2020

ESG
ReportGLP J-REITIndex

MessageP. 22020 Highlights

P. 3

ESG Policy

P. 5

Environment

P. 8SocialP. 13

Corporate Governance

P. 22

ESG Finance

P. 26

GLP J-REIT 2020 ESG REPORT

1

Message

A Message from Our Executives

A Message from CSO
I was appointed CSO (Chief Sustainability Officer) on April 1, 2021.
As more and more attention is paid to ESG, the GLP Group aims to be a responsible member ofsociety, engaged in a variety of efforts regarding ESG.

Yoshiyuki Miura

Hisatake Miki

Executive Director of GLP J-REIT and
President of GLP Japan Advisors Inc.

CSO of GLP JapanFor the employees of GLP, we are promoting work style reforms during the present coronavirus
pandemic: we are developing an environment that facilitates working from home, and areenhancing programs meant to support employees’ health and safety. By engaging in these
initiatives, we seek to create a staff that can embody the spirit of “well-being” that GLP stands for.

Advisors Inc.

We have decided to begin publishing an “ESG Annual Report” in order to lay out these initiatives
for our various stakeholders in a systematic and comprehensible manner.
The GLP Group will continue to proactively promote sustainability, and will continuously publish
information to promote a deeper understanding of GLP Japan Advisors’ business activities.

To begin, please let me express my best wishes for all of our investor clients.
I would also like to express my hopes that anyone who may have fallen ill during
the ongoing coronavirus pandemic has a speedy recovery, and to express mysincere respect and gratitude to all healthcare workers and others who are making
efforts to resolve this crisis.
GLP J-REIT is Japan’s leading listed real estate investment corporation specializing
in logistics facilities. We at GLP J-REIT, together with our asset management firm
GLP Japan Advisors Inc., consider it to be our social mission to strive for asustainable society through our business activities. To that end, we have enhanced
our efforts toward sustainability.
We believe that logistic facilities, as the infrastructure of society, has massive
potential to contribute to resolving the societal issues. Through management ofinvestment in real estate, we aim not only to increase value for investors but tocontribute to the resolution of global problems, such as responding to climatechange and realizing sustainable cities and communities.
We have decided to publish a summary of our basic philosophy and our efforts up
to this point regarding sustainability in the present ESG Report.
GLP J-REIT and our asset management firm will continue to maintain and enhance
our sustainability measures, and by disclosing ESG information we will deepen ourcommunication with our various stakeholders from investors, tenants, andmembers of our supply chain to the wider regional community and employee. We
hope to work together with our stakeholders to strive toward a sustainable society.

Some examples of these initiatives are our working to reduce our environmental footprint byacquiring eco-friendly building certifications for the logistics facilities we develop and own,
contributing to society through volunteer activities and allowing our logistics facilities to be usedas evacuation sites, and reinforcing our corporate governance through the introduction of aninvestment unit ownership plan. GLP J-REIT also executes financing that utilizes these ESG
initiatives. In terms of our ESG bond issuance balance, we are the top J-REIT in the industry.

An Introduction to GLP J-REITn Invests in advanced logistics facilities, and is one of thelargest logistics J-REITs in terms of assets
n With the most properties of any logistics J-REIT, its
investment area covers the entirety of Japan, centered in
the greater Tokyo area and the Kansai area known as
excellent locations for logistics but with locations from
Hokkaido in the north to Kyushu in the south

No. of properties
owned

83
No. of tenantcompanies

149

Other

13%
Kansai area

Asset size

7,441

23%

Kanto area

64%

billion yen

Operating ratio

99.7
Data is accurate as of February 28, 2021

: A property owned by GLP J-REIT

GLP J-REIT 2020 ESG REPORT

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2020 Highlights
Awarded 5 Stars and Green Star,
Named Global and Asia Sector Leaders from GRESBGLP J-REIT has been awarded the prestigious “5 Stars” and “Green Star”
by the 2020 GRESB Real Estate Assessment.
GLP J-REIT received a "5 Star" GRESB Rating, which is based on GRESB
Overall Score and its quintile position relative to global participants, andwas awarded the highest rating of “5 Star” and ranked fourth among
global listed industrial sector out of 22 peers and fourth in Asia listed
industrial sector.

GLPJ-REIT was selected as both Global Sector Leader and Asia Sector
Leader among Sector Leaders, titles given to the participant who
achieved the highest GRESB Overall Score (and those who are within 1.0
point from the top performer) in the listed logistics real estate sector.

Issued “Sustainability bonds”,
first-ever achievement in J-REIT market
n In September 2020, J-REITs issued the first sustainability bond and succeeded in cultivating demand fromnew investors growing interest in ESG.
n In December 2020, succeeded in issuing a second sustainability bond in the form of a target deal for ultralong-term bonds targeting major domestic insurance companies that are highly interested in ESG.
n In March 2021, the third sustainability bond was issued, and the outstanding balance of ESG bonds (green
bonds and sustainability bonds) was 31.6 billion yen, which is the top in the J-REIT market.

Green bonds

Fundraising for projects that contribute to theenvironment

Social bonds

Fundraising for projects that contribute toresolving social issues

GLP Yokohama

GLP Amagasaki

Sustainability
bonds

Expansion of CASBEE Certificationn Obtained CASBEE real estate evaluation certification at GLP Neyagawa in April and GLP Yokohama in Augustn In March 2021, GLP / MFLP Ichikawa Yokohama received a "ZEB Ready" rating in addition to the 5-star rating,which is the highest rating of BELS.
n The number of properties that have acquired CASBEE certification has expanded to 31 properties, and the ratio ofenvironmental certification has increased to 61%.
n Aim to obtain 80% of environmental certification by 2024.

5 star
GLP Yokohama(Rank S)

5 star(Rank A)
GLP Neyagawa

Fundraising for projects that contribute toresolving both environmental and social issues

Overview of Sustainability Bond Issuance
GLP J-REIT 15th unsecured
bonds (Sustainability Bond)GLP J-REIT 16th unsecured
bonds (Sustainability Bond)GLP J-REIT 17th unsecured
bonds (Sustainability Bond)

Date of Issuance

Sep. 25, 2020

Dec. 23, 2020

Mar. 23, 2021

Amount/Period

5.0 bn yen /10 years

3.5 bn yen /15 years

5.0 bn yen /20 years

Interest Rate

0.51% per annum

0.75% per annum

0.97% per annum

Evaluation Agency(JCR)

Obtained SU1(F), the highest JCR Sustainability Finance Framework Evaluation from JCR

GLP J-REIT 2020 ESG REPORT

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2020 Highlights
Responding to the COVID-19 Pandemic

Establishing a GLP Group hold investment units

n The GLP Group recognizes that, faced with the global coronavirus pandemic, preventing the spread of theinfection is our highest-priority. In order to protect the health and safety of customers, our employees, andall other stakeholders, we have established guidelines and are focused on infection prevention measures.

n Further strengthen governance by establishing an investment unit for executives and employees ofsponsors and asset management companies in May 2020
n Alignment effect between sponsors and management of asset management companies, employees andinvestors
n Aiming for continuous growth of the Investment Corporation and further raising awareness of improving
unitholder value over the medium to long term

For Tenant Customers
Installed contact-free hand sanitizer

Installed a panel layout
The managements andemployees of GLP Japan groupare member of ESOP

(Sponsor)

GLP Japan

GLP J-REIT
Unitholders(Asset Management Company)

GLP Japan Advisors

For Employees
GLP has put in place “work style guidelines” with the goal of having our employees maintain an efficient work
environment while ensuring their safety. These guidelines are intended to provide resources and support toemployees during the unprecedented coronavirus pandemic.
n Implementing pulse-checks for employees through the introduction of Wevox

n Providing remote work assistance and well-being assistancen Changing our office layout in order to prevent the spread of the novel coronavirus infection

GLP J-REIT 2020 ESG REPORT

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ESG Policy
Purpose of the ESG Policy Framework
At GLP, we are committed to a broad range of environmental, social andgovernance (ESG) commitments that elevate our business, create value forour shareholders and investors, support our employees and customers, andshow respect to the local communities in which we work. We believe ESG is
our corporate responsibility as business builders and investors as well as anopportunity to promote good business ethics and focus on a more sustainable
and resilient future.

We focus on improving efficiency across our businesses through the use andintegration of data and technology. As a result, we are able to reduce
consumption, better manage assets and invest capital more efficiently, which
in turn generates better returns for our shareholders and investors, reduces
costs for our customers and partners, and helps our global employees by
increasing motivation and productivity to enhance an individual’s livelihood.
We aim to be a global leader on integrated ESG commitments because webelieve that sustainability is an essential part of our long-term success as
global corporate citizens. To be a global leader we are committed tocontinuously improving our ESG policy to meet or exceed evolving standards
and expectations of our shareholders, investors, customers, employees andcommunities.
This ESG Policy Framework has been prepared to support us in developing
ESG commitments, integration into our overall business and investment
approach, responsibility of implementation and monitoring and reporting
framework.
GLP J-REIT 2020 ESG REPORT

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ESG Policy
GLP’s Sustainability Principles
At GLP, we are committed to making sustainability a core component of ourbusiness in order to build a more sustainable and resilient future. The intent of
GLP’s sustainability commitment is to implement our unique ESG Sustainability
Principles that support this ESG Policy Framework:

Build Businesses andInvest Responsibly

Improve Efficiency andEnhance ValueAt GLP, building businesses and investing responsiblymeans embedding ESG into our investment and decisionmaking processes. This helps us to identify and avoid
ESG risks and means that:As a leading global investment manager and businessbuilder, GLP’s mission is to build sustainable businesses
and generate attractive risk-adjusted returns toshareholders and investors over the long term, whileproviding exceptional investment and operational
services that enhance value. GLP’s asset management
teams are responsible for enhancing the value of ourassets through effective operations.

l we understand and identify how GLP’s activities canimpact material ESG factors and how these can affectour reputation, capital value and stakeholders;l we focus on how we can best manage our workforce,
whether it is our own employees or contractors andsuppliers;
l we recognize how we can work with the communities
where we invest and operate businesses and how we
can enhance our presence through economic
development, limiting our environmental impact andseeking a community’s license to operate.

Develop and Manage Sustainable
AssetsFor GLP, ESG also is considered after the development,
acquisition or investment decision. GLP teams acrossinvestment management, asset management andcorporate management are empowered to prioritise, act,
track and monitor the sustainability performance of ourassets and in certain instances collaborate with ourworkforce, partners and communities.
Consistent ESG performance across an asset’s lifestyle
helps us to actively manage the sustainability of assets.

Additionally, GLP develops and invests in technologies
and innovations that enhance the efficiency of our assets
including data analytics, robotics, automated clearance
systems, digital loading docks, smart sorting, telematics,
energy-efficient fleet management systems, Internet ofThings, resource conservation and our transition to
renewable energy.
To provide our global customers with increased
opportunities to enhance their sustainability endeavours,
GLP focuses on sustainability initiatives that increase
resource conservation, leverage climate action, improvehealth and well-being and support local communities.

Govern with High Ethics andTransparency

recognizes the importance of strong corporate
governance and the maintenance of high standards ofaccountability to GLP’s shareholders and remains firmly
committed to seeing that those standards are satisfied
through an evolving suite of governance practices thatare woven into the fabric of the GLP’s business.
GLP continually reviews and refines its processes in lightof best practice, consistent with the needs andcircumstances of the group.
We maintain a zero-tolerance approach to bribery andcorruption and require all management and employees
to comply with our Code of Business Conduct at all times
and provide annual certification.

Promote Well-Being
GLP aims to incorporate health and well-being
throughout its organization and assets in support of its
employees, customers and the communities in which we
work. By focusing on promoting well-being we canenhance an individual’s livelihood, increase motivationand productivity as well as bring communities together.
We focus on introducing well-being concepts such as
creating spaces that encourage physical activity,
integrating natural lighting, improving access to natureand providing areas for healthy eating and socializing.

GLP is committed to maintaining the highest standards ofcorporate governance as a means of enhancing
corporate performance and accountability. To
demonstrate its commitment towards excellence incorporate governance, GLP has established a series ofwell-defined policies and processes to protect its
stakeholders’ interests. GLP’s leadership team

GLP J-REIT 2020 ESG REPORT

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ESG Policy
Efforts to achieve the SDGs

Important issues and initiatives in each ESG area

ESG Committee

Important issues

The Sustainability Task Force, which was established in 2014, was newly
organized as the ESG Committee in April 2021 with the aim of further
promoting ESG.

Member• CSO• President
• CIO
• CFO
(Organized by General
Affairs Dept.)

Environment

Reducing
the environmental load

Resolution••••

Basic policy for promoting ESG
Annual plan for ESG promotion
Initiatives for various ESG measures
Selection of assets subject tosustainability finance, etc.

SocialCoexisting with local communities

Realizing a sustainable society

A work environment thatencourages diverse work styles,
human resource development,
and gender equality

Contributing to solving social
issuesGovernanceAchieving healthy growth for all
stakeholders

GLP J-REIT’s Initiatives

Initiatives against climate change-Initiatives in renewable energy-Initiatives in energy saving
Initiatives in water resources-Using rainwater and well water-Updating toilet equipment and installingsaving devices Initiatives in recycling-Promoting the reuse of logistics goods through business partnerships-Separating trash in collaboration with tenantsInitiatives in local communities-Contributing as a local disaster prevention center
Initiatives in BCP-Seismic isolation structure-Flood and snow damage control-Stockpiling disaster-relief supplies for disaster prevention-Conducting daily COVID-19 countermeasures
Initiatives for tenant employees-Replete with amenities such as cafeterias and stores-Conducting customer satisfaction surveys
Initiatives for employees-Promoting paid leave-Promoting remote work and other diverse ways of working-Implementing training programs and supporting certification exams
CSR activities-Providing work experience opportunities-Trash pickup campaign

・Reinforcing governance structure-Governance by general meeting of unitholders, board of directors’
meetings, and auditors-Disclosing decision-making processes-Establishing a compliance structure to ensure legal compliance-Eliminating anti-social forces-Pursuing fiduciary responsibility by implementing governancestructure for related-party transactions
・Pursuing mutual interests with unitholders-Operating an employee stock ownership plan targeting officers andemployees of the sponsor and the asset management company
・Timely and appropriate disclosure of information

GLP J-REIT 2020 ESG REPORT

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Environment

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

GLP J-REIT 2020 ESG REPORT

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Environment
SocialGovernance

Environment

Initiatives against climate change
Initiatives in renewable energy

Cooperation with tenants
At the facilities it operates, GLP J-REIT sets numerical targets and monitors the amount of energy used within
the facility. Furthermore, it not only strives to save energy and reduce waste in the common areas but also
makes efforts to reduce environmental load together with tenant companies through initiatives such as
issuing an energy-saving guidebook according to the use of energy by the tenants.

Green lease
GLP J-REIT includes the following clauses in its standard lease contracts signed with its tenants tocooperate with them in reducing environmental load.
-Cooperation in improving environmental performance to obtain environmental certification(saving electricity and water, reducing waste)-Sharing of data and targets on energy consumption
Solar power generation facilities
Goal

Wind power generation

Number ofsolar facilities

Annual solar power
generation

21

25,641

Initiatives in energy-saving

Include a green lease clause for all new contracts to be concluded in the future,and include a green lease clause for all contracts including existing contracts
by the end of 2023.

Tenant management programs

MW
2019

In cooperation with tenants, GLP Group takes part in various initiatives that reduce environmental
load. We proactively work to increase tenant awareness regarding how to reduce environmentalload and cut water and electricity consumption. Specifically, we promote the visualization ofelectricity consumption by sending meter data to our tenants, encouraging them to turn off theirvehicles when stopped, and encouraging them to save water and electricity.
-Visualize electricity consumption in cooperation with tenants-Provide tenants with information on energy, water, waste, and other consumption and emissions-Tenant awareness and education activities, etc.

Trash separation
LED lighting

Energy-saving guidebook

Human-presence sensors
GLP J-REIT 2020 ESG REPORT

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Environment
SocialGovernance

Environment

Initiatives in water resources

Make environmental considerations through redevelopment

GLP J-REIT makes efforts to save water by updating toilet equipment when
tenants move in or leave, and by using rainwater and well water.

n Rebuilt and redeveloped an existing facility (B building) at GLP Urayasu II by GLP Groupn Upon redevelopment, the building acquired Rank A certification from CASBEE for Real
Estate as it was able to reduce electricity use by installing LED lighting throughout theentire newly developed building and through large ceiling fans in air-conditioned areas

Water-saving
devices

Water-saving by updating toilet
equipment

After installation

Installation of water-saving devices.

GLP Urayasu II
In an effort to save water, well water and rainwater are used to drain toilets
as well as to water the plants in the facility.

Initiatives in waste management

Pollution prevention

Formed a business alliance with Hyperion, the operator of the second-hand logistics equipment purchase site
"Matebank," and sold cheaply when moving in (purchase price 5-10% OFF) and expensive purchase when moving out(purchase price 5-10% UP). Realized. We support the cost reduction associated with the relocation and move-out of
residents.

n When acquiring real-estate-related assets, etc., as a rule, experts conduct anenvironmental contamination survey prior to the conclusion of a purchase agreement,
and the survey results will be evaluated and considered based on the Asset Management
Guidelines.
n Moreover, as a rule, our investment targets will be properties that are appropriately
treated for soil contamination, etc., in accordance with the Soil Contamination
Countermeasures Act (Act No. 53, 2002), other related environmental laws, andmunicipal ordinances or guidance.

Reuse Purchase

Storing until Buyer appears
Purchasing backwith high-priceUnnecessary Logistic
Equipment

Reuse Sales Rental

Sellingwith low-priceSecond-hand Logistic
Equipment

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Environment
SocialGovernance

Environment

Acquisition of environmental certification
Certification
application ratio

60 %BELS and ZEB certifications

11

properties

Obtaining CASBEE evaluation
CASBEE certifications

31

properties※Total floor area base

Goal

Aim to obtain 80% of environmental certification by 2024

n CASBEE Comprehensive Assessment System for Built Environment CASBEE (Comprehensive Assessment
System for Built Environment Efficiency) is a comprehensive rating system provided by the Institute for Building
Environment and Energy Conservation (IBEC), a non-profit organization supervised by the Japanese government,
which assesses and evaluates buildings' environmental functions based on various factors including
environmentally friendly construction materials and workplace comfort/amenities, and how the building
complements the local community and environment.
n CASBEE Certifications are based on a five-scale system ("Rank S (excellent)," "Rank A (very good)," "Rank B+(good)," "Rank B- (slightly inferior)" and "Rank C (inferior)") for buildings that have been completed for more than
one year.

Obtaining BELS evaluationn BELS (Building Energy-efficiency Labeling System) is a public system that evaluates the energy-saving performanceof non-residential buildings, which was set by the Ministry of Land, Infrastructure, Transport and Tourism in April
2014. This is a system in which a third-party organization evaluates energy conservation performance based on
primary energy consumption based on the Energy Conservation Law (Note) regardless of whether it is a newbuilding or an existing building. The evaluation is based on five levels of energy conservation performance labeling() is displayed.
n BELS is expected to play a role in promoting the provision of appropriate information on the energy-saving
performance of buildings and the further improvement of the energy-saving performance of non-residentialbuildings as Japan's first public evaluation index for energy-saving performance.

GLP Atsugi II

GLP-MFLP Ichikawa-Yokohama

GLP Tokyo S Rank

GLP Soja I

S RankProperty with CASBEE evaluation
GLP Koshigaya II

S Rank

GLP Amagasaki

S Rank

GLP Kazo

A Rank

GLP Sodegaura

S Rank

GLP Misato III

S RankGLP Hamura

A Rank

GLP Urayasu III

S Rank

GLP Komaki

S Rank

GLP Tokyo

A Rank

GLP Sugito

S Rank

GLP Soja I

S Rank

GLP Shinsuna

A Rank

GLP-MFLP Ichikawa Yokohama

S Rank

GLP Soja II

S Rank

GLP Sendai

A RankGLP Yoshimi

S Rank

GLP Osaka

S Rank

GLP Funabashi II

A Rank

GLP Kobe-Nishi

GLP Iwatsuki

GLP Komaki

GLP Kobe-Nishi

S Rank

GLP Koriyama III

S Rank

GLP Shiga

A Rank

GLP Atsugi II

GLP Koriyama I

GLP Tokyo II

GLP Tosu I

S Rank

GLP Atsugi II

S Rank

GLP Neyagawa

A RankGLP Yoshimi

GLP Misato II

GLP Sugito II

S Rank

GLP Noda-Yoshiharu

S Rank

GLP Urayasu IIBuilding B

A Rank

GLP MFLP
Ichikawa-Yokohama

GLP Sugito

GLP Maihama II

S RankGLP Yokohama

S RankGLP Yachiyo II

A Rank

GLP Tosu I

GLP Tokyo II

S RankGLP J-REIT 2020 ESG REPORT

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Environment
SocialGovernance

Environment

Environmental Performance
Through various initiatives, the Investment Corporation is working with tenants to reduce theuse of energy, water, and waste.

Goal

100% data coverage for properties with management authority by 2021

Electricity usage
Electricity usage MWh
Coverage rate

2019

130,216

147,615

Water usage
Water usage%

Coverage rate

Greenhouse gas (GHG) emissions
Greenhouse gas(GHG) emissions
Coverage rate

2018

t-CO2

86 %

99 %

2018

2019

62,341

71,487

%

84 %

99 %

2018

2019

245,649

299,871

80 %

88 %

2018

2019

3,091

3,238

67 %

66 %

%

Waste amount
Waste amountt

Coverage rate%

GLP J-REIT 2020 ESG REPORT

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Social

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

GLP J-REIT 2020 ESG REPORT

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Environment
SocialGovernanceSocialInformation Disclosure and Dialogue with Stakeholders

GLP Group's CSR Activities
The GLP Group is actively engaged in CSR activities, offering support indiscovering and nurturing children's possibilities and talents.

Investors and lenders

Tenants and business partners

n Briefings on financial results and briefings
for investors;
n Disclosure through appropriate and timely
press releases and the like;n Use of the website to disseminate
information;n Compliance with eco-friendly certification
systems and environmental ratings; etc...

n Efforts to save energy and to cut CO2
emissions;n Cooperation with tenants based on “green
lease” clauses;
n Implementation of tenant satisfaction
surveys;n Switching to LED, introduction of solar
power generation; etc...

Proactive disclosure

Activities in JapanSports events

Work experience opportunities

Delivering picture books to children
in developing countries

Picking up trash at the coast

Cooperation in considerationof sustainability

Contributing to
the regional society

Creation of a fair andfulfilling workplace

The local community

Employeesn Initiatives toward volunteering and thelike;n Provision of facilities in the event of adisaster;n Opening of shared space; etc...

n Prioritizing the health and safety of
employees;n Promoting a variety of work styles;n Raising the level of human resources;
n Implementation of employee awarenesssurveys; etc...

Activities abroad
Founded GLP Hope School and provided educational opportunities to around 10,000 students

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Environment
SocialGovernanceSocialContribution to local communities as a disaster prevention baseDisaster response
The GLP Group has entered into agreements with many local governments to use its modern logistics facilities as areconstruction support base or evacuation point at times of a natural disaster or emergency, building on its highly
rated business continuity measures such as seismic isolation structures, backup power supply, and groundwatersupply equipment.

14 properties available as emergency sites
or disaster management bases(Capacity of 8,577 people)

The GLP Group has also entered into agreements with local authorities for use of GLP J-REIT facilities as temporary
reconstruction support centers and evacuation site in the event of a natural disaster or other emergency. GLP J-REIT
multi-tenant properties are available for use as emergency shelters for local residents upon request from the local
authority or residents of the afflicted area. Part of the premises can be used as a disaster management base (atemporary reconstruction support center and shelter for the local municipality in the event of a natural disaster orother emergency).
Cooperation agreement on disaster managementwith local governments

GLP Kawajima
GLP Tokyo II

A slope that people can climb at the same time
during a disaster

GLP Komaki

GLP Sugito II

GLP Amagasaki

GLP Misato II

GLP Soja I

GLP Narashino

GLP Soja II

GLP Urayasu III
GLP Tokyo
GLP Yokohama
GLP Osaka

Open cafeterias, etc.,
as temporary evacuation sites

GLP Atsugi II

Distributing and stockpiling ofdisaster-relief supplies

Installing in-elevator
fire prevention cabinets

GLP Yokohama (Emergency capacity: 922 people)

GLP Kawajima
In September 2020, during the approach of Typhoon#12, the local government asked for the use of GLP
Kawajima as an emergency shelter based on thedisaster agreement.

GLP Atsugi II
GLP J-REIT 2020 ESG REPORT

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Environment
SocialGovernanceSocialContribution to local communities

Ensuring tenant safety

A logistics faculty is more than just a warehouse. When a logistics facility is created, not only does it create a logistics
hub, but other things such as new jobs, people-to-people connections, and human flows are created. We also endeavor
to create a space that brings out the best in the area.

The GLP Group makes efforts to provide buildings and services that pays consideration to the safety of tenantcompanies and facility users. It also contributes to companies' BCPs by ensuring the safety of the stored cargo and theemployees of tenant firms.

In consideration of co-existence with local communities and contributing to the development of communities thatoffer safety and comfort, the GLP Group carries out initiatives such as opening up convenience stores and cafeterias
to the neighborhood as shared spaces at some of our facilities, planting trees and installing photocatalytic pavement,
as well as having our employees conduct beautification activities around our facilities.

Opening convenience stores as shared space

Introduction of reservation-based
parking-matching services

At some of our facilities,
we open up convenience stores and cafeterias
to the neighborhood as shared spaces
Planting trees

Photocatalytic pavement

Seismic isolation structure
We developed and started using our own unique seismic isolation system, the GLP Pile Cap Seismic Isolation
Construction Method (Patent No. 4934769), which functions properly even in major earthquakes. Furthermore, in
2015, we developed a new seismic isolation analysis method known as GLP Simultaneous Analysis Method (Patent No.
5698402) that further reduced costs, and it was implemented at GLP Naruohama.

Snow damage control

Flood damage control

We deploy light trucks with blade snowplows toremove snow after snowfall.

We have installed watertight doors that prevent
flooding at key facilities.

Employees conduct beautification activities
around our facilities

24-hour security

AEDs

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Environment
SocialGovernanceSocialResponse to COVID-19
For Customers

Employee support

COVID-19 GLP Facility Guideline

Employee support aimed at improving physicaland mental health and productivity / efficiency

Collect Infection Dataand Information

Contact Customers

Prevent Further Spreadof OutbreakUpon notification of outbreak of COVID-19 within a facility, the PM
informs the individuals involved, as well as those in the Disaster Control
Center. Information about the origins of the outbreak include each
employee’s test results, symptoms, and the names of others in close
contact. An outbreak response HQ is also established within the facility forfast and effective decision-making.

Property manager inform all employees and companies within the facility ofthe outbreak via email. Notices with information about the infection aredisplayed throughout the facility

Enhanced daily cleaning and disinfection measures are implemented
within the facility to prevent infection through touch. Extreme disinfection
efforts are concentrated on area where the infected individual worked
within the facility. Those who were known to come into close contact with
the infected employee are advised to quarantine at home.

12

Well-being Support
Supporting diverse work styles and physical andmental health

Remote work support
Supports various expenses such as utility costs andcommunication costs associated with remote work

Ensuring employee health1

Ensuring office safety
Installation of partitions on the desk, layout design tomaintain social distanceIntroduction of pulse check (Monthly)
Outbreak Contained

Outbreak response HQ is disbanded, enhanced precautions are lifted,
customers are informed of the containment of the outbreak, and GLP
employees previously advised to stay home can return to the facility

2

3

Examples of infection prevention measures

Regularly check the physical and mental health due tochanges in the working environment and provide
appropriate support.

Department Manager / Group Leader &Regular Communication of Human
Resources
Extract title changes and problems in various work styles
and make improvements

4
Installation of non-contact typethermometer

Promotion of social distanceEstablishment of consultation desk
Individual employees are confused about how to work ・Suck up opinions and make improvements

Partition installation

GLP J-REIT 2020 ESG REPORT

17

Environment
SocialGovernanceSocial

BCP measures

Providing tenants with comfort
The GLP Group aims to provide buildings and services that offer comfort to tenant companies and facility users. It
conducts a customer satisfaction survey of tenant companies each year to improve its buildings and services on acontinuous basis based on the feedback obtained from the survey. We have also established GLP Concierge, a onestop consultation desk that cooperates with tenants and business partners to provide a wide range of consultation
services for tenants’ problems and requests. By helping to solve our customers’ issues, we also contribute to solving
Japan’s logistics issues, all the while strengthening relationships with our tenants who are key stakeholders.

BCP measures in use
n We have back-up power facilities to ensure security functions throughout all buildings in the event of apower outage by making lighting and electrical outlets available at security systems and some offices
n Groundwater and rainwater supply systems allow use of toilets in the event that water supply is cut offn Fuel storage bases have been installed at the facilities, and there are plans to provide fuel to tenantcompanies and neighboring facilities in the event of a disastern Digital signage automatically displaying weather warnings and earthquake information has been
installed at entrances and cafeterias to ensure access to the latest information in the event of a disastern Flood control measures have been implemented to protect power conversion facilities from water
damage caused by heavy rains or floods.
n Seismic isolation structures are used to ensure the safety of the building even in a major earthquaken A4-sized disaster prevention emergency kits have been stockpiled
n Disaster-relief vending machines have been installed

Cafeteria

KitchenResting space

Rental conference room

Large ceiling fan

Universal design toilets

Convenience store

Kiosk

Nursery

Staffing officeCommuter bus

Shower room

GLP J-REIT 2020 ESG REPORT

18

Environment
SocialGovernanceSocialConducting customer satisfaction surveys
We conduct customer satisfaction surveys to obtain requests and opinionsfrom customers. We entrust an independent research agency with annual
satisfaction surveys of our customers housed in multi-tenant logistics
facilities. In fiscal 2019, we received a high rating of 97% in our survey titled“Intent to Continue Using GLP Japan.” Furthermore, the PM team of GLP
Japan Inc., the sponsor of GLP J-REIT, conducts satisfaction surveys ofcustomers housed in BTS logistics facilities as well.

Solving logistics issues with cutting-edge technology
Customer
Satisfaction

97%

With an aim to solve all logistics issues, GLP Group uses advanced
technologies to develop and implement various systems.

Shared consignee system

Truck ledger

Streamlining overall cargo operations

Streamlining incoming and outgoing trucks

Conducting tenant communication meetings
In an effort to better manage and operate our facilities and build relationships with our customers, GLP Group’s
Property Management Department conducts tenant communication meetings with GLP J-REIT’s facility customers
once every quarter.
GLP Tokyo II

GLP Osaka•

Waiting time is clarified by registering trucks oftenant companies on a tablet in the shared consignee
room

Business partnership with PASCO CORPORATION• Solved the problem of long waiting times for trucks• Reduced workload through application management• Further streamlining by collecting and analyzing
data

Haisha Plus

Appropriate placement of workers

Streamlining vehicle allocation andStreamlining procurement management operations

collection operationsof short-term staff

Business partnership with TRANCOM CO.,LTD.
• Significantly reduced the workload of vehicle
allocation management• Visualized and shared the status of vehicle allocation
to streamline transportation• Responding to waves in logistics quantities throughquick matching•

Solving tenant issues (GLP Concierge)
GLP Group has established GLP
Concierge, a one-stop
consultation desk that cooperates
with tenants and business
partners to provide a wide rangeof consultation services fortenants’ problems and requests By
helping to solve our customers’issues, we contribute to solving
Japan’s logistics issues, all thewhile strengthening relationships
with our tenants who are key
stakeholders.

The Strength of GLP’s Network
Number of Companies using facilities : 3,000 companies per day
Number of companies with which GLP is in contract : 15,000 companies

Providing solutions to customers’ issues
Site optimization
Employment support
Facility management support

Transportation anddelivery support
Procuring inexpensive
Materials and equipment
Progress in automation••

Possible to request and confirm responses frommany dispatch and placement agencies at the sametime
Avoiding congestion during registration by using
tablets to take staff attendance
Reducing management risks by linking attendancewith daily reports by digitizing attendance
information
GLP J-REIT 2020 ESG REPORT

19

Environment
SocialGovernanceSocialInitiatives for employees

Improving sophistication of human resources

Since investment corporations cannot employ employees pursuant to the provisions of the Act on Investment
Trusts and Investment Corporations, our assets are managed by the executives and staff of our asset
management company, GLP Japan Advisors. GLP Japan Advisors carries out various initiatives for employees
under the policy that human resources are important management resources for sophisticated investment
management.

Introduction of Training System

Pursuing comfort and health of employees

Training overview

Based on the independent training program developed by each employee, we have introduced a system tosupport growth opportunities through seminars, lectures, and courses that will contribute to their careers in
the medium to long run (100,000 yen per person per year)

Support Content

OutlineName of training

Target level

Health check /human dock assistanceAll employees are required to undergo regular medical examinations orhuman dock examinations once a year, and we are promoting the health of
employees by providing cost subsidies.

Management and leadership training

Managers

Mental health care training

Harassment / mental health related webinars (twice) for department heads

Occupational physician
interview system

Prevent health risks with expert support

Promotion of diverse work styles
We have introduced the following employee support with the aim of creating diverse work styles that allow
each employee to devise ways to maximize productivity and efficiency, including the institutionalization of
remote work.
Support Content

OutlineWell-being support

Supporting diverse work styles and physical and mental health

Remote work support

Supports various expenses such as utility costs and communication costs
associated with remote work

Support for certification exams
The asset management company supports its employees in acquiring specialist certifications including as an
Association for Real Estate Securitization (ARES) Certified Master (an educational program thatsystematically teaches practical expert know-how in the fields of real estate and finance) and as a real estatenotary. The asset management company bears the costs for the training and exams in acquiring the various
certificates as well as for maintaining the certificates and increasing and maintaining expertise throughseminars, etc., and all employees and officers have access to funding.
The number of ARES Certified Masters and real estate notaries as of the end of December 2019 is as follows.
Name of certification

Number of certifications

ARES Certified Master7 people

Real estate notary

6 people

GLP J-REIT 2020 ESG REPORT

20

Environment
SocialGovernanceSocialCreating a fair and rewarding workplace
Various benefits programs

Fair evaluation and compensation
Item

Prenatal and postnatal leave

Reemployment of elderlyChild care leave

Employee stock ownership plan

Sick/injured child care leave

Defined contribution pension plan

GLP’s personnel evaluation system is a reward-and-evaluate system which strongly encourages each
employee to contribute to achieving the mission and vision of the company. The personnel evaluation system
is also designed with cross-departmental collaboration, one of GLP’s business characteristics, in mind, andthrough the administration of the system, all departments, including the revenue and administration
departments, are expected to work together to achieve corporate growth. In addition, the system encourages
employees to take on new challenges and evaluates them appropriately. This personnel evaluation system has
motivated each and every employee to create an organization that takes on challenges and innovates for the
rapid growth of the company.

Family care leave

Company housing system

Conducting employee satisfaction surveys

Cafeteria plan

Health support (EAP) program

As part of our efforts to establish favorable mutual relations between the employees and the company, we
regularly conduct employee satisfaction surveys through Wevox to evaluate job satisfaction levels, work

Congratulatory or condolence money

Group long-term disability (GLTD) income compensation

environment satisfaction levels, and other requests to the company (92% response rate). By visualizingorganizational issues based on these survey results, we are able to realize the well-being of each of ouremployees and improve the working environment and the organization.

Health screening and physical exam
assistance

Health insurance association

Welfare pension

Employment insurance

Labor insurance

Special leave

Domestic and international businesstravel insurance

Corporate rental car agreement

Comprehensive welfare group term insurance

Human rights training (FY 2020)
Human rights themes addressed

Target participantsParticipants

Harassment prevention and mental healthManagement positions

15 people

Institutionalization of remote work
Other allowances (remote work support allowances, wellbeing support allowances)

GLP J-REIT 2020 ESG REPORT

21

Governance

GLP J-REIT 2020 ESG REPORT

22

Environment
SocialGovernanceCorporate Governance

Since its listing, GLP J-REIT, together with GLP Japan Advisors, has pursued the maximization of unitholderinterest by continuously enhancing governance systems to establish a strong relationship that aligns theinterests of unitholders, GLP J-REIT and GLP Japan Advisors.

Asset Management Company’s
Executive Decision-Making Mechanism

J-REIT

Adoption of performance-linked
asset management fee to meet unitholder interest

Asset Manager
Executive Director CIO/CFO

Board of Directors

The asset management fee is a performance-linked fee where approximately two-thirds of asset management
remuneration is linked to NOI and EPU.
The bonus paid to the management of the asset management company is incentive remuneration linked to
EPU (Earnings per Unit) and the relative performance of the investment unit price (to the Tokyo Stock
Exchange REIT Index).

Compliance Officer

Executive
Director

Compliance Committee
Supervisory
Director

Supervisory
Director（Note）

Investment Committee

Outside Expert(s)Board of Directors

Outside Expert(s)Introduction of a strict governance structure
for related-party transactions*Approved by uniholders

GLP J-REIT is not allowed to carry out related-party transactions without the approval of independent outside
expert(s) of the asset management company’s Investment Committee and Compliance Committee.
The selection of such outside expert(s) requires the approval of the J-REIT board.

The approval of the J-REIT board on the new appointment of an outside expert is required.

The GLP Group's holding of investment units(same boat investment)

1.

GLP J-REIT seeks to improve mutual interest by aligning the interests of GLP J-REIT's unitholders and theinterests of the GLP Group by having the GLP Group hold investment units.

Outline of the Various Committees

Highly transparent and appropriate information disclosurein pursuit of fair disclosure
GLP J-REIT was the first J-REIT to implement information disclosure to a wide range of unitholders by holding
a management call meeting for overseas investors in capital increase through public offering.
GLP J-REIT was the first J-REIT to introduce a telephone conference system for the purpose of information
disclosure to a wide range of unitholders at the financial presentation meetings.
GLP J-REIT discloses Japanese and English press releases and disclosure material simultaneously.

Further enhancing governance throughan Employee Stock Ownership Plan (ESOP)
Established ESOP targeting officers and employees of GLP Japan Inc. and the asset management company of
GLP J-REIT in May 2020, with a policy to further enhance the alignment of interests with our unitholders.

Approval of the J-REIT board is necessary for transactions that require the consent of a J-REIT based on the resolution of the J-REIT board, andreporting to the board is necessary for other cases.
Click here for more information on decision-making mechanisms:(Report on the Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties)PDF

Committee

Investment
Committee

Item
PurposeTo deliberate and decide upon matters concerning the management, etc.
of the assets of GLP J-REIT

Constituent members

President, Directors, CIO, CFO, Compliance Officer, one External Officer

Frequency of meetings

PurposeCompliance
Committee

ESG
Committee

Details

In principle, once every three months,
with emergency meetings called as the need arises
To ensure thorough compliance with laws and ordinances,
rules and regulations, and other related matters

Constituent members

President, Compliance Officer, one External Officer

Frequency of meetings

In principle, once every three months,
with emergency meetings called as the need arises

PurposeTo deliberate and decide upon matters concerning the promotion of ESG, etc.

Constituent members

President, CSO, CIO, CFO

Frequency of meetings

Meetings held regularly, with emergency meetings called as the need arises

GLP J-REIT 2020 ESG REPORT

23

Environment
SocialGovernanceCorporate GovernanceThinking Regarding Compliance
GLP J-REIT (hereinafter referred to as the “Investment Corporation”) and GLP Japan Advisors Inc. (hereinafterreferred to as the “Asset Management Company”) are fully cognizant of the significance of the fact that the asset
management the Asset Management Company conducts for the assets of the Investment Corporation constitutes the
management of the funds of the Investment Corporation’s investors, and the Asset Management Company has
prepared internal compliance rules and other necessary rules and has established a Compliance Committee and aposition of Compliance Officer as described below to ensure full compliance with applicable laws and regulations inorder to ensure the development of an appropriate management structure.

Compliance Structure(structure for ensuring compliance with laws and regulations)

Compliance Committee
In order to establish an appropriate management
structure for the Asset Management Company toconduct the asset management of the Investment
Corporation, the Asset Management Company has
established a Compliance Committee charged with therevision (excluding the correction of errata) ofcompliance rules; the formulation and revision of aCompliance Manual and Compliance Program(excluding the correction of errata); deciding on
corrective measures regarding conduct which is, or issuspected to be, inappropriate from a compliancestandpoint; and the review on whether there are issuesof compliance with respect to matters concerningtransactions with related parties and other mattersregarding that the Compliance Officer judges there to
be questions in terms of compliance. The Compliance
Committee is composed of the Compliance Officer aschairperson, the President, and at least one outside
professional designated by the Board of Directors(hereinafter referred to as the “Outside Expert(s) on the
Compliance Committee”). When designating theOutside Expert(s) on the Compliance Committee, theapproval of the board of directors of the Investment
Corporation will be required (but will not be required
for reappointment). As of the date of this report, anoutside attorney is the one Outside Expert on the
Compliance Committee. Furthermore, the General
Administration Department has been established under
the order by the CFO (Executive Officer) and a memberof the General Administration Department will attend

Compliance Officer
meetings of the Compliance Committee under the roleof secretariat to the Compliance Committee to assist
the Compliance Officer. In principle, the Compliance
Committee meets once every three months asconvened by the chairperson, and as otherwise
necessary. Decisions of the Compliance Committee
require that a majority of all of the members with voting
rights and all Outside Expert(s) on the Compliance
Committee be present and a majority of those members
and all Outside Expert(s) on the Compliance Committee
vote their approval. When the Compliance Committee
reviews as one of the matters it must decide on whether
there are issues of compliance with respect to mattersconcerning transactions between related parties andthe Investment Corporation, a committee member withvoting rights who is a related party or a committee
member with voting rights who currently holds the
position of an officer or employee (including as aconcurrent position, but excluding cases when such
person has been seconded or transferred to the AssetManagement Company) of a related party, which is a
corporation, may not participate in the decision.
Decisions of the Compliance Committee will bereported regularly to the Board of Directors by theCompliance Officer. When the Compliance Committee
reviews and approves matters which the Investment
Committee must decide, the substance of the review(including any minority opinion presented during thecourse of the review) will be reported to the Investment
Committee by the Compliance Officer.

The Asset Management Company, fully cognizant of thesignificance of the fact that the asset management it
conducts with the assets of the Investment Corporation
constitutes the management of the funds of theInvestment Corporation’s investors, in order to ensure
the development of an appropriate management
structure, has established the position of Compliance
Officer as the key person responsible for compliance,
thereby ensuring the effectiveness of the function ofinternal oversight of other units The selection or thedismissal of the Compliance Officer requires theapproval of two-thirds or more of the directors inattendance at meeting of the board of directors that is
attended by a majority of all the directors with voting
rights. The Compliance Officer, as the key person
responsible for compliance at the Asset Management
Company, is charged with establishing and maintaining
the internal compliance structure of the company andraising the level of standards awareness within thecompany in regard to compliance with all applicablelaws, regulations and rules. To those ends, theCompliance Officer prepares a Compliance Manual andCompliance Program through the Compliance
Committee, continually monitors to ensure that all
operations conducted for the asset management of theInvestment Corporation by the Asset Management
Company comply with all applicable laws, regulations,rules and the articles of incorporation of the Investment
Corporation, and exercises supervision over the overall
internal compliance environment in daily operations.

The General Administration Department, establishedunder the overall direction and control of the CFO(Executive Officer) and being charged with overall
general administrative operations, will assist the workof the Compliance Officer. In view of the importance ofthe duties of the Compliance Officer, the Compliance
Officer at the Asset Management Company devotes
him/herself exclusively and on a full-time basis toaddressing compliance matters. Only a person having
adequate investigative and supervisory capacity forensuring compliance with all applicable laws,
regulations and rules may be appointed as theCompliance Officer. The Compliance Officer is also incharge of internal auditing of the Asset Management
Company (However, the internal auditing of theCompliance Officer is conducted by the President.) All
internal organization and job classifications are subject
to internal audit; audit and other procedures to assess
whether the operations and management of all internalorganizations comply with all applicable laws,
regulations and rules and are being conducted
appropriately and efficiently will be carried out on aregular basis based on the Compliance Program and theInternal Audit Rules. When internal audits are
conducted all departments must submit and explain all
documents, account books or other materials asrequested by the Compliance Officer and cooperate
fully to ensure the smooth implementation of theinternal auditing.

GLP J-REIT 2020 ESG REPORT

24

Environment
SocialGovernanceCorporate GovernanceRisk Management
Definition of risks

Basic stance on risk management
With regard to the management of our company’s inherent risks, we take the following basic stance in ourwork, with the goal of reinforcing our dual duties of loyalty and care as an asset management fiduciary.

Risks associated with assets
entrusted and managed

Risks of degradation of
reputation
1.

Our company, as an asset management firm, is solely devoted to that business, and thegreatest risk we face is the risk of degradation of our reputation due to a decline in thevalue and confidence placed in us by the investment corporations and their investors(including potential investors in the securities market in general), who trust us with the
management of their assets.

2.

It is essential that we carefully and rigorously manage all risks, including risks regarding
the handling and management of assets, operational risks, and legal and compliancerisks, as risks such as these are a major potential cause of such declines in value andconfidence.

Financial market risks

Operational risks
Risks relating to themarketability of real estate
Concentrated investment risks

Legal and compliance risks

Transaction liquidity risks

Other risks
Credit risks

Event risks

Outsourcing risks

With regard to the management of operational risks of investment corporation assets, we take the following
basic stance in our work, with the goal of reinforcing our investment management capability while striving toprotect the assets under our management.

1.

The primary investment target being real estate, it should be noted that owning realestate or similar specific assets, as opposed to traditional financial assets, comes with its
own set of risks, on top of the general risks associated with asset management, such as
so-called “market risks.” It is necessary to execute sufficient analysis andcountermeasures when handling these kinds of real estate risks.

2.

In the management of these risks, we distinguish those risks that can lead to returns
from risks that need to be eliminated or mitigated, and we act in a safe and reliable
manner with regard to the latter category of risk.

3.

We will not engage in any action that deviates from the basic stance set forth in thepreceding paragraph or that neglects strict risk management and the appropriateacquisition of profits.

GLP J-REIT 2020 ESG REPORT

25

ESG Finance

GLP J-REIT 2020 ESG REPORT26

ESG Finance
Finance

Sustainability Finance Overview of the Sustainability Framework

Use of Proceeds from Sustainability FinanceManagement of Proceeds

The net proceeds from sustainability finance will be used for the acquisition of assets in the Eligible
Green Projects as provided for in Eligible Sustainability Projects below, refinancing of loans required
for the acquisition of assets in the Eligible Sustainability Projects, and for the redemption of theinvestment corporation bonds that have already been issued (including sustainability bonds/green
bonds) for the acquisition of assets in the Eligible Sustainability Projects.

The upper limit of green finance (limit of the "Debts of Eligible Sustainability Projects") shall be the amountcalculated by multiplying the total acquisition cost of the Eligible Sustainability Projects by the ratio of actualinterest-bearing debt to total assets as of the end of the latest fiscal period that can be calculated on thepayment date or loan date of each investment corporation bond, or as of the end of every February.
Property acquisition costfor GLP J-REIT

Eligible Sustainability Projects
Eligible Sustainability Projects are assets or projects that satisfy either of the Eligible Green ProjectCriteria and the Eligible Social Project Criteria shown below.

Sustainability Balance Sheet
741.1 billion yen
83 properties

Eligible Green Projects

459.4 billion yen
33 properties

Eligible Green Project Criteria
Green buildings
New, existing or renovated buildings that have obtained at least one of the following certifications;

Eligible Sustainability Projects

Eligible Sustainability Projects

270.4 billion yen
12 properties

270.4 billion yen
12 properties

44.4%

DBJ Green Building Certification (Japan) : five, four or three stars
CASBEE (Japan) : S, A or B+
BELS (Japan) : five, four, or three

Debts of Eligible Sustainability
Project 119.9 billion yen
Interest-bearing debt ratio
as of the end of August 2020(end of the 17th period)（as of March 24, 2021 ）※ Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included
both in the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in theform of sustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The
amount included in the total value and the outstanding balance overlaps between the two forms of finance.

LEED (U.S.) : Platinum, Gold, Silver

Reporting on Social Benefits
Contribution to the sustainable growth of local communities

Item

NumberNumber of properties that are Eligible Green Projects

12

New, existing, or refurbished buildings that contribute to either of items a through d shown below:
Output indicators

a. Safety of local residents in times of disasterb. Development of the local living environmentc. Revitalization of the local communityd. Provision of parenting support

Outcome indicators

Emergency shelter for people affected by disaster13 properties
8,557 people

Standby station for Disaster Relief Teams and Emergency
Fire Response Teams in the event of a disaster13 properties

Backup power supply (72 hours)

8 properties

Stockpile volume of fuel (72 hours)

8 properties

Groundwater facility*

GLP Atsugi Ⅱ
GGLP Soja Ⅰ※ Some properties have groundwater facilities available for use during a water outage.

GLP J-REIT 2020 ESG REPORT27

ESG Finance
FinanceGreen Finance Overview of the Sustainability Framework

Use of Proceeds from Green FinanceManagement of Proceeds

The net proceeds from green finance will be used for the acquisition of assets in the Eligible Green
Projects as provided for in Eligible Green Projects below, refinancing of loans required for the

The upper limit of green finance (limit of the "Debts of Eligible Green Projects") shall be the amount calculated
by multiplying the total acquisition cost of the Eligible Green Projects by the ratio of actual interest-bearing
debt to total assets as of the end of the latest fiscal period that can be calculated on the payment date or loan
date of each investment corporation bond, or as of the end of every February.

acquisition of assets in the Eligible Green Projects, and for the redemption of the investment
corporation bonds that have already been issued (including green bonds) for the acquisition of assets
in the Eligible Green Projects.

Eligible Green Projects
Eligible Green Projects mean the projects involving assets that meet either of the following
requirements.

a. Being a green building
A new, existing or refurbished building for which at least one of the following certifications has beenobtained:

DBJ Green Building Certification (in Japan) : five, four or three stars
CASBEE (in Japan) : S, A or B+

GLP J-REIT acquisition priceGreen balance sheet
607.9billion yen
75 properties

Eligible Green Projects

459.4 billion yen
33 properties

Eligible Green Projects

Eligible Green Projects

389.1 billion yen
30 properties

389.1 billion yen
30 properties

44.6%

Debts of Eligible Green Projects

173.6 billion yen
Interest-bearing debt ratio
as of the end of February 2020
(16the period)（as of February 29, 2020）※ Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included
both in the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in theform of sustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The
amount included in the total value and the outstanding balance overlaps between the two forms of finance.

BELS (in Japan) : five, four, or three
LEED (in the United States) : Platinum, Gold, Silver

Investment corporation bonds
Name
12th Unsecured Bonds(Green Bonds)

13th Unsecured Bonds(Green Bonds)

14th Unsecured Bonds(Green Bonds)

15th Unsecured Bonds(Sustainability Bonds)

16th Unsecured Bonds(Sustainability Bonds)

17th Unsecured Bonds(Sustainability Bonds)

Total AmountInterest Rate

Term

Issuance Date

Maturity Date

5,100

0.680%

10

2018/12/20

2028/12/20

8,000

0.608%

10

2019/7/8

2029/7/6

5,000

0.550%

10

2019/11/27

2029/11/27

5,000

0.510%

10

2020/9/25

2030/9/25

3,500

0.750%

15

2020/12/23

2035/12/21

5,000

0.970%

20

2021/3/23

2041/3/22(mm yen)

GLP J-REIT 2020 ESG REPORT28