AssetManagement
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
Summary of Financial Results in the
February 2024 Period

01

ASSET MANAGEMENT REPORT

12Balance Sheets

56

Statements of Income

58

Statements of Changes in Net Assets

59

Notes to Financial Statements

60

Statements of Distributions

78

Statements of Cash Flows (Reference information)

81

GLP ALFALINK Nagareyama 5&6

01

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

03

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

(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
assets05

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

100% occupied

Multi-tenent type

GLP J-REIT purchased a portion of its treasury 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

07

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

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 Growth09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 track

10

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.

11

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%

(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 distributions in excess of retained earnings deducted 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

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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

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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

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 distributions in excess of retained
earnings deducted 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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

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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

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.

Based on the agreement on March 28, 2024, certain part of 2,506 million yen of the indemnification received fromLOGISTEED, Ltd. for the building damage of GLP Maishima II will be deducted from the acquisition cost as the reduction entry.

22 ｜ Asset Management Report

[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 distributions in excess of retained earnings
deducted from total unitholders’ capital amount. It excludes changes in unitholders’ capital due to distributions inexcess of retained earnings associated with allowance 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

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 is 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

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

[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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

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

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

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

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

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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

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

[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

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

－

－

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

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(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

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

(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

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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

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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

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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

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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

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. GLP J-REIT 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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

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 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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

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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

Balance Sheets(Unit: Thousand yen)
Prior Period (Reference)
As of August 31, 2023

Current Period
As of February 29, 2024

Cash and deposits

23,059,854

24,328,532

Cash and deposits in trust

12,448,853

14,239,880

Operating accounts receivable

AssetsCurrent assets

2,698,497

3,468,896

Prepaid expenses

956,354

1,337,458

Consumption taxes receivable782,266－

Other current assets

23,854

14,167

Total current assets

39,969,681

43,388,935

1,016

1,016

(1,016)(1,016)

Noncurrent assets
Property and equipment
VehiclesAccumulated depreciation
Vehicles, net－－

Buildings in trust

367,276,876

360,121,038

Accumulated depreciation(60,634,186)(61,977,171)

Buildings in trust, net

306,642,690

298,143,866

Structures in trust

6,920,518

6,752,942

Accumulated depreciation(3,225,025)(3,237,065)

Structures in trust, net

3,695,493

3,515,876

Machinery and equipment in trust

66,32766,560

Accumulated depreciation(56,480)(57,312)

9,847

9,248

Tools, furniture and fixtures in trust

Machinery and equipment in trust, net

332,369

338,676

Accumulated depreciation(225,689)(228,826)

Tools, furniture and fixtures in trust, net

106,679

109,850

Land in trust

540,035,995

539,702,016

Total property and equipment, net
Intangible assets

850,490,705

841,480,859

Land leasehold interests in trust

2,872,902

2,872,902

Total intangible assets

2,872,902

2,872,902

1,600

260,875

2,518,696

2,474,155

10,646

10,646

Investments and other assets
Investment securities
Long-term prepaid expenses
Security deposits
Other
Total investments and other assets
Total noncurrent assets

1,400

1,400

2,532,342

2,747,077

855,895,950

847,100,838

Deferred assets
Investment unit issuance expenses

141,078

98,838Investment corporation bond issuance costs

219,654

201,107

Total deferred assets

360,732

299,946896,226,364

890,789,719

Total Assets

56 ｜ Asset Management Report(Unit: Thousand yen)
Prior Period (Reference)
As of August 31, 2023

Current Period
As of February 29, 2024

Liabilities
Current liabilities
605,274

352,823

Current portion of investment corporation bonds

2,000,000

4,000,000

Current portion of long-term loans payable

29,470,000

25,710,000

Accounts payable

3,879,796

4,044,605

Accrued expenses

190,452

188,317

Operating accounts payable

Income taxes payable

605

605

Consumption taxes payable－

2,385,314

Advances received

4,343,883

4,388,658

Deposits received

46,169－1,221,550

109,674

41,757,730

41,179,998

Investment corporation bonds

53,100,000

51,100,000

Long-term loans payable

311,990,000

315,750,000

Tenant leasehold and security deposits

16,720,549

17,080,719

342,824

342,824

Current portion of tenant leasehold and security deposits
Total current liabilities
Noncurrent liabilities

Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total Liabilities

382,153,373

384,273,543

423,911,104

425,453,542

Net Assets
Unitholders’ equity
480,149,318

480,149,318

Deduction from unitholders’ capital *3(21,873,023)(27,519,005)

Unitholders’ capital, net

458,276,294

452,630,313

Unappropriated retained earnings

14,038,964

12,705,864

Total retained earnings

14,038,964

12,705,864

472,315,259

465,336,177

472,315,259

465,336,177

896,226,364

890,789,719

Unitholders’ capital

Retained earnings

Total unitholders’ equity
Total Net Assets *2
Total Liabilities and Net Assets

Asset Management Report ｜ 57

Statements of Income(Unit: Thousand yen)

Operating revenues
Rental revenues *1
Other rental revenues *1
Gain on sale of property and equipment *2

Prior Period (Reference)
From March 1, 2023
To August 31, 2023

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

23,883,001
1,888,057
2,183,489

24,135,006
1,560,588
128,426

Total operating revenues

27,954,548

25,824,022

Operating expenses
Rental expenses *1
Asset management fee
Asset custody fee
Administrative service fees
Directors’ remuneration
Audit fee
Taxes and dues
Other operating expenses

9,370,427
3,053,413
10,341
31,7105,940
13,00029,179115,087

9,051,416
3,014,127
10,85632,766
5,940
15,0004,701
111,346

Total operating expenses

12,629,099

12,246,155

15,325,448

13,577,867

149
758
5,227
739

181
803
289
－

6,875

1,274

879,884
174,541
18,794
381,72155,914
27,834
2,749

945,716
179,531
18,547394,193
42,239－3,188

1,541,439

1,583,415

Operating income
Non-operating income
Interest income
Reversal of distributions payable
Interest on refund of consumption taxes
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expense
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuance costs
Borrowing related expenses
Amortization of investment unit issuance expenses
Offering costs associated with issuance of investment units
OthersTotal non-operating expenses
Ordinary income

13,790,884

11,995,725

Extraordinary income
Insurance income *3
Indemnification received *3

244,843－

272,569
436,402

Total extraordinary income

244,843

708,971

Income before income taxes

14,035,727

12,704,697

605
12

605
－

Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Accumulated earnings brought forward
Unappropriated retained earnings

58 ｜ Asset Management Report

617

605

14,035,110

12,704,092

3,854

1,771

14,038,964

12,705,864

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

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

429,970,267

443,097,432

443,097,432

29,950,564

29,950,564

29,950,564

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

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

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

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

13,127,164

29,950,564

14,035,110

14,035,110

14,035,110

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

28,306,027

911,800

911,800

29,217,827

29,217,827

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

458,276,294

14,038,964

14,038,964

472,315,259

472,315,259

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

480,149,318

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

14,038,964

14,038,964－(1,842,073)

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

480,149,318

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

12,704,092

12,704,092

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

12,704,092(3,803,907)－

Total Net
Assets(3,803,907)(3,803,907)

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

12,705,864

12,705,864－

465,336,177 465,336,177

Asset Management Report ｜ 59

Notes to Financial Statements(Notes Concerning Significant Accounting Policies)
Prior Period (Reference)
From March 1, 2023
To August 31, 2023

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

1. Basis and methodof valuation ofassetsSecurities
Available-for-sale securities with no readily
determinable market price are stated at cost. Cost of
securities sold is determined by the moving-averagemethod.

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

2. Depreciation of
noncurrent assets

Property and equipment are stated at cost, which
includes the original purchase price and relatedacquisition costs and expenses. Depreciation ofproperty and equipment, including property andequipment in trust, is calculated by the straight-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
Vehicles4 years
Tools, furniture and fixtures
2 to 18 years(1) Investment unit issuance expenses are amortizedover three years using the straight-line method.
(2) Investment corporation bond issuance costs areamortized over the respective terms of the bonds
using the straight-line method.

Property and equipment are stated at cost, which
includes the original purchase price and relatedacquisition costs and expenses. Depreciation ofproperty and equipment, including property andequipment in trust, is calculated by the straight-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
Vehicles4 years
Tools, furniture and fixtures
2 to 18 years(1) Investment unit issuance expenses are amortizedover three years using the straight-line method.
(2) Investment corporation bond issuance costs areamortized over the respective terms of the bonds
using the straight-line method.

By period
Item

3. Accounting
treatment fordeferred assets

60 ｜ Asset Management ReportBy period
Item
4. Revenue andexpense recognition

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
(1) Taxes on property and equipment
With respect to taxes on property and equipment
held by GLP J-REIT, of the tax amounts assessedand determined, the amounts corresponding to therelevant operating period are accounted for as
rental expenses.
Of the amounts paid for the acquisition of realestate 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 of being charged as
expenses. Capitalized property-related taxes
amounted to 54,140 thousand yen.
(2) Revenue Recognition
Details of major performance obligations related
to revenue from contracts with customers and atypical point in time at which GLP J-REIT
satisfies a performance obligation and recognizes
revenue are as follows:(a) Sale of properties, etc.
As to sale of properties, etc., GLP J-REIT
recognizes revenue when a buyer, who is acustomer, obtains control of a property by GLPJ-REIT’s satisfying the performance obligation
to transfer the property as prescribed in thesales and purchase contract of the property.
As for the presentation in the statements ofincome, “Gain on sale of property andequipment” or “Loss on sale of property andequipment” presents the amount calculated bysubtracting “Costs of property and equipment
sold,” a book value of the property andequipment, and “Other selling expenses,”
direct expenses incurred for the sale, from the“Sales proceeds,” sales proceeds received inconnection with the sale of property andequipment.
(b) Utilities charges revenue
As to utilities charges revenue, GLP J-REIT
recognizes revenue based on the supply
amount of electricity, water, etc. to a tenant,
who is a customer, in accordance with theproperty lease contract and related agreements.

Current Period
From September 1, 2023
To February 29, 2024
(1) Taxes on property and equipment
With respect to taxes on property and equipment
held by GLP J-REIT, of the tax amounts assessedand determined, the amounts corresponding to therelevant operating period are accounted for as
rental expenses.
Of the amounts paid for the acquisition of realestate 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 of being charged as
expenses..
(2) Revenue Recognition
Details of major performance obligations related
to revenue from contracts with customers and atypical point in time at which GLP J-REIT
satisfies a performance obligation and recognizes
revenue are as follows:(a) Sale of properties, etc.
As to sale of properties, etc., GLP J-REIT
recognizes revenue when a buyer, who is acustomer, obtains control of a property by GLPJ-REIT’s satisfying the performance obligation
to transfer the property as prescribed in thesales and purchase contract of the property.
As for the presentation in the statements ofincome, “Gain on sale of property andequipment” or “Loss on sale of property andequipment” presents the amount calculated bysubtracting “Costs of property and equipment
sold,” a book value of the property andequipment, and “Other selling expenses,”
direct expenses incurred for the sale, from the“Sales proceeds,” sales proceeds received inconnection with the sale of property andequipment.
(b) Utilities charges revenue
As to utilities charges revenue, GLP J-REIT
recognizes revenue based on the supply
amount of electricity, water, etc. to a tenant,
who is a customer, in accordance with theproperty lease contract and related agreements.

Asset Management Report ｜ 61

By period
Item
5. Hedge accounting

6. Other significant
matters whichconstitute the basis
for preparation offinancial statements

62 ｜ Asset Management Report

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
GLP J-REIT enters into derivative transactions inorder 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 notmeasured at fair value, but the differential paid or
received under the swap agreements is recognized andincluded in interest expense.
The hedge effectiveness test for interest rate swaps isomitted 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.
Accounting treatment of beneficiary right of realestate in trust
As to beneficiary rights of real estate in trust, allaccounts of assets and liabilities for assets intrust as well as the related income generated andexpenses incurred are recorded in the relevantbalance sheet and statement of income accounts.
The following significant trust assets are shown
separately on the balance sheets.
(1) Cash and deposits in trust(2) Buildings in trust, structures in trust,machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust andland leasehold interests in trust(3) Tenant leasehold and security deposits in trust

Current Period
From September 1, 2023
To February 29, 2024
GLP J-REIT enters into derivative transactions inorder 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 notmeasured at fair value, but the differential paid or
received under the swap agreements is recognized andincluded in interest expense.
The hedge effectiveness test for interest rate swaps isomitted 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.
Accounting treatment of beneficiary right of realestate in trust
As to beneficiary rights of real estate in trust, allaccounts of assets and liabilities for assets intrust as well as the related income generated andexpenses incurred are recorded in the relevantbalance sheet and statement of income accounts.
The following significant trust assets are shown
separately on the balance sheets.
(1) Cash and deposits in trust(2) Buildings in trust, structures in trust,machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust andland leasehold interests in trust(3) Tenant leasehold and security deposits in trust

(Notes to Accounting Estimates)
Prior Period (Reference)
As of August 31, 2023
(Impairment of noncurrent assets)(1) Amounts on financial statements

Property and equipment
Intangible assets(Unit: Thousand yen)Amount850,490,705
2,872,902(2) Information on details of accounting estimates regarding
identified items
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 to recover 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 realestate 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, rental 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, anychange in the assumptions for the estimate may affect thestatus of properties and operating results of GLP J-REIT in
the following fiscal period.

Current Period
As of February 29, 2024
(Impairment of noncurrent assets)(1) Amounts on financial statements

Property and equipment
Intangible assets(Unit: Thousand yen)Amount841,480,859
2,872,902(2) Information on details of accounting estimates regarding
identified items
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 to recover 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 realestate 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, rental 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, anychange in the assumptions for the estimate may affect thestatus of properties and operating results of GLP J-REIT in
the following fiscal period.

Asset Management Report ｜ 63

(Notes to Balance Sheets)
Prior Period (Reference)
As of August 31, 2023

Current Period
As of February 29, 2024

*1. Commitment line agreement
GLP J-REIT has entered into a commitment line agreementwith three financial institutions.

*1. Commitment line agreement
GLP J-REIT has entered into a commitment line agreementwith three financial institutions.

Total amount of commitment line
Balance executed as loans
Unused line of credit(Unit: Thousand yen)
15,000,000－
15,000,000

Total amount of commitment line
Balance executed as loans
Unused line of credit(Unit: Thousand yen)
15,000,000－
15,000,000

Prior Period (Reference)
As of August 31, 2023
*2. Minimum net assets as required by Article 67, Paragraph 4of the Act on Investment Trusts and Investment
Corporations: 50,000 thousand yen.

Current Period
As of February 29, 2024
*2. Minimum net assets as required by Article 67, Paragraph 4of the Act on Investment Trusts and Investment
Corporations: 50,000 thousand yen.

Prior Period (Reference)
As of August 31, 2023

Current Period
As of February 29, 2024－

*3. Status on cancellation of treasury investment units
Total units of cancellation
27,600 units
Total amount cancelled
3,803,907 thousand yen

64 ｜ Asset Management Report

(Notes to Statements of Income)Prior Period (Reference)
From March 1, 2023
To August 31, 2023
*1. The breakdown of operating income from property leasing
is as follows:

Current Period
From September 1, 2023
To February 29, 2024
*1. The breakdown of operating income from property leasing
is as follows:(Unit: Thousand yen)
A. Property-related revenues
Rental revenues:
Rental revenues
23,026,523
Common area charges
856,477
Total
23,883,001
Other revenues related to property leasing
Utility charges
1,045,386
Parking lots
121,623
Solar panel leasing
654,773
Others
66,273
Total
1,888,057
Total property-related revenues
25,771,059(Unit: Thousand yen)
A. Property-related revenues
Rental revenues:
Rental revenues
23,289,112
Common area charges
845,894
Total
24,135,006
Other revenues related to property leasing
Utility charges
855,847
Parking lots
128,539
Solar panel leasing
468,249
Others107,952
Total
1,560,588
Total property-related revenues
25,695,595

B. Property-related expenses
Rental 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)

B. Property-related expenses
Rental 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)

2,068,748
956,500
944,718
98,383335,691
4,510,839
455,545
9,370,427
16,400,631*2. The breakdown of gain on sale of property and equipment is
as follows:(Unit: Thousand yen)
GLP Ebetsu
Sales proceeds
Costs of property and equipment sold
Other selling expenses
Gain on sale of property and equipment

3,530,000
1,324,620
21,8902,183,489

2,018,144
935,841
798,357
110,484
343,4134,499,222
345,953
9,051,416
16,644,178*2. The breakdown of gain on sale of property and equipment
is as follows:(Unit: Thousand yen)
GLP Morioka
Sales proceeds
749,000
Costs of property and equipment sold671,143
Other selling expenses
6,182
Gain on sale of property and equipment
71,673(Unit: Thousand yen)
GLP Narashino II (Buildings)
Sales proceeds
5,850,000
Costs of property and equipment sold
5,717,065
Other selling expenses
76,181Gain on sale of property and equipment
56,752

Asset Management Report ｜ 65

*3

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
Details of extraordinary income
In connection with a fire accident occurred at GLP Maishima
II for the period ended February 28, 2022, GLP J-REIT
received insurance proceeds for the lost earnings due to thefire and recognized insurance income of 244,843 thousand
yen under extraordinary income.

66 ｜ Asset Management Report*3

Current Period
From September 1, 2023
To February 29, 2024
Details of extraordinary income
In connection with a fire accident occurred at GLP Maishima
II for the period ended February 28, 2022, GLP J-REIT
received insurance proceeds for the lost earnings due to thefire and recognized insurance income of 272,569 thousand
yen under extraordinary income. Furthermore, GLP J-REIT
received the indemnification from a party who was the tenant
at the time of the fire accident in the amount equivalent to theinsurance premium increase (for the period from January2023 to February 2024) due to the receipt of insurance
proceeds. Such amount of 436,402 thousand yen wasrecorded as “Indemnification received” under extraordinary
income.

(Notes to Statements of Changes in Net Assets)
Current Period
From September 1, 2023
To February 29, 2024
*1. Number of investment units authorized and number ofinvestment units issued and outstanding

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
*1. Number of investment units authorized and number ofinvestment units issued and outstanding
Number of investment units authorized
Number of investment units issued andoutstanding

16,000,000 units
4,925,331 units

Number of investment units authorized
Number of investment units issued andoutstanding

16,000,000 units
4,897,731 units(Deferred Tax Accounting)Prior Period (Reference)
From March 1, 2023
To August 31, 2023

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

1. Significant components of deferred tax assets and liabilities

1. Significant components of deferred tax assets and liabilities－－

2. Reconciliation between Japanese statutory tax rate and the

2. Reconciliation between Japanese statutory tax rate and theactual income tax rate with respect to pre-tax income reflected

actual income tax rate with respect to pre-tax income reflectedin the accompanying statement of income for each period is asin the accompanying statement of income for each period is asfollows.

follows.
(Unit: %)Statutory effective tax rate

31.46

(Adjustments)(Unit: %)Statutory effective tax rate

31.46

(Adjustments)

Distributions deductible for tax purposes(31.46)

Distributions deductible for tax purposes(31.46)

Other

0.00

Other

0.00

Actual tax rate

0.00

Actual tax rate

0.00

(Property and Equipment under Capital Lease)
Prior Period (Reference)
From March 1, 2023
To August 31, 2023―

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

Asset Management Report ｜ 67

(Financial Instruments)
Prior Period ( From March 1, 2023 to August 31, 2023) (Reference)
1．Status of financial instruments(1) Policy for financial instruments
GLP J-REIT procures funds for acquisition of assets or repayment of debts through issuance of new investment units, bank loans
and issuance of investment corporation bonds.
GLP J-REIT enters into derivative transactions solely for the purpose of reducing interest rate and other risks. GLP 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, such as bankruptcyof the depository financial institution. GLP J-REIT limits credit risk by using only short-term deposits in financial institutions withhigh credit ratings.
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties and refinancing ofbank loans or investment corporation bonds upon their maturities. GLP J-REIT mitigates the liquidity risk exposure upon repayment
and redemption of loans by diversifying the maturities and lending institutions and by entering into commitment line agreementswith financial institutions, and manages such liquidity risk by preparing and monitoring the forecasted cash flows.
Certain loans are floating rate and exposed to the risk of rising interest rates. GLP J-REIT mitigates such risk by maintaining a
prudent loan-to-value ratio and stabilizing its financial costs with the use of derivative transactions (interest rate swaps) as a hedge.
All interest rate swaps meet the specific matching criteria to qualify for the special accounting treatment, thus the hedge
effectiveness test is omitted. Derivative transactions are executed and managed under the Management Guidelines of the AssetManager.
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
In estimating the fair value of financial instruments, various factors are considered; therefore, different assumptions and factors
could result in a range of fair values.

2．Estimated fair value of financial instruments
Book value, fair value and differences between the values as of August 31, 2023 are as stated below.
The disclosure for “Cash and deposits” and “Cash and deposits in trust” is omitted since their fair value approximates their bookvalue due to short maturity.
Book value(1) Current portion of investment
corporation bonds(2) Current portion of long-termloans payable(3) Investment corporation bonds(4) Long-term loans payable
Total liabilities
Derivative transactions

Fair value(Unit: Thousand yen)
Difference

2,000,000

2,010,800

10,80029,470,000

29,515,080

45,08053,100,000

51,318,490(1,781,510)

311,990,000

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

396,560,000

391,439,231(5,120,768)－(1,364)(1,364)(Note 1) Methods to estimate fair value of financial instruments and matters regarding derivative transactions(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
68 ｜ Asset Management Report

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 bycontract. Thus, the book value of these instruments is deemed a reasonable approximation of the fair value, and the bookvalue 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:(1) Derivative transactions for which hedge accounting is not applied
None(2) Derivative transactions for which hedge accounting is applied
The contract amount or notional amount as of the balance sheet date by hedge accounting method is as follows:(Unit: Thousand yen)
Hedge accounting
methodType of derivativetransaction

Primary hedged
item

Special treatment
for interest rate
swaps

Interest rate swaps
Receive floating/
Pay fix

Long-term loans
payableContract amount and other
Due after one
year
292,320,000

277,380,000*1*1Fair value(1,364)*2

Fair value
measurement*3*1 The amount includes 870 million yen of the interest swap contract entered into on August 30, 2023. The execution date oflong-term loans payable, its hedged item, is September 1, 2023.
*2 Concerning the aforementioned interest rate swap entered into on August 30, 2023, the fair value as of the end of the fiscal
period (August 31, 2023) is stated since it is not accounted for as an integral component of long-term loans payable under
the special accounting treatment due to the fact that no such loans payable is recognized as of the fiscal period then ended.
Interest rate swaps under the special accounting treatment, except for those aforementioned, are accounted for as anintegral component of long-term loans payable designated as hedged items. Thus, their fair value is included in that oflong-term loans payable disclosed in aforementioned “Liabilities” (2) and (4).
*3 Fair value is measured by the counterparty of the relevant transaction based on market rates.

(Note 2) Redemption schedule for long-term loans payable and investment corporation bonds(Unit: Thousand yen)
Due after two Due after three Due after four Due after fiveto three years to four years to five years
years

Due within
one year

Due after one
to two 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

31,470,000

40,920,000

52,920,000

53,423,000

61,900,000

155,927,000

Total

Current Period (From September 1, 2023 to February 29, 2024)
1．Status of financial instruments(1) Policy for financial instruments
GLP J-REIT procures funds for acquisition of assets or repayment of debts through issuance of new investment units, bank loans
and issuance of investment corporation bonds.
GLP J-REIT enters into derivative transactions solely for the purpose of reducing interest rate and other risks. GLP 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.
Asset Management Report ｜ 69

(2) Financial instruments, their risks and risk management system
Deposits are used for investment of GLP J-REIT’s surplus funds. These deposits are exposed to credit risk, such as bankruptcyof the depository financial institution. GLP J-REIT limits credit risk by using only short-term deposits in financial institutions withhigh credit ratings.
Bank loans and investment corporation bonds are mainly made to procure funds for acquisition of properties and refinancing ofbank loans or investment corporation bonds upon their maturities. GLP J-REIT mitigates the liquidity risk exposure upon repayment
and redemption of loans by diversifying the maturities and lending institutions and by entering into commitment line agreementswith financial institutions, and manages such liquidity risk by preparing and monitoring the forecasted cash flows.
Certain loans are floating rate and exposed to the risk of rising interest rates. GLP J-REIT mitigates such risk by maintaining a
prudent loan-to-value ratio and stabilizing its financial costs with the use of derivative transactions (interest rate swaps) as a hedge.
All interest rate swaps meet the specific matching criteria to qualify for the special accounting treatment, thus the hedge
effectiveness test is omitted. Derivative transactions are executed and managed under the Management Guidelines of the AssetManager.
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
In estimating the fair value of financial instruments, various factors are considered; therefore, different assumptions and factors
could result in 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 are as stated below.
The disclosure for “Cash and deposits” and “Cash and deposits in trust” is omitted since their fair value approximates their bookvalue due to short maturity.
Book value(1) Current portion of investment
corporation bonds(2) Current portion of long-termloans payable(3) Investment corporation bonds(4) Long-term loans payable
Total liabilities
Derivative transactions(Unit: Thousand yen)
Difference

Fair value

4,000,000

3,998,600(1,400)25,710,000

25,716,826

6,826

51,100,000

49,273,340(1,826,660)

315,750,000

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

396,560,000

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

－

－

－

(Note 1) Methods to estimate fair value of financial instruments and matters regarding derivative transactions(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
The reference value published by the Japan Securities Dealers Association is used as the fair value.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
With respect to long-term loans payable, interest rates of floating-rate loans are periodically adjusted or renewed bycontract. Thus, the book value of these instruments is deemed a reasonable approximation of the fair value, and the bookvalue 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:(1) Derivative transactions for which hedge accounting is not applied
None

70 ｜ Asset Management Report(2) Derivative transactions for which hedge accounting is applied
The contract amount or notional amount as of the balance sheet date by hedge accounting method is as follows:(Unit: Thousand yen)
Hedge accounting
methodType of derivativetransaction

Primary hedged
item

Contract amount and other
Due after one
year

Special treatment
for interest rate
swaps

Interest rate swaps
Receive floating/
Pay fix

Long-term loans
payable298,720,000

277,110,000

Fair value

Fair value
measurement*1*2*1 Interest rate swaps under the special accounting treatment 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 inaforementioned “Liabilities” (2) and (4).
*2 Fair value is measured by the counterparty of the relevant transaction based on market rates.

(Note 2) Redemption schedule for long-term loans payable and investment corporation bonds(Unit: Thousand yen)
Due after two Due after three Due after four Due after fiveto three years to four years to five years
years

Due within
one year

Due after one
to two 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

29,710,000

37,750,000

60,470,000

54,323,000

68,780,000

145,527,000

Total(Investment and Rental Properties)
Prior Period (From March 1, 2023 to August 31, 2023) (Reference)
Property and equipment consist of leasable logistic facilities for the purpose of earning rental revenues. The following tablesummarizes the book value, including changes during the fiscal periods and fair value of these rental properties.
(Unit: Thousand yen)Book value
At the beginning of the period
799,138,397

Increase (decrease)54,225,209

At the end of the period

Fair value
at the end of the period

853,363,607

1,144,234,000(Note 1) The amount on the balance sheets (book value) is based on the acquisition cost less the accumulated amount ofdepreciation.
(Note 2) Of the change in book value during the period, the major increase was primarily due to 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, whereas the major decrease was due to the sale of aproperty (GLP Ebetsu) in the amount of 1,324,620 thousand yen and depreciation of 4,510,839 thousand yen.
(Note 3) The fair value of investment and rental properties was determined based on third-party appraisals or research value. Of
the fair value as of August 31, 2023, for GLP Maishima II, the property was significantly destroyed by the fire accident
and thus only the appraisal value of the land portion of the property is included in fair value at the end of the period.
Income and loss in connection with investment and rental properties are disclosed in “Notes to Statements of Income.”

Current Period (From September 1, 2023 to February 29, 2024)
Property and equipment consist of leasable logistic facilities for the purpose of earning rental revenues. The following tablesummarizes the book value, including changes during the fiscal periods and fair value of these rental properties.
Asset Management Report ｜ 71

(Unit: Thousand yen)Book value
At the beginning of the period

Increase (decrease)853,363,607(9,009,846)

Fair value
at the end of the period

At the end of the period
844,353,761

1,139,380,000(Note 1) The amount on the balance sheets (book value) is based on the acquisition cost less the accumulated amount ofdepreciation.
(Note 2) Of the change in book value during the period, the major increase was primarily due to capital expenditures, whereas
the major decrease was 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.
(Note 3) The fair value of investment and rental properties was determined based on third-party appraisals or research value. Of
the fair value as of February 29, 2024, for GLP Maishima II which was significantly destroyed by the fire accident and
GLP Narashino II whose building portion was sold, only the appraisal value of the land portion of each property is
included in fair value at the end of the period.
Income and loss in connection with investment and rental properties are disclosed in “Notes to Statements of Income.”(Restriction on Asset Management)
Prior Period (Reference)
From March 1, 2023
To August 31, 2023―

72 ｜ Asset Management Report

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

(Related Party Transactions)
Prior Period (From March 1, 2023 to August 31, 2023) (Reference)
Classification

Name of the company

Interested
GLP Capital Partners Japan Inc.
party
Interested
GLP Japan Inc.
party
Interested Light Year Special Purpose
party Company
Interested
GLP J-REIT Master Lease GK
party
Interested Ichikawashiohama Godoparty Kaisha
Interested
GLP Tosu One GK
party
Interested
GLP Sugito Y.K.
party
Interested
GLP Urayasu Three Y.K.
party
Interested
GLP Tokyo Two Y.K.
party
Interested
GLP Komaki Y.K.
party
Interested
GLP Amagasaki Y.K.
party
Interested
GLP Misato Two GK
party
Interested
GLP Kiyama GK
party
Asset
Mitsubishi UFJ Trust andcustody
Banking Corporationcompany

Type ofbusiness% of voting
rightsType of transaction(owned)Transaction
amountAccount title(Thousand yen)

Balance(Thousand yen)

Investment
advisory/
agency－Real estate－ Royalty fee (Note 2)

7,500 －－

Real estate－ Rental income from rooftop leasing (Note 2)

3,822 Advances received

700

Real estate
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Trust andBanking

Property management fee

473,646 Operating accounts

Leasing commission

299,563－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－

Trust fee
Administrative service fee

94,169payableOperating accounts
366,590
receivable
Operating accounts
29,476
receivable
Operating accounts
45,318
receivable
Operating accounts
14,462
receivable
Operating accounts
46,842
receivable
Operating accounts
22,096
receivable
Operating accounts
35,658
receivable
Operating accounts
35,841
receivable
Operating accounts
24,952
receivable
Operating accounts
33,584
receivable
Operating accounts
13,170payable31,710 Accounts payable

82,9804,794
11,159
2,920
9,814
4,663
6,607
7,243
4,896
8,414
4,825
14,960(Note 1) Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
(Note 2) Decisions relating to the terms and conditions of transactions:(a) The royalty fee was mutually agreed after negotiation between both parties, based on the initial formula proposed by GLP Japan Inc.
(b) The rental income from rooftop leasing was mutually agreed after negotiation between both parties, based on the initial formula proposedby Light Year Special Purpose Company.
(c) Other transactions are determined based on market conditions.

Asset Management Report ｜ 73

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

Name of the company

Interested
GLP Capital Partners Japan Inc.
party
Interested
GLP Japan Inc.
party
Interested Light Year Special Purpose
party Company
Interested
GLP J-REIT Master Lease GK
party
Interested Ichikawashiohama Godoparty Kaisha
Interested
GLP Tosu One GK
party
Interested
GLP Sugito Y.K.
party
Interested
GLP Urayasu Three Y.K.
party
Interested
GLP Tokyo Two Y.K.
party
Interested
GLP Komaki Y.K.
party
Interested
GLP Amagasaki Y.K.
party
Interested
GLP Misato Two GK
party
Interested
GLP Kiyama GK
party
Asset
Mitsubishi UFJ Trust andcustody
Banking Corporationcompany

Type ofbusiness% of voting
rightsType of transaction(owned)Transaction
amountAccount title(Thousand yen)

Balance(Thousand yen)

Investment
advisory/
agency－Real estate－ Royalty fee (Note 2)

7,500 －－

Real estate－ Rental income from rooftop leasing (Note 2)

3,822 Advances received

700

Real estate
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Equipment
leasing
Trust andBanking

Property management fee

480,127 Operating accounts

Leasing commission

132,036－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－ Rental income from solar panel leasing－

Trust fee
Administrative service fee

payableOperating accounts
270,384
receivable
Operating accounts
20,034
receivable
Operating accounts
34,527
receivable
Operating accounts
9,734
receivable
Operating accounts
29,953
receivable
Operating accounts
14,190receivable
Operating accounts
23,628
receivable
Operating accounts
23,795receivable
Operating accounts
16,391
receivable
Operating accounts
25,679receivable
Operating accounts
12,971payable32,766 Accounts payable

102,176

48,371
4,349
6,623
1,827
5,128
2,452
4,232
4,279
3,390
4,379
4,744
15,687(Note 1) Consumption taxes are not included in the transaction amount but included in the related balance at the end of the period.
(Note 2) Decisions relating to the terms and conditions of transactions:(a) The royalty fee was mutually agreed after negotiation between both parties, based on the initial formula proposed by GLP Japan Inc.
(b) The rental income from rooftop leasing was mutually agreed after negotiation between both parties, based on the initial formula proposedby Light Year Special Purpose Company.
(c) Other transactions are determined based on market conditions.

74 ｜ Asset Management Report(Per Unit Information)
Current Period
From September 1, 2023
To February 29, 2024

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
Net assets per unit
Net income per unit

95,895 yen
2,907 yen

Net assets per unit
Net income per unit

95,010 yen
2,584 yen

Net income per unit is calculated by dividing net income for the

Net income per unit is calculated by dividing net income for theperiod by the weighted average number of investment units issued

period by the weighted average number of investment units issued

and outstanding. Diluted net income per unit is not stated as no

and outstanding. Diluted net income per unit is not stated as no

dilutive securities were outstanding.

dilutive securities were outstanding.

(Note) The basis for calculating the net income per unit is as follows:
Current Period
From September 1, 2023
To February 29, 2024

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
Net income

14,035,110 thousand yen

12,704,092 thousand yen

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

Net income attributable to ordinary unitholders

14,035,110 thousand yen

12,704,092 thousand yen

Average number of investment units outstanding

4,827,535 units

4,914,823 units(Significant Subsequent Events)
Prior Period (From March 1, 2023 to August 31, 2023) (Reference)
Sale of assets
GLP J-REIT sold the following assets:
GLP Morioka
・Type of the specific asset

Beneficiary right of real estate in trust・Contract date

September 25, 2023

・Closing date

September 25, 2023

・Sales price749 million yen (Note 1)

・BuyerNot disclosed (Note 2)(Note 1) “Sales price” excludes selling expenses, property taxes, city planning taxes, consumption taxes and local consumption
taxes.
(Note 2) The Buyer’s profile including the company form is not disclosed since the Buyer’s consent has not been obtained.
From this transaction, GLP J-REIT will recognize approximately 71 million yen of gain on sale of property and equipment for
the fiscal period ending February 29, 2024 (from September 1, 2023 to February 29, 2024).

Asset Management Report ｜ 75

GLP Narashino II (buildings)
・Type of the specific asset

Beneficiary right of real estate in trust・Contract date

September 25, 2023

・Closing date

September 29, 2023

・Sales price

5,850 million yen (Note)・Buyer

Acacia Special Purpose Company(Note)“Sales price” excludes selling expenses, property taxes, city planning taxes, consumption taxes and local consumption
taxes.

From this transaction, GLP J-REIT will recognize approximately 49 million yen of gain on sale of property and equipment for
the fiscal period ending February 29, 2024 (from September 1, 2023 to February 29, 2024).

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

Based on the agreement on March 28, 2024, certain part of 2,506 million yen of the indemnification received from LOGISTEED,Ltd. for the building damage of GLP Maishima II will be deducted from the acquisition cost as the reduction entry.

(Revenue Recognition)
Prior Period (From March 1, 2023 to August 31, 2023) (Reference)
Information on Disaggregated Revenue from Contracts with Customers
Please refer to “(Notes to Statements of Income), *1. The breakdown of operating income from property leasing” and “*2. The
breakdown of gain on sale of property and equipment” for information on disaggregated revenue from contracts with customers.
“*1. The breakdown of operating income from property leasing” shows revenue subject to the “Accounting Standard for Lease
Transactions” (ASBJ Statement No. 13).” Revenue from contracts with customers consists mostly of “Sales proceeds” and “Utilities
charges revenue.”

Current Period (From September 1, 2023 to February 29, 2024)
Information on Disaggregated Revenue from Contracts with Customers
Please refer to “(Notes to Statements of Income), *1. The breakdown of operating income from property leasing” and “*2. The
breakdown of gain on sale of property and equipment” for information on disaggregated revenue from contracts with customers.
“*1. The breakdown of operating income from property leasing” shows revenue subject to the “Accounting Standard for Lease
Transactions” (ASBJ Statement No. 13).” Furthermore, “*2. The breakdown of gain on sale of property and equipment” includes
76 ｜ Asset Management Reportrevenue based on the JICPA (the Japanese Institute of Certified Public Accountants) Accounting System Committee Statement
No.15, “Practical Guidelines on Accounting for Transferees in Securitization of Real Estate Using Special Purpose Companies.”
Revenue from contracts with customers consists mostly of “Sales proceeds” and “Utilities charges revenue.”

Asset Management Report ｜ 77

Statements of Distributions(Unit: Yen)I

Unappropriated retained earnings

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

Prior Period (Reference)
From March 1, 2023

Current Period
From September 1, 2023

To August 31, 2023

To February 29, 2024

14,038,964,844

12,705,864,122

1,842,073,794

813,023,346

1,842,073,794

813,023,346

15,879,267,144

13,517,737,560[Distributions per unit][3,224][2,760]Of which, distributions of earnings

14,037,193,350

12,704,714,214[Of which, distributions of earnings per unit]
Of which, distributions in excess of retained earnings[2,850][2,594]

1,842,073,794

813,023,346

[374]

[166]

1,771,494

1,149,908[Of which, other distributions in excess of retained
earnings per unit]
IV Retained earnings carried forward
Calculation method of distribution amountIn accordance with Section 34.1 of the

In accordance with Section 34.1 of the

Article of Incorporation set forth by

Article of Incorporation set forth by

GLP J-REIT for distributions of cash

GLP J-REIT for distributions of cash

dividends, the amount of thedividends, the amount of the

distributions shall be more than 90%

distributions shall be more than 90%

of income available for dividendsof income available for dividends

defined in Section 67.15 of the Special defined in Section 67.15 of the Special
Taxation Measures Act.

Taxation Measures Act.

Accordingly, GLP J-REIT declared a

Accordingly, GLP J-REIT declared a

distribution amount of 14,037,193,350

distribution amount of 12,704,714,214

yen, which was the amount equivalentyen, which was the amount equivalent

to the maximum integral multiples ofto the maximum integral multiples of

the number of investment units issued

the number of investment units issued

and outstanding as of the end of theand outstanding as of the end of theperiod but not exceeding the amountperiod but not exceeding the amountof unappropriated retained earnings.

of unappropriated retained earnings.

Furthermore, based on the distribution

Furthermore, based on the distribution

policy as defined in Section 34.2 of its

policy as defined in Section 34.2 of its

Article of Incorporation, GLP J-REIT

Article of Incorporation, GLP J-REIT

will make an Optimal Payable

will make an Optimal Payable

Distribution (the “OPD”), which

Distribution (the “OPD”), which

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

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

(“continuous OPD”).
(Continued)

78 ｜ Asset Management Report(Continued)

(Continued)(Continued)

In addition, when the amount of a

In addition, when the amount of a

distribution per unit temporarily

distribution per unit temporarily

decreases to certain level, thedecreases to certain level, thedistribution policy allows GLP J-REIT

distribution policy allows GLP J-REIT

to make a temporary distribution of

to make a temporary distribution offunds in excess of retained earnings

funds in excess of retained earnings(“temporary OPD”) for the purpose of(“temporary OPD”) for the purpose ofmaintaining a stable level ofmaintaining a stable level of

distributions. In addition, for the

distributions. In addition, for the

purpose of minimizing the burden of

purpose of minimizing the burden of

taxation that would be incurred due totaxation that would be incurred due toa difference between accounting

a difference between accounting

income and taxable income, GLP J-

income and taxable income, GLP J-

REIT can make a cash distribution in

REIT can make a cash distribution inexcess of retained earnings fromexcess of retained earnings fromallowance for temporary difference

allowance for temporary difference

adjustments in accordance with laws

adjustments in accordance with laws

and regulations including rules

and regulations including rules

prescribed by the ITAJ.

prescribed by the ITAJ.

Thus, GLP J-REIT declared aThus, GLP J-REIT declared acontinuous OPD (a refund ofcontinuous OPD (a refund ofinvestment categorized as ainvestment categorized as a

distribution from unitholders’ capital

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

1,349,540,694 yen, which was

813,023,346 yen.

determined as follows: (1) the amountnot exceeding the upper limit of
3,094,575,682 yen calculated bydeducting capital expenditure of
1,416,263,960 yen from depreciation
expense of 4,510,839,642 yen, and(2) approximately 30% of thedepreciation expense of
4,510,839,642 yen for the period.
In addition, for the current period,
GLP J-REIT declared a temporary
OPD (a refund of investment
categorized as a distribution fromunitholders’ capital for tax purposes)of 492,533,100 yen, as the
distribution per unit was temporarily
decreased due to the issuance ofinvestment units, borrowings offunds, and an increase in insurance
premiums.

Asset Management Report ｜ 79

(Note) For the time being, GLP J-REIT intends to make an OPD (a refund of its investment categorized as a distribution fromunitholders’ capital for tax purposes) in the amount equal to approximately 30% of the depreciation expenses for theoperating period immediately before the period in which the distribution is made, unless GLP J-REIT determines that
the OPD payment (a refund of its investment categorized as a distribution from unitholders’ 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 (“continuous OPD”).
Furthermore, when it is anticipated that the amount of a distribution per unit would temporarily decrease to certain
level as a result of the issuance of new investment units, the issuance of investment corporation bonds, financing
through borrowings, disposal of buildings and facilities, major repairs or other matters, the distribution policy allows
GLP J-REIT to make a temporary cash distribution in excess of retained earnings (“temporary OPD,” a refund of its
investment categorized as a distribution from unitholders’ capital for tax purposes), in addition to a continuous OPD,
for the purposes of maintaining a stable level of distributions. However, these distributions shall be within the limit
stipulated in the rules and regulations of the ITAJ.

80 ｜ Asset Management ReportStatements of Cash Flows (Reference information)

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

Prior Period (Reference)
From March 1, 2023
To August 31, 2023

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

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

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

26,500,000(26,500,000)
33,550,000(8,000,000)
2,600,000(2,000,000)(17,397)
29,880,409－(13,122,806)(1,644,347)
41,245,859
4,130,542
31,378,165
35,508,708－－
29,470,000(29,470,000)
－
－
(201)
－
(3,803,907)(14,036,744)(1,841,773)(19,682,627)
3,059,704
35,508,708
38,568,412(Note) “Statements of Cash Flows” are prepared based on the “Ordinance on Terminology, Forms, and Preparation Methods ofFinancial Statements” (Ordinance of the Ministry of Finance No. 59 of 1963) and attached for reference purpose only.
These statements are unaudited since they are out of the scope of the independent audit under Article 130 of the Investment
Trust Act.
Asset Management Report ｜ 81

(Notes Concerning Significant Accounting Policies)

Cash and cash
equivalents as stated in
the Statements of Cash
Flows

Prior Period (Reference)
From March 1, 2023
To August 31, 2023
Cash and cash equivalents consist of cash on
hand and cash in trust, readily-available bankdeposits, readily-available bank deposits in trustand short-term investments that are liquid andrealizable with a maturity of three months or lesswhen purchased and that are subject to an
insignificant risk of changes in value.

Current Period
From September 1, 2023
To February 29, 2024
Cash and cash equivalents consist of cash on
hand and cash in trust, readily-available bankdeposits, readily-available bank deposits in trustand short-term investments that are liquid andrealizable with a maturity of three months or lesswhen purchased and that are subject to an
insignificant risk of changes in value.

(Notes to Statements of Cash Flows)
Current Period
Prior Period (Reference)
From September 1, 2023
From March 1, 2023
To February 29, 2024
To August 31, 2023
*1. Reconciliation of cash and cash equivalents in the Statement of *1. Reconciliation of cash and cash equivalents in the Statement of
Cash Flows to accounts and amounts in the accompanying
Cash Flows to accounts and amounts in the accompanying
balance sheet
balance sheet(As of August 31, 2023)(As of February 29, 2024)(Unit: Thousand yen)
(Unit: Thousand yen)
Cash and deposits
23,059,854
Cash and deposits
24,328,532
Cash and deposits in trust
12,448,853
Cash and deposits in trust
14,239,880
Cash and cash equivalents
35,508,708
Cash and cash equivalents
38,568,412

82 ｜ Asset Management Report