokohama

Yokohama,
Kanagawa

GLP Zama

Zama,
Kanagawa

GLP Tokyo II

Koto, Tokyo

GLP Tokai

Tokai, Aichi

GLP Maishima I

Osaka,Osaka

GLP Tokai

Tokai, Aichi

GLP Maishima I

Osaka,Osaka

GLP Amagasaki

Amagasaki,
Hyogo

GLP Matsudo
GLP Settsu

GLP Maishima I

GLP Rokko II
GLP Hirakata II

Matsudo,
Chiba
Settsu,Osaka
Osaka,
Osaka
Kobe,
Hyogo
Hirakata,
Osaka

Renovation of bathrooms

From January 2025
To February 2025
From August 2024
To September 2024
From September 2024
To October 2024

Renewal of packaged air
conditioners, Phase II
Renewal of air
From July 2024
conditioning equipment
To August 2024(3-2/5)
Installation of airFrom May 2024
conditioning equipment in
To August 2024
the warehouses
Replacement with LED
From May 2024
lighting
To July 2024
Replacement with LED
From July 2024
lighting
To July 2024
Replacement with LED
From July 2024
lighting
To July 2024
Replacement with LED
From February 2025
lighting
To February 2025
Replacement with LED
From February 2025
lighting
To February 2025
Renewal of air conditioning
systems (EHP-9), 5th floor, From February 2025
To February 2025
Cafeteria and smoking
room
Renewal of freight
From July 2024
elevator controls (3/3)
To July 2024
Renewal of Omni Lifter
From May 2024
(Building 3-No. C)
To August 2025
Renewal of air
conditioner systems (extra From February 2025
To February 2025
high-voltage substation
room)
Replacement with LED
From July 2024
lighting
To August 2024
Renewal of freight
From October 2024
elevator No.2
To February 2025

48

Estimated construction cost
(Million yen)Amount
Total
Total
paid
amountamountduring thepaidperiod
30

－

－

30

－

－

30

－

－

30

－

－

30

－

－

30

－

－

30

－

－

29

－

－

27

－

－

25

－

－

25

－

－

25

－

－

25

－

－

25

－

－

25

－

－

25

－

－

22

－

－

21

－

－

20

－

－

20

－

－

24

GLP J-REIT (3281)
Financial Results for the fiscal period ended February 29, 2024(ii) Capital expenditure incurred for the period
The following table summarizes the major constructions to holding properties that resulted in capital expenditure for the current
period. Capital expenditure for the current period was 1,877 million yen. The total construction cost amounted to 1,988 million
yen, including repair and maintenance of 110 million yen that was accounted for as expenses.
Property nameLocation

Purpose

PeriodConstruction cost
(Million yen)

GLP Osaka

Osaka, Osaka

Installation of solar power
generation equipment

From October 2023
To February 2024

265

GLP Misato II

Misato, Saitama

Partition construction work

From August 2023
To September 2023

90

GLP Funabashi IV

Funabashi, Chiba

Renewal of lightning equipmentof the building

From January 2024
To February 2024

71

GLP Kasukabe

Kasukabe, Saitama

Construction to raise the groundlevel of truck berth

From December 2023
To January 2024

48

GLP Komaki

Komaki, Aichi

Replacement with LED lighting

From July 2023
To September 2023

45

GLP Tokyo

Ota, Tokyo

From January 2024
To February 2024

43

GLP Kazo

Kazo, Saitama

From November 2023
To December 2023

36

GLP HigashiOgishima

Kawasaki,Kanagawa

Renewal of water chiller/heater,
Phase II
Renewal of air conditioning
systems (2nd floor, warehouses),
Phase II
Renewal of No. 2 freight
elevator

From November 2023
To December 2023

33

GLP Tsumori

Osaka, Osaka

Building No. 2, Renewal of
freight elevators

From October 2023
To February 2024

33

GLP Funabashi

Funabashi, Chiba

Renewal of lightning equipmentof the building

From October 2023
To November 2023

30

GLP Tatsumi IIa

Koto, Tokyo

Replacement with LED lighting

From August 2023
To October 2023

28

GLP Yokohama

Yokohama,
Kanagawa

From February 2024
To February 2024

25

GLP Koriyama I

Koriyama,
Fukushima

From October 2023
To February 2024

25

GLP Matsudo

Matsudo, Chiba

Renewal of air conditioning
equipment, Phase III-1
Replacement of foam fire
extinguishing systems (deluge
valves)Renewal of freight elevator
controllers, Phase II

From December 2023
To December 2023

24

GLP Hirakata II

Hirakata, Osaka

Renewal of vertical transport
deviceFrom January 2023
To February 2024

21

GLP Suzuka

Suzuka, Mie

Replacement with LED lighting

From December 2023
To February 2024

20

－

－

1,033

Other

－

1,877

Total

49