Semi-Annual
ReportFeb 2024 Fiscal Period
from September 1, 2023 to February 29, 2024

GLP J-REIT

Securities code: 3281

2-2-1 Yaesu, Chuo-ku, Tokyo 104-0028, Japan
https://www.glpjreit.com/english/

Financial Highlights

To Our Unitholders

Feb 2024
Forecast

Feb 2024
ActualVariances

2,753 yen

2,760 yen

+7 yenNet operating
income (NOI)

20.76 bn yen

21.14 bn yen+381 million yen

Averageoccupancy rate (Note 2)

99.1%

99.6%

+0.5%

On behalf of GLP J-REIT, I am pleased to present the financial results for the 24th fiscal period, ended in
February 2024.

(in Oct 2023)

Distributions per unit (DPU) in the fiscal period totaled 2,760 yen, exceeding the forecast disclosed in October
2023. It reflects the steady implementation of the growth strategy being promoted by GLP J-REIT.
As for the internal growth, leveraging the effective management and operation of its portfolio with strong

Total distributions
per unit (DPU) (Note 1)(Including distributions
in excess ofretained earnings)

support from the GLP Group, which provides modern logistics facilities globally, GLP J-REIT achieved rent
increases for the 23th consecutive fiscal period since its listing while maintaining an average occupancy rate of
99%. Internal growth was strongly supported by rent increases not only at time of lease renewal, but also
during the lease term in accordance with the CPI-linked clause in the leases.
As for the external growth, GLP J-REIT continued to strengthen its pipeline of properties by acquiring
additional preferential negotiation rights on four properties. GLP-J REIT also reached an agreement with theformer tenant of GLP Maishima II for compensation on damages caused by the fire occurred at GLP Maishima II,
and is steadily building a diversified portfolio through the acquisition of GLP Kazo II as part of the resolution of
the compensation. Regarding the sale of properties, considering the current market environment wherestrong demand for investment in logistics properties continued to be seen, GLP J-REIT sold GLP Morioka toreturn sales gains to unitholders and support the growth strategy.

(Note 1) 2,594 yen in DPU in the Feb. 2024 period + 166 yen in distributions in excess of earnings per unit. DPU (including distributions in excessof earnings) excluding one-time special factors in the February 2024 results is 2,848 yen (for further details, please see “Feb. 2024
period: actual DPU vs. forecast” on page 4).
(Note 2) “Average occupancy rate” is calculated by rounding off the average occupancy as of the end of each month.

In terms of sustainability initiatives, GLP J-REIT received SBTi certification for its goal to achieve greenhousegas (GHG) emissions by 42% by 2030 and is accelerating its efforts to achieve carbon neutrality by 2050.
Proceeding steady progress toward sustainability-related targets, GLP J-REIT will continue to promote
initiatives proactively.
G L P J - R E I T w i l l co n t i n u e to m a x i m i z eunitholder value through its best-in-classasset management services recognized bothin Japan and globally by leveraging the GLPGroup’s extensive experience in operating
logistics facilities.
I would like to ask all our unitholders for their
ongoing support and encouragements.

Yoshiyuki Miura

Yuma Kawatsuji

Executive Director, GLP J-REIT

President, GLP Japan Advisors Inc.

Contents
ASSET MANAGEMENT REPORT

12Statements of Income and Retained Earnings

81

SUPPLEMENTAL INFORMATION

56

Statements of Changes in Net Assets

83

Independent Auditor’s Report76

Statements of Cash Flows84

Balance Sheets

79

Notes to Financial Statements

85

GLP ALFALINK Nagareyama 5&6

Semi-Annual Report01Characteristics of GLP J-REIT▲

Top-tier AUM among the Logistics J-REITs▲

Diversified internal growth potential such as a CPI-linked clause andrevenues from value-adding investments▲

Ongoing support from the GLP Group, which possesses a track record in
the operation and management of logistic facilities in Japan▲

Investing in properties mainly in Tokyo Metropolitan & Greater Osaka areas as wellas in major regional cities where demand is robust
AUM (Note 2)

Assets1.13 trillion yen

91 properties

Occupancy rate (Note 3)

Rent increase rate (Note 4)

99.6%

7.2%

Credit Rating (JCR)

Appraisal LTV

AA (Stable)

34.8%

Others15.5%● : Properties owned by GLP J-REIT

Regional
breakdown

Tokyo Metropolitan &Greater Osaka areas

84.5%(Note 1) Unless otherwise stated, current as of the end of February 2024
(Note 2) An appraisal value basis(Note 3) “Occupancy rate” is the average occupancy rate during the period calculatedby rounding off the average occupancy as of the end of each month.
(Note 4) The rent increase rate for all leases matured during February 2024 period

GLP ALFALINK Nagareyama 5&6

02

Semi-Annual Report

Semi-Annual Report03TOP INTERVIEWTop Interview

Net asset value (NAV) per unit (Note)

We interviewed Mr. Yuma Kawatsuji, President of GLP
Japan Advisors Inc., the asset management company
to which GLP J-REIT outsources asset management,on the main initiatives implemented in the February
2024 period and the growth strategy.

GLP J-REIT aims to increase unitholder value through the expansion of distribution and NAV in accordancewith its growth strategy.

(yen)

160,000
140,000

Yuma Kawatsuji

128,916

120,142

120,000

136,173

141,338

149,747

151,345

151,727

152,487

Aug-end2022

Feb-end 2023

Aug-end2023

Feb-end 2024

100,000

President, GLP Japan Advisors Inc.

80,00060,73060,00040,000What was the actual DPU for the February 2024 period?

20,0000Feb-end 2013

DPU for the period was 2,760 yen, which exceeded the forecast. It is mainly due to the rent increases andboosted further by share buybacks, etc.

Feb. 2024 period: actual DPU vs. forecast

Corporate Finance

OPD (Note)• Share buyback etc.

• Downside from theforecast due to legal
regulations etc.

+7.9%

2,639 yen
Forecast in Apr. 2023

Semi-Annual Report(Note) NAV per unit is calculated based on (net assets – dividend + unrealized gains based on appraisal at the end of each fiscal period) divided by
the number of units of investment issued+4.6%Internal Growth+66 yen+12 yenInternal Growth2,848 yen

• Rent increase etc.

2,760 yen

2,753 yen

• Further rent increase in response
to rising interest rates and CPI• NOI increase through Value-add, etc.

Asset Disposition• GLP Narashino II• GLP Morioka

Corporate Finance
Forecast in Oct. 2023

Feb. 2024 Actual(Excluding temporary factors)

Feb. 2024 Actual(Note) The following two temporary factors are offset.
(1) The sale of the building portion of GLP Narashino II resulted in a large decrease in accumulated depreciation as of the end of the fiscal
period ending February 2024 compared to the amount estimated at the beginning of this fiscal period, and therefore, based on the rulesof the Investment Trusts Association, OPD is to be reduced in comparison with the forecast.
(2) Regarding the increase in fire insurance premiums due to the fire at GLP Maishima II, compensation from LOGISTEED for the increase ininsurance premiums up to this fiscal year, including past years, was booked as an extraordinary profit in this fiscal year.

04

Feb-end 2022

▲88 yen+79 yenExternal Growth+36 yenAug-end2021

GLP J-REIT implements its growth strategy taking into account business and financial circumstances
through proactive and flexible asset management to enhance unitholder value in a changing environment.

Internal Growth• Effects of property
acquisition (the 11th
Public Offering)Feb-end 2021

Please explain the key initiatives in line with your growth strategies in
the February 2024 period.

+16 yen• Rent increase etc.

Aug-end2020• Elevating debt ratio considering thecost of capital• Return to unitholders through sharebuyback• Mitigate rising interest costs throughvarious initiatives such as ESG finance

External Growth• Seek various financing sources,
including debt and cash from thedispositions, while monitoring thestock market• Acquire properties that contributeto increasing unitholder value

Asset Disposition• Aim to return unrealized profits tounitholders and strengthen
portfolio quality• Consider dispositions of multiple
assetsSemi-Annual Report05

TOP INTERVIEWInternal Growth: Achieved +7.2% rent increase at contract maturity
and +3.4% rent increase during lease term inaccordance with CPI-linked clause
GLP J-REIT achieved strong internal growth leveraging the strong leasing team in the GLP Group.

Highlight of leasing activity for Feb. 2024 period
Rent increase at contract maturity

Rent increase during the lease term

Contract Maturity (Note 1)

Rent Increase Rate

Rent Increase
through CPI-linked Clause (Note 3)# of contracts

All leased areas withrent increase# of contracts / Floor area

+8.3%

6 / 58K sqm

All leased areas with
contract renewal

Average rent increase rate

19
Floor area with
contract maturity (Note 2)

258K sqm+7.2%

Asset Disposition: Used proceeds from sales to fund the growth strategy
GLP J-REIT sold GLP Morioka, etc., and returned a total of 128 million yen in sales gains to unitholders. To
return unrealized gains and improve portfolio quality, we sold a total of seven properties (Note 1) for theeighth consecutive period since the August 2020 period. The total sales gains distributed to unitholders
amounted to 10 billion yen, representing 10 years of NOI (Note 2) of the seven properties.

Strategic use of cash from asset disposition

Gain on Salec.

10 bn yen

(Indicative breakdown of asset disposition price)

Book Valuec.

13 bn yen

+3.4%

(Note 1) “Contract maturity” means a lease agreement whose lease period expires in February 2024.
(Note 2) “Floor area with contract maturity” refers to the rental area related to lease contracts for which a new contract has been concluded with thesame tenant or a new tenant without downtime among the lease contracts whose lease term expires in the relevant period.
(Note 3) “Rent increase through CPI-linked clause” is calculated only for contracts that include a clause stating that rents will automatically increaseor decrease in line with the Consumer Price Index (CPI) for the indicated period. CPI-linked clause includes other clauses to the effect that
rents will be adjusted by negotiation, but these clauses are not included in the number of contracts and rent increase rates on this page.

Distributions to unitholders

Value-add investment
Asset acquisitions
Share buyback
Investment in redevelopment projects

External Growth: Acquired preferential negotiation rights onfour properties(Note 1) GLP Seishin, GLP Hatsukaichi, GLP Okegawa, GLP Fukusaki (sold in two fiscal periods), GLP Fukaya, GLP Ebetsu and GLP Morioka have been soldso far. Also, only the building portion of GLP Narashino II was sold in the fiscal year ended February 28, 2024, but it is not included in the total.
(Note 2) Calculated based on the total NOI for the previous and previous two fiscal terms of the property sold.

The number of properties with preferential negotiation rights increased to 9 in total.

Corporate Finance: Share buyback in line with the capital market
environment

100% occupied

BTS type

GLP Amagasaki IV

100% occupied

GLP Sayama Hidaka III

06

Semi-Annual Report

100% occupied

Multi-tenent type

GLP J-REIT purchased a portion of its own investment units, taking into account investment unit prices,
funds on hand and the market environment, in order to enhance unitholder value. We will continue toconsider the purchase of our investment units based on stock market trends.

GLP ALFALINK Nagareyama 5&6(Nagareyama 5 in the foreground, Nagareyama 6 in the background)

BTS type

100% occupied

Buyback Amount

3.8 bn yen

No. of Units

27.6K units

Impact on DPU+0.6%

Impact on
NAV per Unit

+78 yenMulti-tenent type

GLP Hiroshima II

Semi-Annual Report07TOP INTERVIEW

Please explain your initiatives following the fire at GLP Maishima II.

NOI increase through value-add and cost reduction initiatives▲▲

Solar Panels Investment

Reduction in Utility Expenses• Improved profitability at facilities
with declining income due to rising
electricity costs via negotiation withtenants• Net revenue of 83 million yen

GLP Osaka

Newly acquired property▲• Investment Amount:
263 million yen• NOI Yield: 7.9%
• Solar power generators cancover approx. 30% of thebuilding’s electricity
consumption.

We accelerated implementation of compensation for the damage caused by the fire at GLP Maishima II bysigning an agreement with LOGISTEED, Ltd., the former tenant, and acquiring GLP Kazo II.

Tax Consulting• Reduced amounts of fixed property/
city planning taxes paid throughintroducing tax consulting

GLP Kazo II
GLP Soja III

Acquisition Price• Investment Amount:
162 million yen• NOI Yield: 10.6%• In addition to internal
consumption, theincremented renewableenergy will be consumed by
the adjacent GLP Soja I.

7.7 billion yen

Please explain initiatives to enhance the growth strategies going forward.

▲

A prime location to cover both the Greater Tokyo
area and the northeast part of Japan■ ‌A medical product distribution facility thatcomplies with the Good Distribution Practiceguideline for pharmaceuticals■ ‌A BTS facility used entirely by LOGISTEED■ ‌

Installation of EV Chargers• Installation of EV chargers• Aim to contribute totenants’ ESG initiatives andincrease rent

External Growth: Utilize extensive property pipeline (Note) andbridge scheme
GLP J-REIT plans to acquire properties in a timely manner by utilizing a bridge scheme that allows for theacquisition of properties at any time by utilizing preferential negotiation rights to acquire properties
against a third-party SPC that is a bridge fund.

GLP J-REIT plans to implement the following initiatives while closely monitoring the market environment
to realize further growth.

Internal Growth: Maximize NOI through various initiatives in an
inflationary environment
In addition to continuing to achieve rent increases not only at time of lease renewal but also during the lease term
through the use of the CPI-linked clause, we will make additional investments in solar power generators andconversion to LED lighting as initiatives to improve NOI other than through leasing. We will also work to reduce costs,
such as reducing the payment of property taxes and city planning taxes, by hiring consultants to maximize NOI.

Rent increase at contract maturity# of contracts

Rent increase during the lease term

Ratio of Contracts
to be Concluded (Note)

Rent Increase
through CPI-linked Clause86%# of contracts / Floor area

16

Estimated Rent Increase

8 / 156K sqm

Floor area with
contract maturity

All leased areas with
contract renewal

Average estimatedrent increase rate

285K sqm+5% – +6%

+5% – +6%

(Note) “Ratio of contracts to be concluded” represents the ratio of the leased area which GLP J-REIT executed or agreed to execute new leaseagreements (including lease agreements under discussion towards executing, which the Asset Manager expects to reach an agreement even
if the tenant’s institutional decision has not yet been completed) for renewal or replacement of lease to the total leased area of all of theleases that reached or will reach maturity during the fiscal period ending August 2024.

08

Semi-Annual Report

Asset Disposition: Utilize proceeds from sales to fund the growth strategy
With a view to selling multiple properties in a single transaction in the future, given the trends in Japan’slogistics real estate market, which continues to show strong investment demand, GLP J-REIT will effectively
utilize the increasing funds on hand from property sales to enhance unitholder value, while returning sales
gains to unitholders and improving portfolio quality.

Corporate Finance: Gain flexible sources for external growth

Expected leasing activities in the Aug. 2024 period

Assumptions forContract Maturity(Note) Property pipeline is the group of properties that are candidates for acquisition further out.

GLP J-REIT will aim to acquire flexible financing sources for external growth through cash generation by
utilizing LTV and selling multiple properties in a single transaction according to stock market trends.

Equity Offering
Expected Acquisition
Capacity with LTV(Book Value) 50%
c. 100 bn yen

Utilization of LTV

Cash Generationfrom Asset Sale
External GrowthSemi-Annual Report09TOP INTERVIEWESG Initiative
Awarded the Silver prize in the Best New Mega Development category of
the MIPIM Asia Awards 2023 (GLP ALFALINK Sagamihara)

Please explain your recent ESG initiatives.

GLP ALFALINK Sagamihara, partially owned by GLP J-REIT, awarded the Silver prize in the Best New Mega
Development category of the MIPIM Asia Awards 2023. This is the first time that a property developed andoperated by the GLP Group has been recognized in the MIPIM Asia Awards.

GLP J-REIT is actively implementing various ESG initiatives.

Accelerate initiatives for carbon neutral
GLP J-REIT received SBTi certification for its GHG reduction target (March 2024).

Outline of the AwardInterim Targets

MIPIM (Marché International des Professionnels de l’Immobilier) is an international market
conference for real estate professionals organized by French Reed Midem. It is one of theworld's largest real estate trade fairs attended by real estate and architecture professionals
around the world. The MIPIM Asia Awards, launched at MIPIM Asia, the Asian division of MIPIM,
recognizes outstanding projects in the Asian real estate industry in 11 categories.

42% reduction by 2030 (compared to FY2021)
Renewable
EnergyRenewable energy
generation(Latest 2 years)

GLP ALFALINK Sagamihara was recognized in the Best New Mega Development category for its
comprehensive sustainability initiatives in architectural, technological and environmental
quality.

EnergySaving+ 27%

Reduced GHG emissions intensity by

LED use ratio(Latest 2 years)+ 36%

11.2% over 2 years with improved NOI

ESG targets are on track10

Semi-Annual Report

Goal

TargetStatus (YoY)

100% ESG data coverage for properties managed by
GLP J-REIT

Each Year

Achieved

100% LED use in common areas

FY2022

Achieved

100% green lease clause for fixed-term lease contracts

FY2023

100% (+29%)

100% green energy as the source for electricity used incommon areas

FY202559% (+24%)

90% or more of properties with environmental
certification

FY202589% (+8%)

Continuous disclosure of our
ESG initiatives
GLP J-REIT disclosed its ESG Report, which
compiles results for 2023, on its website.

Semi-Annual Report11This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

ASSET MANAGEMENT REPORT[Overview of Asset Management]
1. Trends in Key Indicators
20th Period
Sept. 1, 2021 toFeb. 28, 2022

Operating revenues
Of which, Property-related revenues
Operating expenses
Of which, Property-related expenses

21st Period

22nd Period

23rd Period

24th Period

Mar. 1, 2022 to Sept. 1, 2022 to Mar. 1, 2023 to Sept. 1, 2023 toAug. 31, 2022
Feb. 28, 2023 Aug. 31, 2023 Feb. 29, 2024

Million yen

24,78624,87526,366

27,95425,824

Million yen

23,27523,35824,42625,771

25,695

Million yen

10,537

11,784

12,023

12,62912,246

Million yen

8,017

8,371

8,947

9,370

9,051

Operating income

Million yen

14,24913,09014,342

15,325

13,577

Ordinary income

Million yen

12,937

11,76012,952

13,79011,995

Net income

Million yen

8,519

16,456

13,123

14,035

12,704

Total assets

Million yen

781,668

784,470839,036896,226

890,789%[(0.5)]

[0.4]

[7.0]

[6.8]

[(0.6)]

Million yen

410,375

412,602443,097472,315465,336%[(1.2)]

[0.5]

[7.4]

[6.6]

[(1.5)][Period-on-period changes]
Total net assets[Period-on-period changes]
Unitholders’ capital, net (Note 2)

Million yen

401,853

400,559

429,970

458,276452,630

Number of investment units issued and outstanding

Unit

4,490,369

4,490,369

4,712,140

4,925,331

4,897,731

Net assets per unit

Yen

91,39091,886

94,033

95,89595,010Million yen

14,22913,70014,767

15,87913,517

Million yen

8,522

12,03813,123

14,037

12,704

Of which, Distributions in excess of retained earningsMillion yen

5,707

1,661

1,644

1,842

813

Yen

3,169

3,051

3,134

3,224

2,760

Yen

1,898

2,681

2,785

2,850

2,594

Yen

983

－

－

－

－

Yen

288

370

349

374

166

Distributions
Of which, Distributions of earnings
Distributions per unit
Of which, Distributions of earnings per unit
Of which, Distributions in excess of retained
earnings from allowance for temporary
difference adjustments per unit
Of which, Other distributions in excess ofretained earnings per unit
Ordinary income to total assets (Note 3)

%

1.7

1.5

1.6

1.6

1.3

%

[3.3]

[3.0]

[3.2]

[3.2]

[2.7]

%

2.1

4.0

3.1

3.1

2.7

%

[4.2]

[7.9]

[6.2]

[6.1]

[5.4]

%

52.5

52.6

52.8

52.7

52.2

[(0.4)]

[0.1]

[0.2]

[(0.1)][(0.5)]

100.0

73.1

100.0

100.0

100.0

Number of operating days

181

184

181

184

182

Number of investment properties

86

85

89

92

91

%

99.1

99.2

99.2

99.5

99.8

Depreciation expenses

Million yen

4,322

4,252

4,355

4,510

4,499

Capital expenditures

Million yen

1,612

1,349

1,523

1,416

1,877

Rental NOI (Net Operating Income) (Note 3)

Million yen

19,583

19,23919,834

20,912

21,145

FFO (Funds From Operation) (Note 3)

Million yen

15,74919,192

15,53916,363

17,077

Yen

3,507

4,274

3,297

3,322

3,486

%

90.4

71.4

95.0

97.0

79.2

10.4

19.0

15.0

14.3

12.3

44.3

44.2

44.1

44.2

44.5

[Annualized ordinary income to total assets]
Return on unitholders’ equity (Note 3)[Annualized return on unitholders’ equity]
Unitholders’ equity to total assets (Note 3)[Period-on-period changes]
Payout ratio (Note 3)%【Other Information】

Occupancy ratio

FFO per unit (Note 3)
Total distributions / FFO ratio (Note 3)
Debt service coverage ratio (Note 3)
The ratio of interest bearing liabilities to total assets
12 ｜ Asset Management Report%This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

(Note 1) Any fraction is rounded down for monetary amounts unless otherwise stated. Ratios are rounded to the first decimal places.
As to “Occupancy ratio,” however, when it may result in 100.0% after rounding, the figure is rounded down to the firstdecimal place and shown as 99.9%.
(Note 2) It presents the amount of unitholders’ capital, net of deductions from the total unitholders’ capital amount. It excludes
changes in unitholders’ capital due to distributions in excess of retained earnings associated with allowance for temporary
difference adjustments.
(Note 3) The following formulas are used for the calculation.
Ordinary income / [(Total assets at beginning of period + Total assets at end of period)
Ordinary income to total assets/2] x 100Return on unitholders’ equity
Net income / [(Net assets at beginning of period + Net assets at end of period) /2] x 100
Unitholders’ equity to total assets
Net assets at end of period / Total assets at end of period x 100
Distributions per unit (excluding OPDs**) / Net income per unit x 100(Any fraction is rounded down to the first decimal place.)
For the 22nd and 23rd Periods, the following formula is used due to the issuance of
Payout ratio
investment units during the period. The formula is also used for the 24th Period since
own investment units were acquired and cancelled during the period.
Total distributions (excluding OPDs**) / Net income x 100
Property-related revenues – Property-related expenses + Depreciation expenses + Loss
Rental NOI (Net Operating Income)on retirement of noncurrent assets
Net income + Depreciation expenses + Loss on retirement of noncurrent assets – Gain onsale of property and equipment
FFO (Funds From Operation)
The amount of loss on fire at GLP Maishima II incurred in the 20th Period is included in
Loss on retirement of noncurrent assets for calculation.
FFO per unit
FFO / Number of investment units issued and outstanding
Total distributions / FFO ratio
Total distributions (including OPDs**) / FFO x 100(Net income + Interest expenses + Interest expenses on investment corporation bonds) /Debt service coverage ratio(Interest expenses + Interest expenses on investment corporation bonds)**: The “OPDs” stands for “Optimal Payable Distributions” that means distributions in excess of retained earnings.

Asset Management Report ｜ 13

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

2. Performance Review for the 24th Period(1) 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 inmodern 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 experience and management
resources with the GLP Group (Note) as the sponsor group, GLP J-REIT aims to earn stable income and achieve steady growthin 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 groupcompanies.

(2) 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 easing of supply constraints and increased demand for services fueled by a risein 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 theimpact of rising prices and the monetary policies of various countries on economic activities. Looking ahead, although rising
prices may limit consumption, the Japanese economy is expected 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 suchas 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 “2024 issue,” 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, thevacancy 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 for properties and the prospectof stable rental income, both Japanese and overseas institutional investors remain enthusiastic to invest in the market, and theirfunds continue to flow in.
Under these circumstances, taking advantage of the strong demand for logistics properties, GLP J-REIT sold its trust beneficiary

14 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

right of GLP Morioka on September 25, 2023, in order to distribute the gain on sale 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 the TSE, by closely monitoring tenant demand.
Furthermore, in an environment where prices are rising, we are expanding internal growth by utilizing CPI-linked clauses in lease
contracts to increase rents not only at 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 GLPGroup 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 rating of “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 bookvalue.

(Note 3)

Unrealized gain ratio = Unrealized gain (Appraisal value or research value at the fiscal period end – Book value) /Book value.

(3) 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 by diversifying 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 bank loans 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 dateof 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 interestbearing liabilities to total assets (LTV) was 44.5 %.
Asset Management Report ｜ 15

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
GLP J-REIT was assigned the following credit ratings as of the end of the current fiscal period.
Credit Rating Agency
JCR (Japan Credit Rating Agency, Ltd.)(Note)Type
Long-term issuer rating

RatingAA

Outlook
StableBond rating (Note)

AA–

This is the rating for GLP J-REIT Unsecured Bonds, except for redeemed bonds.

(4) 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 incomeof 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 forth in its Articles ofIncorporation, 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 the Special Taxation Measures Act) and represents the multiple of the number ofinvestment units issued and outstanding (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 ofIncorporation (Note). Furthermore, when it is anticipated that the amount of a distribution per unit would temporarily decrease tocertain level as a result of the issuance 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 makea temporary cash distribution in excess of retained earnings (hereinafter, “temporary OPD”), in addition to a continuous OPD, forthe purposes of maintaining a stable level of distributions. (However, these distributions shall be within the limit stipulated in therules and regulations of the Investment Trusts Association, Japan (hereinafter the “ITAJ”).) Further, in addition to the continuous
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 of investment categorized asa 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 of investment
categorized as a distribution from unitholders’ capital for tax purposes) that do not exceed the amount obtained bydeducting capital expenditure for the operating period immediately before the period in which the distribution ismade from an amount equal to depreciation expenses for the corresponding period. The amount obtained bydeducting 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 fromunitholders’ capital for tax purposes) in the amount equal to approximately 30% of depreciation expenses for theoperating period immediately before the period in which the distribution is made, unless GLP J-REIT determinesthat 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 theestimated amount 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 thetotal amount of the emergency repair and maintenance expenses and the medium to long-term repair and maintenanceexpenses, which are set forth in the Engineering Reports, is 943 million yen.

16 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

3. 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 22)(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)－

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)

209,991

4,922,131

29,501

457,826(Note 18)

3,200

4,925,331

449

458,276(Note 19)－

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

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
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)

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)

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

Asset Management Report ｜ 17

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Date

Type of issue

February 29, 2024

Cancellation

Number of investment units
issued and outstanding (Unit)
Increase(decrease)Total(27,600)

4,897,731

Unitholders’ capital, net(Note 1) (Note 22)(Million yen)
Increase
Total(decrease)(3,803)452,630

Note(Note 21)(Note 1)

“Unitholders’ capital, net” represents the amount of unitholders’ capital, net of deductions from total 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 of retained earnings (a refund of investment categorized as a distribution from unitholders’capital for tax purposes) of 294 yen per unit for the 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 of retained earnings (a refund of investment categorized as a distribution from unitholders’capital for tax purposes) of 429 yen per unit for the 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 of retained earnings (a refund of investment categorized as a distribution from unitholders’capital for tax purposes) of 370 yen per unit for the 21st Fiscal Period (the period ended August 31, 2022). The
18 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
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 of retained earnings (a refund of investment categorized as a distribution from unitholders’capital for tax purposes) of 374 yen per unit for the 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 basedon a discretionary transaction 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 own 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 withallowance for temporary difference adjustments.

[Changes in Unit Price at TSE]
The highest and lowest closing prices of the investment units listed on J-REIT section of the Tokyo Stock Exchange for each period
are as follows:(Unit: Yen)
Fiscal Period
For the period ended

20th Period
February 28, 2022

21st Period
August 31, 2022

22nd Period
February 28, 2023

23rd Period
August 31, 2023

24th Period
February 29, 2024

Highest201,600

188,700

167,700

155,500

142,900

Lowest169,800

154,200

141,400

134,100

118,900

Asset Management Report ｜ 19

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

4. Distributions
Actual amount of distributions is as follows:(Unit: Thousand yen, unless otherwise stated)
20th Period
Sept. 1, 2021 toFeb. 28, 2022

21st Period
Mar. 1, 2022 toAug. 31, 2022

22nd Period
Sept. 1, 2022 toFeb. 28, 2023

23rd Period
Mar. 1, 2023 toAug. 31, 2023

24th Period
Sept. 1, 2023 toFeb. 29, 2024

Unappropriated retained earnings

8,522,958

16,456,591

13,127,164

14,038,964

12,705,864

Retained earnings carried forward

238

3,879

3,854

1,771

1,149

Total distributions

14,229,979

13,700,115

14,767,846

15,879,267

13,517,737[Distributions per unit][3,169 yen]

[3,051 yen]

[3,134 yen]

[3,224 yen]

[2,760 yen]

Of which, distributions of earnings

8,522,720

12,038,679

13,123,309

14,037,193

12,704,714[Distributions of earnings per unit][1,898 yen]

[2,681 yen]

[2,785 yen]

[2,850 yen]

[2,594yen]

5,707,258

1,661,436

1,644,536

1,842,073

813,023[1,271 yen][370 yen][349 yen][374 yen][166yen]

4,414,032

－

－

－

－

[983 yen][－yen][－yen][－yen][－yen]

1,293,226

1,661,436

1,644,536

1,842,073

813,023[288 yen][370 yen][349 yen][374 yen][166 yen]

Of which, total refund ofinvestments[Total refund of investments perunit]
Of total refund of investments,
total distributions from allowancefor temporary difference
adjustments[Of total refund of investments perunit, distributions from allowancefor temporary difference
adjustments per unit]
Of total refund of investments,
total distributions from theunitholders’ capital for tax
purposes[Of total refund of investments
per unit, total distributions fromthe unitholders’ capital for tax
purposes per unit](Note)GLP J-REIT intends to distribute funds in excess of the amount of retained earnings (a refund of investment
categorized as a distribution from unitholders’ capital for tax purposes) that do not exceed the amount obtained bydeducting capital expenditure for the operating period immediately before the period in which the distribution ismade from an amount equal to depreciation expenses for the corresponding period. The amount obtained bydeducting 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 fromunitholders’ capital for tax purposes) in the amount equal to approximately 30% of depreciation expenses for theoperating period immediately before the period in which the distribution is made, unless GLP J-REIT determinesthat 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 theestimated amount 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 thetotal amount of the emergency repair and maintenance expenses and the medium to long-term repair and maintenanceexpenses, which are set forth in the Engineering Reports, is 943 million yen.
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”), in addition to

20 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
a continuous OPD, for the purposes of maintaining a stable level of distributions.
Further, in addition to the continuous 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.
However, these distributions shall be within the limit stipulated in the rules and regulations of the ITAJ.

5. 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:(1) 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 rate of 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,with consideration 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 will seek to enhance the value of existing assets through appropriate
maintenance of such assets and capital expenditures.

(2) 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 through redevelopment of owned properties.

(3) With regard to property sales strategy, GLP J-REIT will continue to engage in discussions regarding the sale of properties at theappropriate timing based on trends in the logistics real estate market.

(4) 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 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 of properties
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, and with an acquisition price which may be reduced to somedegree depending on the timing of acquisition. The assets subject to the OTA are referred to as the OTA assets.

Asset Management Report ｜ 21

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

6. Significant Subsequent Events
Acquisition of assets
GLP J-REIT acquired the following asset:
GLP Kazo II・Location

Kazo, Saitama

・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 andlocal consumption taxes.

Part of 2,506 million yen received from LOGISTEED, Ltd. as the indemnification for the building damage of GLP
Maishima II based on the agreement on March 28, 2024, will be deducted from the acquisition cost of the above property.

22 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

[Profile of GLP J-REIT]
1. Status of Unitholders’ Capital
23rd Period
21st Period
22nd Period
24th Period
20th Period
As of February As of August 31, As of February As of August 31, As of February
28, 2023
29, 2024
28, 2022
2022
2023
Number of investment units authorized (Units)

16,000,000

16,000,000

16,000,000

16,000,000

16,000,000

Number of investment units issued andoutstanding (Units)

4,490,369

4,490,369

4,712,140

4,925,331

4,897,731

Unitholders’ capital, net (Million yen) (Note)

401,853

400,559

429,970

458,276452,630

Number of unitholders

17,737

17,79018,823

21,167

21,472(Note)

It represents the amount of unitholders’ capital, net of accumulated deductions from total unitholders’ capital amount.
It excludes changes in unitholders’ capital due to distributions in excess of retained earnings associated withallowance for temporary difference adjustments.

2. Matters Concerning Investment Units
The following is a list of major unitholders as of February 29, 2024.

Name

Location

Number of units
held(Units)Ratio to total
number of units
issued andoutstanding (%)(Note)

Custody Bank of Japan, Ltd.
(Trust Account)

1-8-12, Harumi, Chuo-ku, Tokyo

1,133,195

23.13

The Master Trust Bank of Japan, Ltd.
(Trust Account)

Akasaka Intercity AIR,
1-8-1, Akasaka, Minato-ku, Tokyo

745,779

15.22

The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)

2-2-2, Otemachi, Chiyoda-ku, Tokyo

239,990

4.90

6-27-30, Shinjuku, Shinjuku-ku, Tokyo

141,473

2.88

Otemachi First Square,
1-5-1, Otemachi, Chiyoda-ku, Tokyo

132,240

2.70

Building A, Shinagawa Intercity,
2-15-1, Konan, Minato-ku, Tokyo

111,586

2.27

3-11-1, Nihonbashi, Chuo-ku, Tokyo

110,243

2.25

6-27-30, Shinjuku, Shinjuku-ku, Tokyo

69,375

1.41

STICHTING PENSIOENFONDS ZORG ENWELZIJN
Standing proxy: Citibank, N.A., Tokyo Branch,
Direct Custody Clearing Department
GLP CAPITAL JAPAN 2 PRIVATELIMITED
Standing proxy: Mizuho Securities Co., Ltd.,
Retail Operations Department (Note 2)
STATE STREET BANK WEST CLIENT –TREATY 505234
Standing proxy: Mizuho Bank, Ltd.,
Settlement & Clearing Services Department
SSBTC CLIENT OMNIBUS ACCOUNT
Standing proxy: The Hong Kong andShanghai Banking Corporation Limited,Tokyo Branch, Custody Department
THE NOMURA TRUST AND BANKING
CO., LTD. AS THE TRUSTEE OF
REPURCHASE AGREEMENT MOTHER
FUND
Standing proxy: Citibank, N.A., Tokyo Branch,
Direct Custody Clearing Department

Asset Management Report ｜ 23

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Name

Location

Number of units
held(Units)Ratio to total
number of units
issued andoutstanding (%)(Note)

STATE STREET BANK AND TRUSTCOMPANY 505103
Standing proxy: Mizuho Bank, Ltd.,
Settlement & Clearing Services Department

Building A, Shinagawa Intercity,
2-15-1, Konan, Minato-ku, Tokyo

64,932

1.32

UEDA YAGI TANSHI Co., Ltd.

2-4-2 Koraibashi, Chuo-ku, Osaka-shi,
Osaka

60,4341.23

2,809,247

57.35

Total
(Note 1)

“Ratio to total number of units issued and outstanding” is rounded down to the second decimal place.

(Note 2)

GLP CAPITAL JAPAN 2 PRIVATE LIMITED is a group company of GLP, the Sponsor of GLP J-REIT, and holds
34,000 units in addition to the above. Thus, GLP CAPITAL JAPAN 2 PRIVATE LIMITED holds 166,240 units intotal (ratio to total number of units issued and outstanding as of February 29, 2024: 3.39%).

3. Matters Concerning Directors and Auditors(1) Names of Directors and Independent Auditor for the current period
Title

Name

Executive Director(Note 1)

Yoshiyuki Miura

Toraki Inoue

Supervisory Director(Note 1)

Kota Yamaguchi

Agasa Naito

Independent Auditor(Note 2)Other concurrent title
President, GLP Japan Advisors Inc. (Note 3)
Representative CPA, Toraki Inoue CPA Firm
President, Accounting Advisory Co., Ltd.
Audit & Supervisory Board Member,
Aozora Bank, Ltd.
Partner, Kimura Takushima & Yamaguchi Law Firm
Outside Director, Heiwa Corporation
Outside Director, Hibino Corporation
Partner, Tanabe&Partners
External Director, Nitto Boseki Co., Ltd.
Outside Audit & Supervisory Board Member,
BOOKOFF GROUP HOLDINGS Limited
External Audit & Supervisory Member, ispace, inc.

KPMG AZSA LLC－

Total amount of fees
paid during the Period(Thousand yen)
－

1,980

1,980

1,980

15,000(Note 1)

Executive Directors and Supervisory Directors may be an officer of entities other than the above; however, any ofsuch entities including the above has no interest with GLP J-REIT.

(Note 2)

There are no fees paid to KPMG AZSA LLC for non-audit services, while the amount of fees for non-audit services
paid to other firms within the same network as KPMG AZSA LLC is 6,000 thousand yen.

(Note 3)

Yoshiyuki Miura resigned as President of GLP Japan Advisors Inc. and appointed as Chairman of GLP Japan
Advisors Inc. effective March 26, 2024.

(2) Policy on dismissal and non-reappointment of Independent Auditor
The dismissal and non-reappointment of Independent Auditor is to be resolved by the Board of Directors’ Meeting of GLP J-REIT
after comprehensively considering various circumstances.

24 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

4. Matters Concerning Directors and Officers Liability Insurance Policy
GLP J-REIT has the Directors and Officers Liability Insurance policy in place as follows:
Scope of insured persons

Overview of the Directors and Officers Liability Insurance policy

All Directors of GLP J-REIT, including(Overview of insured events)

Executive Director and Supervisory

GLP J-REIT has entered into the Directors and Officers Liability Insurance contract,

Directors

as prescribed in Article 116-3-1 of Investment Trust Act, with an insurance company.
The insurance shall cover damages that may arise from the insured person being
held liable for the performance of his/her duties or being subject to a claim for suchliability.
(Premium sharing ratio)
GLP J-REIT bears the entire amount.
(Measures not to impair appropriateness of execution of duties by Directors andOfficers)
Damages caused by the insured person due to criminal acts or acts committed withknowledge of violation of laws are excluded from the coverage.

5. Asset Management Company, Custodian and General Administrators
The asset management company, the custodian and administrators as of the current period end are as follows:
Operational role

Company name

Asset Management Company

GLP Japan Advisors Inc.

Custodian, General Administrator, Transfer Agent for Investment Units

Mitsubishi UFJ Trust and Banking Corporation

Administrator for Investment Corporation Bonds

Sumitomo Mitsui Banking Corporation

Administrator for Investment Corporation Bonds

MUFG Bank, Ltd.

Administrator for Investment Corporation Bonds

Resona Bank, Limited.

Asset Management Report ｜ 25

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

[Status on Investment Properties]
1. Investment Status
Type of asset

Property andequipment intrust(Note 4)Use of asset

Logistics facility

SubtotalPreferred equity securities (Note 5)
Deposits and other assets
Total assets (Note 6)

Area(Note 1)23rd Period
As of August 31, 2023
Total amount held Ratio to total(Million yen)assets (%)(Note 2)
(Note 3)24th Period
As of February 29, 2024
Total amount held Ratio to total(Million yen)assets (%)(Note 2)
(Note 3)Tokyo
metropolitan
area

561,203

62.6

554,027

62.2

Greater Osaka
area

163,004

18.2

162,595

18.3

Other

129,155

14.4

127,730

14.3

853,363

95.2

844,353

94.8

－

－

259

0.0

42,862

4.8

46,1765.2

896,226[853,363]

100.0[95.2]

890,789[844,353]

100.0[94.8](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 the above.
(Note 2)

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

(Note 3)

“Ratio to total assets” is rounded to the first decimal place.

(Note 4)

The amount of “Property and equipment in trust” does not include the amount of construction in progress andconstruction in progress in trust.

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

(Note 6)

The total assets above are stated at the book value. In addition, the figures in square brackets represent the holding
properties portion to total assets.

26 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

2. Major Properties Owned
The major components of assets (the 10 largest properties by book value) as of the current period end are as follows:
Ratio toOccupancy total
rentalratio (%) revenues(%)(Note 3)(Note 3)

Book value(Million yen)

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

GLP Zama

42,860114,147.88

107,843.37

94.5

4.1

Logistics facility

GLP Yokohama

40,437

95,312.41

95,312.41

100.0

3.9

Logistics facility

GLP Osaka

34,554

128,520.37

128,342.94

99.9

3.7

Logistics facility

GLP Tokyo II

33,66379,073.21

79,073.21

100.0

4.6

Logistics facility

GLP Amagasaki

22,149110,228.80

110,228.80

100.0

3.5

Logistics facility

GLP Tokyo

21,29256,757.92

56,757.92

100.0(Note 4)

Logistics facility

GLP Sayama
Hidaka II

21,08675,719.13

75,719.13

100.0(Note 4)

Logistics facility

GLP Atsugi II

19,494

74,176.30

74,176.30

100.0(Note 4)

Logistics facility

GLP ALFALINK
Sagamihara 4(Note 5)

19,42941,864.61

41,864.61

100.0(Note 4)

Logistics facility

GLP Shinsuna

18,17344,355.46

44,355.46

100.0

1.9

Logistics facility

Total

273,143

820,156.10

813,674.16

99.2

30.7

Name of properties

Primary use(Note 1)

“Leasable area” is the area of property or property in trust that is available for lease in accordance with relevant leaseagreements or architectural drawings. The figures are rounded down to the second decimal place. Leasable area may
change upon renewal of agreements.

(Note 2)

“Leased area” is the total area leased to building tenants in accordance with the relevant lease agreements of each
property or property in trust. The figures are rounded down to the second decimal place. When a property or property
in trust is leased through a master lease agreement, the leased area represents the total space actually leased based on
the lease agreement concluded with end-tenants.

(Note 3)

“Occupancy ratio” and “Ratio to total rental revenues” are rounded to the first decimal place. As to “Occupancy
ratio,” however, when it may result in 100.0% after rounding, the figure is rounded down to the first decimal placeand shown as 99.9%.

(Note 4)Not disclosed because the tenants’ consent is not obtained.

(Note 5)

GLP ALFALINK Sagamihara 4 is a property under joint co-ownership which GLP J-REIT holds 30% beneficiaryright of real estate in trust. “Leasable area” and “Leased area” stated above are computed by multiplying 30% of thejoint co-ownership ratio.

Asset Management Report ｜ 27

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

3. Summary of Portfolio Properties
The following table summarizes the investment properties held by GLP J-REIT as of the current period end.
Location (Note 1)

Name of property
GLP Tokyo

2-1-2, Tokai, Ota-ku, Tokyo

GLP Higashi-Ogishima 23-9, Higashi-Ogishima, Kawasaki-ku, Kawasaki, Kanagawa
GLP Akishima

Appraisal
valueBook value(Million yen)

(Million yen)

56,757.92

35,50021,292

34,582.00

8,320

4,743

27,356.63

11,3007,140

27,042.59

7,070

4,266

-

8,410

8,360

10,465.03

2,430

1,872

Leasable area
Type of(m2)
ownership(Note 2)4-13-41, Mihori-cho, Akishima, Tokyo
4-13-42, Mihori-cho, Akishima, Tokyo
3-1, Misawa, Tomisato, Chiba

GLP Tomisato
GLP Narashino II
3-6-3, Akanehama, Narashino, Chiba(Land) (Note 4)
1-1389-2, Kaijincho-Minami, Funabashi, Chiba
GLP Funabashi(Note 3)

GLP Kazo

1-5-1, Minami-shinozaki, Kazo, Saitama

76,532.71

16,500

10,153

GLP Sugito II

398-2, Fukawa, Sugito-machi, Kita-Katsushika, Saitama

101,272.40

29,000

16,542

GLP Iwatsuki

2-9-10, Kokaba, Iwatsuki-ku, Saitama, Saitama

31,839.99

11,1006,197

GLP Kasukabe

1155, Anzai, Suikaku, Kasukabe, Saitama

18,460.73

5,350

3,842

GLP Koshigaya II 2-2-1, Ryutsu-Danchi, Koshigaya, Saitama
3-2-1, Lala-city, Shinmisato, Misato, Saitama
GLP Misato II
GLP Tatsumi
GLP Hamura

43,533.28

16,0008,864

57,556.97

24,90013,582

3-11-10, Tatsumi, Koto-ku, Tokyo

12,925.58

6,970

4,778

4-9-8, Shinmeidai, Hamura, Tokyo

40,277.93

13,100

6,982

18,281.84

5,620

2,898

GLP Funabashi III 2-15-11, Nishiura, Funabashi, Chiba
385-18, Shiinomori, Sodegaura, Chiba
GLP Sodegaura
GLP Urayasu III

15-27, Chidori, Urayasu, Chiba

GLP Tatsumi IIa

3-8-10, Tatsumi, Koto-ku, Tokyo

GLP Tokyo II

3-4-11 Shinsuna, Koto-ku, Tokyo

GLP Shinkiba

1-10-9, Shinkiba, Koto-ku, Tokyo

GLP Narashino

2-6-6, Shibazono, Narashino, Chiba

GLP Sugito

45,582.06

9,380

5,382

64,198.11

27,40017,164

17,108.52

10,2006,555

79,073.21

57,90033,663

18,341.73

16,00011,55423,548.03

6,600

5,229

398-13, Fukawa, Sugito-machi, Kita-Katsushika, Saitama

58,918.12

11,1007,929

520-1, Kamihongo, Matsudo, Chiba

GLP Matsudo
GLP-MFLP Ichikawa
1-6-3, Shiohama, Ichikawa, Chiba
Shiohama (Note 5)4022-2, Sakuradai, Nakatsu, Aikawa-machi, Aiko, Kanagawa
GLP Atsugi II

14,904.60

3,780

2,490

50,813.07

20,05014,742

74,176.30

29,00019,494603-1, Nishi-Yoshimi, Yoshimi-machi, Hiki, Saitama
GLP Yoshimi
GLP Noda-Yoshiharu 722-2, Aza Tameshita, Yoshiharu, Noda, Chiba

62,362.89

14,00010,17926,631.40

6,190

4,206

GLP Urayasu
GLP Funabashi II

76-4, Minato, Urayasu, Chiba
6-1, Shiomi-cho, Funabashi, Chiba

25,839.60
34,699.09

8,850
8,740

7,314
7,596

GLP Misato3-1-3, Izumi, Misato, Saitama

46,892.00

19,90016,445

GLP Shinsuna

2-5-20, Shinsuna, Koto-ku, Tokyo

44,355.46

22,40018,173

GLP Shonan

16, Kirihara-cho, Fujisawa, Kanagawa

23,832.60

7,320

5,752

GLP Yokohama

2-2-26, Namamugi, Tsurumi-ku, Yokohama, Kanagawa

95,312.41

46,00040,437

GLP Kawajima

3001, Mishima, Kamiigusa, Kawajima-machi, Hiki, Saitama

42,187.39

13,60011,814

GLP Funabashi IV 3-3-2, Hamacho, Funabashi, Chiba

31,576.60

9,660

7,837

GLP HigashiOgishima II29-5, Higashi-Ogishima, Kawasaki-ku, Kawasaki, Kanagawa

11,362.32

2,820

2,576

GLP Sayama
Hidaka II

788-1, Aza Myougasawa, Oaza Kamikayama, Hidaka, Saitama

75,719.13

24,20021,086

GLP HigashiOgishima III

18-5, Higashi-Ogishima, Kawasaki-ku, Kawasaki, Kanagawa

29,787.10

7,490

6,551

28 ｜ Asset Management Report

Beneficiaryright of realestate in trust

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Name of property

Location (Note 1)

Leasable area
Type of(m2)
ownership(Note 2)

Appraisal
valueBook value(Million yen)

(Million yen)

(Note 3)

GLP Urayasu II

77-5, Minato, Urayasu, Chiba

47,192.44

19,10016,617

GLP Kashiwa II

2-18-6, Oshimata, Kashiwa, Chiba

32,363.57

9,760

7,911

GLP Yachiyo II

8-7-2, 3, Midorigaoka-Nishi, Yachiyo, Chiba

54,240.25

15,00012,638

GLP Zama

2-10-10, Hironodai, Zama, Kanagawa

114,147.88

47,20042,860GLP Niiza
GLP Sayama
Hidaka I

3-6-22, Owada, Niiza, Saitama

30,017.25

8,810

7,038

473-2, Aza Shinuehara, Oaza Tagi, Hidaka, Saitama

39,579.04

12,500

10,130GLP Joso

4276, Aza Enokiwada, Uchimoriyamachi, Joso, Ibaraki

58,606.44

16,40016,147

GLP Kitamoto

6-320-1, Shimo Ishito, Kitamoto, Saitama

48,800.25

16,20015,556

GLP ALFALINK
Sagamihara 4(Note 6)3532-13, Aza Shirasamedai, Tana, Chuo ward,
Sagamihara, Kanagawa

41,864.61

20,60019,429

GLP Hirakata

3-2-27, Minami-Nakaburi, Hirakata, Osaka
3-2-7, Minami-Nakaburi, Hirakata, Osaka

29,829.56

7,240

4,456

GLP Hirakata II
GLP Maishima II(Note 7)3-3-1, Minami-Nakaburi, Hirakata, Osaka

43,283.01

12,0007,318

2-1-92, Hokukoryokuchi, Konohana-ku, Osaka, Osaka

－

5,200

3,298

GLP Tsumori

2-1-30, Minami-Tsumori, Nishinari-ku, Osaka, Osaka

16,080.14

3,460

2,082

GLP Rokko

3-10, Koyocho-Higashi, Higashinada-ku, Kobe, Hyogo

39,339.00

7,550

4,873

GLP Amagasaki

231-2, Nishi-Mukojima-cho, Amagasaki, Hyogo

110,228.80

36,90022,149

GLP Amagasaki II 16, Nishi-Takasu-cho, Amagasaki, Hyogo

12,315.21

2,940

1,938

GLP Nara

6-4, Imago-cho, Yamatokoriyama, Nara

19,545.35

2,860

1,855

GLP Sakai

1-63, Chikkoyawatamachi, Sakai-ku, Sakai, Osaka

10,372.10

2,600

1,689

GLP Rokko II

20,407.30

4,950

2,910

12,211.73

3,820

2,394

GLP Kobe-Nishi

4-15-1, Koyocho-Higashi, Higashinada-ku, Kobe, Hyogo Beneficiaryright of real
4-2-1, Shinomiya, Kadoma, Osaka
estate in trust
7-1-1, Mitsugaoka, Nishi-ku, Kobe, Hyogo

35,417.31

9,140

6,160

GLP Fukaehama

34-1, Fukaehama-cho, Higashinada-ku, Kobe, Hyogo

19,386.00

5,470

4,326

GLP Kadoma

GLP Maishima I

2-1-66, Hokukoryokuchi, Konohana-ku, Osaka, Osaka

72,948.78

22,30017,920GLP Osaka

2-4-43, Nanko Minami, Suminoe, Osaka, Osaka

128,520.37

44,70034,554

GLP Settsu

2-1-62, Torikainaka, Settsu, Osaka

38,997.24

8,100

7,304

GLP Nishinomiya 1-52, Hanshin Ryutsu Center, Yamaguchi-cho, Nishinomiya, Hyogo

19,766.00

3,160

2,719

GLP Shiga

2-6-56, Noji Higashi, Kusatsu, Shiga
2-6-50, Noji Higashi, Kusatsu, Shiga
2-6-55, Noji Higashi, Kusatsu, Shiga2-2349-24, Azakamegaya, Noji Higashi, Kusatsu, Shiga

29,848.70

4,990

4,549

GLP Neyagawa

10-10, Shoji Minami-machi, Neyagawa, Osaka

26,938.02

9,520

7,652

GLP Rokko III

6-14, Koyocho-Nishi, Higashinada-ku, Kobe, Hyogo

31,239.46

9,720

7,753

GLP Rokko IV

6-6, Koyo-cho Nishi, Higashinada-ku, Kobe, Hyogo

12,478.46

2,970

2,269

GLP Amagasaki III 6-79-1, Doicho, Amagasaki, Hyogo

17,220.12

6,970

6,643

GLP Yasu

1610-7, Aza Deguchi, Oh-shinohara, Yasu, Shiga

20,350.16

5,920

5,772

GLP Tomiya

9-1-2, Narita, Tomiya, Miyagi

20,466.98

4,050

2,687

GLP Koriyama I

3-2-2, Oroshi, Kikuta-machi, Koriyama, Fukushima

24,335.96

4,730

3,498

GLP Koriyama III 5-12, Mukaihara, Horinouchi, Kikuta-machi, Koriyama, Fukushima

27,671.51

3,050

2,551

GLP Tokai

2-47, Asayama, Tokai, Aichi

32,343.31

9,460

5,736

GLP Hayashima

823, Yao, Hayashima-cho, Tsukubo, Okayama

13,527.76

1,980

1,153

Asset Management Report ｜ 29

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Location (Note 1)

Name of property

Leasable area
Type of(m2)
ownership(Note 2)

Appraisal
valueBook value(Million yen)

(Million yen)

(Note 3)

GLP Hayashima II 4507-40, Hayashima, Hayashima-cho, Tsukubo, Okayama

14,447.48

3,420

1,986

GLP Kiyama

2950-1, Urata, Sonobe, Kiyama-cho, Miyaki, Saga

23,455.96

6,780

4,094

GLP Sendai

2-5-2, Sendaikou Kita, Miyagino-ku, Sendai, Miyagi

37,256.23

8,250

5,047

GLP Kuwana3646-1, Kanegaya, Mizono, Tado-cho, Kuwana, Mie

20,402.12

4,700

3,062

GLP Komaki

1-31, Shinkoki, Komaki, Aichi

52,709.97

16,4009,639

GLP Ogimachi

1-8-5, Ogimachi, Miyagino-ku, Sendai, Miyagi

13,155.28

1,670

1,322

GLP Hiroshima

2-7-11, Kusatsukou, Nishi-ku, Hiroshima, Hiroshima
2-7-4, Kusatsukou, Nishi-ku, Hiroshima, Hiroshima

21,003.04

5,120

3,401

74,860.38

13,6008,579

32,562.60

6,940

5,458

GLP Tosu I

1715, Hirata, Hatazaki-machi, Tosu, Saga

Beneficiaryright of realestate in trust

GLP Soja I

9-7-3, Narita, Tomiya, Miyagi
9-7-7, Narita, Tomiya, Miyagi
4-10, Nagara, Soja, Okayama

62,995.38

14,10011,938

GLP Soja II

4-1, Nagara, Soja, Okayama

63,163.02

13,90011,803

GLP Fujimae2-201-8, Fujimae, Minato, Nagoya, Aichi

12,609.00

2,380

1,927

GLP Suzuka

3234-1, Aza Suda, Misonocho, Suzuka, Mie

29,191.79

6,230

5,000

GLP Soja III

4-13, Nagara, Soja, Okayama

31,425.13

7,120

6,962

GLP Fukuoka
KasuyaGLP Okinawa
Urasoe758-1, Oaza Kamiokuma Aza Hekibaru, Kasuyagun
Kasuyamachi, Fukuoka

41,338.75

14,30014,0105-1-1, Makiminato, Urasoe, Okinawa

57,700.45

19,00017,8663,494,264.01

1,139,380

844,353

GLP Tomiya IV

Total(Note 1)

“Location” represents the indication of residential address. If no indication of residential address exists, the locationof the building (one of those if there are multiple buildings) shown on the registry is stated.

(Note 2)

“Leasable area” is the area of property or property in trust that is available for lease in accordance with relevant leaseagreements or architectural drawings. The figures are rounded down to the second decimal place. The leasable area
may be changed upon renewal of lease agreements.

(Note 3)

“Appraisal value” represents the appraisal value or research value as set forth on the relevant study reports by realestate appraisers as of the balance sheet date in accordance with the policy prescribed in the Articles of Incorporationof GLP J-REIT and the rules of the ITAJ.

(Note 4)Since the building portions of GLP Narashino II (Land) was sold in the fiscal period ended February 29, 2024, theabove “Appraisal value” and “Book value” for this property are stated only for the land portion in trust.

(Note 5)

GLP-MFLP Ichikawa Shiohama is a property under joint co-ownership which GLP J-REIT holds 50% beneficiaryright of real estate in trust. “Leasable area” stated above is computed by multiplying 50% of the joint co-ownership
ratio.

(Note 6)

GLP ALFALINK Sagamihara 4 is a property under joint co-ownership which GLP J-REIT holds 30% beneficiaryright of real estate in trust. “Leasable area” stated above is computed by multiplying 30% of the joint co-ownership
ratio.

(Note 7)

GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. The
above “Appraisal value” and “Book value” for this property are stated only for the land portion in trust.

30 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

The trend of property-related business of GLP J-REIT is as follows.
24th Period
From September 1, 2023
To February 29, 2024

23rd Period
From March 1, 2023
To August 31, 2023
Name of property

At Period End

At Period End
Ratio toRentaltotal rental Number of Occupancy
Number of Occupancy
revenues
revenues(%)
tenants
ratio (%) (Million yen)tenants
ratio (%) (Million yen)
(Note 2)
(Note 1)
(Note 2)
(Note 1)
(Note 2)
Rentalrevenues

Ratio tototal rental
revenue (%)(Note 2)

GLP Tokyo

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Higashi-Ogishima

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Akishima

3

100.0

(Note 3)(Note 3)3100.0(Note 3)(Note 3)

GLP Tomisato

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Narashino II (Land)(Note 4)385.8

(Note 3)(Note 3)－－(Note 3)(Note 3)

GLP Funabashi

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Kazo1

100.0(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Sugito II

4

99.1

718

2.8

4

99.1

713

2.8

GLP Iwatsuki

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Kasukabe

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Koshigaya II

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Misato II

2

100.0

(Note 3)(Note 3)

3

100.0

466

1.8

GLP Tatsumi

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Hamura

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Funabashi III

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Sodegaura

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Urayasu III

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Tatsumi IIa

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Tokyo II

6

100.0

1,171

4.5

6

100.0

1,181

4.6

GLP Shinkiba

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Narashino

3

100.0

172

0.7

3

100.0

177

0.7

GLP Sugito

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Matsudo
GLP-MFLP
Ichikawa Shiohama
GLP Atsugi II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

5

100.0

497

1.9

5

100.0

482

1.9

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Yoshimi

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Noda-Yoshiharu

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Urayasu

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Funabashi II

1

99.0

(Note 3)(Note 3)1

99.0

(Note 3)(Note 3)

GLP Misato

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Shinsuna

5

100.0

486

1.9

5

100.0

484

1.9

GLP Shonan

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Yokohama

5

100.0

994

3.9

5

100.0

998

3.9

GLP Kawajima

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Funabashi IV

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Higashi-Ogishima II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Sayama Hidaka II

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Higashi-Ogishima III

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Urayasu II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

Asset Management Report ｜ 31This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
24th Period
From September 1, 2023
To February 29, 2024

23rd Period
From March 1, 2023
To August 31, 2023
Name of property

At Period End

At Period End
Ratio toRentaltotal
rentalNumber of Occupancy
Number of Occupancy revenues
tenants
ratio (%) (Million yen) revenues (%)
tenants
ratio (%) (Million yen)
(Note 2)
(Note 1)
(Note 2)
(Note 1)
(Note 2)
Rentalrevenues

1

100.0(Note 3)(Note 3)

GLP Yachiyo II

1

100.0

(Note 3)

GLP Zama

21

97.6

1,072

GLP Niiza

1

100.0

GLP Sayama Hidaka I

1

100.0

GLP Joso

1

GLP Kitamoto

3

GLP ALFALINK
Sagamihara 4
GLP Hirakata

Ratio tototal rental
revenue (%)(Note 2)1100.0(Note 3)(Note 3)(Note 3)1100.0(Note 3)(Note 3)

4.2

17

94.5

1,060

4.1

(Note 3)(Note 3)1100.0(Note 3)(Note 3)(Note 3)(Note 3)1100.0(Note 3)(Note 3)100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

100.0

383

1.5

3

100.0

376

1.5

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)1100.0(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Hirakata II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Maishima II－－(Note 3)(Note 3)－－(Note 3)(Note 3)

GLP Tsumori

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Rokko

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Amagasaki

7

100.0

927

3.6

7

100.0

905

3.5

GLP Amagasaki II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Nara

1

100.0(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Sakai

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Rokko II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Kadoma

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Kobe-Nishi

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Fukaehama

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Maishima I

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Osaka

11

99.9

962

3.7

11

99.9

959

3.7

GLP Settsu

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Nishinomiya

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Shiga

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Neyagawa

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Rokko III

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Rokko IV

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Amagasaki III

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Yasu

1100.0(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Morioka (Note 5)

1

100.0

(Note 3)(Note 3)－－(Note 3)(Note 3)

GLP Tomiya

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Koriyama I

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Koriyama III

4

100.0

127

0.5

4

100.0

129

0.5

GLP Tokai

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Hayashima

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Hayashima II

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Kiyama

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Sendai

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Ebetsu (Note 6)－－(Note 3)(Note 3)

－

－

－

－

GLP Kashiwa II

32 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
24th Period
From September 1, 2023
To February 29, 2024

23rd Period
From March 1, 2023
To August 31, 2023
Name of property

At Period End

At Period End
Ratio toRentaltotal
rentalNumber of Occupancy
Number of Occupancy revenues
tenants
ratio (%) (Million yen) revenues (%)
tenants
ratio (%) (Million yen)
(Note 2)
(Note 1)
(Note 2)
(Note 1)
(Note 2)
Rentalrevenues

Ratio tototal rental
revenue (%)(Note 2)

GLP Kuwana

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Komaki

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Ogimachi

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Hiroshima

2

100.0

(Note 3)(Note 3)2100.0(Note 3)(Note 3)

GLP Tosu I

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Tomiya IV

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Soja I

6

100.0

433

1.7

6

100.0

423

1.6

GLP Soja II

5

99.6

412

1.6

5

99.6

407

1.6

GLP Fujimae

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Suzuka

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Soja III

4

100.0

103

0.4

4

100.0

202

0.8

GLP Fukuoka Kasuya

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

GLP Okinawa Urasoe

1

100.0

(Note 3)(Note 3)1100.0(Note 3)(Note 3)

Total

178

99.5

25,771

100.0

171

99.8

25,695100.0(Note 1)

“Number of tenants” represents the total number of building tenants stated on the lease agreement of each property
or property in trust.

(Note 2)

“Occupancy ratio” and “Ratio to total rental revenues” are rounded to the first decimal place. As to “Occupancy
ratio,” however, when it may result in 100.0% after rounding, the figure is rounded down to the first decimal placeand shown as 99.9%.

(Note 3)Not disclosed because the tenants’ consent is not obtained.

(Note 4)The building portions of GLP Narashino II was sold to Acacia Special Purpose Company on September 29, 2023.

(Note 5)

GLP Morioka was sold to a third party on September 25, 2023.

(Note 6)

GLP Ebetsu was sold to a third party on August 16, 2023.

Asset Management Report ｜ 33

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

4. Summary of Securities
As of the current period end, the securities held by GLP J-REIT are as follows.
Book value(Thousand yen)Type ofassets

Unit/
share

Acacia Special
Purpose Company

Preferredequitysecurities

25,690units－

259,275

Okayama General
Distribution Center
Co., Ltd.

Equitysecurities

16 shares

100

1,600

Name of issue

Per share

Total

Appraisal value(Thousand yen)
Total
Per share(Note 1)

Valuation
gain/loss(Thousandyen)

Remarks－

259,275－(Note 2)

100

1,600

－

－

(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.”

5. Specified Transaction
As of the current period end, the contract amount and fair value of the outstanding transaction under the specified transaction accountof GLP J-REIT are as follows.
Type
OTC

Contract amount (Million yen) (Note 1)
Due after one year

Fair value(Million yen) (Note 2)

Interest rate swaps:
Receive floating/ Pay fix

298,720

277,110

3,340

Total

298,720

277,1103,340(Note 1)

The contract amount of interest rate swaps is based on its notional principal.

(Note 2)

Fair value is the amount measured by the counterparty of the transaction based on data such as market rates.

(Note 3)For the financial reporting purpose, the transaction is not measured at fair value but accounted for under special
treatment for interest rate swaps based on “Accounting Standards for Financial Instruments” under Japanese GAAP.

6. Investments and Other Assets
Details of other specified assets
Beneficiary rights of real estate in trust held by GLP J-REIT are disclosed in aforementioned “3. Summary of Portfolio Properties.”
GLP J-REIT has no other specified assets.

34 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

[Capital Expenditure for Properties Owned]
1. Future Plan for Capital Expenditure
The following table summarizes the major capital expenditure plan in connection with scheduled renovation and others for properties
owned as of the end of the current fiscal period. Estimated construction cost includes the amounts to be expensed for accounting purpose.

Property nameLocation

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 floorof 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

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

－

－

Move-in support work for
new tenants

From January 2025
To February 2025

50

－

－

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

From September 2024
To February 2025

47

－

－

From January 2025
To February 2025

42

－

－

From January 2025
To February 2025

42

－

－

From May 2024
To June 2024

40

－

－

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

Kitamoto, Saitama

GLP Funabashi

Funabashi, Chiba

GLP Kitamoto

Kitamoto, Saitama

GLP Kitamoto

Kitamoto, Saitama

GLP Misato II

Misato, Saitama

GLP Osaka

Osaka, Osaka

Renewal of central
monitoring systems

From January 2025
To February 2025

37

－

－

GLP Tokyo II

Koto, Tokyo

Renewal of air conditioning
equipment, Phase I

From October 2024
To November 2024

36

－

－

GLP Yokohama

Yokohama,
Kanagawa

From December 2024
To February 2025

36

－

－

GLP Tokai

Tokai, Aichi

From November 2024
To December 2024

35

－

－

GLP Rokko IV

Kobe, Hyogo

Renewal of deluge valves(1/3)
Replacement of air
conditioning equipment,
Phase II
Replacement of verticaltransport device No.1

From January 2025
To February 2025

33

－

－

GLP Hiroshima

Hiroshima,
Hiroshima

Replacement with LED
lighting

From August 2024
To September 2024

31

－

－

GLP Kuwana

Kuwana, Mie

Replacement with LED
lighting

From July 2024
To August 2024

30

－

－

GLP Hayashima

Tsukubo,OkayamaReplacement with LED
lighting

From August 2024
To August 2024

30

－

－

GLP Tomiya

Tomiya, Miyagi

Replacement with LED
lighting

From June 2024
To June 2024

30

－

－

Asset Management Report ｜ 35

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Property nameLocation

PurposeGLP Urayasu III

Urayasu, Chiba

Installation of EV batterychargers

From October 2024
To February 2025

30

－

－

GLP Koriyama I

Koriyama,
Fukushima

Replacement with LED
lighting

From December 2024
To February 2025

30

－

－

GLP Yokohama

Yokohama,
Kanagawa

Renewal of air conditioning
equipment (4-1/5)

From January 2025
To February 2025

30

－

－

GLP Hayashima

Tsukubo,OkayamaRenovation of bathrooms

From August 2024
To September 2024

30

－

－

GLP Osaka

Osaka, Osaka

Renewal of packaged air
conditioners, Phase II

From September 2024
To October 2024

29

－

－

GLP Yokohama

Yokohama,
Kanagawa

From July 2024
To August 2024

27

－

－

GLP Zama

Zama, Kanagawa

From May 2024
To August 2024

25

－

－

GLP Tokyo II

Koto, Tokyo

Renewal of air conditioning
equipment (3-2/5)
Installation of airconditioning equipment in
the warehouses
Replacement with LED
lighting

From May 2024
To July 2024

25

－

－

GLP Tokai

Tokai, Aichi

Replacement with LED
lighting

From July 2024
To July 2024

25

－

－

GLP Maishima I

Osaka, Osaka

Replacement with LED
lighting

From July 2024
To July 2024

25

－

－

GLP Tokai

Tokai, Aichi

Replacement with LED
lighting

From February 2025
To February 2025

25

－

－

GLP Maishima I

Osaka, Osaka

25

－

－

GLP Amagasaki

Amagasaki,
Hyogo

25

－

－

GLP Matsudo

Matsudo, Chiba

24

－

－

GLP Settsu

Settsu, Osaka

GLP Maishima I

Osaka, Osaka

GLP Rokko II

Kobe, Hyogo

GLP Hirakata II

Hirakata, Osaka

36 ｜ Asset Management Report

Planned period

Estimated construction cost
(Million yen)Amount
Total
Total
paid
amountamountduring thepaidperiodFrom February 2025
Replacement with LED
lighting
To February 2025
Renewal of air conditioning
From February 2025
systems (EHP-9), 5th floor,
Cafeteria and smoking room To February 2025
Renewal of freight elevator From July 2024
controls (3/3)
To July 2024
Renewal of Omni Lifter(Building 3-No. C)
Renewal of air conditioner
systems (extra high-voltage
substation room)
Replacement with LED
lighting

From May 2024
To August 2025

22

－

－

From February 2025
To February 2025

21

－

－

From July 2024
To August 2024

20

－

－

Renewal of freight elevator
No.2

From October 2024
To February 2025

20

－

－

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

2. 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

PurposeGLP Osaka

Osaka, Osaka

Installation of solar power generationequipment

GLP Misato II

Misato, Saitama

Partition construction work

GLP Funabashi IV

Funabashi, Chiba

GLP Kasukabe

Kasukabe, Saitama

GLP Komaki

Komaki, Aichi

Replacement with LED lighting

GLP Tokyo

Ota, Tokyo

Renewal of water chiller/heater, Phase II

GLP Kazo

Kazo, Saitama

Renewal of air conditioning systems(2nd floor, warehouses), Phase II

GLP HigashiOgishima

Kawasaki,Kanagawa

Renewal of No. 2 freight elevator

GLP Tsumori

Osaka, Osaka

GLP Funabashi

Funabashi, Chiba

GLP Tatsumi IIa

Koto, Tokyo

Replacement with LED lighting

Yokohama,
Kanagawa
Koriyama,
Fukushima

Renewal of air conditioning equipment,
Phase III-1
Replacement of foam fire extinguishingsystems (deluge valves)
Renewal of freight elevator controllers,
Phase IIGLP Yokohama
GLP Koriyama I

Renewal of lightning equipment of thebuilding
Construction to raise the ground level oftruck berth

Building No. 2, Renewal of freight
elevators
Renewal of lightning equipment of thebuilding

GLP Matsudo

Matsudo, Chiba

GLP Hirakata II

Hirakata, Osaka

Renewal of vertical transport device

GLP Suzuka

Suzuka, Mie

Replacement with LED lighting

Other

－

－
Total

PeriodFrom October 2023
To February 2024
From August 2023
To September 2023
From January 2024
To February 2024
From December 2023
To January 2024
From July 2023
To September 2023
From January 2024
To February 2024
From November 2023
To December 2023
From November 2023
To December 2023
From October 2023
To February 2024
From October 2023
To November 2023
From August 2023
To October 2023
From February 2024
To February 2024
From October 2023
To February 2024
From December 2023
To December 2023
From January 2023
To February 2024
From December 2023
To February 2024－

Construction cost
(Million yen)

265
90
71
48
45
43
36
33
33
30
28
25
25
24
21
20
1,033
1,877

Asset Management Report ｜ 37

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

3. Funds Reserved for Long-Term Repair Plans
Based on the long-term repair plan established for each property, GLP J-REIT accounted for the following reserves from the operating
cash flows to be appropriated for the large-scale engineering works in the mid- to long-term future.
(Unit: Million yen)
Operating period

21st Period
20th Period
Sept. 1, 2021 to Mar. 1, 2022 toAug. 31, 2022
Feb 28, 2022

22nd Period
Sept. 1, 2022 toFeb. 28, 2023

23rd Period
Mar. 1, 2023 toAug. 31, 2023

24th Period
Sept. 1, 2023 toFeb. 29, 2024

Balance brought forward from the previous period

－

－

－

－

－

Amount reserved during the period

－

－

－

－

－

Amount used during the period

－

－

－

－

－

Balance to be carried forward to the next period

－

－

－

－

－

(Note 1)GLP J-REIT intends not to account for reserves if the estimated amount of capital expenditure of the following period
does not exceed the amount equivalent to 70% of the estimated depreciation expenses for the same period. GLP JREIT estimates the amount of capital expenditure for the 25th period (for the period ending August 31, 2024) to be
2,059 million yen, which does not exceed 3,171 million yen, the amount equivalent to 70% of 4,530 million yen,which is the estimated depreciation expenses for the same period.

(Note 2)

GLP J-REIT intends to distribute funds in excess of the amount of retained earnings that do not exceed the amountobtained by deducting capital expenditure for the operating period immediately before the period in which the
distribution is made from an amount equal to depreciation expenses for the corresponding period. The amountobtained 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 fromunitholders’ capital for tax purposes) in the amount equal to approximately 30% of depreciation expenses for theoperating period immediately before the period in which the distribution is made, unless GLP J-REIT determinesthat 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.
With respect to all 91 properties held as of the end of the current fiscal period, the six-month period average of thetotal amount of the emergency repair and maintenance expenses and the medium to long-term repair and maintenanceexpenses, which are set forth in the Engineering Reports, is 943 million yen. Please refer to the “Summary ofEngineering Due Diligence Report” below for the emergency repair and maintenance expenses and the mid-to-longterm repair and maintenance expenses for each asset.

38 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

(Reference) Summary of Engineering Due Diligence Report

Property number

Tokyo-1
Tokyo-2
Tokyo-3
Tokyo-4

Name of property

Tokyo-6
Tokyo-7
Tokyo-9
Tokyo-10
Tokyo-11
Tokyo-12
Tokyo-13
Tokyo-14
Tokyo-15
Tokyo-16
Tokyo-17
Tokyo-18
Tokyo-19
Tokyo-21
Tokyo-23
Tokyo-24
Tokyo-26

GLP Tokyo
GLP Higashi-Ogishima
GLP Akishima
GLP Tomisato
GLP Narashino II(Land) (Note 3)
GLP Funabashi
GLP Kazo
GLP Sugito II
GLP Iwatsuki
GLP Kasukabe
GLP Koshigaya II
GLP Misato II
GLP Tatsumi
GLP Hamura
GLP Funabashi III
GLP Sodegaura
GLP Urayasu III
GLP Tatsumi IIa
GLP Tokyo II
GLP Shinkiba (Note4)
GLP Narashino
GLP Sugito

Tokyo-27

GLP Matsudo

Tokyo-5

Tokyo-29
Tokyo-30

GLP-MFLP
Ichikawa Shiohama (Note 5)
GLP Atsugi II
GLP Yoshimi

Tokyo-31

GLP Noda-Yoshiharu

Tokyo-32

GLP Urayasu

Tokyo-28

Tokyo-33

GLP Funabashi II

Tokyo-34
Tokyo-35
Tokyo-36

GLP Misato
GLP Shinsuna
GLP Shonan

Tokyo-37

GLP Yokohama

Tokyo-38
Tokyo-39
Tokyo-40
Tokyo-41
Tokyo-42
Tokyo-43
Tokyo-44
Tokyo-45
Tokyo-46
Tokyo-47
Tokyo-48
Tokyo-49

GLP Kawajima
GLP Funabashi IV
GLP Higashi-Ogishima II
GLP Sayama Hidaka II
GLP Higashi-Ogishima III
GLP Urayasu II
GLP Kashiwa II
GLP Yachiyo II
GLP Zama
GLP Niiza
GLP Sayama Hidaka I
GLP Joso

Engineering
due diligencecompany

Date of report

Emergency repair
and maintenanceexpenses(Thousand yen)
(Note 1)

August 31, 2023
February 28,
2023
August 31, 2023

－
－
－
－

Mid- to Long-term
repair andmaintenanceexpenses(Thousand yen)
(Note2)
913,853
316,861
192,260
124,939

－

－

－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

385,579
557,598
662,317
116,185
225,508
251,115
378,738
209,424
61,540127,980
63,000296,600
145,790343,710
389,510
338,880
494,496－

175,631

March 31, 2022－

266,920

July 29, 2022－－

231,553
188,734

June 30, 2021－

139,760－

296,403－

308,030－－－

296,181
298,639
142,715－

849,750

－
－
－
－
－
－
－
－
－
－
－
－

154,288376,392
205,239
326,209318,721412,952
95,551
194,082
380,892
108,950
220,530
157,120

August 31, 2023

Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

February 28,
2023
August 31, 2023

August 31, 2018

January 31, 2020

Tokio Marine dR
Co., Ltd.

Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

July, 9, 2021
June 30, 2021
July, 9,2021
December 13,
2021

August 18, 2023

July 30, 2018
November 4,
2020
Tokio Marine dR
Co., Ltd.

February 29,
2020

November 4,
2020
October 3, 2022
June 10, 2021
October 3, 2022

Asset Management Report ｜ 39

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Property number

Name of property

Tokyo-50

Osaka-1
Osaka-2
Osaka-3
Osaka-4
Osaka-5
Osaka-6
Osaka-7
Osaka-8
Osaka-9
Osaka-10
Osaka-11
Osaka-14
Osaka-15
Osaka-16
Osaka-17
Osaka-18
Osaka-19
Osaka-20
Osaka-21

GLP Kitamoto
GLP ALFALINK
Sagamihara 4 (Note 6)
GLP Hirakata
GLP Hirakata II
GLP Maishima II (Note 7)
GLP Tsumori
GLP Rokko
GLP Amagasaki
GLP Amagasaki II
GLP Nara
GLP Sakai
GLP Rokko II
GLP Kadoma
GLP Kobe-Nishi
GLP Fukaehama
GLP Maishima I
GLP Osaka (Note 8)
GLP Settsu
GLP Nishinomiya
GLP Shiga
GLP Neyagawa

Osaka-22

GLP Rokko III

Osaka-23

GLP Rokko IV

Osaka-24
Osaka-25
Other-2
Other-3
Other-4
Other-5
Other-6
Other-7
Other-8
Other-10
Other-12
Other-14
Other-15
Other-16
Other-19
Other-20
Other-21
Other-22
Other-23
Other-24
Other-25
Other-26
Other-27

GLP Amagasaki III
GLP Yasu
GLP Tomiya
GLP Koriyama I
GLP Koriyama III
GLP Tokai
GLP Hayashima
GLP Hayashima II
GLP Kiyama
GLP Sendai
GLP Kuwana
GLP Komaki
GLP Ogimachi
GLP Hiroshima
GLP Tosu I
GLP Tomiya IV
GLP Soja I
GLP Soja II
GLP Fujimae
GLP Suzuka
GLP Soja III
GLP Fukuoka Kasuya
GLP Okinawa Urasoe

Tokyo-51

October 3, 2022－

Mid- to Long-term
repair andmaintenanceexpenses(Thousand yen)
(Note2)
139,687

April 26, 2023－

111,186

February 28,
2023－
February 28,
2023
Deloitte Tohmatsu August 31, 2023
Property Risk
Solution Co., Ltd.
February 28,
2023

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

281,419
195,450－
150,864
402,830
294,528
130,829
202,32045,703
353,530
111,490
85,480191,547645,640468,299
413,785
227,195
215,42163,718－

122,535100

162,225

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
100

42,19946,182
191,643
151,722258,610111,210
128,438
83,430304,948
315,126
126,470
227,250
101,303198,710
480,426
320,417
438,001
451,321
143,851
353,077
96,520131,864
179,229
22,638,753

Tokio Marine dR
Co., Ltd.

August 31, 2018
July 10, 2020
March 30, 2021
July 29, 2022
August 18, 2023
Tokio Marine dR
Co., Ltd.

July 30, 2018

November 4,
2020
Earth-Appraisal
June 10, 2021
Co., Ltd.
Tokio Marine dR
October 3, 2022
Co., Ltd.
August 31, 2023
February 28,
2023
Deloitte Tohmatsu
Property Risk
Solution Co., Ltd. August 31, 2023
August 31, 2018
July 10, 2020
July 9, 2021
July 29, 2022
January 15, 2024
Tokio Marine dR
Co., Ltd.

July 30, 2018
October 3, 2022
April 26, 2023

Total
(Note 1)

Date of report

Emergency repair
and maintenanceexpenses(Thousand yen)
(Note 1)Engineering
due diligencecompany“Emergency repair and maintenance expenses” represents the repair costs deemed to be required within one year
from the date of the report.

40 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
(Note 2)“Mid- to Long-term repair and maintenance expenses” represents the total repair costs deemed to be required within
12 years from the date of the report.

(Note 3)The building portion of GLP Narashino II (Land) was sold in the fiscal period ended February 29, 2024. Amounts
for this property are omitted and excluded from the total.

(Note 4) The amounts include repair and maintenance expenses reported in “Engineering Due Diligence Report (Solar Panels)”
on January 30, 2023.
(Note 5)

GLP-MFLP Ichikawa Shiohama is a property under joint co-ownership which GLP J-REIT holds 50% beneficiaryright of real estate in trust. “Emergency repair and maintenance expenses” and “Mid- to Long-term repair andmaintenance expenses” stated above are computed by multiplying 50% of the joint co-ownership ratio.

(Note 6)

GLP ALFALINK Sagamihara 4 is a property under joint co-ownership which GLP J-REIT holds 30% beneficiaryright of real estate in trust. “Emergency repair and maintenance expenses” and “Mid- to Long-term repair andmaintenance expenses” stated above are computed by multiplying 30% of the joint co-ownership ratio.

(Note 7)

GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. “Midto Long-term repair and maintenance expenses” for this property are omitted and excluded from the total.

(Note 8) The amounts include repair and maintenance expenses reported in “Engineering Due Diligence Report (Solar Panels)”on February 29, 2024.

[Expenses and Liabilities]
1. Status of Expenses related to Asset Management

Asset management fee
Asset custody fee
Administrative service fees
Directors’ remuneration
Audit fee
Taxes and dues
Other operating expenses
Total(Note)

23rd Period
From March 1, 2023
To August 31, 2023
3,053,413
10,341
31,7105,940
13,00029,179115,087
3,258,672(Unit: Thousand yen)
24th Period
From September 1, 2023
To February 29, 2024
3,014,127
10,85632,766
5,940
15,0004,701
111,346
3,194,738

In addition to above, the amount of asset management fee capitalized as part of the book value of each property acquired
was 291,150 thousand yen for the 23rd Period. Further, asset management fee included in the calculation of gain on saleof property and equipment was 17,650 thousand yen for the 23rd Period and 32,995 thousand yen for the 24th Period.

Asset Management Report ｜ 41

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

2. Status of Borrowings
The following summarizes the outstanding loans payable by financial institutions as of the current period end.
Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

1,470

-

1,170
500

-

June 30,
2014

500

500

500

500

September 2,
2014

1,530

1,530

1,170

1,170

September 1,
2015

1,300

1,300

January 4,
2016

1,900

-

Resona Bank, Limited.

1,400

-

Mizuho Bank, Ltd.

January 4,
2016

1,500

1,500

January 4,
2016

5,600

5,600

5,100

5,100

January 4,
2016

500

500

400

400

January 4,
2016

600

600

400

400

MUFG Bank, Ltd.

September 1,
2016

3,780

Sumitomo Mitsui Banking
Corporation

September 1,
2016

Category

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

1.56%(Note 4)

February29, 2024

Lump-sum(Note 7)

Unsecurednotguaranteed

1.48%(Note 4)

June 30,2026

Lump-sum(Note 6)

Unsecurednotguaranteed

1.85%(Note 4)September
2, 2027

Lump-sum(Note 7)0.96%
(Note 4)September
1, 2025

Lump-sum(Note 7)0.61%
(Note 4)

February29, 2024

Lump-sum(Note 6)0.93%
(Note 4)

February27, 2026

Lump-sum(Note 6)

1.22%
(Note 4)

December21, 2026

Lump-sum(Note 6)1.31%
(Note 4)

December20, 2027

Lump-sum(Note 6)

1.57%
(Note 4)

December20, 2028

Lump-sum-

0.29%

September
1, 2023

Lump-sum

4,100

4,100

0.33%

September
1, 2024

Lump-sum

790-

MUFG Bank, Ltd.

2,000

-

Mizuho Bank, Ltd.

1,280

-

Citibank, N.A., Tokyo Branch

780-

The Bank of Fukuoka, Ltd.

500

-

230

-

1,060

-

0.44%

March 1,
2024
(Note 5)Lump-sum

Resona Bank, Limited.

490-

Aozora Bank, Ltd.

180-

SBI Shinsei Bank, Limited

180-

Sumitomo Mitsui Trust Bank,
Limited480-

The 77 Bank, Ltd.

180-

Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
MUFG Bank, Ltd.
MUFG Bank, Ltd.

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.

Date ofborrowing

March 3,2014

Sumitomo Mitsui Banking
Corporation

Development Bank of Japan Inc.
The Norinchukin Bank

42 ｜ Asset Management Report

September 1,
2016

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Unsecurednotguaranteed
Unsecured(Note 7)
notguaranteed
Unsecured(Note 7)
notguaranteed(Note 6)(Notes 6 Unsecurednotand 7) guaranteedThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

2,170

2,170

2,310
1,110
740
550
650
370

2,310
1,110
740
550
650
370

SBI Shinsei Bank, Limited

370

370

Sumitomo Mitsui Trust Bank,
Limited920

920

Category
Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.

Date ofborrowing

September
1, 2016

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

0.57%

March 3,2025

Lump-sum(Notes 6 Unsecurednotand 7) guaranteed

Use

Remarks

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Sumitomo Mitsui Trust Bank,
LimitedDecember20, 2016

1,150

-

0.56%

December20, 2023

Lump-sum(Note 6)

Sumitomo Mitsui Banking
Corporation

December20, 2016

5,700

5,700

0.79%

September
1, 2025

Lump-sum(Note 6)

Sumitomo Mitsui Banking
Corporation

September
1, 2017

870

-

0.46%

September
1, 2023

Lump-sum(Note 7)

MUFG Bank, Ltd.

September
1, 2017

580

-

0.46%

September
1, 2023

Lump-sum(Note 7)

Resona Bank, Limited.

January 4,
2018

1,300

1,300

0.48%
(Note 4)

December22, 2025

Lump-sum(Note 6)

2,300

2,300

2,300
2,000

2,300
2,000

0.60%
(Note 4)

October 30,
2026

Lump-sum(Note 6)

Unsecurednotguaranteed

1,900

-

1,900
1,140
270
220
60

-

0.38%
(Note 4)

February 29,
2024

Lump-sum(Notes 6
and 7)

Unsecurednotguaranteed

220

-

290

-

1,130

1,130

830
820
390

830
820
390

0.50%
(Note 4)

February 27,
2026

Lump-sum(Notes 6
and 7)

Unsecurednotguaranteed

1,420

1,420

0.71%
(Note 4)

February 29,
2028

Lump-sum(Notes 6
and 7)

Unsecurednotguaranteed

0.45%(Note 4)September
1, 2024

Lump-sum(Note 7)

Unsecurednotguaranteed

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank,
LimitedSBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank,
LimitedJanuary 4,
2018

March 1,
2018

March 1,
2018

March 1,2018

September
3, 2018

1,110
630

1,110
630

4,920

4,920

4,770
2,610
530
600
540

4,770
2,610
530
600
540

540

540

Asset Management Report ｜ 43

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Category
Name of financial institution

Date ofborrowing

Long-term loans payable

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

3,160

3,160

2,840
1,770
530
540

2,840
1,770
530
540

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

0.70%(Note 4)September
2, 2027

Lump-sum(Note 7)

Unsecurednotguaranteed(Note 6)

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.

September
3, 2018

Development Bank of Japan Inc.

December20, 2018

1,250

-

0.31%
(Note 4)

December20, 2023

Lump-sum

Sumitomo Mitsui Trust Bank,
LimitedDecember20, 2018

1,250

-

0.31%
(Note 4)

December20, 2023

Lump-sum

350

350

1,034
2,007
1,223
73
296
262
14

1,034
2,007
1,223
73
296
262
14

0.37%
(Note 4)

February27, 2026

Lump-sum(Note 6)

Unsecurednotguaranteed

2,100

2,100

0.63%
(Note 4)

February28, 2029

Lump-sum(Note 6)

Unsecurednotguaranteed

0.44%(Note 4)

July 31,2028

Lump-sum(Note 6)

Unsecurednotguaranteed

0.32%(Note 4)January29, 2027

Lump-sum(Note 6)

Unsecurednotguaranteed

0.26%(Note 4)

May 29,2025

Lump-sum(Note 6)

Unsecurednotguaranteed

0.33%(Note 4)

May 28,2027

Lump-sum(Note 6)

Unsecurednotguaranteed

0.44%(Note 4)

May 29,2029

Lump-sum(Note 6)

Unsecurednotguaranteed

0.25%(Note 4)

October
13, 2025

Lump-sum(Note 6)

Unsecurednotguaranteed

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Citibank, N.A., Tokyo Branch
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.
Development Bank of Japan Inc.
Citibank, N.A., Tokyo Branch
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Trust Bank,
Limited44 ｜ Asset Management ReportFebruary28, 2019

February28, 2019

July 23,2019

January 31,
2020
May 29,2020

May 29,2020

May 29,2020

October 13,
2020

2,100
1,800

2,100
1,800

3,000

3,000

4,170
2,730
460
1,680

4,170
2,730
460
1,680

3,250

3,250

650

650

1,870

1,870

4,150
3,230
2,900
2,440

4,150
3,230
2,900
2,440

4,100

4,100

3,320
1,720

3,320
1,720

270

270

200
420
400

200
420
400

330

330

Unsecurednotguaranteed
Unsecured(Note 6)
notguaranteedThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

3,000

3,000

2,500
2,200
650
500
400

2,500
2,200
650
500
400

400

400

1,330
1,130
1,250

1,330
1,130
1,250

670

670

450
330

450
330

3,590

3,590

1,310
4,040
1,000

1,310
4,040
1,000

880

880

870
400

870
400

1,930

1,930

2,580
1,700
460

2,580
1,700
460

5,040

5,040

4,900
2,480
1,880
1,250

4,900
2,480
1,880
1,250

880

880

660

660

SBI Shinsei Bank, Limited

420

420

The 77 Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Citibank, N.A., Tokyo Branch
Resona Bank, Limited.
The Bank of Fukuoka, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.
The Bank of Yokohama, Ltd.

250

250

940

940

900
820
370
370
210

900
820
370
370
210

210

210

370

370

Category
Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
THE NISHI-NIPPON CITY
BANK, LTD.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Citibank, N.A., Tokyo Branch
Sumitomo Mitsui Trust Bank,
LimitedThe Gunma Bank, Ltd.
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
THE NISHI-NIPPON CITY
BANK, LTD.
The Yamanashi Chuo Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
San ju San Bank, Ltd.
Development Bank of Japan Inc.
THE NISHI-NIPPON CITY
BANK, LTD.
Sumitomo Mitsui Trust Bank,
LimitedDate ofborrowing

October 13,
2020

December11, 2020

December11, 2020

December11, 2020

December11, 2020

July 15,
2021

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

0.34%(Note 4)

October 13,
2028

Lump-sum(Note 6)

Unsecurednotguaranteed

0.25%(Note 4)

October
14, 2025

Lump-sum(Note 7)

Unsecurednotguaranteed

0.29%(Note 4)

December
10, 2027

Lump-sum(Note 7)

Unsecurednotguaranteed

0.33%(Note 4)

October
13, 2028

Lump-sum(Note 7)

Unsecurednotguaranteed

0.42%(Note 4)

December11, 2029

Lump-sum(Note 7)

Unsecurednotguaranteed

0.23%(Note 4)

June 30,2026

Lump-sum(Note 7)

Unsecurednotguaranteed

Asset Management Report ｜ 45

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

790

790

760
690
370
210
140
1,950

760
690
370
210
140
1,950

430

430

SBI Shinsei Bank, Limited

290

290

The 77 Bank, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.
San ju San Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
Kansai Mirai Bank, Limited
The Bank of Yokohama, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank,
Limited
Citibank, N.A., Tokyo Branch
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
The Norinchukin Bank
Aozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Yamaguchi Bank, Ltd.

200

200

530

530

430
330
740
370

430
330
740
370

640

640

550
530
300

550
530
300

120

120

150
210
40

150
210
40

340

340

140

140

420

420

550
720
150
130
200

550
720
150
130
200

2,500

2,500

500
1,000
300

500
1,000
300

Category
Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedDate ofborrowing

July 15,
2021

July 15,2021

September
1, 2021

September
1, 2021

December20, 2021

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

0.37%(Note 4)

July 12,2030

Lump-sum(Note 7)

Unsecurednotguaranteed

0.44%(Note 4)

April 30,
2031

Lump-sum(Note 7)

Unsecurednotguaranteed

0.22%(Note 4)

June 30,2026

Lump-sum(Note 6)

Unsecurednotguaranteed

0.37%(Note 4)

July 12,2030

Lump-sum(Note 6)

Unsecurednotguaranteed

0.30%(Note 4)

December
10, 2027

Lump-sum(Note 6)

Unsecurednotguaranteed

Unsecurednotguaranteed

2,600

2,600

December20, 2021

800
500
1,000

800
500
1,000

0.50%
(Note 4)

December19, 2031

Lump-sum(Note 6)

Sumitomo Mitsui Banking
Corporation

January 14,
2022

980

980

0.31%
(Note 4)

December21, 2026

Lump-sum(Note 6)

MUFG Bank, Ltd.

January 14,
2022

1,460

1,460

0.31%
(Note 4)

December21, 2026

Lump-sum46 ｜ Asset Management Report

Unsecurednotguaranteed
Unsecured(Note 6)
notguaranteedThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Category
Name of financial institution

Date ofborrowing

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
Citibank, N.A., Tokyo Branch
The 77 Bank, Ltd.
The Gunma Bank, Ltd.

February28, 2022

Mizuho Bank, Ltd.

February28, 2022

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.

February28, 2022

SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank,
Limited
Citibank, N.A., Tokyo Branch

September
2, 2022

SBI Shinsei Bank, Limited
Resona Bank, Limited.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank,
LimitedSBI Shinsei Bank, Limited
The Chiba Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
The Bank of Fukuoka, Ltd.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.

September
2, 2022

September
2, 2022

November30, 2022

November30, 2022

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

1,850

1,850

1,700
390
950

1,700
390
950

480

480

1,190
120
420

1,190
120
420

3,000

3,000

580

580

580
280
370

580
280
370

140

140

850

850

850
900
750

850
900
750

500

500

1,200

1,200

650

650

1,000

1,000

4,580

4,580

4,580
4,400
650
580

4,580
4,400
650
580

1,000

1,000

580
500

580
500

1,080

1,080

1,000
600
890
1,000
800

1,000
600
890
1,000
800

2,660

2,660

2,340
1,100
800
1,100
500
500

2,340
1,100
800
1,100
500
500

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

0.31%(Note 4)

February28, 2025

Lump-sum(Note 6)

Unsecurednotguaranteed

0.35%(Note 4)

February
26, 2027

Lump-sum(Note 6)

Unsecurednotguaranteed

0.49%(Note 4)

February28, 2029

Lump-sum(Note 6)

Unsecurednotguaranteed

0.41%(Note 4)

June 30,2026

Lump-sum(Note 6)

Unsecurednotguaranteed

0.42%(Note 4)

May 28,2027

Lump-sum(Note 6)

Unsecurednotguaranteed

0.53%(Note 4)

July 31,2028

Lump-sum(Note 6)

Unsecurednotguaranteed

0.77%(Note 4)

July 6,2029

Lump-sum

Note 6)

Unsecurednotguaranteed

0.85%(Note 4)

July 12,2030

Lump-sum(Note 6)

Unsecurednotguaranteed

Asset Management Report ｜ 47

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Category
Name of financial institution

Date ofborrowing

Long-term loans payable

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

1,260

1,260

1,160
1,100
1,000
700
500

1,160
1,100
1,000
700
500

500

500

300
1,000

300
1,000

Average
rate(Note 2)

Repayment
date(Note 3)

Repayment

Use

Remarks

0.95%(Note 4)

April 30,
2031

Lump-sum(Note 6)

Unsecurednotguaranteed(Note 6)

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
THE NISHI-NIPPON CITY
BANK, LTD.
Aozora Bank, Ltd.
The Yamaguchi Bank, Ltd.

November30, 2022

Mizuho Bank, Ltd.

November30, 2022

800

800

1.01%
(Note 4)

February27, 2032

Lump-sum

Kansai Mirai Bank, Limited

November30, 2022

1,200

1,200

1.05%
(Note 4)

November30, 2032

Lump-sum

1,700

1,700

1,550
540
350
150
470
300
500
470

1,550
540
350
150
470
300
500
470

0.25%

June 30,2026

Lump-sum(Note 6)

Unsecurednotguaranteed

1,000

1,000

0.75%
(Note 4)

May 28,2027

Lump-sum(Note 6)

Unsecurednotguaranteed

1,150

1,150

1,050
360
230
110

1,050
360
230
110

1.20%
(Note 4)

April 30,
2031

Lump-sum(Note 6)

Unsecurednotguaranteed

200

200

0.24%

June 30,2026

Lump-sum(Note 6)

Unsecurednotguaranteed

0.52%(Note 4)

May 28,2027

Lump-sum(Note 6)

Unsecurednotguaranteed

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Citibank, N.A., Tokyo Branch
SBI Shinsei Bank, Limited
Shinkin Central BankThe Joyo Bank, Ltd.

February28, 2023

Mizuho Bank, Ltd.

February28, 2023

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.

February28, 2023

SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank,
LimitedThe Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
Shinkin Central BankThe Joyo Bank, Ltd.
The Minato Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
The Joyo Bank, Ltd.
The Minato Bank, Ltd.

48 ｜ Asset Management Report

June 16,
2023

June 16,
2023

2,120

2,120

1,950
1,540
700

1,950
1,540
700

1,000

1,000

500
200
500
400
1,250
300

500
200
500
400
1,250
300

944

944

830
990
300
220
300
250
350

830
990
300
220
300
250
350

Unsecurednotguaranteed
Unsecured(Note 6)
notguaranteedThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Category
Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
The Yamaguchi Bank, Ltd.
Shinkin Central Bank
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.
The Yamaguchi Bank, Ltd.
Shinkin Central Bank
The Minato Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Date ofborrowing

June 16,
2023

June 16,
2023

July 31,2023

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

790

790

690
600
500
400
450
500
1,000
300

690
600
500
400
450
500
1,000
300

1,496

1,496

1,280
970
500
300
280

1,280
970
500
300
280

300

300

500
300
350

500
300
350

726

726

1,040
750
613
300

1,040
750
613
300

1,261

1,261

505

505

719
1,486

719
1,486

Average
rate(Note 2)

Repayment
date
Repayment(Note 3)0.87%
(Note4)

February28, 2031

0.99%(Note 4)Use

Remarks

Lump-sum(Note 6)

Unsecurednotguaranteed

February27, 2032

Lump-sum(Note 6)

Unsecurednotguaranteed

0.51%(Note 4)

May 31,2027

Lump-sum(Note 6)

Unsecurednotguaranteed

0.66%(Note 4)

July 6,2029

Lump-sum(Note 6)

Unsecurednotguaranteed

0.80%(Note 4)

July 12,2030

Lump-sum(Note 6)

Unsecurednotguaranteed

Mizuho Bank, Ltd.

July 31,2023

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.

July 31,2023

MUFG Bank, Ltd.

September
1, 2023

-

3,780

0.94%

July 12,2030

Lump-sum(Note 6)

MUFG Bank, Ltd.

September
1, 2023

-

580

0.94%

July 12,2030

Lump-sum(Note 6)

Sumitomo Mitsui Banking
Corporation

September
1, 2023

-

870

0.96%
(Note 4)

July 12,2030

Lump-sum(Note 6)

Sumitomo Mitsui Trust Bank,
LimitedDecember20, 2023

-

1,150

1.03%
(Note 4)

December20, 2030

Lump-sum(Note 6)

Sumitomo Mitsui Trust Bank,
LimitedDecember20, 2023

-

1,250

0.79%
(Note 4)

July 31,2028

Lump-sum(Note 6)Development Bank of Japan Inc.

December20, 2023

-

1,250

0.82%
(Note 4)

July 31,2028

Lump-sum(Note 6)

-

1,620

-

2,140
1,210
600
500

-

500

0.92%
(Note 4)

February28, 2030

Lump-sum(Note 6)

-

300
180
470
180
300

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank,
LimitedThe Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
The Chugoku Bank, Limited

February 29,
2024

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Unsecurednotguaranteed

Asset Management Report ｜ 49

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

Category

Date ofborrowing

Name of financial institution

Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank,
LimitedThe Bank of Fukuoka, Ltd.
The Chugoku Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank

Balance at
beginning of
the period(Million yen)

Balance at
end of theperiod(Million yen)

-

1,430

-

1,700
620
350

-

200

-

200
200

-

850

-

February 29,
2024

February 29,
2024

Average
rate(Note 2)

Repayment
date
Repayment(Note 3)

1.12%
(Note 4)

February27, 2032

850
490
500
300

1.23%
(Note 4)Use

Remarks

Lump-sum(Note 6)

Unsecurednotguaranteed

February28, 2033

Lump-sum(Note 6)

Unsecurednotguaranteed

MUFG Bank, Ltd.

February 29,
2024

-

1,900

1.10%

February27, 2032

Lump-sum(Note 6)The Minato Bank, Ltd.

February 29,
2024

-

1,000

1.02%
(Note 4)

February28, 2031

Lump-sum(Note 6)

The Gunma Bank, Ltd.

February 29,
2024

-

1,000

1.02%
(Note 4)

February28, 2031

Lump-sum(Note 6)

Resona Bank, Limited.

February 29,
2024

-

1,000

0.18%
(Note 8)February28, 2027

Lump-sum(Note 6)

Subtotal

341,460

341,460

Total

341,460

341,460

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed(Note 1)“Long-term loans payable” includes the current portion of long-term loans payable as of each period end.

(Note 2)

“Average rate” represents the weighted average interest rate during the fiscal period and is rounded to the second decimal place.

(Note 3)

When the repayment date falls on a day other than a business day, it shall be the next business day.

(Note 4)

GLP J-REIT uses interest rate swaps to hedge the interest rate risk exposure. The rate stated above is the effective rate of interest
after interest rate swaps.

(Note 5)

Of outstanding loan balance of 8,150 million yen at beginning of the period, GLP J-REIT repaid 8,150 million yen on February 29,
2024 before its contractual repayment date.

(Note 6)

The fund was used to make repayments of bank borrowings.

(Note 7)

The fund was used to acquire properties or beneficiary rights of real estate in trust.

(Note 8)The loan from Resona Bank, Limited. is deemed to meet the requirements for eligible investments and loans disclosed under the"Fund-Provisioning Measure to Support Financing for Climate Change Responses" by the Bank of Japan. The lending bank plans toreceive funding through the Bank of Japan's "Operations to Support Financing for Responses to Climate Change (hereinafter,“Climate Change Operations”)." The interest rate for the loan will be based on the rate stipulated in the basic policy of the Climate
Change Operations. If the loan becomes partially or wholly non-compliant with the eligibility requirements during the loan period,or if the Bank of Japan discontinues the Climate Change Operations and stops providing rates, the interest rate for the loan thereafter
will be based on the three-month Japanese yen TIBOR published by the General Incorporated Association JBA TIBOR
Administration two business days before the interest payment date of the most recent interest calculation period.

50 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

3. Status of Investment Corporation Bonds
The following summarizes the status of investment corporation bonds issued as of the current period end.
Balance at
beginning of
the period(Million yen)

Balance at endof the period(Million yen)Interest
rate(Note 1)

2,000

2,000

0.98%

3,000

3,000

1.17%

1,500

1,500

0.89%

1,100

1,100

0.45%

1,000

1,000

0.47%

1,000

1,000

0.56%

December20, 2018

5,100

5,100

0.68%

July 8,
2019

8,000

8,000

November27, 2019

5,000

September25, 2020

Maturity
methodUse

Remarks

Lump-sum(Note 2)

(Note 4)Lump-sum(Note 2)

(Note 4)Lump-sum(Note 2)

(Note 4)Lump-sum(Note 2)

(Note 4)Lump-sum(Note 2)

(Note 4)Lump-sum(Note 2)

(Note 4)

December20, 2028

Lump-sum(Note 2)

(Note 4)

0.61%

July 6,2029

Lump-sum(Note 2)

(Note 5)

5,000

0.55%

November27, 2029

Lump-sum(Note 3)(Note 4)

5,000

5,000

0.51%

September25, 2030

Lump-sum(Note 2)

(Note 4)

December23, 2020

3,500

3,500

0.75%

December21, 2035

Lump-sum(Note 3)(Note 4)

March 23,
2021

5,000

5,000

0.97%

March 22,2041

Lump-sum(Note 2)

(Note 4)September
28, 2021

6,000

6,000

0.28%
(Note 7)

September
28, 2028

Lump-sum(Note 2)

(Note 4)

February25, 2022

2,000

2,000

0.13%

February25, 2025

Lump-sum(Note 2)

(Note 4)

February25, 2022

1,300

1,300

0.52%

February25, 2032

Lump-sum(Note 2)

(Note 4)

December23, 2022

2,000

2,000

0.82%

December23, 2032

Lump-sum(Notes 2
and 3)(Note 4)

July 26,
2023

2,600

2,600

0.90%

July 26,
2033

Lump-sum(Notes 2
and 3)(Note 4)

55,10055,100Description

Issued date

GLP J-REIT
2nd Unsecured Bonds
GLP J-REIT
5th Unsecured Bonds
GLP J-REIT
6th Unsecured Bonds
GLP J-REIT
8th Unsecured Bonds
GLP J-REIT
9th Unsecured Bonds
GLP J-REIT
11th Unsecured Bonds
GLP J-REIT
12th Unsecured Bonds(Green Bonds)
GLP J-REIT
13th Unsecured Bonds(Green Bonds)
GLP J-REIT
14th Unsecured Bonds(Green Bonds)
GLP J-REIT
15th Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
16th Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
17th Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
18th Unsecured Bonds(Green Bonds)(Sustainability-Linked
Bonds)GLP J-REIT
19th Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
20th Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
21st Unsecured Bonds(Sustainability Bonds)
GLP J-REIT
22nd Unsecured Bonds(Sustainability Bonds)

July 30,
2014
December26, 2014
June 30,
2015
November28, 2016
February27, 2017
July 9,
2018

Total

Maturitydate
July 30,2024
December25, 2026
June 30,
2025
November27, 2026
February
26, 2027
July 7,2028(Note 1)“Interest rate” is rounded to the second decimal place.

(Note 2)

The fund was used to repay bank borrowings.

(Note 3)

The fund was used to redeem the investment corporation bonds.

(Note 4)The bond is subject to the special pari passu clause among specified investment corporation bonds.

(Note 5)The bond is subject to the special pari passu clause among investment corporation bonds.

(Note 6)The “Sustainability-Linked Bonds” refer to bonds whose terms and conditions may change depending on whether orAsset Management Report ｜ 51

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.
not the predetermined targeted KPI (Key Performance Indicator) or SPTs (Sustainability Performance Targets) areachieved.
(Note 7)The interest rate from the following day of September 28, 2021 to September 28, 2025 is 0.284% annum. If GLP JREIT achieves the SPTs on each verification day on or after December 31, 2024, the interest rate will become 0.234%
annum on the following day of September 28, 2025 and thereafter.

4. Status of Short-Term Investment Corporation Bonds
None

5. Status of Subscription Rights to New Investment Units
None[Acquisition and Disposition]
1. Acquisition and Disposition of Real Estate Properties & Asset-Backed Securities andInfrastructure & Infrastructure Related Assets
Acquisition
Type ofasset
Beneficiaryright ofreal estatein trust
Beneficiaryright ofreal estatein trust
Preferredequitysecurities
Preferredequitysecurities(Note)Name of property

Acquisitiondate

Acquisition
price(Million yen)
(Note)

Disposition
date

Disposition
Disposition
priceBook value(Million yen) (Million yen)
(Note)

Gain / Loss
(Million yen)

GLP Morioka－－

September25, 2023

749

671

71

GLP Narashino II(Buildings)－－

September
29, 2023

5,850

5,717

56

September
28, 2023

233

－

－

－

－

November29, 2023

23

－

－

－

－

6,599

6,388

128

Preferred equity
securities of Acacia
Special Purpose
Company
Preferred equity
securities of Acacia
Special Purpose
Company
Total

256“Acquisition price” or “Disposition price” represents the purchase/sale amount of beneficiary right of real estate intrust as stated in the Purchase and Sale Contract of Beneficiary Rights of Real Estate in Trust or the amount required
to acquire preferred equity securities. The amounts exclude acquisition/disposition costs and consumption taxes.

2. Acquisition and Disposition of Other Assets
Other assets except real estate properties & asset-backed securities and infrastructure & infrastructure related assets mentioned above
mostly consist of cash and deposits and cash and deposits in trust.

52 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

3. Appraisal Values of Specified Assets(1) Real estate properties
Acquisitionordisposition

Name of property

Disposition

GLP Morioka

Disposition

GLP Narashino II(Buildings)

Acquisition orAppraisal value
Acquisition or
disposition pricedisposition(Million yen)
(Million yen)date
(Note 2)
(Note 1)
September 25,
749
749
2023
September 29,
5,850
5,790
2023

Name of appraiser

Date ofappraisal

Tanizawa Sogo
Appraisal Co., Ltd.
Tanizawa Sogo
Appraisal Co., Ltd.

February 29,
2023
August 31,
2023(Note 1)“Acquisition price” or “Disposition price” represents the purchase/sales amount of beneficiary right of real estate intrust as stated in the Purchase and Sales Contract of Beneficiary Rights of Real Estate in Trust. The amounts exclude
acquisition/disposition costs and consumption taxes.

(Note 2)

“Appraisal value” of specified assets above was determined in accordance with the “Real Estate Appraisal Standards,
Specific Standards Chapter 3, Appraisal of Securitized Properties” or the “General Guideline for Real EstateAppraisers on Determination of Purpose and Scope of Valuation and Contents of Report” issued by Ministry of Land,
Infrastructure, Transport and Tourism of Japan.

(2) Asset-Backed Securities
Acquisitionordisposition
Acquisition
Acquisition

Name
Preferred equity securities of
Acacia Special Purpose Company
Preferred equity securities of
Acacia Special Purpose Company

Acquisition date

Acquisition price(Million yen) (Note 1)

September 28, 2023

233

November 29, 2023

23

(Note 1)“Acquisition price” presents the amount required to acquire preferred equity securities. The amounts exclude
expenditures in connection with acquisition and consumption taxes.

(Note 2)For transactions of specified assets whose values, etc. needs to be investigated in accordance with the Article 201-2of the Investment Trust Act, Tokyo Kyodo Accounting Office performed the investigation based on Professional
Practice Guidelines 4460, the “Practical Guidelines on Agreed-Upon Procedures for the Investigation of Values, etc.
of Specified Assets held by Investment Trusts or Investment Corporations” issued by the Japanese Institute ofCertified Public Accountants. GLP J-REIT was notified of the results of the investigation.

(3) Other(a) Name of the party who performed the investigation
Tokyo Kyodo Accounting Office(b) Overview of the method and results of the investigation
The transaction subject to the investigation for the period from September 1, 2023 to February 29, 2024 is one interest rate
swap transaction. For the transaction, GLP J-REIT entrusted Tokyo Kyodo Accounting Office to perform the investigation ofcomparable price, name of its counterparty, contract amount, duration of transaction etc. based on the Article 201-2 of theInvestment Trust Act, and obtained the report on agreed-upon procedures based on Professional Practice Guidelines 4460, the“Practical Guidelines on Agreed-Upon Procedures for the Investigation of Values, etc. of Specified Assets held by Investment
Trusts or Investment Corporations” issued by the Japanese Institute of Certified Public Accountants.
This investigation is neither a part of the financial statements audit nor an assurance engagement on the reasonableness ofvalues or the internal control system.

Asset Management Report ｜ 53

This is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

4. Transactions with Interested Parties(1) Transactions
None to report.

(2) Amounts of fees paid
Name of interested parties and major shareholders andthe amount of transactions
Amount paid (B)Paid to(Thousand yen)

Total fees (A)(Thousand yen)(B)/(A)(%)

Property management fee

480,127

GLP Capital Partners Japan Inc.

480,127

100.0

Leasing commission

132,036

GLP Capital Partners Japan Inc.

132,036

100.0

7,500

100.0

7,500

Royalty fee(Note)GLP Japan Inc.

The term “interested parties” refers to interested parties of Asset Management Company (Asset Manager) as
stipulated by Article 123 of the Order for Enforcement of the Investment Trust Act and Article 26, Paragraph 1, Item
27 of the Regulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by
The Investment Trust Association, Japan.

5. Status on Transactions with Asset Manager in connection with Concurrent Businessconducted by the Asset Manager
No item to report since GLP Japan Advisors Inc., the Asset Manager of GLP J-REIT, does not concurrently engaged in any of theType I Financial Instruments Business, Type II Financial Instruments Business, Building Lots and Buildings Transaction Business orReal Estate Specified Joint Business.

[Accounting]
1. Status on Assets, Liabilities, Principals, and Income and Losses
Please refer to the “Balance Sheets,” “Statements of Income,” “Statements of Changes in Net Assets,” “Notes to Financial Statements”
and “Statements of Distributions” presented later in this report.
The prior period information on the “Balance Sheets,” “Statements of Income,” “Statements of Changes in Net Assets,” “Notes toFinancial Statements” and “Statements of Distributions” is for the reference purpose only and out of the scope of the independent audit
for the current period under the Article 130 of the Investment Trust Act.

2. Change in Calculation of Depreciation
None

3. Change in Valuation of Real Estate Properties and Infrastructure Assets
None

54 ｜ Asset Management ReportThis is an English translation of our Shisan-unyou-houkoku for the six-month period ended February 29, 2024 preparedon April 15, 2024.

4. Status of Beneficiary Certificates of Investment Trust Established by Self
None

[Other Information]
1. Notice
The following summarizes an overview of major contracts that the Board of Directors of GLP J-REIT approved to conclude or
modify for the current period.
Date of approval
November 27,
2023

Item
Conclusion of
Agreement, etc.
with regard to theacquisition of own
investment units

Summary
With regard to the acquisition of own investment units, it was approved to conclude
the following agreement, etc. with effective date of November 27, 2023.
(1) Entrustment agreement, relating to the acquisition of own investment units,
concluded with SMBC Nikko Securities Inc.
(2) Submission of the acquisition plan of own investment units to SMBC Nikko
Securities Inc.

2. OtherIn this report, any fraction is rounded down for monetary amounts and rounded off for ratios unless otherwise stated.

[Disclosure regarding Investments in Real Estate Holding Companies in Foreign Countries]
None[Disclosure regarding Properties Held by above Mentioned Real Estate Holding Companies in
Foreign Countries]
None

Asset Management Report ｜ 55

SUPPLEMENTAL INFORMATION[The information provided in this section is based on the status as of February 29, 2024, unless otherwise stated.]

Diversification of Portfolio
The following summarizes the diversification of properties in trust.
a. By Geographical Area
Total floor space(m2) (Note 1)

Ratio(%) (Note 2)

Acquisition cost
(Million yen)

2,413,101.27

59.7

577,173

65.0

Greater Osaka area

866,265.57

21.4

173,075

19.5

Other

763,659.43

18.9

137,406

15.5

4,043,026.27

100.0

887,655

100.0

Area
Tokyo metropolitan area

Total

Ratio
(%) (Note 2)(Note 1) “Total floor space” is based on the floor space stated on any of the followings: certificate of completion of the major building(for GLP Higashi-Ogishima III, GLP Hirakata II, GLP Hiroshima and GLP Rokko IV, the warehouse building registered as
the major building and annex building), notice of verification of building construction or application for verification ofbuilding construction. For a property in trust under joint co-ownership, floor space is based on the entire property.
(Note 2) “Ratio” is rounded to the first decimal place. Thus, the totals shown do not necessarily agree with the sums of the individual
ratios.
(Note 3) The building portion of GLP Narashino II (Land) was sold in the fiscal period ended February 29, 2024. The above“Acquisition cost” for this property is stated only for the land portion in trust.
(Note 4) GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. The above“Acquisition cost” for this property is stated only for the land portion in trust.
b. By Building Age
Building age (Note 1)
20 years or more
15 years or more but
less than 20 years
10 years or more but
less than 15 years
5 years or more but
less than 10 years
Less than 5 years
Total

Number ofproperties

Total floor space(m2) (Note 2)

Ratio(%) (Note 3)

Acquisition cost
(Million yen)

Ratio(%) (Note 3)

34

904,306.70

22.4

187,09621.4

30

1,663,734.30

41.2

352,77940.3

3232,793.84

5.8

32,7963.7

10635,051.60

15.7

155,54917.8

12607,139.83

15.0

147,81016.9

894,043,026.27

100.0

876,032

100.0(Note 1) As a general rule, “Building age” shows the period of years from a completion date of new construction of major building (forGLP Urayasu II, the reconstructed building with the larger floor space) stated on real estate register to February 29, 2024.
(Note 2) “Total floor space” is based on the floor space stated on any of the followings: certificate of completion of the major building(for GLP Higashi-Ogishima III, GLP Hirakata II, GLP Hiroshima and GLP Rokko IV, the warehouse building registered as
the major building and annex building), notice of verification of building construction or application for verification ofbuilding construction. For a property in trust under joint co-ownership, floor space is based on the entire property.
(Note 3) “Ratio” is rounded to the first decimal place. Thus, the totals shown do not necessarily agree with the sums of the individual
ratios.
(Note 4) GLP Narashino II (Land) is not included in the table above since the building portion of the property was sold in the fiscal
period ended February 29, 2024.
(Note 5) GLP Maishima II is not included in the table above since the property (except for land in trust) was significantly destroyed by
the fire accident in the fiscal period ended February 28, 2022.

56 ｜ Semi-Annual Report

c. By Total Floor Space
Total floor space (m2) Number of(Note 1)properties

Total floor space(m2) (Note 1)

Ratio(%) (Note 2)

Acquisition cost
(Million yen)

Ratio(%) (Note 2)

8

1,046,937.98

25.9

234,71926.8

181,239,912.02

30.7

264,86330.2

30

1,134,741.61

28.1

241,77027.6

33621,434.66

15.4

134,679

15.4

less than 10,000 m2

－

－

－

－

－

Total

89

4,043,026.27

100.0

876,032100.0

100,000 m2 or more
50,000 m2 or more but
less than 100,000 m2
30,000 m2 or more but
less than 50,000 m2
10,000 m2 or more but
less than 30,000 m2(Note 1) “Total floor space” is based on the floor space stated on any of the followings: certificate of completion of the major building(for GLP Higashi-Ogishima III, GLP Hirakata II, GLP Hiroshima and GLP Rokko IV, the warehouse building registered as
the major building and annex building), notice of verification of building construction or application for verification ofbuilding construction. For a property in trust under joint co-ownership, floor space is based on the entire property.
(Note 2) “Ratio” is rounded to the first decimal place. Thus, the totals shown do not necessarily agree with the sums of the individual
ratios.
(Note 3) GLP Narashino II (Land) is not included in the table above since the building portion of the property was sold in the fiscal
period ended February 29, 2024.
(Note 4) GLP Maishima II is not included in the table above since the property (except for land in trust) was significantly destroyed by
the fire accident in the fiscal period ended February 28, 2022.
d. By Remaining Lease Period
Lease period(Remaining period)(Note 1)
7 years or more
5 years or more but
less than 7 years
3 years or more but
less than 5 years
1 year or more but lessthan 3 years
Less than 1 year
Total

Leased area(m2) (Note 2)

Ratio(%) (Note 3)

Annual contracted
rent(Million yen)
(Note 4)Ratio(%) (Note 3)

801,104.40

23.0

12,38324.9

263,566.41

7.6

3,243

6.5

925,648.80

26.5

13,10726.3

1,008,754.99

28.9

13,92828.0

491,092.62

14.1

7,142

14.3

3,490,167.24

100.0

49,804100.0(Note 1) “Lease period” represents the remaining lease period subsequent to February 29, 2024 based on the lease agreement of each
property or property in trust as of February 29, 2024.
(Note 2) “Leased area” represents the total leased area by remaining lease period, based on the relevant lease agreement of each
property or property in trust as of February 29, 2024, and is rounded down to the second decimal place. For a property in trust
under joint co-ownership, leased area is computed by multiplying the joint co-ownership ratio.
(Note 3) “Ratio” is rounded to the first decimal place. Thus, the totals shown do not necessarily agree with the sums of the individual
ratios.
(Note 4) “Annual contracted rent” represents the total of individual rents annualized and classified by remaining lease period. It is
calculated by multiplying the monthly contracted rent for building (including CAM but excluding consumption taxes. If theproperty or property in trust has multiple tenants, the total of all monthly rents.) indicated in the relevant lease agreement(s) ofeach property or property in trust as of February 29, 2024 by 12, rounded down to the nearest one million yen. For a property
in trust under joint co-ownership, leased area is computed by multiplying the joint co-ownership ratio.
(Note 5) GLP Narashino II (Land) is not included in the table above since the building portion of the property was sold in the fiscal
period ended February 29, 2024.
(Note 6) GLP Maishima II is not included in the table above since the property (except for land in trust) was significantly destroyed by
the fire accident in the fiscal period ended February 28, 2022.

Semi-Annual Report ｜ 57

Summary of Portfolio Properties
Area

Tokyo-1

GLP Tokyo

Ota, Tokyo

Annual contracted Tenant leasehold
rentand security deposit(Million yen)
(Million yen)
(Note 2)
(Note 3)
November 17, 2003
(Note 4)(Note 4)

Tokyo-2

GLP Higashi-Ogishima

Kawasaki, Kanagawa

August 27, 1987

Tokyo-3

GLP Akishima

Akishima, Tokyo

February 10, 2001

(Note 4)(Note 4)30,939.95

Tokyo-4

GLP Tomisato

Tomisato, Chiba

July 3, 2007

(Note 4)(Note 4)39,398.15

Tokyo-5

GLP Narashino II

Narashino, Chiba

August 26, 1991

(Note 4)(Note 4)55,185.00

Tokyo-6

GLP Funabashi

Funabashi, Chiba

April 14, 1990

(Note 4)(Note 4)

5,804.04

Tokyo-7

GLP Kazo

Kazo, Saitama

March 11, 2005

(Note 4)(Note 4)

38,278.86

Tokyo-9

GLP Sugito II

Kita-katsushika, Saitama

January 18, 2007

1,361

387

53,792.06

Tokyo-10

GLP Iwatsuki

Saitama, Saitama

August 5, 2008

(Note 4)(Note 4)

17,277.60

Property
numberName of property

Location

Construction date
(Note 1)

(Note 4)(Note 4)

Land area(m2)
14,879.68
25,313.64

Tokyo-11

GLP Kasukabe

Kasukabe, Saitama

July 15, 2004

(Note 4)(Note 4)

18,269.08

Tokyo-12

GLP Koshigaya II

Koshigaya, Saitama

July 28, 2006

(Note 4)(Note 4)

16,056.14

Tokyo-13

GLP Misato II

Misato, Saitama

September 19, 2008

1,010

334

30,614.09

Tokyo-14

GLP Tatsumi

Koto, Tokyo

September 8, 2003

(Note 4)(Note 4)6,500.01

Tokyo-15

GLP Hamura

Hamura, Tokyo

January 13, 2009

(Note 4)(Note 4)

26,712.92

Tokyo-16

GLP Funabashi III

Funabashi, Chiba

January 24, 2001

(Note 4)(Note 4)9,224.00

Tokyo-17

GLP Sodegaura

Sodegaura, Chiba

June 15, 2007

(Note 4)(Note 4)32,524.00

Tokyo-18

GLP Urayasu III

Urayasu, Chiba

March 6, 2006

(Note 4)(Note 4)33,654.00

Tokyo-19

GLP Tatsumi IIa

Koto, Tokyo

August 28, 1986

(Note 4)(Note 4)

6,384.51

Tokyo-21

GLP Tokyo II

Koto, Tokyo

April 20, 2006

2,143

519

31,998.97

Tokyo-23

GLP Shinkiba

Koto, Tokyo

August 29, 2002

(Note 4)(Note 4)

11,224.54

Tokyo-24

GLP Narashino

Narashino, Chiba

September 26, 1989

342

70

14,047.00

Tokyo-26

GLP Sugito

Kita-Katsushika, Saitama

July 4, 2005

(Note 4)(Note 4)

48,237.80

Tokyo-27

GLP Matsudo
GLP-MFLP Ichikawa
Shiohama (Note 5)
GLP Atsugi II

Matsudo, Chiba

April 5, 1999

(Note 4)(Note 4)12,088.34

Ichikawa, Chiba

January 14, 2014

Aiko, Kanagawa

June 1, 2016

Tokyo-30

GLP Yoshimi

Hiki, Saitama

September 4, 2015

(Note 4)(Note 4)33,911.95

Tokyo-31

GLP Noda-Yoshiharu

Noda, Chiba

September 19, 2012

(Note 4)(Note 4)

17,026.44

Tokyo-28
Tokyo-29

907

151

52,887.00(Note 4)(Note 4)

38,241.60

Tokyo-32

GLP Urayasu

Urayasu, Chiba

April 7, 2003

(Note 4)(Note 4)

16,054.00

Tokyo-33

GLP Funabashi II

Funabashi, Chiba

January 13, 1989

(Note 4)(Note 4)

16,346.00

Tokyo-34

GLP Misato

Misato, Saitama

January 25, 2006

(Note 4)(Note 4)38,992.48

Tokyo-35

GLP Shinsuna

Koto, Tokyo

March 31, 1987

927

261

22,831.21

Tokyo-36

GLP Shonan

Fujisawa, Kanagawa

December 24, 1999

(Note 4)(Note 4)

14,384.17

Tokyo-37

GLP Yokohama

Yokohama, Kanagawa

June 13, 2005

1,934

488

51,072.79

Tokyo-38

GLP Kawajima

Hiki, Saitama

March 15, 2017

(Note 4)(Note 4)26,857.45

Tokyo-39

GLP Funabashi IV

Funabashi, Chiba

October 27, 1993

(Note 4)(Note 4)

16,718.00

Tokyo-40

GLP Higashi-Ogishima II

Kawasaki, Kanagawa

March 28, 1991

(Note 4)(Note 4)5,000.00

Tokyo-41

GLP Sayama Hidaka II

Hidaka, Saitama

September 5, 2016

(Note 4)(Note 4)

43,218.00

Tokyo-42

GLP Higashi-Ogishima III Kawasaki, Kanagawa

December 20, 1990

(Note 4)(Note 4)

11,309.80

Tokyo-43

GLP Urayasu II

February 7, 2020

(Note 4)(Note 4)24,444.00

Tokyo-44

GLP Kashiwa II

Kashiwa, Chiba

January 10, 2017

(Note 4)(Note 4)

17,440.06

Tokyo-45

GLP Yachiyo II

Yachiyo, Chiba

March 9, 2020

(Note 4)(Note 4)28,039.03

Tokyo-46

GLP Zama

Zama, Kanagawa

June 15, 2015

1,820

809

58,862.02

Urayasu, Chiba

Tokyo-47

GLP Niiza

Niiza, Saitama

March 9, 2019

(Note 4)(Note 4)

17,047.00

Tokyo-48

GLP Sayama Hidaka I

Hidaka, Saitama

December 3, 2015

(Note 4)(Note 4)23,327.46

Tokyo-49

GLP Joso

Joso, Ibaraki

July 5, 2021

(Note 4)(Note 4)40,834.88

Kitamoto, Saitama

May 20, 2021

684

302

25,053.21

Sagamihara, Kanagawa

November 14, 2022

(Note 4)(Note 4)

69,393.56

31,186

10,5301,287,696.49
25,290.30

Tokyo-50

GLP Kitamoto
GLP ALFALINKTokyo-51
Sagamihara 4 (Note 6)
Tokyo metropolitan area, total
Osaka-1

GLP Hirakata

Hirakata, Osaka

September 20, 1985

(Note 4)(Note 4)

Osaka-2

GLP Hirakata II

Hirakata, Osaka

December 11, 2000

(Note 4)(Note 4)

31,131.17

Osaka-3

GLP Maishima II

Osaka, Osaka

－

－

－

24,783.06

Osaka-4

GLP Tsumori

Osaka, Osaka

October 14, 1981

(Note 4)(Note 4)

9,021.75

58 ｜ Semi-Annual ReportArea

Property
numberName of property

Location

Construction date
(Note 1)

Annual contracted Tenant leasehold
and security deposit
rent(Million yen)
(Million yen)
(Note 2)
(Note 3)(Note 4)(Note 4)

Land area(m2)

Osaka-5

GLP Rokko

Kobe, Hyogo

March 4, 1991

Osaka-6

GLP Amagasaki

Amagasaki, Hyogo

December 8, 2006

1.623

696

24,969.30
59,078.60

Osaka-7

GLP Amagasaki II

Amagasaki, Hyogo

February 12, 1992

(Note 4)(Note 4)

4,310.06

Osaka-8

GLP Nara

Yamatokoriyama, Nara

November 22, 1969

(Note 4)(Note 4)

13,420.77

Osaka-9

GLP Sakai

Sakai, Osaka

September 18, 2007

(Note 4)(Note 4)10,000.03

Osaka-10

GLP Rokko II

Kobe, Hyogo

July 26, 2006

(Note 4)(Note 4)

18,212.00

Osaka-11

GLP Kadoma

Kadoma, Osaka

January 29, 1980

(Note 4)(Note 4)

8,436.79

Osaka-14

GLP Kobe-Nishi

Kobe, Hyogo

January 8, 2015

(Note 4)(Note 4)20,999.95

Osaka-15

GLP Fukaehama

Kobe, Hyogo

February 28, 2007

(Note 4)(Note 4)

18,242.52

Osaka-16

GLP Maishima I

Osaka, Osaka

July 10, 2006

(Note 4)(Note 4)25,834.92

Osaka-17

GLP Osaka

Osaka, Osaka

August 19, 2004

1,873

570

45,953.22

Osaka-18

GLP Settsu

Settsu, Osaka

March 20, 1981

(Note 4)(Note 4)37,718.42

Osaka-19

GLP Nishinomiya

Nishinomiya, Hyogo

October 31, 1979

(Note 4)(Note 4)

14,639.04

Osaka-20

GLP Shiga

Kusatsu, Shiga

October 16, 1991

(Note 4)(Note 4)32,678.54

Osaka-21

GLP Neyagawa

Neyagawa, Osaka

April 4, 2018

(Note 4)(Note 4)

13,328.77

Osaka-22

GLP Rokko III

Kobe, Hyogo

September 8, 2019

(Note 4)(Note 4)

15,994.31

Osaka-23

GLP Rokko IV

Kobe, Hyogo

January 16, 1995

(Note 4)(Note 4)

12,998.61

Osaka-24

GLP Amagasaki III

Amagasaki, Hyogo

May 7, 2021

(Note 4)(Note 4)

8,383.85

Osaka-25

GLP Yasu

Yasu, Shiga

March 9, 2021

(Note 4)(Note 4)

9,917.45

10,063

4,038

485,343.43

Greater Osaka area, total
Other-2

GLP Tomiya

Tomiya, Miyagi

April 5, 2006

(Note 4)(Note 4)

19,525.08

Other-3

GLP Koriyama I

Koriyama, Fukushima

August 21, 2008

(Note 4)(Note 4)

18,626.32

Other-4

GLP Koriyama III

Koriyama, Fukushima

February 17, 1993

240

56

22,862.07

Other-5

GLP Tokai

Tokai, Aichi

July 14, 2004

(Note 4)(Note 4)

18,987.22

Other-6

GLP Hayashima

Tsukubo, Okayama

November 28, 1989

(Note 4)(Note 4)

12,808.41

Other-7

GLP Hayashima II

Tsukubo, Okayama

December 7, 2007

(Note 4)(Note 4)

14,675.59

Other-8

GLP Kiyama

Miyaki, Saga

November 5, 2008

(Note 4)(Note 4)73,225.00

Other-10

GLP Sendai

Sendai, Miyagi

January 4, 2007

(Note 4)(Note 4)

19,276.01

Other-12

GLP Kuwana

Kuwana, Mie

September 4, 2006

(Note 4)(Note 4)46,811.76

Other-14

GLP Komaki

Komaki, Aichi

February 15, 2008

(Note 4)(Note 4)

27,640.00

Other-15

GLP Ogimachi

Sendai, Miyagi

August 9, 1974

(Note 4)(Note 4)

10,354.95

Other-16

GLP Hiroshima

Hiroshima, Hiroshima

March 31, 1989

(Note 4)(Note 4)

15,603.94

Other-19

GLP Tosu I

Tosu, Saga

January 31, 2008

(Note 4)(Note 4)

51,843.52

Other-20

GLP Tomiya IV

Tomiya, Miyagi

November 24, 1998

(Note 4)(Note 4)24,947.28

Other-21

GLP Soja I

Soja, Okayama

February 6, 2013

799

263

33,054.58

Other-22

GLP Soja II

Soja, Okayama

October 13, 2015

783

297

33,061.77

Other-23

GLP Fujimae

Nagoya, Aichi

October 21, 1987

(Note 4)(Note 4)

17,972.76

Other-24

GLP Suzuka

Suzuka, Mie

August 25, 2008

(Note 4)(Note 4)

48,682.69

Other-25

GLP Soja III

Soja, Okayama

February 25, 2022

385

180

21,583.19

Other-26

GLP Fukuoka Kasuya

Kasuya, Fukuoka

April 15, 2022

(Note 4)(Note 4)

20,535.62

Other-27

GLP Okinawa Urasoe

Urasoe, Okinawa

February 7, 2023

(Note 4)(Note 4)28,905.00

Other, total

8,554

2,964

580,982.76

Total portfolio

49,804

17,5332,354,022.68(Note 1) “Construction date” generally represents the date of construction of the main building as stated in the property registry. For properties with several
main buildings, it represents the date of construction of the building with the largest floor space according to the property registry. When the date ofconstruction is not stated in the registry, the delivery date of the inspection certificate is shown.
(Note 2) “Annual contracted rent” represents the amount annualized by multiplying the monthly contracted rent (including CAM but excluding consumption
taxes, if the property or property in trust has multiple tenants, the total of all monthly rents) as indicated in the relevant lease agreement(s) of each
property or property in trust as of February 29, 2024 by 12. Any fraction less than one million yen is rounded down. Accordingly, the sum of annual
contracted rent of each property or property in trust may not equal to each subtotal or total of portfolio. In addition, the amount does not include
parking or solar panel rents.
(Note 3) “Tenant leasehold and security deposit” represents total balance of leasehold and security deposit amount based on the lease agreement of each
property or property in trust as of February 29, 2024, rounded down to the nearest million yen. Accordingly, the sum of leasehold and security depositsof each property or property in trust may not equal to each subtotal or total of portfolio.
(Note 4) Not disclosed because the tenants’ consent is not obtained.
(Note 5) “Annual contracted rent” and “Tenant leasehold and security deposit” are computed by multiplying 50% of the joint co-ownership ratio. “Land area” isSemi-Annual Report ｜ 59

based on the entire property.
(Note 6) “Annual contracted rent” and “Tenant leasehold and security deposit” are computed by multiplying 30% of the joint co-ownership ratio. “Land area” isbased on the entire property.

Valuation and Appraisal
Property
numberName of property

Appraiser

Appraisal
value

Date of valuation (Million yen)
(Note 1)

Tokyo-1

GLP Tokyo

Tokyo-2

GLP HigashiOgishima

Tokyo-3

GLP Akishima

JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.

Indicated value
Direct Capitalization
methodValue(Million yen)

Discount Cash Flow method

Cap rate
Value
Discount rate(%)(%)
(Million yen)

Yield
(%)

February 29, 2024

35,50036,2003.2

34,8003.0

3.4

February 29, 2024

8,320

8,550

3.6

8,090

3.4

3.8

February 29, 2024

11,30011,5003.6

11,1003.4

3.8

1y 3.92y 4.03y-10y 4.1

4.2

Tokyo-4

GLP Tomisato

Tanizawa Sogo Appraisal

February 29, 2024

7,070

7,270

4.0

6,990

Tokyo-5

GLP Narashino II Tanizawa Sogo Appraisal(Note 2)February 29, 2024

8,410

－

－

8,410

3.1

3.1

Tokyo-6

GLP Funabashi

Tanizawa Sogo Appraisal

February 29, 2024

2,430

2,510

3.8

2,400

4.0

Tokyo-7

GLP Kazo

Tanizawa Sogo Appraisal

February 29, 2024

16,50016,8003.9

16,300Tokyo-9

JLL Morii Valuation &GLP Sugito II
Advisory K.K.
JLL Morii Valuation &GLP Iwatsuki
Advisory K.K.
JLL Morii Valuation &GLP Kasukabe
Advisory K.K.
GLP Koshigaya II JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &GLP Misato II
Advisory K.K.
JLL Morii Valuation &GLP Tatsumi
Advisory K.K.

1y-7y 3.7
8y- 3.9
1y-2y 3.9
3y-10y 4.0

February 29, 2024

29,00029,4003.5

28,5003.3

3.7

February 29, 2024

11,10011,3003.6

10,8003.4

3.8

February 29, 2024

5,350

5,540

3.6

5,270

3.4

3.8

February 29, 2024

16,00016,6003.5

15,7003.3

3.7

February 29, 2024

24,90026,0003.5

24,4003.3

3.7

February 29, 2024

6,970

7,230

3.2

6,860

3.0

3.4

1y-5y 3.4
6y- 3.6
3.4

3.8

Tokyo-10
Tokyo-11
Tokyo-12
Tokyo-13
Tokyo-14

Tokyo-15 GLP Hamura

Tanizawa Sogo Appraisal

4.1

February 29, 2024

13,10013,4003.6

12,900Tokyo-16 GLP Funabashi III CBRE K.K.
JLL Morii Valuation &Tokyo-17 GLP Sodegaura
Advisory K.K.

February 29, 2024

5,620

5,570

3.7

5,620

February 29, 2024

9,380

9,560

4.3

9,200

4.1

4.5

Tokyo-18 GLP Urayasu III

February 29, 2024

3.3

Tanizawa Sogo Appraisal

27,40027,6003.2

27,3001y-4y 3.1
5y- 3.2

10,20010,400

3.2

9,930

3.0

3.4

57,90059,3003.1

56,40016,00016,4003.3

15,8003.5

February 29, 2024

6,600

6,660

3.9

6,570

2.9
1y-9y 3.2
10y- 3.4
1y-4y 3.7
5y- 3.9

4.0

February 29, 2024

11,10011,4003.7

10,800

3.5

3.9

Tokyo-21 GLP Tokyo II

JLL Morii Valuation &February 29, 2024
Advisory K.K.
Japan Real Estate Institute February 29, 2024

Tokyo-23 GLP Shinkiba

Tanizawa Sogo Appraisal

February 29, 2024

Tokyo-24 GLP Narashino

Tanizawa Sogo Appraisal

Tokyo-19 GLP Tatsumi IIa

Tokyo-26 GLP Sugito
Tokyo-27 GLP Matsudo

JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.

3.7

3.3

February 29, 2024

3,780

3,870

3.8

3,690

3.6

4.0

GLP-MFLP
Tokyo-28 Ichikawa
Japan Real Estate Institute February 29, 2024
Shiohama (Note 3)

20,05020,4003.5

19,650

3.3

3.7

Tokyo-29 GLP Atsugi II

Tanizawa Sogo Appraisal

February 29, 2024

29,00029,8003.2

28,600Tokyo-30 GLP Yoshimi

Tanizawa Sogo Appraisal

February 29, 2024

14,00014,3003.8

13,800GLP NodaTokyo-31
Yoshiharu

Tanizawa Sogo Appraisal

February 29, 2024

6,190

6,220

3.9

6,180

Tokyo-32 GLP Urayasu

Tanizawa Sogo Appraisal

February 29, 2024

8,850

8,980

3.4

8,790

February 29, 2024

8,740

9,100

3.6

8,580

February 29, 2024

19,90020,3003.5

19,400

JLL Morii Valuation &Tokyo-33 GLP Funabashi II
Advisory K.K.
JLL Morii Valuation &Tokyo-34 GLP Misato
Advisory K.K.

1y-2y 3.2
3y- 3.3
1y-2y 3.7
3y- 3.8
1y 3.62y- 3.8
1y-4y 3.2
5y- 3.4

3.4
3.9
3.9
3.5

3.4

3.8

3.3

3.7

1y-2y 3.2
3y-10y 3.4
1y-4y 3.7
5y-3.9

3.5

Tokyo-35 GLP Shinsuna

Tanizawa Sogo Appraisal

February 29, 2024

22,40023,2003.3

22,200Tokyo-36 GLP Shonan

Tanizawa Sogo Appraisal

February 29, 2024

7,320

7,300

3.9

7,330

February 29, 2024

46,00047,7003.3

45,300February 29, 2024

13,60014,0003.5

13,400

3.6

3.7

Tokyo-39 GLP Funabashi IV Japan Real Estate Institute February 29, 2024

9,660

9,830

3.7

9,490

3.5

3.9

Tokyo-37 GLP Yokohama
Tokyo-38 GLP Kawajima

60 ｜ Semi-Annual Report

JLL Morii Valuation &Advisory K.K.
Tanizawa Sogo Appraisal

3.1

4.0
3.5

Property
numberName of property

Appraiser

Date of valuation

Appraisal
value(Million yen)

(Note 1)

GLP HigashiTokyo-40 Ogishima II
GLP Sayama
Tokyo-41 Hidaka II
GLP HigashiTokyo-42 Ogishima III
Tokyo-43 GLP Urayasu II

Indicated value
Direct Capitalization
methodValue(Million yen)

Discount Cash Flow method

Cap rate
Value
Discount rate(%)
(Million yen)
(%)

Yield
(%)

JLL Morii Valuation &Advisory K.K.

February 29, 2024

2,820

2,910

3.6

2,730

3.3

3.8

Tanizawa Sogo Appraisal

February 29, 2024

24,20025,0003.6

23,800

3.7

3.8

7,490

7,670

3.6

7,300

3.4

3.8

19,10019,5003.5

18,6002.9
1y-3y 3.5
4y- 3.7
3.4

3.7

JLL Morii Valuation &February 29, 2024
Advisory K.K.
Japan Real Estate Institute February 29, 2024

3.8

Tokyo-44 GLP Kashiwa II

Tanizawa Sogo Appraisal

February 29, 2024

9,760

10,100

3.6

9,620

Tokyo-45 GLP Yachiyo II

CBRE K.K.

February 29, 2024

15,00014,8003.8

15,000Tokyo-46 GLP Zama

Japan Real Estate Institute February 29, 2024

47,20047,5003.5

46,800

3.2

3.6

Tokyo-47 GLP Niiza
Tokyo-48 GLP Sayama
Hidaka I

CBRE K.K.

February 29, 2024

8,810

8,780

3.8

8,810

3.8

Tanizawa Sogo Appraisal

February 29, 2024

12,50012,8003.7

12,400Tokyo-49 GLP Joso

JLL Morii Valuation &Advisory K.K.

3.4
1-2y 3.5
3y- 3.7

February 29, 2024

16,40017,1003.8

16,100

3.6

4.0

Tokyo-50 GLP Kitamoto

Tanizawa Sogo Appraisal

February 29, 2024

16,20017,0003.5

15,9001y-2y 3.5
3y- 3.6

3.7

20,60021,3003.2

20,3401y-10y 3.2
11y 3.3

3.4

7,240

7,320

4.3

7,150

3.9

4.6

12,00012,2003.9

11,800

3.7

4.1

5,200

0

0.0

0

0.0

0.0

Osaka-4

GLP Hirakata II Japan Real Estate Institute February 29, 2024
GLP Maishima II
Japan Real Estate Institute February 29, 2024
(Note 5)
GLP Tsumori
Japan Real Estate Institute February 29, 2024

3,460

3,520

4.5

3,390

4.2

4.8

Osaka-5

GLP Rokko

Japan Real Estate Institute February 29, 2024

7,550

7,680

4.3

7,410

3.9

4.6

Osaka-6

GLP Amagasaki

Japan Real Estate Institute February 29, 2024

36,90037,6003.6

36,100

3.4

3.8

Osaka-7

GLP Amagasaki II Japan Real Estate Institute February 29, 2024
JLL Morii Valuation &GLP Nara
February 29, 2024
Advisory K.K.
GLP Sakai
Japan Real Estate Institute February 29, 2024

2,940

3,000

4.4

2,880

4.0

4.8

2,860

2,900

5.2

2,810

5.0

5.4

GLP ALFALINKTokyo-51 Sagamihara 4
Tanizawa Sogo Appraisal February 29, 2024
(Note 4)
Osaka-1 GLP Hirakata
Japan Real Estate Institute February 29, 2024
Osaka-2
Osaka-3

Osaka-8
Osaka-9

3.8

3.8

2,600

2,640

4.3

2,550

4.0

4.6

Osaka-10 GLP Rokko II

Tanizawa Sogo Appraisal

February 29, 2024

4,950

4,970

4.1

4,940

4.1

4.3

Osaka-11 GLP Kadoma

CBRE K.K.

February 29, 2024

3,820

3,900

4.0

3,820

3.8

4.1

Osaka-14 GLP Kobe-Nishi

Japan Real Estate Institute February 29, 2024

9,140

9,230

4.3

9,050

4.0

4.4

Osaka-15 GLP Fukaehama

Japan Real Estate Institute February 29, 2024

5,470

5,570

4.2

5,370

3.9

4.4

Osaka-16 GLP Maishima I

Japan Real Estate Institute February 29, 2024
JLL Morii Valuation &February 29, 2024
Advisory K.K.
Japan Real Estate Institute February 29, 2024

22,30022,7003.7

21,9003.5

3.9

44,70045,4003.4

43,900

3.2

3.6

Osaka-17 GLP Osaka
Osaka-18 GLP Settsu

8,100

8,260

4.5

7,940

4.1

4.5

Osaka-19 GLP Nishinomiya Japan Real Estate Institute
JLL Morii Valuation &Osaka-20 GLP Shiga
Advisory K.K.
JLL Morii Valuation &Osaka-21 GLP Neyagawa
Advisory K.K.
JLL Morii Valuation &Osaka-22 GLP Rokko III
Advisory K.K.
JLL Morii Valuation &Osaka-23 GLP Rokko IV
Advisory K.K.
GLP Amagasaki JLL Morii Valuation &Osaka-24
III
Advisory K.K.

February 29, 2024

3,160

3,190

4.5

3,120

4.0

4.4

February 29, 2024

4,990

5,090

4.5

4,890

4.3

4.7

February 29, 2024

9,520

9,740

3.6

9,300

3.4

3.8

February 29, 2024

9,720

10,100

3.6

9,560

3.4

3.8

February 29, 2024

2,970

3,160

3.8

2,890

3.5

4.0

February 29, 2024

6,970

7,260

3.5

6,850

3.3

3.7

Osaka-25 GLP Yasu

Tanizawa Sogo Appraisal

February 29, 2024

Other-2

GLP Tomiya

Tanizawa Sogo Appraisal

February 29, 2024

4,050

4,190

4.5

3,990

Other-3

GLP Koriyama I

Tanizawa Sogo Appraisal

February 29, 2024

4,730

4,760

5.0

4,710

Other-4

GLP Koriyama III Tanizawa Sogo Appraisal

5,920

6,130

4.0

5,830

1y-10y 4.0
11y- 4.1
4.4
4.9
1y 4.82y- 5.0

4.2
4.7
5.2
5.3

February 29, 2024

3,050

3,020

5.1

3,060

9,460

9,670

3.8

9,250

3.6

4.0

Other-6

GLP Hayashima

JLL Morii Valuation &February 29, 2024
Advisory K.K.
Japan Real Estate Institute February 29, 2024

1,980

2,010

4.9

1,950

4.7

5.1

Other-7

GLP Hayashima II Japan Real Estate Institute February 29, 2024

3,420

3,450

4.5

3,380

4.2

4.7

Other-8

GLP Kiyama

Japan Real Estate Institute February 29, 2024

6,780

6,930

4.3

6,620

3.8

4.7

Other-10

GLP Sendai

Tanizawa Sogo Appraisal

February 29, 2024

8,250

8,350

4.3

8,200

Other-12

GLP Kuwana

Tanizawa Sogo Appraisal

February 29, 2024

4,700

4,770

4.9

4,670

Other-5

GLP Tokai

1y-3y 4.0
4y-10y 4.2
1y-3y 4.9
4y-10y 5.1

4.5
5.1

Semi-Annual Report ｜ 61

Property
numberName of property

Appraiser

Date of valuation

Appraisal
value(Million yen)

(Note 1)

Indicated value
Direct Capitalization
methodValue(Million yen)

Discount Cash Flow method

Cap rate
Value
Discount rate(%)
(Million yen)
(%)

Yield
(%)

Other-15

GLP Ogimachi

JLL Morii Valuation &Advisory K.K.
Tanizawa Sogo Appraisal

February 29, 2024

1,670

1,660

5.7

1,670

5.4

5.7

Other-16

GLP Hiroshima

Japan Real Estate Institute February 29, 2024

5,120

5,170

4.7

5,060

4.4

4.9

Other-19

GLP Tosu I

13,60013,8004.2

13,400

3.6

4.4

Other-20

GLP Tomiya IV

Japan Real Estate Institute February 29, 2024
JLL Morii Valuation &February 29, 2024
Advisory K.K.

6,940

7,070

4.5

6,800

4.3

4.7

Other-14

GLP Komaki

February 29, 2024

16,40016,7003.8

16,000

3.6

4.0

Other-21

GLP Soja I

Tanizawa Sogo Appraisal

February 29, 2024

14,10014,2004.4

14,000

Other-22

GLP Soja II

Tanizawa Sogo Appraisal

February 29, 2024

13,90014,2004.4

13,800

Other-23

GLP Fujimae

Tanizawa Sogo Appraisal

February 29, 2024

2,380

2,600

4.2

2,520

Other-24

GLP Suzuka

Tanizawa Sogo Appraisal

February 29, 2024

6,230

6,430

4.3

6,140

Other-25

GLP Soja III

CBRE K.K.

February 29, 2024

7,120

7,150

4.4

7,120

Other-26

GLP Fukuoka
KasuyaTanizawa Sogo Appraisal

February 29, 2024

14,30014,6003.7

14,100

Other-27

GLP Okinawa
UrasoeTanizawa Sogo Appraisal

February 29, 2024

19,00019,6004.4

18,7001Y 4.32-3y 4.4
4y- 4.5
1y-2Y 4.3
3-5y 4.4
6y- 4.5
1y-3y 4.2
4y-10y 4.3
4.4
4.1
1y-8y 3.7
9y 3.81y-9y 4.3
10y- 4.5

4.6
4.6
4.4
4.5
4.5
3.9
4.6

(Note 1) “Appraisal value” represents the appraisal value or research price as set forth on the relevant review 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 Investment Trusts Association,
Japan.
(Note 2) Since the building portion of GLP Narashino II (Land) was sold in the fiscal period ended February 29, 2024, the above “Appraisal value” for thisproperty are stated only for the land portion in trust.
(Note 3) “Appraisal value” of GLP-MFLP Ichikawa Shiohama as of the end of the period is the value based on 50% of the joint co-ownership ratio. “Indicatedvalue” is computed by multiplying 50% of the joint co-ownership ratio.
(Note 4) “Appraisal value” of GLP ALFALINK Sagamihara 4 as of the end of the period is the value based on 30% of the joint co-ownership ratio. “Indicatedvalue” is computed by multiplying 30% of the joint co-ownership ratio.
(Note 5) GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. The above “Appraisal value” for thisproperty are stated only for the land portion in trust.

62 ｜ Semi-Annual ReportSummary of Engineering Reviews and Seismic Risk Assessment
Property
numberName of property

Engineering
due diligencecompany

Date of report

7.6

316,861

11.6

192,260

9.4

August 31, 2023

124,939

8.8

－

－

―

―

385,57914.8

557,598

12.1

December 13, 2021

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

March 31, 2022

GLP Higashi-Ogishima

August 31, 2023

Tokyo-3

GLP Akishima

Tokyo-4

Tokyo-6

GLP Tomisato
GLP Narashino II (Land)(Note 5)
GLP Funabashi

Tokyo-7

GLP Kazo

August 31, 2023

Tokyo-9

GLP Sugito II

Tokyo-10

GLP Iwatsuki

Deloitte Tohmatsu

Tokyo-11

GLP Kasukabe

Property Risk

Tokyo-12

GLP Koshigaya II

Solution Co., Ltd.

February 28, 2023

February 28, 2023

Tokyo-13

GLP Misato II

Tokyo-14

GLP Tatsumi

Tokyo-15

GLP Hamura

Tokyo-16

GLP Funabashi III

Tokyo-17

GLP Sodegaura

Tokyo-18

GLP Urayasu III

Tokyo-19

GLP Tatsumi IIa

Tokyo-21

GLP Tokyo II

Tokyo-23

GLP Shinkiba (Note 6)

July, 9, 2021

Tokyo-24

GLP Narashino

June 30, 2021

Tokyo-26

GLP Sugito

July, 9,2021

Tokyo-27

Tokyo-29

GLP Matsudo
GLP-MFLP Ichikawa
Shiohama (Note 7)
GLP Atsugi II

Tokyo-30

GLP Yoshimi

Tokyo-31

GLP Noda-Yoshiharu

Tokyo-32

GLP Urayasu

Tokyo-33

GLP Funabashi II

Tokyo-34

GLP Misato

Tokyo-35

GLP Shinsuna

Tokyo-36

GLP Shonan

Tokyo-37

GLP Yokohama

Tokyo-38

GLP Kawajima

Tokyo-39

GLP Funabashi IV

Tokyo-40

GLP Higashi-Ogishima II

Tokyo-41

GLP Sayama Hidaka II

Tokyo-42

GLP Higashi-Ogishima III

Tokyo-43

GLP Urayasu II

Tokyo-44

GLP Kashiwa II

Tokyo-45

GLP Yachiyo II

Tokyo-46

GLP Zama

Tokyo-47

GLP Niiza

Tokyo-48

GLP Sayama Hidaka I

Tokyo-49

GLP Joso

Tokyo-50

GLP Kitamoto
GLP ALFALINK
Sagamihara 4 (Note 8)

Tokyo-51

August 31, 2023

August 31 2018

January 31, 2020

Tokio Marine dR
Co., Ltd.

Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

PML (%)(Note 4)

913,853

GLP Tokyo

Tokyo-2

Tokyo-28

Mid- to Long-term
repair andmaintenance expenses(Thousand yen)
(Notes 1 and 3)

－
－
－
－

Tokyo-1

Tokyo-5

Emergency
repair andmaintenanceexpenses(Thousand yen)
(Notes 1 and 2)

662,317

8.4

116,18514.2

225,50814.3

251,1159.8

378,738

11.9

209,424

14.6

61,54012.5

127,980

11.3

63,0009.3

296,600

12.0

145,790

13.6

343,7101.7

389,51014.8

338,880

10.6

494,496

8.4

175,63110.1－

266,920

1.7

July 29, 2022－－

231,553

1.4

188,734

7.9

June 30, 2021－

139,760

11.4

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

296,403

14.2

308,030

14.6

296,18112.6

298,63912.5

142,715

8.3

849,750

1.6－

August 18, 2023

July 30, 2018
November 4, 2020
February 29, 2020
Tokio Marine dR
Co., Ltd.
November 4, 2020

October 3, 2022
June 10, 2021
October 3, 2022
April 26, 2023

154,2889.2

376,392

10.8

205,23910.1

326,209

1.5

318,72112.5

412,952

12.2

95,551

10.7

194,082

10.9

380,892

1.5

108,950

6.6

220,530

1.6

157,120

14.2

139,6879.2

111,186

1.8

Semi-Annual Report ｜ 63

Property
numberName of property

Osaka-1

GLP Hirakata

Osaka-2

GLP Hirakata II

Osaka-3
Osaka-4
Osaka-5

GLP Maishima II (Note 9)
GLP Tsumori
GLP Rokko

Osaka-6

GLP Amagasaki

Osaka-7

GLP Amagasaki II

Engineering
due diligencecompany

Date of report

Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

February 28, 2023－－

Mid- to Long-term
repair andmaintenance expenses(Thousand yen)
(Notes 1 and 3)

PML (%)(Note 4)

November 4, 2020

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

Earth-Appraisal
Co., Ltd.

June 10, 2021

100

162,225

10.4

Tokio Marine dR
Co., Ltd.

October 3, 2022

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

42,19912.6

46,182

11.9

191,643

11.4

151,722

9.0

February 28, 2023
August 31, 2023
Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

Osaka-8

GLP Nara

Osaka-9

GLP Sakai

Osaka-10

GLP Rokko II

August 31, 2018

Osaka-11

GLP Kadoma

July 10, 2020

Osaka-14
Osaka-15
Osaka-16

GLP Kobe-Nishi
GLP Fukaehama
GLP Maishima I

March 30, 2021
July 29, 2022
August 18, 2023

Osaka-17

GLP Osaka

Osaka-18

GLP Settsu

Osaka-19

GLP Nishinomiya

Osaka-20

GLP Shiga

Osaka-21

GLP Neyagawa

Osaka-22

GLP Rokko III

Tokio Marine dR
Co., Ltd.

February 28, 2023

July 30, 2018

Osaka-23

GLP Rokko IV

Osaka-24

GLP Amagasaki III

Osaka-25

GLP Yasu

Other-2

GLP Tomiya

Other-3

GLP Koriyama I

Other-4

GLP Koriyama III

Other-5

GLP Tokai

Other-6

GLP Hayashima

Other-7
Other-8
Other-10

GLP Hayashima II
GLP Kiyama
GLP Sendai

Other-12

GLP Kuwana

Other-14

GLP Komaki

Other-15

GLP Ogimachi

Other-16

GLP Hiroshima

Other-19

GLP Tosu I

July 9, 2021

Other-20

GLP Tomiya IV

July 29, 2022

Other-21

GLP Soja I

Other-22

GLP Soja II

Other-23

GLP Fujimae

Other-24

GLP Suzuka

Other-25

GLP Soja III

Other-26

GLP Fukuoka Kasuya

Other-27

GLP Okinawa Urasoe

Portfolio PML (Note 4)

Emergency
repair andmaintenanceexpenses(Thousand yen)
(Notes 1 and 2)

August 31, 2023

February 28, 2023
Deloitte Tohmatsu
Property Risk
Solution Co., Ltd.

August 31, 2023

August 31, 2018
July 10, 2020

January 15, 2024
Tokio Marine dR
Co., Ltd.

July 30, 2018
October 3, 2022
April 26, 2023

281,419

8.8

195,45014.2―
150,864
402,830

―
16.4
11.5

294,52813.5

130,82910.8

202,32026.4

45,703

12.0

353,530

8.5

111,490

16.6

85,480191,547645,640

6.8
11.8
2.4

468,299

1.5

413,78522.6

227,195

13.5

215,42111.1

63,71812.0

122,535

12.1

258,6108.0

111,21014.5

128,438

9.3

83,430304,948
315,126

6.0
8.4
10.2

126,470

10.5

227,250

5.2

101,303

16.3

198,710

7.3

480,426

9.7

320,41712.4

438,001

1.5

451,3211.5

143,85113.9

353,077

11.2

96,52010.2

131,8649.6

179,229

8.6
1.4(Note 1) Each of “Emergency repair and maintenance expenses” and “Mid- to Long-term repair and maintenance expenses” is based on “Engineering Due
Diligence Report.”(Note 2) “Emergency repair and maintenance expenses” represents the repair expenses deemed to be required within one year from the date of the report.
(Note 3) “Mid- to Long-term repair and maintenance expenses” represents the repair expenses deemed to be required within 12 years from the date of thereport.
(Note 4) Probable Maximum Loss (“PML”) by each portfolio and PML of the entire portfolio are based on the “Portfolio Seismic Risk Assessment Review”
dated on February 29, 2024 and rounded to the first decimal place.

64 ｜ Semi-Annual Report

(Note 5) The building portion of GLP Narashino II (Land) was sold in the fiscal period ended February 29, 2024. “Mid- to Long-term repair and maintenanceexpenses” for this property is omitted and excluded from the total.
(Note 6) The amounts include repair and maintenance expenses reported in “Engineering Due Diligence Report (Solar Panels)” on January 30, 2023.
(Note 7) GLP-MFLP Ichikawa Shiohama is a property under joint co-ownership which GLP J-REIT holds 50% beneficiary right of real estate in trust.
“Emergency repair and maintenance expenses” and “Mid- to Long-term repair and maintenance expenses” stated above are computed by multiplying
50% of the joint co-ownership ratio.
(Note 8) GLP ALFALINK Sagamihara 4 is a property under joint co-ownership which GLP J-REIT holds 30% beneficiary right of real estate in trust.
“Emergency repair and maintenance expenses” and “Mid- to Long-term repair and maintenance expenses” stated above are computed by multiplying
30% of the joint co-ownership ratio.
(Note 9) GLP Maishima II was significantly destroyed by the fire accident in the fiscal period ended February 28, 2022. “Mid- to Long-term repair andmaintenance expenses” for this property is omitted and excluded from the total.

Information on Major Properties ––– None
Information on Major Tenants
There is no major tenant that occupies 10% or more of the total leased area of GLP J-REIT’s entire property portfolio.

(This part is intentionally left blank)

Semi-Annual Report ｜ 65

Long-Term Loans Payable
Category
Name of financial institution
Long-term loans payable

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

1,470,000
1,170,000
500,000
500,000-

1,470,000
1,170,000
500,000-

500,000

500,000--

500,000

Sumitomo Mitsui Banking Corporation

1,530,000--

1,530,000

MUFG Bank, Ltd.

1,170,000--

1,170,000

MUFG Bank, Ltd.

1,300,000--

1,300,000

MUFG Bank, Ltd.

1,900,000-

1,900,000-

Resona Bank, Limited.

1,400,000-

1,400,000-

Mizuho Bank, Ltd.

1,500,000--

1,500,000

Sumitomo Mitsui Banking Corporation

5,600,000--

5,600,000

MUFG Bank, Ltd.

5,100,000--

5,100,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

MUFG Bank, Ltd.

400,000--

400,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

MUFG Bank, Ltd.

400,000--

MUFG Bank, Ltd.

3,780,000-

Sumitomo Mitsui Banking Corporation

4,100,000

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Citibank, N.A., Tokyo Branch
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank, Limited
The 77 Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank, Limited

1.56%(Note 4)

February 29,(Note 7)2024

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

1.48%(Note 4)

June 30,2026(Note 6)1.85%
(Note 4)September
2, 2027(Note 7)0.96%
(Note 4)September
1, 2025(Note 7)0.61%
(Note 4)

February 29,(Note 6)
2024

0.93%
(Note 4)

February 27,(Note 6)
2026

1.22%
(Note 4)

December21, 2026(Note 6)1.31%
(Note 4)

December20, 2027(Note 6)400,000

1.57%(Note 4)

December20, 2028(Note 6)3,780,000

-

0.29%

September
1, 2023(Note 7)--

4,100,000

0.33%

September
1, 2024(Note 7)790,000
2,000,000
1,280,000
780,000
500,000
230,000
1,060,000
490,000
180,000
180,000
480,000
180,000
2,170,000
2,310,000
1,110,000
740,000
550,000
650,000
370,000
370,000
920,000-

790,000
2,000,000
1,280,000
780,000
500,000
230,000
1,060,000
490,000
180,000
180,000
480,000
180,000-

2,170,000
2,310,000
1,110,000
740,000
550,000
650,000
370,000
370,000
920,000

0.44%

March 1,
2024
(Note 5)(Notes 6
and 7)

Unsecurednotguaranteed

0.57%

March 3,2025

(Notes 6
and 7)

Unsecurednotguaranteed

Sumitomo Mitsui Trust Bank, Limited

1,150,000-

1,150,000

-

0.56%

December20, 2023(Note 6)

Sumitomo Mitsui Banking Corporation

5,700,000--

5,700,000

0.79%

September
1, 2025(Note 6)

Sumitomo Mitsui Banking Corporation

870,000-

870,000-

0.46%

September
1, 2023(Note 7)

MUFG Bank, Ltd.

580,000-

580,000-

0.46%

September
1, 2023(Note 7)

MUFG Bank, Ltd.

66 ｜ Semi-Annual Report

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
UnsecurednotguaranteedCategory
Name of financial institution

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Long-term loans payable

Unsecurednotguaranteed
Unsecurednotguaranteed

0.48%(Note 4)

December22, 2025(Note 6)0.60%
(Note 4)

October 30,
2026(Note 6)0.38%
(Note 4)

February 29, (Notes 6
2024
and 7)

Unsecurednotguaranteed

0.50%(Note 4)

February 27, (Notes 6
2026
and 7)

Unsecurednotguaranteed

0.71%(Note 4)

February 29, (Notes 6
2028
and 7)

Unsecurednotguaranteed

0.45%(Note 4)September
1, 2024(Note 7)

Unsecurednotguaranteed

0.70%(Note 4)September
2, 2027(Note 7)

Unsecurednotguaranteed

-

0.31%
(Note 4)

December20, 2023(Note 6)

1,250,000-

0.31%(Note 4)

December20, 2023(Note 6)--350,000
1,034,000
2,007,000
1,223,000
73,000296,000
262,500
14,5002,100,000
2,100,000
1,800,000
3,000,000
4,170,000
2,730,000
460,000
1,680,000

0.37%(Note 4)

February 27,(Note 6)2026

Unsecurednotguaranteed

0.63%(Note 4)

February 28,(Note 6)2029

Unsecurednotguaranteed--

3,250,000

1,300,000--

1,300,000

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.

2,300,000
2,300,000
2,000,000
1,900,000
1,900,000
1,140,000
270,000
220,000
60,000220,000
290,000
1,130,000
830,000
820,000
390,000
1,420,000
1,110,000
630,000
4,920,000
4,770,000
2,610,000
530,000
600,000
540,000
540,000
3,160,000
2,840,000
1,770,000
530,000
540,000-

1,900,000
1,900,000
1,140,000
270,000
220,000
60,000220,000
290,000-

2,300,000
2,300,000
2,000,000
1,130,000
830,000
820,000
390,000
1,420,000
1,110,000
630,000
4,920,000
4,770,000
2,610,000
530,000
600,000
540,000
540,000
3,160,000
2,840,000
1,770,000
530,000
540,000

Development Bank of Japan Inc.

1,250,000-

1,250,000

Sumitomo Mitsui Trust Bank, Limited

1,250,000-

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
Development Bank of Japan Inc.

350,000
1,034,000
2,007,000
1,223,000
73,000296,000
262,500
14,5002,100,000
2,100,000
1,800,000
3,000,000
4,170,000
2,730,000
460,000
1,680,000

MUFG Bank, Ltd.

3,250,000

Citibank, N.A., Tokyo Branch

Remarks(Thousand yen)

Resona Bank, Limited.

Sumitomo Mitsui Banking Corporation

Use

650,000--

650,000

1,870,000--

1,870,000

0.44%(Note 4)

July 31,2028(Note 6)0.32%
(Note 4)January 29,
2027(Note 6)0.26%
(Note 4)

May 29,2025(Note 6)

Unsecurednotguaranteed
Unsecurednotguaranteed

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Semi-Annual Report ｜ 67

Category
Name of financial institution
Long-term loans payable

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
Development Bank of Japan Inc.
Citibank, N.A., Tokyo Branch
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
THE NISHI-NIPPON CITY BANK, LTD.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Citibank, N.A., Tokyo Branch
Sumitomo Mitsui Trust Bank, Limited
The Gunma Bank, Ltd.
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
THE NISHI-NIPPON CITY BANK, LTD.
The Yamanashi Chuo Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
San ju San Bank, Ltd.
Development Bank of Japan Inc.
THE NISHI-NIPPON CITY BANK, LTD.
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Citibank, N.A., Tokyo Branch
Resona Bank, Limited.
The Bank of Fukuoka, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
The Bank of Yokohama, Ltd.

68 ｜ Semi-Annual Report

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

4,150,000
3,230,000
2,900,000
2,440,000
4,100,000
3,320,000
1,720,000
270,000
200,000
420,000
400,000
330,000
3,000,000
2,500,000
2,200,000
650,000
500,000
400,000
400,000
1,330,000
1,130,000
1,250,000
670,000
450,000
330,000
3,590,000
1,310,000
4,040,000
1,000,000
880,000
870,000
400,000
1,930,000
2,580,000
1,700,000
460,000
5,040,000
4,900,000
2,480,000
1,880,000
1,250,000
880,000
660,000
420,000
250,000
940,000
900,000
820,000
370,000
370,000
210,000
210,000
370,000--

4,150,000
3,230,000
2,900,000
2,440,000
4,100,000
3,320,000
1,720,000
270,000
200,000
420,000
400,000
330,000
3,000,000
2,500,000
2,200,000
650,000
500,000
400,000
400,000
1,330,000
1,130,000
1,250,000
670,000
450,000
330,000
3,590,000
1,310,000
4,040,000
1,000,000
880,000
870,000
400,000
1,930,000
2,580,000
1,700,000
460,000
5,040,000
4,900,000
2,480,000
1,880,000
1,250,000
880,000
660,000
420,000
250,000
940,000
900,000
820,000
370,000
370,000
210,000
210,000
370,000

0.33%(Note 4)

May 28,2027(Note 6)

Unsecurednotguaranteed

0.44%(Note 4)

May 29,2029(Note 6)

Unsecurednotguaranteed

0.25%(Note 4)

October 13,
2025(Note 6)

Unsecurednotguaranteed

0.34%(Note 4)

October 13,
2028(Note 6)

Unsecurednotguaranteed

0.25%(Note 4)

October 14,
2025(Note 7)

Unsecurednotguaranteed

0.29%(Note 4)

December
10, 2027(Note 7)

Unsecurednotguaranteed

0.33%(Note 4)

October 13,
2028(Note 7)

Unsecurednotguaranteed

0.42%(Note 4)

December11, 2029(Note 7)

Unsecurednotguaranteed

0.23%(Note 4)

June 30,2026(Note 7)

UnsecurednotguaranteedCategory
Name of financial institution

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

Long-term loans payable

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
San ju San Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
Kansai Mirai Bank, Limited
The Bank of Yokohama, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank, Limited
Citibank, N.A., Tokyo Branch
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
The Norinchukin Bank
Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Yamaguchi Bank, Ltd.

790,000
760,000
690,000
370,000
210,000
140,000
1,950,000
430,000
290,000
200,000
530,000
430,000
330,000
740,000
370,000
640,000
550,000
530,000
300,000
120,000
150,000
210,000
40,000340,000
140,000
420,000
550,000
720,000
150,000
130,000
200,000
2,500,000
500,000
1,000,000
300,000
2,600,000
800,000
500,000
1,000,000--

790,000
760,000
690,000
370,000
210,000
140,000
1,950,000
430,000
290,000
200,000
530,000
430,000
330,000
740,000
370,000
640,000
550,000
530,000
300,000
120,000
150,000
210,000
40,000340,000
140,000
420,000
550,000
720,000
150,000
130,000
200,000
2,500,000
500,000
1,000,000
300,000
2,600,000
800,000
500,000
1,000,000

Sumitomo Mitsui Banking Corporation

980,000--

MUFG Bank, Ltd.

1,460,000-

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Citibank, N.A., Tokyo Branch
The 77 Bank, Ltd.
The Gunma Bank, Ltd.

1,850,000
1,700,000
390,000
950,000
480,000
1,190,000
120,000
420,000

Mizuho Bank, Ltd.

3,000,000

0.37%(Note 4)

July 12,2030(Note 7)

Unsecurednotguaranteed

0.44%(Note 4)

April 30,2031

(Note 7)

Unsecurednotguaranteed

0.22%(Note 4)

June 30,2026(Note 6)

Unsecurednotguaranteed

0.37%(Note 4)

July 12,2030(Note 6)

Unsecurednotguaranteed

0.30%(Note 4)

December
10, 2027(Note 6)

Unsecurednotguaranteed

0.50%(Note 4)

December19, 2031(Note 6)

Unsecurednotguaranteed

980,000

0.31%(Note 4)

December21, 2026(Note 6)-

1,460,000

0.31%(Note 4)

December21, 2026(Note 6)--1,850,000
1,700,000
390,000
950,000
480,000
1,190,000
120,000
420,000

0.31%(Note 4)

February 28,(Note 6)2025

Unsecurednotguaranteed--

3,000,000

0.35%(Note 4)

February 26,(Note 6)2027

Unsecurednotguaranteed

Unsecurednotguaranteed
Unsecurednotguaranteed

Semi-Annual Report ｜ 69

Category
Name of financial institution
Long-term loans payable

Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank, Limited
Citibank, N.A., Tokyo Branch
SBI Shinsei Bank, Limited
Resona Bank, Limited.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank
Sumitomo Mitsui Trust Bank, Limited
SBI Shinsei Bank, Limited
The Chiba Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
The Bank of Fukuoka, Ltd.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Yamanashi Chuo Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Norinchukin Bank
Resona Bank, Limited.
SBI Shinsei Bank, Limited
THE NISHI-NIPPON CITY BANK,
LTD.
Aozora Bank, Ltd.
The Yamaguchi Bank, Ltd.
Mizuho Bank, Ltd.
Kansai Mirai Bank, Limited
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Citibank, N.A., Tokyo Branch
SBI Shinsei Bank, Limited
Shinkin Central BankThe Joyo Bank, Ltd.

70 ｜ Semi-Annual Report

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
dateof the period
the period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

580,000--

580,000

580,000
280,000
370,000
140,000--

580,000
280,000
370,000
140,000

850,000--

850,000

850,000
900,000
750,000
500,000
1,200,000
650,000--

850,000
900,000
750,000
500,000
1,200,000
650,000

1,000,000--

1,000,000

4,580,000--

4,580,000

4,580,000
4,400,000
650,000
580,000
1,000,000
580,000
500,000--

4,580,000
4,400,000
650,000
580,000
1,000,000
580,000
500,000

1,080,000--

1,080,000

1,000,000
600,000
890,000
1,000,000
800,000--

1,000,000
600,000
890,000
1,000,000
800,000

2,660,000--

2,660,000

2,340,000
1,100,000
800,000
1,100,000
500,000
500,000--

2,340,000
1,100,000
800,000
1,100,000
500,000
500,000

1,260,000--

1,260,000

1,160,000
1,100,000
1,000,000
700,000
500,000--

1,160,000
1,100,000
1,000,000
700,000
500,000

500,000--

500,000

300,000
1,000,000--

300,000
1,000,000

800,000--

1,200,000-

1,700,000
1,550,000
540,000
350,000
150,000
470,000
300,000
500,000
470,000

0.49%(Note 4)

February 28,(Note 6)2029

Unsecurednotguaranteed

0.41%(Note 4)

June 30,2026(Note 6)

Unsecurednotguaranteed

0.42%(Note 4)

May 28,2027(Note 6)

Unsecurednotguaranteed

0.53%(Note 4)

July 31,2028(Note 6)

Unsecurednotguaranteed

0.77%(Note 4)

July 6,2029(Note 6)

Unsecurednotguaranteed

0.85%(Note 4)

July 12,2030(Note 6)

Unsecurednotguaranteed

0.95%(Note 4)

April 30,2031

(Note 6)

Unsecurednotguaranteed

800,000

1.01%(Note 4)

February27, 2032(Note 6)-

1,200,000

1.05%(Note 4)

November30, 2032(Note 6)--1,700,000--

1,550,000
540,000
350,000
150,000
470,000
300,000
500,000
470,000

0.25%

June 30,2026(Note 6)

Unsecurednotguaranteed
Unsecurednotguaranteed

UnsecurednotguaranteedCategory
Name of financial institution

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

Long-term loans payable

0.75%(Note 4)

May 28,2027(Note 6)

Unsecurednotguaranteed

1.20%(Note 4)

April 30,2031

(Note 6)

Unsecurednotguaranteed

0.24%

June 30,2026(Note 6)

Unsecurednotguaranteed

0.52%(Note 4)

May 28,2027(Note 6)

Unsecurednotguaranteed

0.87%(Note4)

February28, 2031(Note 6)

Unsecurednotguaranteed

0.99%(Note 4)

February27, 2032(Note 6)

Unsecurednotguaranteed

0.51%(Note 4)

May 31,
2027(Note 6)

Unsecurednotguaranteed

1,261,000

0.66%(Note 4)

July 6,2029(Note 6)-505,000
719,000
1,486,000

0.80%(Note 4)

July 12,2030(Note 6)3,780,000-

3,780,000

0.94%

July 12,2030(Note 6)580,000-

580,000

0.94%

July 12,2030(Note 6)

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
Shinkin Central BankThe Joyo Bank, Ltd.
The Minato Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Aozora Bank, Ltd.
The Chiba Bank, Ltd.
The Joyo Bank, Ltd.
The Minato Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
The Yamaguchi Bank, Ltd.
Shinkin Central Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Resona Bank, Limited.
Aozora Bank, Ltd.
THE NISHI-NIPPON CITY BANK,LTD.
The Yamaguchi Bank, Ltd.
Shinkin Central Bank
The Minato Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

1,150,000
1,050,000
360,000
230,000
110,000
200,000
2,120,000
1,950,000
1,540,000
700,000
1,000,000
500,000
200,000
500,000
400,000
1,250,000
300,000
944,000
830,000
990,000
300,000
220,000
300,000
250,000
350,000
790,000
690,000
600,000
500,000
400,000
450,000
500,000
1,000,000
300,000
1,496,000
1,280,000
970,000
500,000
300,000
280,000--

1,150,000
1,050,000
360,000
230,000
110,000
200,000
2,120,000
1,950,000
1,540,000
700,000
1,000,000
500,000
200,000
500,000
400,000
1,250,000
300,000
944,000
830,000
990,000
300,000
220,000
300,000
250,000
350,000
790,000
690,000
600,000
500,000
400,000
450,000
500,000
1,000,000
300,000
1,496,000
1,280,000
970,000
500,000
300,000
280,000

300,000--

300,000

500,000
300,000
350,000
726,000
1,040,000
750,000
613,000
300,000--

500,000
300,000
350,000
726,000
1,040,000
750,000
613,000
300,000

Mizuho Bank, Ltd.

1,261,000--

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.

505,000
719,000
1,486,000-

MUFG Bank, Ltd.

-MUFG Bank, Ltd.

-

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Semi-Annual Report ｜ 71

Category
Name of financial institution

Balance at
Repayment
Balance at end
Average rate
Increase
beginning of
Decrease
date
of
the
periodthe period (Thousand yen)(Thousand yen) (Thousand yen) (Note 2)(Note 3)Use

Remarks(Thousand yen)

Long-term loans payable

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed

Sumitomo Mitsui Banking Corporation-

870,000-

870,000

0.96%(Note 4)

July 12,2030(Note 6)

Sumitomo Mitsui Trust Bank, Limited-

1,150,000-

1,150,000

1.03%(Note 4)

December20, 2030(Note 6)

Sumitomo Mitsui Trust Bank, Limited-

1,250,000-

1,250,000

0.79%(Note 4)

July 31,2028(Note 6)Development Bank of Japan Inc.

-

1,250,000-

1,250,000

0.82%(Note 4)

July 31,2028(Note 6)

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
SBI Shinsei Bank, Limited
The 77 Bank, Ltd.
The Chugoku Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Fukuoka, Ltd.
The Chugoku Bank, Limited
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
The Norinchukin Bank-

1,620,000
2,140,000
1,210,000
600,000
500,000
500,000
300,000
180,000
470,000
180,000
300,000
1,430,000
1,700,000
620,000
350,000
200,000
200,000
200,000
850,000
850,000
490,000
500,000
300,000-

1,620,000
2,140,000
1,210,000
600,000
500,000
500,000
300,000
180,000
470,000
180,000
300,000
1,430,000
1,700,000
620,000
350,000
200,000
200,000
200,000
850,000
850,000
490,000
500,000
300,000

0.92%(Note 4)

February28, 2030(Note 6)

Unsecurednotguaranteed

1.12%(Note 4)

February27, 2032(Note 6)

Unsecurednotguaranteed

1.23%(Note 4)

February28, 2033(Note 6)

Unsecurednotguaranteed

MUFG Bank, Ltd.

-

1,900,000-

1,900,000

1.10%February27, 2032(Note 6)The Minato Bank, Ltd.

-

1,000,000-

1,000,000

1.02%(Note 4)

February28, 2031(Note 6)

The Gunma Bank, Ltd.

-

1,000,000-

1,000,000

1.02%(Note 4)

February28, 2031(Note 6)

Resona Bank, Limited.

-

1,000,000-

1,000,000

0.18%(Note 9)February28, 2027(Note 6)

Subtotal
Total

341,460,000
341,460,000

29,470,000
29,470,000

29,470,000
29,470,000

341,460,000
341,460,000

Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed
Unsecurednotguaranteed(Note 1)“Long-term loans payable” includes the current portion of long-term loans payable as of each period end.

(Note 2)

“Average rate” represents the weighted average interest rate during the fiscal period and is rounded to the second decimal place.

(Note 3)

When the repayment date falls on a day other than a business day, it shall be the next business day.

(Note 4)

GLP J-REIT uses interest rate swaps to hedge the interest rate risk exposure. The rate stated above is the effective rate of interest after
interest rate swaps.

(Note 5)

Of outstanding loan balance of 8,150 million yen at beginning of the period, GLP J-REIT repaid 8,150 million yen on February 29, 2024
before its contractual repayment date.

(Note 6)

The fund was used to make repayments of bank borrowings.

(Note 7)

The fund was used to acquire properties or beneficiary rights of real estate in trust.

72 ｜ Semi-Annual Report

(Note 8)

The repayment schedule for long-term loans payable within five years (excluding current portion) after the balance sheet date is as follows:
Due after one to
two years

Long-term loans payable(Note 9)Due after two to
three years

36,250,000

55,370,000

Due after three tofour years(Unit: Thousand yen)
Due after four tofive years

54,323,000

56,680,000

The loan from Resona Bank, Limited. is deemed to meet the requirements for eligible investments and loans disclosed under the "FundProvisioning Measure to Support Financing for Climate Change Responses" by the Bank of Japan. The lending bank plans to receive
funding through the Bank of Japan's "Operations to Support Financing for Responses to Climate Change (hereinafter, “Climate Change
Operations”)." The interest rate for the loan will be based on the rate stipulated in the basic policy of the Climate Change Operations. If theloan becomes partially or wholly non-compliant with the eligibility requirements during the loan period, or if the Bank of Japandiscontinues the Climate Change Operations and stops providing rates, the interest rate for the loan thereafter will be based on the threemonth Japanese yen TIBOR published by the General Incorporated Association JBA TIBOR Administration two business days before theinterest payment date of the most recent interest calculation period.

Semi-Annual Report ｜ 73

Investment Corporation Bonds(Unit: Thousand yen)
Description

Issued date

GLP J-REIT
2nd Unsecured Bonds
GLP J-REIT
5th Unsecured Bonds
GLP J-REIT
6th Unsecured Bonds
GLP J-REIT
8th Unsecured Bonds
GLP J-REIT
9th Unsecured Bonds

July 30,
2014
December26, 2014
June 30,
2015
November28, 2016
February27, 2017

GLP J-REIT
July 9, 2018
11th Unsecured Bonds
GLP J-REIT
December
12th Unsecured Bonds
20, 2018(Green Bonds)
GLP J-REIT
13th Unsecured Bonds July 8, 2019
(Green Bonds)
GLP J-REIT
November
14th Unsecured Bonds
27, 2019(Green Bonds)
GLP J-REIT
September15th Unsecured Bonds
25, 2020(Sustainability Bonds)
GLP J-REIT
December
16th Unsecured Bonds
23, 2020(Sustainability Bonds)
GLP J-REIT
March 23,17th Unsecured Bonds
2021(Sustainability Bonds)
GLP J-REIT
18th Unsecured Bonds
September(Green Bonds)
28, 2021(Sustainability-Linked
Bonds) (Note 6)
GLP J-REIT
February
19th Unsecured Bonds
25, 2022(Sustainability Bonds)
GLP J-REIT
February
20th Unsecured Bonds
25, 2022(Sustainability Bonds)
GLP J-REIT
December
21st Unsecured Bonds
23, 2022(Sustainability Bonds)
GLP J-REIT
July 26,
22nd Unsecured Bonds
2023(Sustainability Bonds)
Total

Balance at
beginning of
the period

Decreaseduring theperiodBalance at
end ofthe period

Interest
rate(Note 1)Maturity date

Use

2,000,000－

2,000,000

0.98%

July 30, 2024

(Note 2)3,000,000－

3,000,000

1.17%

December 25,
2026(Note 2)1,500,000－

1,500,000

0.89%

June 30, 2025

(Note 2)

1,100,000－

1,100,000

0.45%

1,000,000－

1,000,000

0.47%

1,000,000－

1,000,000

0.56%

July 7, 2028

(Note 2)5,100,000－

5,100,000

0.68%

December 20,
2028(Note 2)

Unsecured(Notes 4)

8,000,000－

8,000,000

0.61%

July 6, 2029

(Note 2)

Unsecured(Notes 5)5,000,000－

5,000,000

0.55%

November 27,
2029(Note 3)

Unsecured(Notes 4)

5,000,000－

5,000,000

0.51%

September 25,
2030(Note 2)

Unsecured(Notes 4)

3,500,000－

3,500,000

0.75%

December 21,2035(Note 3)

Unsecured(Notes 4)

5,000,000－

5,000,000

0.97%

March 22,2041

(Note 2)

Unsecured(Notes 4)

6,000,000－

6,000,000

0.28%(Note 7)

September 28,
2028(Note 2)

Unsecured(Notes 4)

2,000,000－

2,000,000

0.13%February 25,
2025(Note 2)

Unsecured(Notes 4)

1,300,000－

1,300,000

0.52%

February 25,
2032(Note 2)

Unsecured(Notes 4)

2,000,000－

2,000,000

0.82%

December 23,
Unsecured(Notes 2, 3)2032(Notes 4)

2,600,000－

2,600,000

0.90%

July 26, 2033

55,100,000－

55,100,000(Note 1)

The interest rate is rounded to the second decimal place.

(Note 2)

The fund was used to repay bank borrowings.

November 27,
2026
February 26,
2027(Note 3)

The fund was used to redeem the investment corporation bonds.

(Note 4)The bond is subject to the special pari passu clause among specified investment corporation bonds.

(Note 5)The bond is subject to the special pari passu clause among investment corporation bonds.

(Note 6)(Note 2)
(Note 2)

(Notes 2, 3)

Collateral
Unsecured(Notes 4)
Unsecured(Notes 4)
Unsecured(Notes 4)
Unsecured(Notes 4)
Unsecured(Notes 4)
Unsecured(Notes 4)

Unsecured(Notes 4)

The “Sustainability-Linked Bonds” refer to bonds whose terms and conditions may change depending on whether or not the predeterminedtargeted KPI (Key Performance Indicator) or SPTs (Sustainability Performance Targets) are achieved.

(Note 7)The interest rate from the following day of September 28, 2021 to September 28, 2025 is 0.284% annum. If GLP J-REIT achieves the SPTs
on each verification day on or after December 31, 2024, the interest rate will become 0.234% annum on the following day of September 28,
2025 and thereafter.

74 ｜ Semi-Annual Report

(Note 8)

The redemption schedule for investment corporation bonds within five years after the balance sheet date is as follows:
Due after one to
two years

Within one year

4,000,000

Investment corporation bonds

Due after two to
three years

Due after three tofour years(Unit: Thousand yen)
Due after four tofive years

5,100,000－

12,100,000

1,500,000

Property and Equipment(Unit: Thousand yen)
Increase

1,016

－

－

1,016

1,016

Buildings in trust

367,276,876

1,732,301

8,888,139

360,121,038

61,977,171

Structures in trust

6,920,518

129,794

297,370

6,752,942

3,237,065

157,508

3,515,876

66,327

233－

66,56057,312

831

9,248

332,369

17,725

11,418338,676

228,826

12,182

109,850

Land in trust

540,035,995－

333,978

539,702,016－－ 539,702,016

Total

914,633,103

1,880,054

9,530,907

906,982,250

65,501,391

4,499,222 841,480,859

Land leasehold interestin trust

2,872,902－－

2,872,902－－

2,872,902

Total

2,872,902－－

2,872,902－－

2,872,902

Class of assets
VehiclesProperty and equipment

Machinery andequipment in trust
Tools, furniture andfixtures in trust

Balance at end
Decreaseofthe period

Accumulated depreciation
Depreciation
for the period

Balance at
beginning of
the period

Intangible
assets(Note 1)

“Increase” was mainly due to capital expenditures.

(Note 2)

“Decrease” was mainly due to the sale of properties (GLP Narashino II (Buildings) and GLP Morioka).

－

Net book
value

Note

－

4,328,699 298,143,866

Information on Other Specified Assets ––– None

Semi-Annual Report ｜ 75

Independent auditor’s report
To the Board of Directors of GLP J-REIT:
Report on the Audit of the Financial Statements
OpinionWe have audited the accompanying financial statements of GLP J-REIT (a Japanese Real Estate
Investment Trust), which comprise the balance sheets as at February 29, 2024 and August 31, 2023, thestatements of income and retained earnings, changes in net assets and cash flows for the six-month
periods then ended, and notes, comprising a summary of significant accounting policies and otherexplanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of GLP J-REIT as at February 29, 2024 and August 31, 2023, and its financial
performance and its cash flows for the six-month periods then ended in accordance with accounting
principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of GLP J-REIT in
accordance with the ethical requirements that are relevant to our audit of the financial statements inJapan, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.
Other Information
The other information comprises the information included in the Semi-Annual Report, but does notinclude the financial statements and our auditor’s report thereon. Management is responsible for the
preparation and presentation of the other information. Supervisory directors are responsible foroverseeing the executive director’s performance of his duties with regard to the design, implementationand maintenance of the reporting process for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of thisother information, we are required to report that fact.

We have nothing to report in this regard.
Responsibilities of Management and Supervisory Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in Japan, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing GLP J-REIT’s ability tocontinue as a going concern, and disclosing, as applicable, matters related to going concern inaccordance with accounting principles generally accepted in Japan.
Supervisory directors are responsible for overseeing the executive director’s performance of his duties
with regard to the design, implementation and maintenance of GLP J-REIT’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with auditing standards generally accepted in Japan will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.
As part of our audit in accordance with auditing standards generally accepted in Japan, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, while the objective of the audit is not to express an
opinion on the effectiveness of GLP J-REIT’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on GLP J-REIT’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the financial statements or, if such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause GLP J-REIT to cease to continue
as a going concern.



Evaluate whether the presentation and disclosures in the financial statements are in accordancewith accounting standards generally accepted in Japan, the overall presentation, structure andcontent of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the executive director regarding, among other matters, the planned scope andtiming of the audit, significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the executive director with a statement that we have complied with relevant ethicalrequirements regarding independence, and communicate with him all relationships and other mattersthat may reasonably be thought to bear on our independence, and where applicable, actions taken toeliminate threats or safeguards applied.
Fee-related Information
Fees paid or payable to our firm and to other firms within the same network as our firm for audit andnon-audit services provided to GLP J-REIT are described in 3. Matters Concerning Directors andAuditors included in “Profile of GLP J-REIT” of the Asset Management Report.
Interest required to be disclosed by the Certified Public Accountants Act of Japan
We do not have any interest in GLP J-REIT which is required to be disclosed pursuant to the provisionsof the Certified Public Accountants Act of Japan.

/S/Satoshi Hataoka
Designated Engagement Partner
Certified Public Accountant/S/Yoshimori Takahashi
Designated Engagement Partner
Certified Public Accountant

KPMG AZSA LLC
Tokyo Office, JapanMay 30, 2024

Notes to the Reader of Independent Auditor’s Report:
This is a copy of the Independent auditor’s report and the original copies are kept separately by GLP JREIT and KPMG AZSA LLC.

GLP J-REIT
Balance Sheets
As of February 29, 2024 and August 31, 2023

Thousands of yen
As ofFebruary 29, 2024

August 31, 2023

¥ 38,568,412
3,468,896
1,337,458－
14,16743,388,935¥ 35,508,708
2,698,497
956,354782,266
23,85439,969,681

Accumulated depreciation
Total property and equipment, net

1,016
539,702,016
2,872,902
360,121,038
6,752,942
66,560338,676
909,855,152(65,501,391)
844,353,761

1,016
540,035,995
2,872,902
367,276,876
6,920,518
66,327332,369
917,506,005(64,142,397)
853,363,607

Investments and other assets:
Investment securities (Note 6)Long-term prepaid expenses
Security deposit
Investment unit issuance expenses
Investment corporation bond issuance costs
Other
Total investments and other assets
Total Assets

260,875
2,474,155
10,646
98,838201,1071,400
3,047,023¥ 890,789,719

1,600
2,518,696
10,646141,078
219,6541,400
2,893,075¥ 896,226,364

AssetsCurrent assets:
Cash and cash equivalents
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Property and equipment, net (Note 7):
VehiclesLand in trust
Leasehold interests in trust
Buildings in trust
Structures in trust
Machinery and equipment in trust
Tools, furniture and fixtures in trust

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report ｜ 79

GLP J-REIT
Balance Sheets
As of February 29, 2024 and August 31, 2023

Thousands of yen
As ofFebruary 29, 2024
Liabilities
Current liabilities:
Operating accounts payable
Current portion of investment corporation bonds (Notes 4 and 14)
Current portion of long-term loans payable (Notes 4, 5 and 13)
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 (Notes 4 and 14)
Long-term loans payable (Notes 4, 5 and 13)
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total Liabilities
Net Assets (Note 12)Unitholders’ equity:
Unitholders’ capital, net (Note 12)
Units authorized:
16,000,000 units as of February 29, 2024 andAugust 31, 2023
Units issued and outstanding:
4,897,731 units as of February 29, 2024 and
4,925,331 units as of August 31, 2023
Unappropriated retained earnings
Total unitholders’ equity
Total Net Assets
Total Liabilities and Net Assets
The accompanying notes are an integral part of these financial statements.

80 ｜ Semi-Annual Report¥352,823
4,000,000
25,710,000
4,044,605
188,317605
2,385,314
4,388,658－
109,674
41,179,998

August 31, 2023¥

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

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

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

452,630,313

458,276,294

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

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

GLP J-REIT
Statements of Income and Retained Earnings
For the six-month periods ended February 29, 2024 and August 31, 2023
Thousands of yen
For the six-month periods ended
February 29, 2024
August 31, 2023
Operating revenues:
Rental revenues (Note 8)
Other rental revenues (Note 8)
Gain on sale of property and equipment (Note 9)
Total operating revenues
Operating expenses:
Rental business expenses (Note 8)
Asset management fee
Asset custody fee
Administrative service fees
Directors’ remuneration
Audit fee
Taxes and dues
Other operating expenses
Total operating expenses
Operating income¥24,135,006
1,560,588
128,426
25,824,022¥23,883,001
1,888,057
2,183,489
27,954,548

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

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

Non-operating income (expenses):
Interest income
Reversal of distributions payable
Interest on refund of consumption taxes
Insurance income (Note 10)
Indemnification income (Note 10)
Interest expense
Interest expenses on investment corporation bonds
Borrowing related expenses
Amortization of investment unit issuance expenses
Offering costs associated with issuance of investment units
Amortization of investment corporation bond issuance costs
Others, net
Total non-operating expenses, net
Income before income taxes

181
803
289
272,569
436,402(945,716)(179,531)(394,193)(42,239)－(18,547)(3,188)(873,169)
12,704,697

149
758
5,227
244,843－(879,884)(174,541)(381,721)(55,914)(27,834)(18,794)(2,009)(1,289,720)
14,035,727

Income taxes (Note 15):-Current-Deferred
Total income taxes
Net income
Accumulated earnings brought forward
Unappropriated retained earnings

605
－
605
¥12,704,092
1,771¥12,705,864

605
12
617
¥14,035,110
3,854¥14,038,964

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report ｜ 81

GLP J-REIT
Statements of Income and Retained Earnings
For the six-month periods ended February 29, 2024 and August 31, 2023
For the six-month periods ended
Earnings per unit (Note 16):
Net income per unit
Weighted average number of units outstanding
The accompanying notes are an integral part of these financial statements.

82 ｜ Semi-Annual ReportFebruary 29, 2024

August 31, 2023

2,584 yen
4,914,823 units

2,907 yen
4,827,535 units

GLP J-REIT
Statements of Changes in Net Assets
For the six-month periods ended February 29, 2024 and August 31, 2023

Number of Unitholders’unitscapital, net
Balance as of February 28, 2023

Thousands of yen
Own
Retained investment
earnings
units

4,712,140 ¥429,970,267 ¥13,127,164

Total net
assets¥－ ¥443,097,432

Issuance of investment units on May 24, 2023

209,991

29,501,005－－

29,501,005

Issuance of investment units on June 20, 2023

3,200

449,558－－

449,558

Distributions in excess of retained earnings－(1,644,536)－－(1,644,536)

Distributions of earnings－－ (13,123,309)－(13,123,309)

Net income－－

14,035,110－

14,035,110

Balance as of August 31, 2023 (Note 12)

4,925,331 ¥458,276,294 ¥ 14,038,964－－(1,842,073)－－ (14,037,193)－(14,037,193)

Net income－－

12,704,092－

12,704,092

Purchase of own investment units－－－ (3,803,907)(3,803,907)(27,600)(3,803,907)

3,803,907－

Distributions in excess of retained earnings－

Distributions of earnings

Cancellation of own investment units
Balance as of February 29, 2024 (Note 12)(1,842,073)¥－ ¥472,315,259－

4,897,731 ¥452,630,313 ¥12,705,864¥－ ¥465,336,177

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report ｜ 83

GLP J-REIT
Statements of Cash Flows
For the six-month periods ended February 29, 2024 and August 31, 2023

Operating activities:
Income before income taxes
Depreciation (Notes 7 and 12)
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 (Note 10)
Indemnification income (Note 10)
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 (Note 10)
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 own 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
The accompanying notes are an integral part of these financial statements.

84 ｜ Semi-Annual ReportThousands of yen
For the six-month periods ended
February 29, 2024
August 31, 2023
¥ 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¥ 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(1,391,773)
473,368－(1,225,073)(259,275)(2,402,754)(60,123,464)
1,420,796
190,263(290,519)－(58,802,923)－－
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

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

GLP J-REIT
Notes to Financial Statements
For the six-month periods ended February 29, 2024 and August 31, 2023

1. Organization and Basis of Presentation
1) Organization
GLP J-REIT is a Japanese real estate investment corporation specializing in modern logistics facilities in Japan.
GLP J-REIT was established on September 16, 2011 under the Act on Investment Trusts and Investment Corporationsof Japan (hereinafter the “Investment Trust Act of Japan”).
GLP J-REIT is externally managed by a licensed asset management company, GLP Japan Advisors Inc. (hereinafter“Asset Manager”) which operates with support of GLP Capital Partners Japan Inc. (a 100% shareholder of the AssetManager) based on the Sponsor Support Agreement.
Since its initial public offering on December 20, 2012, GLP J-REIT has, on a number of occasions, issued units
through public offering or through allocation to a third party. Those units are listed on the J-REIT section of the Tokyo
Stock Exchange.
As of February 29, 2024, GLP J-REIT held beneficiary rights of real estate in trust with respect to 91 properties
located in the Tokyo metropolitan area, the Greater Osaka area and other areas.
2) Basis of presentation
The accompanying financial statements have been prepared in accordance with the provisions set forth in theInvestment Trust Act of Japan and the Japanese Financial Instruments and Exchange Act and related accounting
regulations, and in conformity with accounting principles generally accepted in Japan (hereinafter “Japanese GAAP”),
which are different in certain respects as to application and disclosure requirements from the International Financial
Reporting Standards.
The accompanying financial statements have been reformatted and translated into English from the financial
statements of GLP J-REIT prepared in accordance with Japanese GAAP and filed with the appropriate Local Finance
Bureau of the Ministry of Finance as required by the Financial Instruments and Exchange Act. In preparing thesefinancial statements, certain reclassifications and modifications have been made to the financial statements issued
domestically in order to present them in a format which is more familiar to readers outside Japan. In addition, whenapplicable, reclassifications are made in the prior period's financial statements to conform to the classifications used in
the current period. No reclassifications were applicable to the periods evaluated in these financial statements.
GLP J-REIT does not prepare consolidated financial statements as it has no subsidiaries.
As permitted by the regulations under the Financial Instruments and Exchange Act of Japan, amounts of less than
one thousand yen have been omitted. As a result, the totals shown in the accompanying financial statements do not

Semi-Annual Report ｜ 85necessarily agree with the sums of the individual amounts.
The fiscal period of GLP J-REIT represents two six-month accounting periods: each period is from September 1 toFebruary 28/29 of the following year and from March 1 to August 31.

2. Summary of Significant Accounting Policies
1) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and cash in trust, readily-available bank deposits, readilyavailable bank deposits in trust and short-term investments that are liquid and realizable with a maturity of threemonths or less when purchased and that are subject to an insignificant risk of changes in value.
The balance of cash and cash equivalents as of February 29, 2024 and August 31, 2023 included 14,239,880
thousand yen and 12,448,853 thousand yen of cash and deposits in trust, respectively.
2) Property and equipment
Property and equipment are stated at cost, which includes the original purchase price and related acquisition costs
and expenses. Depreciation of property and equipment, including property and equipment in trust, is calculated by thestraight-line 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

VehiclesTools, furniture and fixtures

4 years
2 to 18 years

3) 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 property-related expenses.
Of the amounts paid for the acquisition of real estate or beneficiary right of real estate in trust, the amounts
equivalent to property-related taxes are capitalized as part of the acquisition cost of the relevant property instead ofbeing charged as expenses. Capitalized property-related taxes amounted to 54,140 thousand yen for the six-month
period ended August 31, 2023. There were no capitalized property-related taxes for the six-month period ended
February 29, 2024.
4) Revenue from contracts with customers
Details of major performance obligations related to revenue from contracts with customers and a typical point intime at which GLP J-REIT satisfies a performance obligation and recognizes revenue are as follows:(a) Sale of property and equipment
As to sale of property and equipment, GLP J-REIT recognizes revenue when a buyer, who is a customer, obtains
control of a property by GLP J-REIT’s satisfying the performance obligation to transfer the property as prescribed in

86 ｜ Semi-Annual Reportthe purchase and sales contract of the property.
In the statements of income, “Gain on sale of property and equipment” or “Loss on sale of property andequipment” presents the amount calculated by subtracting “Costs of property and equipment sold,” a book value of theproperty and equipment, and “Other selling expenses,” direct expenses incurred for the sale, from the “Sales
proceeds,” an amount received in connection with the sale of property and equipment.
(b) Utilities charges revenue
As to utilities charges revenue, GLP J-REIT recognizes revenue based on the supply of electricity, water, etc. to atenant, who is a customer, in accordance with the property lease contract and related agreements.
5) Investment securities
Investment in associates is stated at cost determined by the moving-average method. Available-for-sale securities
with no readily determinable market price are also stated at cost determined by the moving-average method.
6) Investment unit issuance expenses
Investment unit issuance expenses are amortized over three years using the straight-line method.
7) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized over the respective terms of the bonds using the straightline method.
8) Capitalized borrowing related expenses
Capitalized borrowing related expenses are amortized over the borrowing period on a straight-line basis and theamount amortized is included in borrowing related expenses.
9) Hedge accounting
GLP J-REIT enters into derivative transactions in order to hedge against risks defined in its Articles ofIncorporation 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 paid or 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.
10) Beneficiary rights of real estate or solar panels in trust
As to beneficiary rights of real estate or solar panels in trust, all accounts of assets and liabilities for assets in trust

Semi-Annual Report ｜ 87

as well as the related income generated and expenses incurred are recorded in the relevant balance sheet and statementof income accounts.

3. Significant accounting estimates
1) Impairment of noncurrent assets
The following summarizes the amounts recognized in the financial statements, which are identified as items subject
to accounting estimates.
Thousands of yen
As ofFebruary 29, 2024

August 31, 2023

¥844,353,761¥853,363,607

Property and equipment, net
2) Information on details of accounting estimates for items identified

In accordance with the accounting standard for impairment of noncurrent assets, GLP J-REIT adopts an accounting
treatment to reduce the book value of noncurrent assets to the recoverable amount when it is no longer expected torecover the investment amount due to a decline in profitability.
In adopting the accounting treatment, GLP J-REIT considers each property owned as one asset group anddetermines the necessity of recognizing an impairment loss when there is any indication of impairment due tocontinuous operating deficits, a significant decline in market value or a significant deterioration in the businessenvironment.
GLP J-REIT uses the amount of estimated future cash flows to determine whether an impairment loss should berecognized. When it is determined that an impairment loss should be recognized, the book value is reduced to therecoverable amount estimated based on a third-party real estate appraisal, and the amount of the reduction is accounted
for as an impairment loss.
In estimating the future cash flows, GLP J-REIT determines the assumptions, including rents, occupancy ratio,
property-related expenses, by comprehensively taking into account market trends, transaction cases of similar
properties, etc.
The operating performance and market value of each property may be affected by trends in the real estate leasing
market and the real estate trading market. Therefore, any change in the assumptions for the estimate may affect thefinancial position and performance of GLP J-REIT in the following fiscal period.

88 ｜ Semi-Annual Report

4. Financial Instruments
1) Detailed information on 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 J-REIT 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
although surplus 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, suchas bankruptcy of the depository financial institution. GLP J-REIT limits credit risk by using only short-term
deposits in financial institutions with high credit ratings.
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties
and refinancing of bank loans or investment corporation bonds upon their maturities. GLP J-REIT mitigates theliquidity 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 suchliquidity 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 andmanaged under the Management Guidelines of the Asset Manager.
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust are deposits received
from tenants. 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 the repayments and monitoring its cash flows.
3. Supplemental explanation regarding fair values of financial instruments
Since various factors are considered in estimating the fair value, different assumptions and factors could resultin a range of fair values.
2) Estimated fair value of financial instruments
Book value, fair value and differences between the values as of February 29, 2024 and August 31, 2023 are asstated below. The disclosure for “Cash and cash equivalents” is omitted since their fair value approximates their bookvalue due to short maturity.

Semi-Annual Report ｜ 89Thousands of yen
As of February 29, 2024
(1) Current portion of investment
corporation bonds(2) Current portion of long-term loans
payable(3) Investment corporation bonds(4) Long-term loans payable
Total liabilities
Derivative transactions

Book value¥

4,000,000¥

Fair value

Difference

3,998,600¥(1,400)25,710,000

25,716,826

6,826

51,100,000
315,750,000¥ 396,560,000¥－

49,273,340
312,450,819¥391,439,585¥－(1,826,660)(3,299,180)¥(5,120,414)¥－

Thousands of yen
As of August 31, 2023
Book value(1) Current portion of investment
corporation bonds(2) Current portion of long-term loans
payable(3) Investment corporation bonds(4) Long-term loans payable
Total liabilities
Derivative transactions¥

2,000,000

Fair value¥

2,010,800

Difference¥

10,80029,470,000

29,515,080

45,08053,100,000
311,990,000¥ 396,560,000¥－

51,318,490
308,594,860¥391,439,231¥(1,364)(1,781,510)(3,395,139)¥(5,120,768)¥(1,364)

Notes:*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.
Derivative transactions:
Please refer to Note 5, “Derivative Transactions.”

90 ｜ Semi-Annual Report*2

Redemption schedules for investment corporation bonds and long-term loans payable are as follows:
Thousands of yen
As of February 29, 2024
Due within
one year

Due after
one to twoyears

Due after
Due after
two to three three to four
years
years

Due after
four to fiveyears

Due after
five years

Investment corporation bonds ¥ 4,000,000 ¥ 1,500,000 ¥ 5,100,000 ¥－ ¥ 12,100,000 ¥ 32,400,000
Long-term loans payable
25,710,000 36,250,000 55,370,000 54,323,000 56,680,000 113,127,000
Total¥29,710,000 ¥37,750,000 ¥60,470,000 ¥54,323,000 ¥68,780,000 ¥145,527,000
Thousands of yen
As of August 31, 2023
Due within
one year

Due after
one to twoyears

Due after
two to threeyears

Due after
three to fouryears

Due after
four to fiveyears

Due after
five years

Investment corporation bonds ¥ 2,000,000 ¥ 3,500,000 ¥－ ¥ 5,100,000 ¥ 1,000,000 ¥ 43,500,000
Long-term loans payable
29,470,000 37,420,000 52,920,000 48,323,000 60,900,000 112,427,000
Total¥31,470,000 ¥40,920,000 ¥52,920,000 ¥53,423,000 ¥61,900,000 ¥155,927,000

5. Derivative Transactions
For the six-month periods ended February 29, 2024 and August 31, 2023, GLP J-REIT only utilized interest rate
swaps which qualified for hedge accounting and met the specific matching criteria, as described below.
Hedge accounting method:

Special accounting treatment for interest rate swaps

Type of derivative transaction:

Interest rate swaps, receive floating/ pay fix

Primary hedged item:

Long-term loans payable
Thousands of yen
As ofFebruary 29, 2024

August 31, 2023

Contract amount
Fair value
Fair
value
measurement
Due after one
Total
methodyear¥298,720,000¥277,110,000

(*1)

(*2)

Contract amountDue after one
Total
year

Fair value

Fair value
measurement
method¥292,320,000 ¥277,380,000
(*3)
(*3)

¥(1,364)
(*4)

(*2)

Notes:*1 Interest rate swaps under the special accounting treatment are accounted for as an integral component oflong-term loans payable designated as hedged items. Thus, their fair value is included in that of long-termloans payable disclosed in Note 4, “Financial Instruments, 2) Estimated fair value of financial instruments,(2) Current portion of long-term loans payable and (4) Long-term loans payable.”*2 Fair value is measured by the counterparty of the relevant transaction based on market rates.
*3 The amount includes 870,000 thousand yen of the interest swap contract entered into on August 30, 2023.
The execution date of long-term loans payable, its hedged item, is September 1, 2023.

Semi-Annual Report ｜ 91

*4 Concerning the aforementioned interest rate swap entered into on August 30, 2023, the fair value as of theend of the fiscal period (August 31, 2023) is stated since it is not accounted for as an integral component oflong-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 as hedged items. Thus, their fair value is included in that of long-term loans payable disclosed in
Note 4, “Financial Instruments, 2) Estimated fair value of financial instruments, (2) Current portion of longterm loans payable and (4) Long-term loans payable.”

6. Investment Securities
As of the current period end, the securities held by GLP J-REIT are as follows.
Book value(Thousand yen)
Per
Total
share

Fair value(Thousand yen)
Per
Total
share
(*1)

Valuation
gain/loss
Remarks(Thousandyen)

Name of issue

Type ofassets

Unit/
share

Acacia Special
Purpose Company

Preferredequitysecurities

25,690units－

259,275－

259,275－(*2)

Equitysecurities

16
shares

100

1,600

100

1,600

－

－

Okayama General
Distribution Center
Co., Ltd.
Notes:*1 The acquisition cost is shown as “Fair value” above.
*2 The underlying asset is the beneficiary right of real estate in trust of “GLP Narashino II”, which is currently
under redevelopment.

7. Investment and Rental Properties
Property and equipment consists 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.
Thousands of yen
For the six-month periods ended
February 29, 2024

August 31, 2023

Book value
Balance at the beginning of the period
Change during the period
Balance at the end of the period¥ 853,363,607(9,009,846)¥ 844,353,761¥ 799,138,397
54,225,209¥ 853,363,607

Fair value at the end of the period¥1,139,380,000¥1,144,234,000

The fair value of investment and rental properties was determined based on third-party appraisals or research value.
For GLP Maishima II which was significantly destroyed by the fire accident in the six-month period ended February
28, 2022 and GLP Narashino II whose building portion was sold in the six-month period ended February 29, 2024, theappraisal value of the land portion of each property is included in fair value.
The change in book value for the six-month period ended February 29, 2024 primarily consisted of the increase due

92 ｜ Semi-Annual Reportto capital expenditures and the decrease due to the sale of two 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.
The change in book value for the six-month period ended August 31, 2023 primarily consisted of the increase dueto the acquisition 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 and the decrease due tothe sale of one property (GLP Ebetsu) in the amount of 1,324,620 thousand yen and depreciation of 4,510,839
thousand yen.

Semi-Annual Report ｜ 93

8. Property-related Revenues and Expenses
The following table summarizes the revenues and expenses generated from the property leasing activities for thesix-month periods ended February 29, 2024 and August 31, 2023.
Thousands of yen
For the six-month periods ended
February 29, 2024

August 31, 2023

A. Property-related revenues
Rental revenues:
Rental revenues
Common area charges
Total
Other revenues related to property leasing
Utility charges
Parking lots
Solar panel leasing
Others
Total
Total property-related revenues¥23,289,112
845,894
24,135,006¥23,026,523
856,477
23,883,001

855,847
128,539468,249
107,952
1,560,588¥25,695,595

1,045,386
121,623654,773
66,273
1,888,057¥25,771,059

B. Property-related expenses
Rental business expenses:
Taxes and dues
Property and facility management fees
Utilities
Repairs and maintenance
Casualty insurance
Depreciation
OthersTotal property-related expenses
C. Operating income from property leasing (A－B)¥ 2,018,144
935,841
798,357
110,484
343,4134,499,222
345,953¥ 9,051,416¥16,644,178¥ 2,068,748
956,500
944,718
98,383335,691
4,510,839
455,545¥ 9,370,427¥16,400,631

9. Gain on Sale of Property and Equipment
On September 25, 2023, GLP J-REIT sold beneficiary rights of real estate in trust to a third party and an associate
and recognized gains on sale for the six-month period ended February 29, 2024. The details are summarized asfollows:
Thousands of yen
GLP Morioka
Sales proceeds
Less: Costs of property and equipment sold
Other selling expenses
Gain on sale of property and equipment

94 ｜ Semi-Annual Report¥ 749,000
671,143
6,182¥ 71,673

Thousands of yen
GLP Narashino II (Buildings)
Sales proceeds
Less: Costs of property and equipment sold
Other selling expenses
Gain on sale of property and equipment¥5,850,000
5,717,065
76,181¥ 56,752

On August 16, 2023, GLP J-REIT sold a beneficiary right of real estate in trust to a third party and recognized again on sale for the six-month period ended August 31, 2023. The details are summarized as follows:
Thousands of yen
GLP Ebetsu
Sales proceeds
Less: Costs of property and equipment sold
Other selling expenses
Gain on sale of property and equipment¥3,530,000
1,324,620
21,890¥2,183,489

10. Insurance Income and Indemnification income
In connection with a fire accident occurred at GLP Maishima II in the six-month period ended February 28, 2022,
GLP J-REIT received insurance claim proceeds for the lost earnings due to the fire and recognized 272,569 thousand
yen and 244,843 thousand yen of insurance income for the six-month periods ended February 29, 2024 and August 31,
2023, respectively. Furthermore, in the six-month period ended February 29, 2024, GLP J-REIT recognizedindemnification income to be received from a party who was the tenant at the time of the fire accident in the amount of
436,402 thousand yen, which was equivalent to the insurance premium increase (for the period from January 2023 to
February 2024) caused by the receipt of insurance proceeds for the fire accident.

11. Leases
The future minimum rental revenues from tenants subsequent to each fiscal period end under non-cancelable
operating leases of properties are as follows:
Thousands of yen
As of
Due within one year
Due after one year
Total

February 29, 2024

August 31, 2023

¥ 44,466,187
132,167,461¥ 176,633,648¥ 44,166,663
137,516,562¥ 181,683,226

12. Net Assets
1) Stated capital
GLP J-REIT issues only non-par value units in accordance with the Investment Trust Act of Japan and all issue
amounts of investment units are designated as stated capital. GLP J-REIT maintains at least 50,000 thousand yen as the

Semi-Annual Report ｜ 95

minimum net assets as required by Article 67, Paragraph 4 of the Investment Trust Act of Japan.
2) Unitholders' capital, net
Unitholders' capital, net as of February 29, 2024 and August 31, 2023 consists of the following items:
Thousands of yen
As ofFebruary 29, 2024

August 31, 2023

¥480,149,318¥480,149,318(23,715,097)(21,873,023)(3,803,907)¥452,630,313－¥458,276,294

Unitholders’ capital - accumulated paid-in amount
Deduction from unitholders’ capital - accumulated
distribution in excess of retained earnings
Cancellation of own investment units
Unitholders’ capital, net
3) Distributions

Distributions related to the period but declared after the balance sheet date are summarized as follows:Yen
For the six-month periods ended
February 29, 2024
Total

I Unappropriated retained earnings
II Distributions in excess of retained earnings
Deduction from unitholders’ capital

Per unit

Total¥12,705,864,122¥14,038,964,844

813,023,346
13,518,887,468

1,842,073,794
15,881,038,638

12,704,714,214
813,023,346
13,517,737,560¥2,594 14,037,193,350
166
1,842,073,794¥2,760 15,879,267,144

III Distributions
Distributions of earnings
Distributions in excess of retained earnings
Total Distributions
IV Retained earnings carried forward

August 31, 2023¥

1,149,908¥

Per unit¥2,850374¥3,224

1,771,494

In accordance with Section 34.1 of the Articles of Incorporation set forth by GLP J-REIT for distributions of cash
dividends, the amount of the distributions shall be more than 90% of income available for dividends defined in Section
67.15 of the Special Taxation Measures Act.
For the distribution related to the six-month period ended February 29, 2024, GLP J-REIT declared a distribution of
earnings in the amount of 12,704,714,214 yen, which was the amount equivalent to the maximum integral multiples of
the number of investment units issued and outstanding as of February 29, 2024 but not exceeding the amount of
unappropriated retained earnings. Similarly, for the distribution related to the six-month period ended August 31, 2023,
GLP J-REIT declared a distribution of earnings in the amount of 14,037,193,350 yen, which was the amountequivalent to the maximum integral multiples of the number of investment units issued and outstanding as of August
31, 2023 but not exceeding the amount of unappropriated retained earnings.

96 ｜ Semi-Annual ReportFurthermore, based on the distribution policy as defined in Section 34.2 of its Articles of Incorporation, GLP JREIT will make an Optimal Payable Distribution (the “OPD”), which represents a distribution of funds in excess ofretained earnings, in each fiscal period on a continuous basis (“continuous OPD”). In addition, when it is anticipatedthat 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”), in addition to a continuous OPD, for the purpose ofmaintaining a stable level of distributions. Further, in addition to the continuous OPD and temporary OPD, GLP JREIT can make a cash distribution in excess of retained earnings by recording allowance for temporary difference
adjustments in order to mitigate income tax burden in accordance with laws and regulations including rules prescribedby the Investment Trusts Association, Japan (hereinafter, the "ITAJ"). However, these distributions shall be within thelimit stipulated in the rules and regulations of the ITAJ.
Accordingly, GLP J-REIT intends to distribute funds in excess of retained earnings, which do not exceed theamount calculated by deducting the amount of capital expenditures from the depreciation expenses for the accounting
period immediately preceding the period in which the OPD is made. For the six-month period ended February 29,
2024, the amount of the continuous OPD was determined to be 813,023,346 yen based on the distribution policy
described above. For the six-month period ended August 31, 2023, the amount of capital expenditures was
1,416,263,960 yen, and the depreciation expense was 4,510,839,642 yen. Thus, the maximum amount available for thecontinuous and temporary OPDs amounted to 3,094,575,682 yen for the distributions related to the six-month period
ended August 31, 2023. The amount of the continuous OPD was 1,349,540,694 yen, for the six-month period ended
August 31, 2023 which was calculated as approximately 30% of the depreciation expense of 4,510,839,642 yen for thesix-month period ended August 31, 2023. In addition, GLP J-REIT declared the temporary OPD of 492,533,100 yen
for the six-month period ended August 31, 2023, as the distribution per unit was temporarily decreased due to theissuance of investment units, borrowings of funds, and an increase in insurance costs.
Thus, GLP J-REIT declared total OPDs amounting to 813,023,346 yen and 1,842,073,794 yen as a refund of its
investment categorized as a distribution from unitholders’ capital for tax purposes for the distributions related to thesix-month periods ended February 29, 2024 and August 31, 2023, respectively.
In total, for the distributions related to six-month periods ended February 29, 2024 and August 31, 2023, GLP JREIT declared cash distributions of 13,517,737,560 yen (2,760 yen per unit) and 15,879,267,144 yen (3,224 yen perunit), respectively.

Semi-Annual Report ｜ 97

13. Long-Term Loans Payable
Long-term loans payable consisted of bank borrowings under loan agreements. The following table summarizes thelong-term loans payable as of February 29, 2024 and August 31, 2023.
Thousands of yen
As ofFebruary 29, 2024
0.29% unsecured long-term loans due 2023
0.56% unsecured long-term loans due 2023
0.46% unsecured long-term loans due 2023
0.31% unsecured long-term loans due 2023 (*)
1.56% unsecured long-term loans due 2024 (*)
0.61% unsecured long-term loans due 2024 (*)
0.33% unsecured long-term loans due 2024
0.44% unsecured long-term loans due 2024
0.38% unsecured long-term loans due 2024 (*)
0.45% unsecured long-term loans due 2024 (*)
0.96% unsecured long-term loans due 2025 (*)
0.57% unsecured long-term loans due 2025
0.79% unsecured long-term loans due 2025
0.48% unsecured long-term loans due 2025 (*)
0.26% unsecured long-term loans due 2025 (*)
0.25% unsecured long-term loans due 2025 (*)
0.31% unsecured long-term loans due 2025 (*)
1.48% unsecured long-term loans due 2026 (*)
0.93% unsecured long-term loans due 2026 (*)
1.22% unsecured long-term loans due 2026 (*)
0.60% unsecured long-term loans due 2026 (*)
0.50% unsecured long-term loans due 2026 (*)
0.37% unsecured long-term loans due 2026 (*)
0.23% unsecured long-term loans due 2026 (*)
0.22% unsecured long-term loans due 2026 (*)
0.31% unsecured long-term loans due 2026 (*)
0.41% unsecured long-term loans due 2026 (*)
0.25% unsecured long-term loans due 2026
0.24% unsecured long-term loans due 2026
1.85% unsecured long-term loans due 2027 (*)
1.31% unsecured long-term loans due 2027 (*)
0.70% unsecured long-term loans due 2027 (*)
0.32% unsecured long-term loans due 2027 (*)
0.33% unsecured long-term loans due 2027 (*)
0.29% unsecured long-term loans due 2027 (*)
0.30% unsecured long-term loans due 2027 (*)
0.35% unsecured long-term loans due 2027 (*)
0.42% unsecured long-term loans due 2027 (*)
0.75% unsecured long-term loans due 2027 (*)
0.52% unsecured long-term loans due 2027 (*)
0.51% unsecured long-term loans due 2027 (*)

98 ｜ Semi-Annual Report

¥

－
－
－
－
－
－
4,100,000－－
14,510,000
1,300,000
9,190,000
5,700,000
1,300,000
2,520,000
6,310,000
7,100,000
1,000,000
1,500,000
10,700,000
6,600,000
3,170,000
5,260,000
4,190,000
1,000,000
2,440,000
5,700,000
6,030,000
10,460,000
2,700,000
900,000
8,840,000
3,250,000
12,720,000
12,090,000
4,300,000
3,000,000
1,000,000
1,000,000
4,184,000
3,429,000

August 31, 2023¥

3,780,000
1,150,000
1,450,000
2,500,000
3,140,000
3,300,000
4,100,000
8,150,000
6,000,000
14,510,000
1,300,000
9,190,000
5,700,000
1,300,000
2,520,000
6,310,000
7,100,000
1,000,000
1,500,000
10,700,000
6,600,000
3,170,000
5,260,000
4,190,000
1,000,000
2,440,000
5,700,000
6,030,000
10,460,000
2,700,000
900,000
8,840,000
3,250,000
12,720,000
12,090,000
4,300,000
3,000,000
1,000,000
1,000,000
4,184,000
3,429,000

Thousands of yen
As of0.18% unsecured long-term loans due 2027 (**)
1.57% unsecured long-term loans due 2028 (*)
0.71% unsecured long-term loans due 2028 (*)
0.44% unsecured long-term loans due 2028 (*)
0.34% unsecured long-term loans due 2028 (*)
0.33% unsecured long-term loans due 2028 (*)
0.53% unsecured long-term loans due 2028 (*)
0.79% unsecured long-term loans due 2028 (*)
0.82% unsecured long-term loans due 2028 (*)
0.63% unsecured long-term loans due 2029 (*)
0.44% unsecured long-term loans due 2029 (*)
0.42% unsecured long-term loans due 2029 (*)
0.49% unsecured long-term loans due 2029 (*)
0.77% unsecured long-term loans due 2029 (*)
0.66% unsecured long-term loans due 2029 (*)
0.37% unsecured long-term loans due 2030 (*)
0.37% unsecured long-term loans due 2030 (*)
0.85% unsecured long-term loans due 2030 (*)
0.80% unsecured long-term loans due 2030 (*)
0.94% unsecured long-term loans due 2030
0.96% unsecured long-term loans due 2030 (*)
1.03% unsecured long-term loans due 2030 (*)
0.92% unsecured long-term loans due 2030 (*)
0.44% unsecured long-term loans due 2031 (*)
0.50% unsecured long-term loans due 2031 (*)
0.95% unsecured long-term loans due 2031 (*)
1.20% unsecured long-term loans due 2031 (*)
0.87% unsecured long-term loans due 2031 (*)
1.02% unsecured long-term loans due 2031 (*)
1.01% unsecured long-term loans due 2032 (*)
1.05% unsecured long-term loans due 2032 (*)
0.99% unsecured long-term loans due 2032 (*)
1.12% unsecured long-term loans due 2032 (*)
1.10% unsecured long-term loans due 2032
1.23% unsecured long-term loans due 2033 (*)
Less: current portion
Total long-term loans payable, less current portion

February 29, 2024

August 31, 2023

1,000,000
1,000,000
3,160,000
12,040,000
9,650,000
6,670,000
16,870,000
1,250,000
1,250,000
6,000,000
9,610,000
17,760,000
1,950,000
5,370,000
1,261,000
8,230,000
2,170,000
9,000,000
2,710,000
4,360,000
870,000
1,150,000
8,000,000
2,020,000
4,900,000
7,520,000
3,100,000
5,230,000
2,000,000
800,000
1,200,000
6,276,000
4,700,000
1,900,000
2,990,000(25,710,000)¥ 315,750,000－
1,000,000
3,160,000
12,040,000
9,650,000
6,670,000
16,870,000－－
6,000,000
9,610,000
17,760,000
1,950,000
5,370,000
1,261,000
8,230,000
2,170,000
9,000,000
2,710,000－－－－
2,020,000
4,900,000
7,520,000
3,100,000
5,230,000－
800,000
1,200,000
6,276,000－－－(29,470,000)¥ 311,990,000

Note:
*

GLP J-REIT uses interest rate swaps to hedge their interest rate risk exposure. The stated interest rate
includes the effect of the interest rate swap.
** Since the loan is deemed to meet the requirements for eligible investments and loans disclosed under the"Fund-Provisioning Measure to Support Financing for Climate Change Responses" by the Bank of Japan,
the lending bank plans to receive funding through the Bank of Japan's "Operations to Support Financing
for Responses to Climate Change (hereinafter, “Climate Change Operations”)." Therefore, the interest

Semi-Annual Report ｜ 99

rate for the loan will be based on the rate stipulated in the basic policy of the Climate Change Operations.
If the loan becomes partially or wholly non-compliant with the eligibility requirements during the loan
period, or if the Bank of Japan discontinues the Climate Change Operations and stops providing rates, theinterest rate for the loan thereafter will be based on the three-month Japanese yen TIBOR published by
the General Incorporated Association JBA TIBOR Administration two business days before the interest
payment date of the most recent interest calculation period.
The stated interest rate is the weighted average interest rate during the period ended February 29, 2024 and isrounded to the second decimal place.
The redemption schedules for long-term loans payable subsequent to February 29, 2024 and August 31, 2023 aredisclosed in Note 4, “Financial Instruments.”
GLP J-REIT has entered into commitment line agreements with three financial institutions in order to secure
flexible and stable financing. The status of the commitment line agreement as of February 29, 2024 and August 31,
2023 is as follows:
Thousands of yen
As ofTotal amount of commitment line
Balance executed as loans
Unused line of credit

February 29, 2024

August 31, 2023

¥15,000,000－¥15,000,000¥15,000,000－¥15,000,000

14. Investment Corporation Bonds
GLP J-REIT issued 22 series of unsecured investment corporation bonds to refinance bank borrowings or toredeem investment corporation bonds. Each bond would be repaid on a lump-sum basis at each contractual maturity
date. The following summarizes the status of outstanding investment corporation bonds as of February 29, 2024 andAugust 31, 2023.
Thousands of yen
Description
GLP J-REIT 2nd
Unsecured Bonds
GLP J-REIT 5th
Unsecured Bonds
GLP J-REIT 6th
Unsecured Bonds
GLP J-REIT 8th
Unsecured Bonds
GLP J-REIT 9th
Unsecured Bonds
GLP J-REIT 11th
Unsecured Bonds
GLP J-REIT 12th
Unsecured Bonds(Green Bonds)

100 ｜ Semi-Annual Report

Issued date
(*1)
(*1)
(*1)
(*1)
(*1)
(*1)
(*1)

Maturity dateJuly 30,
July 30,2014
2024
December 26, December 25,
2014
2026
June 30,
June 30,
2015
2025
November 28, November 27,
2016
2026
February 27,
February 26,
2017
2027
July 9,July 7,2018
2028
December 20,
2018

December 20,
2028

As of
Interest
February 29, 2024 August 31, 2023
rate (*3)
0.98%¥ 2,000,000¥ 2,000,000

1.17%

3,000,000

3,000,000

0.89%

1,500,000

1,500,000

0.45%

1,100,000

1,100,000

0.47%

1,000,000

1,000,000

0.56%

1,000,000

1,000,000

0.68%

5,100,000

5,100,000

Thousands of yen
Description

Issued date

GLP J-REIT 13
July 8,(*2)
Unsecured Bonds
2019(Green Bonds)
GLP J-REIT 14th
November 27,(*1)
Unsecured Bonds
2019(Green Bonds)
GLP J-REIT 15th
September 25,(*1)
Unsecured Bonds
2020(Sustainability Bonds)th
GLP J-REIT 16
December 23,(*1)
Unsecured Bonds
2020(Sustainability Bonds)
GLP J-REIT 17th
March 23,(*1)
Unsecured Bonds
2021(Sustainability Bonds)th
GLP J-REIT 18
Unsecured Bonds
September 28,(*1, 4)(Green Bonds)
2021(Sustainability-Linked
Bonds)GLP J-REIT 19th
February 25,(*1)
Unsecured Bonds
2022(Sustainability Bonds)th
GLP J-REIT 20
February 25,(*1)
Unsecured Bonds
2022(Sustainability Bonds)
st
GLP J-REIT 21
December 23,(*1)
Unsecured Bonds
2022(Sustainability Bonds)
GLP J-REIT 22nd
July 26,(*1)
Unsecured Bonds
2023(Sustainability Bonds)
Total
th

Maturity date

As ofInterest
February 29, 2024 August 31, 2023
rate (*3)

July 6,
2029

0.61%

8,000,000

8,000,000

November 27,
2029

0.55%

5,000,000

5,000,000

September 25,
2030

0.51%

5,000,000

5,000,000

December 21,
2035

0.75%

3,500,000

3,500,000

March 22,
2041

0.97%

5,000,000

5,000,000

September 28,
2028

0.28%

6,000,000

6,000,000

February 25,
2025

0.13%

2,000,000

2,000,000

February 25,
2032

0.52%

1,300,000

1,300,000

December 23,
2032

0.82%

2,000,000

2,000,000

July 26,
2033

0.90%

2,600,000

2,600,000¥55,100,000¥55,100,000(*5)

Notes:*1

The bonds were issued with special pari passu conditions among specified investment corporation bonds.

*2

The bonds were issued with special pari passu conditions among investment corporation bonds.

*3

The stated interest rate is rounded to the second decimal place.

*4

The “Sustainability-Linked Bonds” refer to bonds whose terms and conditions may change depending onwhether or not the predetermined targeted KPI (Key Performance Indicator) or SPTs (Sustainability
Performance Targets) are achieved.

*5

The interest rate from the following day of September 28, 2021 to September 28, 2025 is 0.284% annum. If
GLP J-REIT achieves the SPTs on each verification day on or after December 31, 2024, the interest rate
will become 0.234% annum on the following day of September 28, 2025 and thereafter.

Semi-Annual Report ｜ 101

15. Income Taxes
GLP J-REIT is subject to Japanese corporate income taxes on its taxable income. There were no significant
temporary differences that give rise to the deferred tax assets and liabilities as of February 29, 2024 and August 31,
2023.Reconciliations between the Japanese statutory tax rate and the actual income tax rate with respect to pre-tax
income reflected in the accompanying statement of income for the six-month periods ended February 29, 2024 andAugust 31, 2023 are as follows:%
For the six-month periods ended
Statutory effective tax rate
(Adjustments)
Distributions deductible for tax purposes
Other
Actual tax rate

February 29, 2024

August 31, 2023

31.46

31.46

(31.46)0.00
0.00(31.46)0.00
0.00

GLP J-REIT has a policy of making cash distributions of earnings in excess of 90% of distributable income as
defined in the Special Taxation Measures Act for the fiscal period to qualify for conditions as set forth in the Special
Taxation Measures Act to achieve a deduction of cash distributions for income tax purposes. Based on this policy, GLP
J-REIT treated the cash distributions of earnings as a tax deductible distribution as defined in the Special Taxation
Measures Act.

16. Per Unit Information
The following table summarizes per unit information for the six-month periods ended and as of February 29, 2024
and August 31, 2023.
For the six-month periods ended
Net income per unit:
Basic net income per unit
Weighted average number of units outstanding

February 29, 2024

August 31, 2023

2,584 yen
4,914,823 units

2,907 yen
4,827,535 units

As ofFebruary 29, 2024
Net assets per unit

95,010 yen

August 31, 2023
95,895 yen

Diluted earnings per unit and related information are not disclosed as no dilutive securities were outstanding.

102 ｜ Semi-Annual Report17. Transactions with Related Parties
1) Transactions and account balances with the parent company and major corporate unitholders(For the six-month periods ended February 29, 2024 and August 31, 2023)
None2) Transactions and account balances with affiliates(For the six-month period ended February 29, 2024)
Classification

Name

Acacia Special
Purpose Company

Associate

Location

Statedcapital(Thousandyen)Type of business% of voting
RelationshiprightsProperty
management

19.4%
Transfer ofPreferredan asset
equityChuo-ku,¥1,323,100
Tokyo(owned)Type of transaction

Sale of buildings

Transaction amount Account(Thousand yen)
title(*1) (*2)¥5,850,000

Balance(Thousand yen)¥－–

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

(For the six-month period ended August 31, 2023)
None3) Transactions and account balances with companies under common control and others(For the six-month periods ended February 29, 2024 and August 31, 2023)
None4) Transactions and account balances with directors and major individual unitholders(For the six-month period ended February 29, 2024)
Classification

Name

Director andYoshiyuki Miura
his/her relatives

Location－

Stated capital(Thousands of yen)¥－Type of business(*2)% of voting
rights (owned)－

Type of transaction

Transaction amount Account(Thousands of yen)
title
(*1)

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

¥3,047,122

Accounts
payableBalance at theend of the period(Thousands of yen)(*1)

¥2,874,574

Notes:*1 Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
*2 It is the transaction executed by Yoshiyuki Miura as the President & CEO of GLP Japan Advisors Inc. The asset management fee was determinedin 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 gain on sale of property
and equipment.

(For the six-month period ended August 31, 2023)
Classification

Name

Director andYoshiyuki Miura
his/her relatives

Location－

Stated capital(Thousands of yen)¥－Type of business(*2)% of voting
rights (owned)－

Type of transaction

Transaction amount Account(Thousands of yen)
title
(*1)

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

¥3,362,213

Accounts
payableBalance at theend of the period(Thousands of yen)(*1)

¥2,940,018

Notes:*1 Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
*2 It is the transaction executed by Yoshiyuki Miura as the President & CEO of GLP Japan Advisors Inc. The asset management fee was determinedin accordance with the rules prescribed in the Articles of Incorporation of GLP J-REIT. The asset management fee includes (i) 291,150 thousand
yen of the management fee in connection with the acquisition of properties, which was capitalized as part of the book value of each propertyand (ii) 17,650 thousand yen of the management fee in connection with the disposition of the property, which was included in the calculation

Semi-Annual Report ｜ 103

of gain on sale of property and equipment.

18. 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 andwhose operating results are regularly evaluated by the Board of Directors to make decisions about how resources areallocated and 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 andpresented as the “Multi-tenant Property” reportable segment, whereas build-to-suit (“BTS”) properties developed for asingle tenant or properties with a single tenant have been aggregated and presented as the “BTS Property” reportablesegment.
As of February 29, 2024, 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, GLPMFLP 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, GLP Tomiya, 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, GLP Tomiya IV, GLP NodaYoshiharu, 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
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

104 ｜ Semi-Annual Report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 Note 2, “Summary of
Significant Accounting Policies.” Segment income is measured on the basis of operating income, excluding certain
corporate expenses and gain on sale of property and equipment (see reconciling items below). Segment assets aremeasured on the basis of total assets, excluding certain assets (see reconciling items below).
3) Information about segment income, segment assets and other items for the periods ended February 29, 2024 and August
31, 2023 is as described in the following tables.
Thousands of yen

Operating revenues (*1)
Segment income
Segment assets
Other items
Depreciation
Increase in property and equipment

As of and for the six-month period ended February 29, 2024
Amount on
Multi-tenant
BTS rental
Reconcilingfinancialrental businessbusiness
items (*2)
statements¥ 12,743,434¥ 12,952,161¥ 128,426¥ 25,824,022
8,096,812
8,547,366(3,066,311)
13,577,867
416,737,218
445,949,129
28,103,371
890,789,719
1,938,851
805,692

2,560,370
1,074,361－－

4,499,222
1,880,054

Notes:*1 Operating revenues are exclusively earned from external parties.
*2 Reconciling items to operating revenues of 128,426 thousand yen consist of gain on sale of property andequipment which does not belong to reportable segments. Reconciling items to total segment income consistof gain on sale of property and equipment of 128,426 thousand yen and corporate expenses that are notallocated to each reportable segment. Corporate expenses mainly include asset management fee of
3,014,127 thousand yen, asset custody fee of 10,856 thousand yen, administrative service fees of 32,766
thousand yen, directors’ remuneration of 5,940 thousand yen and other expenses.
Reconciling items to total segment assets consist of several assets that are not allocated to each reportablesegment. Those assets mainly include cash and cash equivalents of 24,328,532 thousand yen, long-term
prepaid expenses of 2,474,155 thousand yen, investment corporation bond issuance costs of 201,107
thousand yen and investment unit issuance expenses of 98,838 thousand yen.
Thousands of yen

Operating revenues (*1)
Segment income
Segment assets
Other items
Depreciation
Increase in property and equipment

As of and for the six-month period ended August 31, 2023
Amount on
Multi-tenant
BTS rental
Reconcilingfinancialrental businessbusiness
items (*2)
statements¥ 12,774,025¥ 12,997,033¥ 2,183,489¥ 27,954,548
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
7,617,053

2,601,515
52,444,524－－

4,510,839
60,061,578

Notes:

Semi-Annual Report ｜ 105

*1 Operating revenues are exclusively earned from external parties.
*2 Reconciling items to operating revenues of 2,183,489 thousand yen consist of gain on sale of property andequipment which does not belong to reportable segments. Reconciling items to total segment income consistof gain on sale of property and equipment of 2,183,489 thousand yen and corporate expenses that are notallocated to each reportable segment. Corporate expenses mainly include asset management fee of
3,053,413 thousand yen, asset custody fee of 10,341 thousand yen, administrative service fees of 31,710
thousand yen, directors’ remuneration of 5,940 thousand yen and other expenses.
Reconciling items to total segment assets consist of several assets that are not allocated to each reportablesegment. Those assets mainly include cash and cash equivalents of 23,059,854 thousand yen, long-term
prepaid expenses of 2,518,696 thousand yen, investment corporation bond issuance costs of 219,654
thousand yen and investment unit issuance expenses of 141,078 thousand yen.
Related Information(For the six-month periods ended February 29, 2024 and August 31, 2023)
1) Information by geographic area(a) Operating revenues
Substantially all of the operating revenue is earned from external customers in Japan.
(b) Property and equipment
Substantially all property and equipment are located in Japan.
2) Information on major tenants
Disclosure of this information has been omitted as no customer accounting for 10% or more of the total operating
revenues existed.

19. Revenue from Contracts with Customers(For the six-month periods ended February 29, 2024 and August 31, 2023)
For information on disaggregated revenue from contracts with customers, please refer to Note 8, “Property-related
Revenues and Expenses” and Note 9, “Gain on Sale of Property and Equipment.” Note that revenues described in Note
8, “Property-related Revenues and Expenses” include revenue subject to the “Accounting Standard for Lease
Transactions” (ASBJ Statement No. 13).” Furthermore, revenues described in Note 9, “Gain on Sale of Property andEquipment” include revenue based on the JICPA (the Japanese Institute of Certified Public Accountants) Accounting
System Committee Statement No.15, “Practical Guidelines on Accounting for Transfer of Real Estate Using Special
Purpose Companies.”

106 ｜ Semi-Annual Report20. Subsequent Events
Acquisition of assets
Subsequent to February 29, 2024, GLP J-REIT acquired GLP Kazo II as described below.
GLP Kazo II・Location・Acquisition date・Acquisition price・SellerKazo, Saitama
April 1, 2024
7,700 million yen (*)
LOGISTEED, Ltd.

Note:
* “Acquisition price” excludes acquisition related expenses, property taxes, city planning taxes,
consumption taxes and local consumption taxes.
Part of 2,506 million yen received from LOGISTEED, Ltd. as the indemnification for the building damage of GLP
Maishima II based on the agreement on March 28, 2024, will be deducted from the acquisition cost of the above
property.

Semi-Annual Report ｜ 107