2022
ESG REPORTGLP J-REITIndex

MessageP. 32022 Highlights

P. 5

ESG Policy

P. 9

Environment

P. 12

Social

P. 20

Governance

P. 29

ESG Finance

P. 33

GLP J-REIT 2022 ESG REPORT

1

Editorial Policy
GLP J-REIT publishes a sustainability website and sustainability reports for our
stakeholders in an effort to disclose ESG information that describes our efforts towardrealizing a sustainable society.
Our sustainability reports, which we publish once each year, contain straightforwardly
organized summaries of information pertaining to GLP J-REIT and the rest of the GLPGroup, including our ESG policy, highlights of ESG efforts active during the current year,
our level of KPI achievement, and ESG-related data.

Reporting System
On our sustainability website, we leverage the attributes of our website and makecomprehensive postings of policies, detailed numerical data, and other information
about the Group’s sustainability activities. We consider timeliness among other factors,
and operate the website such that it reflects and discloses the latest information. We
published our first sustainability report in 2021, and now disclose information in a more
systematic, organized manner based on information posted on the sustainability
website.

Period in the report
Although the report covers the period from March 2022 to February 2023, it also
includes information from outside the period.

Publication date

April 2023

Next scheduled publication

April 2024

Report creator/

Contact point for inquiries

GLP Japan Advisors Inc.
Corporate Planning Department
Tel. 03-6897-8810

GLP J-REIT 2022 ESG REPORT

2

Message

A Message from Our Executives

A Message from CSO
Taking actions to combat climate change and other environmental issues as well as work stylereform, community revitalization and other social issues, GLP J-REIT and its asset managementcompany GLP Japan Advisors Inc. as responsible member of society, prioritize ESG as core
challenges in its business operations. We focus more on disclosing such activities morecomprehensively and timely.

Yoshiyuki Miura

Hisatake Miki

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

CSO of GLP JapanTo begin, please let me express my best wishes for all of our stakeholders.

Advisors Inc.

New ESG target has been implemented to enhance challenges on environmental issues. In addition,
we are expanding solving environmental issues together with our stakeholders such as local
production for local consumption structure, which is to implement solar panels on the existing
logistics facilities we invested and tenants consume the green energy generated by those solar
panels. We continue other ESG initiatives such as expanding social contribution through thefoundation newly established by GLP group and enhancement of governance through increasing
supervisor officer for GLP J-REIT.
By further enhancing efforts toward ESG and appropriately disclosing our activities, we aim tostrengthen relationships with our stakeholders and to achieve both ESG initiatives for environmental
issues and co-existence, and mid-long term growth of value on the logistics facilities owned by GLPJ-REIT.

Under the circumstance where environmental protection activities and social contribution activities are
gaining exposure, sustainability in corporate activity is getting more critical and corporation is expected toenhance its business strategy more focusing on the impact on people and environment rather than simply
pursuing profit.
GLP J-REIT is Japan’s leading listed real estate investment corporation specializing in logistics facilities. GLP
J-REIT, together with our asset management firm GLP Japan Advisors, considers our social mission to strive
for a sustainable society through our business activities and have been enhanced our efforts onsustainability.
Last year, GLP J-REIT was awarded the prestigious “5 Stars” by the 2022 GRESB Real Estate Assessment inthree consecutive years and ranked first among the listed logistics real estate sector in global, which we
believe GLP J-REIT has been well-evaluated by market on sustainability activities. The ESG KPIs set by GLP JREIT has been on track to achieve, especially the environment related KPI which targets to obtainenvironmental certifications more than 80% of the portfolio was already achieved 2-year ahead of thetargeted year. In addition, the outstanding balance of ESG finance has been expanded by leveraging ouractive initiatives not only in environment activities but social activities such as disaster responses. We
proceed operations with setting sustainability as core business objective. GLP J-REIT resolved increase of
supervisory director at its shareholder’s meeting held last year to enhance governance and diversity.
GLP group announced its commitment on achieving carbon neutrality by 2050 and aim to acceleratevarious initiatives against climate change issue.
GLP J-REIT and our asset management firm will continue to maintain and enhance our sustainability
measures and will strengthen our communication through appropriate disclosures with our various
stakeholders such as investors, tenants, members of our supply chain to the wider regional community andemployees. We will work together with our stakeholders to strive toward a sustainable society.

GLP J-REIT 2022 ESG REPORT

3

GLP J-REIT pursue maximizing shareholder’s value through best-in-class asset management platform
which is highly recognized in Japan and worldwide by leveraging solid track record of logistics facility
operations by GLP group.

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

Others

12%
Greater Osaka
area

21%

Greater Tokyo area

67%
No. of properties
owned

89
No. of tenantcompanies

173

Asset size（Appraisal Value）

1.08

billion yen

Operating ratio: A property owned by GLP J-REIT

99.2
Data is accurate as of February 28, 2023

GLP J-REIT 2022 ESG REPORT

4

2022年取組みハイライト

2022 Highlights
ESG Committee ( GLP Japan Advisors )ESG Task Force ( the GLP Group )The Group is united in implementing ESG efforts, determining policy and sharing information through the ESG Committee as well as the ESG Task Force, a joint conference entity with sponsors.

Awarded the Prestigious “5 Stars” Rating by the 2022 GRESB Real Estate
Assessment in Three Consecutive Years
 Awarded the prestigious “5 Stars” rating by the 2022 GRESBReal Estate Assessment in three consecutive years Ranked the 1st position among the listed logistics real estate
sector in global out of 40 peers and the 1st position out ofnine Logistic J-REITs

 Selected as “Global Sector Leader” and “Regional Sector
Leader” in the listed and non-listed logistics real estate
sector Received a “Green Star” designation by achieving highperformance both in “Management Component” and“Performance Component”

Climate Change Initiatives
 GLP group announced the commitment to achieve carbon neutrality by 2050
 Targeting to establish KPI for reduction of emission based on SBTi by 2025
 Endorsed the recommendations of the TCFD in 2021 and disclosed risk and opportunity for GLP J-REIT impacted byclimate change in line with the guidance (Please refer to the page 14 for details)

Expanded Utilization of Renewable Energy Sources Use of renewable energy has been expanded through installation of solar power generation equipment for inbuilding use.
 The number of solar power generation facilities has been increased to 26, and annual generation has increased toabout 36,000 MWh.

Accelerating Obtainment of Environmental Certifications
 The facility with environmental certification has increased to 65 facilities and its
ratio increased to 81% by improvement of environmental specifications andacquisition of new facilities with high environmental performances The facility with BELS certification increased to 20 facilities and with ZEB (Net Zero
Energy Building) rating increased to 9 facilities by accelerating obtainment of BELS
& ZEB rating which concept consistent with carbon neutrality
 Established new KPI which targets to exceed 90% of existing facilities to obtainenvironmental certifications by 2025
GLP Yachiyo II

GLP Higashi-ogishima III

BELS: 5 star/ZEB: ZEB Ready

CASBEE: S Rank

GLP Shinkiba

GLP Osaka

 A new initiative has been adopted to encourage the consumption of GLP-generated renewable energy at otherportfolio properties.
Power generated by solar power
generation equipment

Utilization of renewable energy

GLP Sayama-Hidaka II

GLP Komaki, etc.

GLP J-REIT 2022 ESG REPORT

5

2022年取組みハイライト

2022 Highlights

Promoting Green Leases

Strengthened Disaster Responsiveness Implementing a green lease clause in our standard lease contracts with tenants which include environmentallyconscious clauses, specifically those aiming to save energy and water, reduce waste, and encourage cooperation toestablish ESG target of obtaining green building certification
 Promoted 71% of the total existing leases as green lease and targeting to achieve 100% in 2023
 Actively implemented an educational campaign for tenants through various efforts to reduce environmental impact
and save water and electricity, namely promoting the visualization of electricity usage by sending data from meterreadings to tenants and urging them save water, conserve electricity, and switch off their car engines when not in use

 The total number of disaster agreements with local governments has increased to 12 and further agreements withother municipalities to be signed in the future.
 Disaster prevention activities have been strengthened through disaster drills held with the cooperation of local
governments that have signed disaster agreements. Activity participants include not only tenants but also local
government members and residents of surrounding areas.

Active Use of System for Ascertaining Utility Data GLP J-REIT is implementing various initiatives to collaborate with tenants to save energy, water and reduce waste The new system implemented to all GLP J-REIT facilities achieved the consistent and efficient collection of utility data Improved data coverage on waste from 79% to 91%
Disaster drills with local residents

Data coverage (2021 measurements)
Electricity usage

Greenhouse gas (GHG)
emissions

Water usage

Waste amount

Disaster prevention workshop held with thecooperation of local fire departments

Promotion on Social Contribution Activities Continuing promotion on social contribution activities, employees in the asset management company participate invarious activities held through the GLP Foundation established by the GLP Group in March 2022

100 %

100 %

100 %

91 %

Clean day activities

Children’s day

 GLP Japan Advisors continues making tax-deductible donations to local governments where GLP J-REIT propertiesare located. Contributed to 19 local governments in total.

Increased Supervisory Director for GLP J-REIT A new supervisory director was elected at the GLP J-REIT annual general meeting of unitholders in May 2022,
bringing the number of directors up to four persons including female director to strengthen Governance and promote
Diversity
GLP J-REIT 2022 ESG REPORT

6

2022年取組みハイライト

2022 Highlights

Keeping Leading Position in J-REIT Market on Outstanding ESG Bond Balance
Through Active ESG Finance Expanded outstanding balance of ESG bond to JPY 42.9 billion which keeps leading position among 60 listed J-REIT Actively executing ESG loan in addition to ESG bond issuance

Results of ESG Committee Activities
 The ESG Committee, which was established in 2021, fulfilled its functions by consolidating relevant information anddiscussing and determining policy for initiatives.

ESG Committee

Comparison of outstanding ESG bond balance in J-REIT market

Members(bn yen)

45

42.9
33.3

30

Provide regular
Updates to

30
23.5

23

20.5

19.4

15

0

GLP J-REIT

Company A

Company B

Company C

Company D

Company E

Company F

15

13.5

Company G

Board ofDirectors/
Investment
Committee

Board of Directors

Company H(As of February 2023)

Report Investment committee related

matters deliberated in ESG committee Consists of representative members ofeach department, including thepresident of GLP Japan Advisors
 Chairman of Committee : CSO

ReportEach
Department/
Rep Member

Initiatives

 Formulation of ESG mid to long-term
basic policies
 Formulation of GRESB response policy
and implementation of result analysis
 Formulation and implementation ofpolicies related to green sustainability
finance Deliberation of other ESG-related
matters

Formulate Policy/
Monitor activities

Results of ESG finance for GLP J-REIT in FY2022

ESG Finance

Execution

Amount (JPY)

Term

Number of meetings

7

Sustainability Bond

December 2022

2 billion

10 years

Attendance by relevant
peopleAttendees: President, CFO, CSO, Head of Investment Department (acting CIO),
Corporate Planning Department Senior Manager

September 2022

1 billion

4.8 years

November 2022

1.2 billion

10 years

Main matters fordiscussion/policy
determination

Sustainability Loan
November 2022
February 2023
Total

0.8 billion
1 billion

9.3 years
4.3 years

Main matters forreporting/sharing

•
•
•
•

ESG target in 2023
Launch of new ESG website for GLP J-REIT
Establishment of new KPI to accelerate ESG initiatives
Evaluating assets qualified for ESG bonds and ESG loan procurement

•
•
•
•
•
•
•

Reports on details of ESG Task Force discussions
2022 GRESB evaluation results and challenges in 2023 GRESB
ESG due diligence results for the four properties scheduled for acquisition
Actual energy usage figures for properties
Status of efforts toward obtaining environmental certification
Strategy for third party environment ratings against GLP J-REIT
Feedback of ESG activities in 2022

6 billion

GLP J-REIT 2022 ESG REPORT

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2022年取組みハイライト

2022 Highlights

ESG-Related KPIs of GLP J-REIT
GLP group committed to achieve carbon neutrality by 2050

Progress on KPIs
Achieve 100% data coveragefor facilities under
GLP J-REIT control

New KPI
Transition to 100%
LED lighting incommon areas in all facilities

Obtain environmental
certifications for at least
80% of the portfolio

Achieve

Implement a green lease clausein all fixed-termbuilding lease contracts

Transition to 100%
green energy for electricity incommon areas in all facilities

Obtain environmental
certifications for at least
90% of the portfolio

Achieved

Achieved

Achieved

71 %

35 %

81 %

Target year:

Target year:

Target year:

Target year:

Target year:

Target year:

FY2022

FY2022100 %FY2024FY2023

FY2025

FY2025

Continue to obtain environmental
certifications for at least 90% of
the portfolio including third party
developed facilities

GLP J-REIT 2022 ESG REPORT

8

ESG Policy

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

We focus on improving efficiency across our businesses through the use andintegration of data and technology. As a result, we are able to reduce
consumption, better manage assets and invest capital more efficiently, which
in turn generates better returns for our shareholders and investors, reduces
costs for our customers and partners, and helps our global employees by
increasing motivation and productivity to enhance an individual’s livelihood.
We aim to be a global leader on integrated ESG commitments because webelieve that sustainability is an essential part of our long-term success as
global corporate citizens. To be a global leader we are committed tocontinuously improving our ESG policy to meet or exceed evolving standards
and expectations of our shareholders, investors, customers, employees andcommunities.
This ESG Policy Framework has been prepared to support us in developing
ESG commitments, integration into our overall business and investment
approach, responsibility of implementation and monitoring and reporting
framework.
GLP J-REIT 2022 ESG REPORT

9ESG Policy

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

Build Businesses andInvest Responsibly

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

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

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

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

Govern with High Ethics andTransparency

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

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

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

GLP J-REIT 2022 ESG REPORT

10ESG Policy
Efforts to achieve the SDGs

Important issues and initiatives in each ESG area

ESG Committee

Important issues

GLP J-REIT has established the ESG Committee at GLP Japan Advisors Inc. to promote its
sustainability initiatives. Under the supervision of the Chief Sustainability Officer (CSO), the ESG
Committee consists of representative members from each department, including President of GLP
Japan Advisors Inc. In addition to formulating medium- and long-term basic ESG policies, thecommittee promotes sustainability initiatives by setting ESG-related targets, monitoring progress,and deliberating on various initiatives.

ESG Committee

Board ofDirectors/
Investment
Committee

Provide regular
Updates to
Board ofDirectors

Report Investment committee
related matters deliberated in
ESG committee

Coexisting with local communities

Realizing a sustainable society

ReportEach
Department/
Rep Member

Initiatives

 Formulation of ESG mid to longterm basic policies
 Formulation of GRESB response
policy and implementation of
result analysis
 Formulation and implementationof policies related to green
sustainability finance Deliberation of other ESG-related
matters

Reducing
the environmental load

SocialMembers

 Consists of representative
members of each department,
including the president of GLP
Japan Advisors
 Chairman of Committee : CSO

Environment

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

Formulate
Policy/Monitor
activities

Contributing to solving social issues

GovernanceAchieving healthy growth for all
stakeholders

GLP J-REIT’s Initiatives
・Initiatives against climate change-Initiatives in renewable energy-Initiatives in energy saving
・Initiatives in water resources-Using rainwater and well water-Updating toilet equipment and installing・saving devices Initiatives in recycling-Promoting the reuse of logistics goods through business partnerships-Separating trash in collaboration with tenants

・Initiatives in local communities-Contributing as a local disaster prevention center・Initiatives in BCP-Seismic isolation structure-Flood and snow damage control-Stockpiling disaster-relief supplies for disaster prevention-Conducting daily COVID-19 countermeasures
・Initiatives for tenant employees-Replete with amenities such as cafeterias and stores-Conducting customer satisfaction surveys
・Initiatives for employees-Promoting paid leave-Promoting remote work and other diverse ways of working-Implementing training programs and supporting certification exams
・CSR activities-Providing work experience opportunities-Trash pickup campaign

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

GLP J-REIT 2022 ESG REPORT

11

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

GLP J-REIT 2022 ESG REPORT

12

Environment

Environment
SocialGovernanceEfforts Toward Carbon Neutrality
In line with the GLP Group’s goal of achieving carbon neutrality by 2050, GLP J-REIT is dedicated to introducing renewable energy sources and promoting energy conservation policies.

Initiatives in renewable energy

Initiatives in energy-saving

Launched solar panel installation project in 2013 and implemented on the rooftop of 26 facilities in total.
The total generation of renewable energy exceeds 30,000 MW/h annually.

GLP J-REIT strives to reduce the use of energy within its logistics facilities by adopting LED lighting and human-presence
sensors in its facilities and segmenting light switching in the warehouse areas.

LED lighting

Human-presence sensors

GLP J-REIT also improves energy efficiency within buildings by promoting energy-saving through updates of airconditioning equipment at facilities and adopting heat-insulating panels on the exterior walls of the facilities that
improve heat insulation performance.
Solar power generation facilities

Number ofsolar facilities

Wind power generation

26

Annual solar power
generation

36,336

MW

Green energy ratio in common
area of the portfolio

35％

Utilizing renewable energy

GLP Sayama Hidaka II■ ZEB Certification
With an eye toward carbon neutrality, the GLP Group is dedicated to earning BELS and ZEB certifications—indicators ofenergy-saving performance, energy-creation capabilities, and other energy-related factors—at GLP locations throughout
Japan.

20

Transfer ofgreen energy（2022）

Heat-insulating panels（2022）In addition, those generated renewable energy at GLP facilities is transferred to other GLP facilities to implement green
electricity in those common areas which accelerate renewable energy implementation in the portfolio.
Generation of renewable energy

Updating air-conditioning
equipment

GLP Komaki & other GLP facilities

物件

GLP J-REIT 2022 ESG REPORT

13

Environment

Environment
SocialGovernanceHelping Prevent Climate Change
GLP J-REIT recognizes that climate change is an important global issue with both medium- and long-term risks. With the goal of realizing a decarbonized society, GLP J-REIT and its asset management company GLP Japan Advisors Inc. are working together
to reduce greenhouse gas emissions and find other ways to minimize the impact of climate change while also taking advantage of any opportunities that may arise.

■ Endorsement of TCFD Recommendations■ Strategies

In August 2021, GLP Japan Advisors Inc.—GLP J-REIT’s asset management company—endorsed the recommendations of
the Task Force on Climate-related Financial Disclosures (TCFD; established by the Financial Stability Board (FSB))
published in June 2017, and joined the TCFD Consortium made up of supporting companies in Japan.
The TCFD’s published recommendations encourage companies to disclose to stakeholders and investors the financial
implications of climate-related risks and opportunities.
The TCFD Consortium was established as a forum to discuss effective disclosure of corporate information as well as
efforts to allow financial institutions and other entities to utilize disclosed information in applicable investment decisions
through the combined efforts of both companies and financial institutions that support the TCFD.

To better understand the risks and opportunities climate change presents, as well as their impact on operations, GLP JREIT has taken into consideration the following scenarios.
 Scenario Analysis
i. 1.5°C/2°C scenario (Significant regulatory impact)
In this scenario, laws and regulations are tightened to help curb climate change.
ii. 4°C (Significant climate change impact)
In this scenario, climate change measures have little or no impact, and natural disasters become more severe.
Category

Risk/opportunity factors

Classifi
cationFinancial impact

Transitional risks
Strengthened building energy
conservation standards, and reduced
energy creation and conservation costs
through technological advancements

Increased retrofitting costs for improving
environmental performance

Risk

Reduced water and utility costs through improved
environmental performance

Opportunity•

Increased operational costs due to the carbon tax,
etc.

Risk

■ GovernanceIntroduction of a carbon tax andemissions trading system•

Increased costs for environmental certification, etc.

Risk

To learn about the promotional activities of the asset management company—entrusted by GLP J-REIT tohandle its assets—related to ESG (including responses to climate change), please see page 11.

Expanded/mandated certification systemfor building energy efficiency ratings•

Change in investor/lender policies due to
growing ESG awareness

Increased investment opportunities with ESG-focusedinvestors, and reduced financing costs with ESG
financing

Opportunity•

Greater number of companies working
toward carbon neutrality

Increased occupancy rates in buildings with higher
energy-creation and energy-saving performance

Opportunity

Reduced occupancy in buildings with higher
disaster-related risks

Risk

Reduced business opportunities due to building
damage, and increased repair costs and insurance
premiums

Risk•

Policies

Market■ Risk Management
The following outlines the risk management system for sustainability established by GLP J-REIT’s asset managementcompany.
 For investment decisions
When undertaking new investments in currently managed assets, the Investment Committee ensures due diligence interms of sustainability, verifies any sustainability-related risks (including climate change risks), and discusses theirfindings with the ESG Committee before reaching any investment decisions.
 For operations
The ESG Committee is responsible for managing and monitoring all sustainability-related risks (including climatechange risks). Specifically, the ESG Committee monitors environmental awareness at all currently owned properties,
manages the progress of measures against various targets, and takes into consideration all necessary measuresaccording to their findings.

Reputation•

Increased tenant interest in properties
that prioritize environmental awareness•

Increased tenant interest in properties
with established BCP protocols•

Increased frequency and severity of
torrential rains, typhoons, floods,
landslides, and storm surges

Physical risks
Acute

Chronic•

Permanent changes in climate such as
rising temperatures and a higher sea
level■ Indicators and Targets
For details of GLP J-REIT’s indicators and targets, please refer to the page 8.
GLP J-REIT 2022 ESG REPORT

14

Environment

Environment
SocialGovernanceInitiatives in water resources

Co-operation with tenants

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

Water-saving by
updating toilet
equipment

After installation

Green lease

Installation of water-saving
devices.

In an effort to save water, well water and rainwater areused to drain toilets as well as to water the plants in thefacility.

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

Reuse Purchase

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

Storing until Buyer appears
Purchasing backwith high-priceUnnecessary Logistic
Equipment

Response to Biodiversity

GLP J-REIT includes green lease clauses in standard lease contracts with tenants to reduce energy and water
consumption, waste, and to collaborate in acquiring green building certification.
In addition, we carry out renovations to improve environmental performance in cooperation with tenants. We
have been improving environmental performance and reducing running costs of properties through installationof LED lighting, air conditioning upgrades, and other works.

Tenant management programs
In cooperation with tenants, GLP Group takes part in various initiatives that reduce environmental load. We
proactively work to increase tenant awareness regarding how to reduce environmental load and cut water andelectricity consumption. Specifically, we promote the visualization of electricity consumption by sending meterdata to our tenants, encouraging them to turn off their vehicles when stopped, and encouraging them to savewater and electricity.

Reuse Sales Rental

Sellingwith low-price

Trash separation

Second-hand Logistic
Equipment

Energy-saving guidebook

Periodical communication
with tenants

Example of ESG Promotion in Collaboration with a Tenant Corporation (GLP Shinkiba)
The GLP Group and DHL Japan are dedicated to working together closely for the re-signing of the contractfor GLP Shinkiba, DHL Japan’s dedicated facility. This collaboration will help contribute to the achievementof a sustainable environment and further social development for both parties. More specifically, GLP Japan
will install solar panels and begin the transition to LEDs, not only contributing to the realization of carbon
neutrality—an initiative that DHL Japan is promoting globally—but also reducing electricity costs. Meanwhile,
the proposal to switch facility management to GLP Japan will allow for greater operational efficiency andreduced operating costs thanks to GLP Japan’s extensive national network and expertise.
Solar power

Recognize the importance of positive impact from ecosystem andproceed activities with taking care of biodiversity such as planting trees
with less water consumption.

Switch to
LED

Management
entrustment

GLP Shinkiba

GLP J-REIT 2022 ESG REPORT

15

Environment

Environment
SocialGovernanceConsideration for the environment andregional revitalization in urban development

Pollution Prevention

GLP Group develops facilities that are environmentally friendly and contribute to the regional revitalization.

Reduce environmental load through redevelopment

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

GLP Urayasu II When acquiring real-estate-related assets, etc., as a rule, experts conduct an environmental contamination survey
prior to the conclusion of a purchase agreement, and the survey results will be evaluated and considered inaccordance with the following “soil survey chart” based on the Asset Management Guidelines.
 Moreover, as a rule, our investment targets will be properties that are appropriately treated for soil contamination,etc., in accordance with the Soil Contamination Countermeasures Act (Act No. 53, 2002), other related environmental
laws, and municipal ordinances or guidance.
 In addition, GLP Group, including GLP J-REIT, conducts its own ESG due diligence when acquiring land, properties,
etc., and checks in advance the impact on the environment and the community.
 When developing logistics facilities in undeveloped areas, it is necessary to consider environmental impact of thedevelopment more carefully. GLP Group careful identifies risks through unique ESG-focused due diligence.
Additionally, we have a policy of obtaining green building certifications to reduce the impact on the environment.

Consideration for the regional revitalization in urban development

 The Group contributes to the revitalization of local economies and communities through the development of logistics
facilities. For example, GLP ALFALINK Sagamihara is one of the largest logistics facility development projects in Japan,
consisting of four logistics facilities and one common-area building on a vacant factory site in Sagamihara City, located in
Greater Tokyo Area. Through the development, the project has generated various benefits for the region, including thecreation of approximately 5,000 new jobs.
After development (four logistics buildings and one
Before development (former factory site)
common building) In developing the facility, we have created a comfortable working environment for the workers at thefacilities, and GLP ALFALINK Sagamihara is the first ever logistics-related facility in Japan to receive
WELL certification.
 In addition, based on the concept of creating a logistics facility that is open not only to those whowork at the facility, but also to the local community, cafeteria/restaurant in the facility is open to local
residents, and a convenience store and café have been built inside the facilities. Furthermore, thefacility hosts about 40 community events per year, attracting more than 10,000 visitors, which also
helps to revitalize the local community.

Public cafeteria andrestaurant areas

Plaza and common building

Various community events

Soil remediation in redevelopment on contaminated sites
 The Group conducts soil contamination surveys prior to the land purchase stage and does not normally find any
contamination. In the exceptional case where soil contamination is found on a development site, the Group takes
measures to remediate the soil and prevent the spread of contamination before developing the property. For example, inthe development of logistics facilities on a former factory site in the Tokyo metropolitan area, minor contamination was
found in some areas, and after identifying the extent of contamination, measures were taken such as replacing the soil
with healthy soil. In such measures, we take measures to prevent soil contamination, such as installing water barriers asnecessary to prevent the spread of contaminated soil outside the site.

Identification of the contamination

Replacement with healthy soil

GLP J-REIT 2022 ESG REPORT

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Environment

Environment
SocialGovernance

Acquisition of environmental certification
GLP J-REIT intends to pursue the acquisition of third-party green building certifications in order to enhance the objectivity
and reliability of its efforts to reduce the environmental burden of its properties and to solve environmental issues
through the operation of modern logistics facilities. The figure below shows the current percentage of green building
certifications in our portfolio. We plan to raise the proportion of green building certification (3rd level from the top or
above *) to 80% or higher in our portfolio (based on total floor area) by 2024.

Number of Green Certified
Assets

Proportion of Green Certified
Assets(based on total floor area)

Proportion of Green
Certified Assets(based on Purchase Price)

65 properties

81.4 %

82.8 %

BELS certification

CASBEE certification

LEED certification

20 properties

55 properties

1 property

Certifications of 3rd level from the top or above
are green building certifications that meet thefollowing criteria.
・BELS: 3 ★ or above
・ CASBEE real estate or construction (newconstruction):B+or above
・LEED: Silver or above
・ DBJ Green Building certification: 3 ★ orabove

GLP Sayama-Hidaka II ：★★★★★ / ZEB Ready

BELS and ZEB
 BELS (Building Energy-efficiency Labeling System) is a public system that evaluates the energy-saving performance of
non-residential buildings, which was set by the Ministry of Land, Infrastructure, Transport and Tourism in April 2014.
This is a system in which a third-party organization evaluates energy conservation performance based on primaryenergy consumption based on the Energy Conservation Law (Note) regardless of whether it is a new building or an
existing building. The evaluation is based on five levels of energy conservation performance labeling (★～★★★★)
is displayed.
 A Net Zero Energy Building (“ZEB”) is a building that aims at zero energy balance with considerably reduced annual
energy consumption by saving as much energy as possible via better heat insulation, solar shading, natural energy
and high-efficiency equipment, coupled with creating energy by photovoltaic power generation (or other energy
generating methods), while maintaining a comfortable environment. Since the Building Energy Index (BEI), which isused for BELS evaluation, is also used for ZEB evaluation, it is possible to display ZEB evaluation in BELS evaluation.
ZEB evaluation can be indicated with four levels, "ZEB," "Nearly ZEB," "ZEB Ready," and "ZEB Oriented," dependingon the zero energy achievement status.

GLP Kobe-Nishi：★★★★★

GLP Atsugi II：★★★★★

BELS
Certification
Rank

BELS
Certification
Rank

ZEB
Certification

GLP Kobe-Nishi★★★★★

GLP Iwatsuki★★★★

GLP Atsugi II★★★★★

GLP Koriyama I★★★★

GLP Yoshimi★★★★★

GLP Misato II★★★★

GLP・MFLP IchikawaYokohama★★★★★

ZEB Ready

GLP Sugito★★★★

GLP Kawashima★★★★★

ZEB Ready

GLP Tosu I★★★★

GLP Sayama-Hidaka II★★★★★

ZEB Ready

GLP Motoyama★★★★

GLP Kashiwa II★★★★★

ZEB Ready

GLP Komaki★★★

GLP Rokko III★★★★★

ZEB Ready

GLP Tokyo II★★★

GLP Niiza★★★★★

ZEB Ready

GLP Sayama-Hidaka I★★★★★

ZEB Ready

GLP Yachiyo II★★★★★

ZEB Ready

GLP Joso★★★★★

ZEB Ready

ZEB
Certification

GLP J-REIT 2022 ESG REPORT

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Environment

Environment
SocialGovernance

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

 LEED (Leadership in Energy & Environmental Design) was developed and operated by the U.S. Green Building
Council (USGBC), the non-profit and reviewed by GBCI for certification, and a system for evaluating the environmental
performance of built environments (building and urban environments)
 In order to receive LEED certification, you must meet the mandatory requirements for each certification system(Building Design and Construction (BD+C), Interior Design and Construction (ID+C), Operation and Maintenance ofExisting Buildings (O+M), Neighborhood Development (ND), and Housing (HOMES)), and earn points for selected
items. Based on the number of points achieved, a project earns one of four LEED rating levels: Platinum (80+ points),
Gold (60-79 points), Silver (50-59 points), and Standard Certification (40-49 points).

Property with LEED evaluation
Platinum

GLP Zama

GLP Tokyo：S Rank

GLP Soj I：S Rank

Property with CASBEE evaluation
GLP Koshigaya II

S Rank

GLP Misato II

S Rank

GLP Kobe Nishi（※）

S Rank

GLP Funabashi III

A Rank

GLP Rokko IV

A Rank

GLP Sodegaura

S Rank

GLP Komaki

S Rank

GLP Tosu（※）

S Rank

GLP Ebetsu

A RankGLP Joso

A Rank

GLP Urayasu III

S Rank

GLP Soja I

S Rank

GLP Tokyo

A RankGLP Hiroshima

A Rank

GLP Kitamoto

A Rank

GLP Urayasu II

S Rank

GLP Soja II

S Rank

GLP Tomisato

A Rank

GLP Narashino

A Rank

GLP Amagasaki III

A Rank

GLP Urayasu

S Rank

GLP Osaka

S Rank

GLP Kazo

A Rank

GLP Matsudo

A Rank

GLP Suzuka

A Rank

GLP Shonan

S Rank

GLP Koriyama III

S Rank

GLP Amagasaki II

A Rank

GLP Fukaehama

A Rank

GLP Funabashi

B+ Rank

GLP Tomigaya

S Rank

GLP Atsugi II

S Rank

GLP Tokai

A Rank

GLP Funabashi II

A RankGLP Yasu

B+ Rank

GLP Hirakata II

S Rank

GLP NodaYoshiharu

S RankGLP Hayashima

A Rank

GLP Shinsuna

A Rank

GLP Sugito II

S RankGLP Yokohama

S RankGLP Hayashima II

A Rank

GLP Shiga

A Rank

GLP
Higashiogishima
III

S Rank

GLP Sugito(※)

S Rank

GLP Sakai

A Rank

GLP Neyagawa

A Rank

GLP Tokyo II

S Rank

GLP・MFLP
Ichikawa
Shiohama（※）

S Rank

GLP Sendai

A Rank

GLP
Higashiogishima II

A Rank

GLP Amagasaki

S RankS RankGLP Hamura

A RankGLP Yachiyo II

A Rank※Due on March 2023

GLP Yoshimi（※）

GLP Zama：Platinum

GLP J-REIT 2022 ESG REPORT

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Environment

Environment
SocialGovernance

Environmental Performance
Through various initiatives, the Investment Corporation is working with tenants to reduce the use of energy, water, andwaste.
In 2021, a new system for the collection and understanding of water and utility data is being implemented to ensure
uniform and efficient collection of water and utility data.

Electricity usage
Electricity usage：MWh

2019

2020

2021

147,615

164,068

177,505

Water usage
Water usage：㎥

Coverage rate：%

Greenhouse gas (GHG) emissions
Greenhouse gas (GHG)
emissions：t-CO2

Renewable Energy
Output：MWh

2020

2021

299,871

341,267

361,148

88 %

100 %

100 %

2019

2020

2021

39%

61%

60%

66 %

79 %

91 %

Coverage rate：%

99 %

100 %

100 %

2019

2020

2021

71,48773,01173,846

Waste amount
Recycling rate：%
Coverage rate：%

Coverage rate：%

Renewable Energy Output

2019

99 %

100 %

100 %

2019

2020

2021

2022

27,45828,75430,41536,336

GLP J-REIT 2022 ESG REPORT

19

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

GLP J-REIT 2022 ESG REPORT

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SocialEnvironment
SocialGovernance

Information Disclosure and Dialogue with Stakeholders
Investors and lenders

Tenants and business partners

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

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

Proactive disclosure

Enhancement of Disaster Responses
GLP Group entered into agreements with many local governments to use its modern logistics facilities as a reconstruction
support base or evacuation point at times of a natural disaster or emergency, building on its highly rated business continuity
measures such as seismic isolation structures, backup power supply, and groundwater supply equipment.
GLP J-REIT continues to expand such initiatives with local governments to provide its facilities as temporary reconstruction
support centers and evacuation site in the event of a natural disaster or other emergency.

GLP J-REIT conducts disaster drill at the facilities periodically with local governments and local communities. GLP J-REIT has

been expanded those initiatives and started the drills at GLP Zama in addition to GLP Yokohama to improve recognition for

GLP J-REIT facilities as evacuation bases in case of natural disasters. The number of those facilities owned by GLP J-REIT havebeen increased to19 facilities and expected to increase going forward.

Execution of co-operate agreement with local governments
for natural disaster

Conduct disaster drill with local communities

Slope supports people evacuating to the roof top

Open cafeterias as temporary evacuation sites

Stock of disaster-relief supplies

Installing in-elevator fire prevention cabinets

Cooperation in considerationof sustainability

Contributing to
the regional society

Creation of a fair andfulfilling workplace

The local community

Employees

 Initiatives toward volunteering and the like; Provision of facilities in the event of adisaster; Opening of shared space; etc...

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

GLP J-REIT 2022 ESG REPORT

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SocialEnvironment
SocialGovernanceContribution to local communities as a disaster prevention base

BCP measures

19 properties available as emergency sites
or disaster management bases(Capacity of 12,790 people)

GLP Kawashima
GLP Tokyo II
GLP Komaki
GLP Amagasaki
GLP Soja II
GLP Tosu I

GLP Osaka

GLP Soja I

GLP Yokohama (Emergevncy capacity: 922 people)

GLP Sugito II
GLP Sugito
GLP Misato II
GLP Sayama-Hidaka II
GLP Urayasu III

GLP Higashiogishima III
GLP Yokohama
GLP Atsugi II
GLP Zama

GLP Kawashima (Emergevncy capacity: 922 people)

BCP measures in use

GLP Atsugi II

Evacuation base & distribution hub for relief goods

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

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

GLP J-REIT 2022 ESG REPORT

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SocialEnvironment
SocialGovernance

Ensuring tenant safety

Providing tenants with comfort

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

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

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

Snow damage control

KitchenResting space

Rental conference room

Large ceiling fan

Universal design toilets

Convenience store

Kiosk

Nursery

Staffing officeCommuter bus

Shower room

Flood damage control

We deploy light trucks with blade snowplows toremove snow after snowfall.
24-hour security

Cafeteria

AEDs

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

GLP J-REIT 2022 ESG REPORT23

SocialEnvironment
SocialGovernance

Solving logistics issues with cutting-edge technology

Conducting customer satisfaction surveys

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

We conduct customer satisfaction surveys to obtain requests and opinionsfrom customers. We entrust an independent research agency with annual
satisfaction surveys of our customers housed in multi-tenant logistics facilities.
In fiscal 2020, we received a high rating of 98% in our survey titled “Intent toContinue Using GLP Japan.” Furthermore, the PM team of GLP Japan Inc., thesponsor of GLP J-REIT, conducts satisfaction surveys of customers housed in
BTS logistics facilities as well.

Shared consignee system
Streamlining overall cargo operations

Truck ledger

Streamlining incoming and outgoing trucks

Customer
Satisfaction

96%

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

•

Waiting time is clarified by registering trucks of tenantcompanies on a tablet in the shared consignee room

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

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

Introduction of reservation-based
parking-matching services

Holding regular meetings with tenants and FM/PM
GLP J-REIT holds regular meeting between tenants and property managers/leasing managers in GLP group to improve daily
facility operations and business relationships.

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

Employees conduct beautification activities
around our facilities

GLP J-REIT 2022 ESG REPORT

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SocialEnvironment
SocialGovernance

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

 Continuing promotion on social contribution activities, employees in the asset management company participate
in various activities held through the GLP Foundation established by the GLP Group in March 2022

Activities in Japan
Periodical employee charity lunch

Work experience opportunities

Clean day activates

Disaster workshop with local fire department

Open facility for local studentsChildren’s day

 GLP Japan Advisors continues making tax-deductible donations to local governments where GLP J-REIT
properties are located. Contributed to 19 local governments in total.

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

GLP J-REIT 2022 ESG REPORT

25

SocialEnvironment
SocialGovernanceInitiatives for employees

Improving sophistication of human resources

GLP has led the market as a leading provider of modern logistics facilities. And we will continue to innovate
beyond people's imagination by keeping on challenging without resting on our laurels. To that end, we arecommitted to improve the work environment and review the personnel system ahead of the social situation sothat employees can enjoy their work, support each other, demonstrate maximum performance, and achieve big
goals. We are making efforts to create a work environment with various innovations.
To note, since GLP J-REIT does not have any employees because of J-REIT regulation and is virtually managed
by officers and employees of the Asset Management Company, below information applies to all employees of
GLP including GLP Japan Advisors Inc., the Asset Management company.

Introduction of Training System

Pursuing comfort and health of employees
Support Content

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

Mental health care training
Occupational physician
interview system

Harassment / mental health related webinars (twice) for department heads
Prevent health risks with expert support

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

Based on the independent training program developed by each employee, we have introduced a system to support
growth opportunities through seminars, lectures, and courses that will contribute to their careers in the medium to longrun (maximum 200,000 yen per person per year).
We support new employees recently graduated to participate external workshop held by agent specialized in humanresource development for smooth business start. In addition, we provide opportunities not only to learn businessknowledge and share business experience but also to improve skills on organizational management and risk
management through various training program and sessions such as online compliance training program and regularmanagement workshops. Moreover, we support employees providing opportunities such as overseas assignment, study
abroad or trainee program at business counterparties based on the periodical discussion with employees for their future
career management.

■Trainings
Title of training

ParticipantContents

Group leader workshop

Managers

Enhance leadership for group management andskillset for coaching subordinates

Training for next generation management
executive

Employees

Develop management mindset and skillset

Training for new employee

New employees
recently
graduated

Workshop held by agent specialized in humanresource development to gain business manners

Market/Industry study session

Employees
includingmanagers

Information sharing and discussion for logistics
industry and real estate market including
competitor analysis■Support for certification exams
The asset management company supports its employees in acquiring specialist certifications including as an Association forReal Estate Securitization (ARES) Certified Master (an educational program that systematically teaches practical expert knowhow in the fields of real estate and finance) and as a real estate notary. The asset management company bears the costs forthe training and exams in acquiring the various certificates as well as for maintaining the certificates and increasing andmaintaining expertise through seminars, etc., and all employees and officers have access to funding.

Free address workplace

Various types of meeting spaces

GLP J-REIT 2022 ESG REPORT

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SocialEnvironment
SocialGovernanceIntroduction of E-learning platform
GLP Group has introduced an E-Learning platform as part of training for all employees, enabling them to utilize theabundant learning content of over 3000 titles and GLP's unique content, as well as connecting employees on a global
level.

Practical training program for young employees and new hires
The Group offers a variety of training and practical training for junior employees and new hires in accordance with theonboarding program. Specifically, we provide department briefing sessions in each department, OJT training, visit to theproperties we are investing in , mentor system, and regular follow-up interviews after hiring. We support new employees
so that they can quickly become familiar with our corporate culture and play an active role in the Group. Additionally,
we implement internship to provide working opportunity for young potential employees and leads to enhancement of
recruiting.

Recruitment
The Asset Management Company designs recruitment plans in accordance with their mid-long term business plans, analyzing“which department” and “when” needed, and “skillset” and “title (senior/junior)” of targeted person. The dedicated team forrecruiting is established and executing strategic recruiting procedures from various pathways by leveraging wide network withexternal agents. In addition, we secure rich pipeline of candidates by accessing web data base for direct recruiting. Human
resource market information is regularly shared with recruiting agents, including competitors’ movements in recruiting market,
and we offer competitive compensation to targeted candidates.
We enhance platform for human resource development such as subsidy for qualification expenses and in-house recruiting tosupport employees’ career establishment post hiring.

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SocialEnvironment
SocialGovernance

Creating a fair and rewarding workplace
Conducting employee satisfaction surveys

Various benefits programs
Programs

Items
Maternity

Leave
programInsurance

Supportprogram for
employee’s
benefit

OthersChildcare

Remarks
Support compatibility of childbirth, childcare andemployment

Volunteer activity encouragement

Encourage to take day-offs for volunteer activities

Family care

Support employee who has baby and/or family with nursing
care

Labor insurance

Provide life insurance and income security insurance

Business travel insurance

Covers domestic and international business travels

Group welfare insurance

Compensation for death/severe disability of employee

Defined contribution pension plan

Support employee’s wealth management by providing
asset buildup programs

Employee stock ownership plan
Well-being support

Promote diversity of workstyle and support employee’s
mental/physical healthIn-house recruitment system

Provide in-house career expansion opportunities

Advanced flexible time arrangement

Employees to decide working hours per day as long as
meet minimum working hours per month

Volunteer activity encouragement

Evaluate actual activities in employee’s performanceassessment

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

A dedicated HR team analyses the results of these employee satisfaction surveys and shares the analysis with group leaders,
who then follow up by holding individual one-on-one meetings etc.
In addition, based on the feedback from employees, we have introduced a variety of measures designed to improve
employee comfort, health, and ease of work in the new office, which we relocated to in December 2022. Specifically, in thesituation where communication among employees tends to be decreased due to the hybrid workstyle, we are holding various
networking events in the office and introducing equipment to improve communication through online meetings, as well as aflexible work environment to improve work comfort and providing free organic food for employees.

Networking Event in the office

Equipment to improve online communication■Acceleration of Diversity, Equity and Inclusion（DEI）
The Asset Management Company respects the individuality and diversity of each employee and promotes diversity and equity
inclusion (DEI) in accordance with the Group’s policy on DEI and implements various initiatives so that each employee canmaximize his or her potential. Specifically, we support employees for childcare and nursing care, and create comfortableworking environments wherever employees are located. We offer more than 100 programs related to DEI on our learning
platform for all employees and conduct trainings utilizing those programs to increase awareness of DEI.

Whistleblowing System
The Group has introduced a whistleblowing system that accepts whistleblowing not only from all employees but
also from employees' families and business partners etc. The content covers all fields such as harassment,
employment and labor, environment and human rights. Consultations can be made anonymously and areprotected in accordance with the Whistleblower Protection Act.

GLP J-REIT 2022 ESG REPORT

28

Governance

GLP J-REIT 2022 ESG REPORT

29

Corporate Governance

Since its listing, GLP J-REIT, together with GLP Japan Advisors, has pursued the maximization of unitholder value bycontinuously enhancing governance structure to establish a strong relationship that aligns the interests of unitholders,
GLP J-REIT and GLP Japan Advisors.

Environment
SocialGovernance

Asset Management Company’s
Executive Decision-Making Mechanism

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

J-REIT

The asset management fee is a performance-linked fee where approximately two-thirds of asset management fee islinked to NOI and EPU.

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

Executive Director

Compliance Officer

Supervisory
Director

Compliance Committee

Supervisory
Director

GLP J-REIT is the first J-REIT to implement disclosure to a wide range of unitholders by holding a management callmeeting for global investors at public offering. In addition, GLP J-REIT is the first J-REIT to introduce a telephone
conference system to a wide range of unitholders at the financial results presentation.
GLP J-REIT discloses Japanese and English press releases and materials simultaneously.

Established ESOP targeting officers and employees of GLP group companies in Japan and the asset managementcompany of GLP J-REIT in May 2020 to further enhance the alignment of interests with the unitholders.

Implementation of employee training on ethical standards
To strengthen governance structure, we provide training on ethical standards to all employees (including part-time andcontract employees) of GLP group including sponsor company, GLP Capital Partners Japan, and the Asset Management
Company every year.

（Note）

Investment Committee

Outside Expert(s)Board of Directors

Outside Expert(s)The approval of the J-REIT board on the new appointment of an outside expert is required.

1.

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

Outline of the Various Committees
Committee

Investment
Committee

Further enhancing governance through Employee Stock Ownership Plan
(ESOP)

Supervisory
Director*Approved by unitholders

GLP Group’s share of investment units for GLP J-REIT(same boat investment)

Highly transparent and appropriate information disclosurein pursuit of fair disclosure

Executive Director CIO/CFO

Board of Directors

Introduction of a strict governance structure for related-party transactions

GLP J-REIT seeks to improve mutual interest by aligning the interests of GLP J-REIT's unitholders and GLP Group throughthe same boat investment by GLP Group.

Asset Manager

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

Constituent members

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

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

Constituent members

President, Compliance Officer, one External Officer

Frequency of meetings

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

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

Constituent members

President, CSO, CIO, CFO

Frequency of meetings

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

Frequency of meetings

Compliance
Committee

ESG
Committee

Details

GLP J-REIT 2022 ESG REPORT30

Corporate Governance

Environment
SocialGovernanceCompliance Policy

Compliance Officer

GLP J-REIT (hereinafter referred to as the “Investment Corporation”) and GLP Japan Advisors Inc. (hereinafter referred toas the “Asset Management Company”) understand the importance of the asset management business as an act ofmanaging unitholders‘ funds, and in order to establish an appropriate management system, the Board of Directors of
the Asset Management Company, which is responsible for corporate ethics and anti-corruption, has established thecompliance and other necessary rules and revised them as necessary, as well as the Compliance Committee composedof outside attorney and Compliance Officer to ensure compliance with laws described below. The Compliance Officer
reports regularly to the Board of Directors of the Asset Manager on resolutions of the Compliance Committee and othermatters. In addition, the Asset Management Company strives to foster and instill awareness of compliance among
employees through online compliance training programs introduced globally by the Company and trainings by theCompliance Officer.

The Asset Management Company, fully cognizant of the significance ofthe fact that the asset management it conducts with the assets of theInvestment Corporation constitutes the management of the funds of theInvestment Corporation’s investors, in order to ensure the developmentof an appropriate management structure, has established the positionof Compliance Officer as the key person responsible for compliance,
thereby ensuring the effectiveness of the function of internal oversight ofother units The selection or the dismissal of the Compliance Officer
requires the approval of two-thirds or more of the directors inattendance at meeting of the board of directors that is attended by amajority of all the directors with voting rights. The Compliance Officer,
as the key person responsible for compliance at the Asset Management
Company, is charged with establishing and maintaining the internal
compliance structure of the company and raising the level of standards
awareness within the company in regard to compliance with allapplicable laws, regulations and rules. To those ends, the Compliance
Officer prepares a Compliance Manual and Compliance Program
through the Compliance Committee, continually monitors to ensure that
all operations conducted for the asset management of the Investment
Corporation by the Asset Management Company comply with allapplicable laws, regulations, rules and the articles of incorporation of
the Investment Corporation, and exercises supervision over the overall
internal compliance environment in daily operations. The General
Administration Department, established under the overall direction andcontrol of the CFO (Executive Officer) and being charged with overall
general administrative operations, will assist the work of theCompliance Officer. In view of the importance of the duties of theCompliance Officer, the Compliance Officer at the Asset Management
Company devotes him/herself exclusively and on a full-time basis toaddressing compliance matters. Only a person having adequate
investigative and supervisory capacity for ensuring compliance with allapplicable laws, regulations and rules may be appointed as theCompliance Officer. The Compliance Officer is also in charge of internal
auditing of the Asset Management Company (However, the internal
auditing of the Compliance Officer is conducted by the President.) All
internal organization and job classifications are subject to internal
audit; audit and other procedures to assess whether the operations andmanagement of all internal organizations comply with all applicablelaws, regulations and rules and are being conducted appropriately andefficiently will be carried out on a regular basis based on the
Compliance Program and the Internal Audit Rules. When internal audits
are conducted all departments must submit and explain all documents,
account books or other materials as requested by the Compliance
Officer and cooperate fully to ensure the smooth implementation of theinternal auditing.

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

Compliance Committee
In order to establish an appropriate management
structure for the Asset Management Company to conduct
the asset management of the Investment Corporation,
the Asset Management Company has established aCompliance Committee charged with the revision(excluding the correction of errata) of compliance rules;
the formulation and revision of a Compliance Manualand Compliance Program (excluding the correction oferrata); deciding on corrective measures regarding
conduct which is, or is suspected to be, inappropriate
from a compliance standpoint; and the review onwhether there are issues of compliance with respect tomatters concerning transactions with related parties andother matters regarding that the Compliance Officer
judges there to be questions in terms of compliance. The
Compliance Committee is composed of the Compliance
Officer as chairperson, the President, and at least one
outside professional designated by the Board of
Directors (hereinafter referred to as the “Outside
Expert(s) on the Compliance Committee”). Whendesignating the Outside Expert(s) on the Compliance
Committee, the approval of the board of directors of theInvestment Corporation will be required (but will not be
required for reappointment). As of the date of this report,
an outside attorney is the one Outside Expert on the
Compliance Committee. Furthermore, the General
Administration Department has been established under
the order by the CFO (Executive Officer) and a memberof the General Administration Department will attend
meetings of the Compliance Committee under the role ofsecretariat to the Compliance Committee to assist theCompliance Officer. In principle, the Compliance
Committee meets once every three months as convenedby the chairperson, and as otherwise necessary.
Decisions of the Compliance Committee require that amajority of all of the members with voting rights and all
Outside Expert(s) on the Compliance Committee be
present and a majority of those members and all
Outside Expert(s) on the Compliance Committee votetheir approval. When the Compliance Committee reviews
as one of the matters it must decide on whether there
are issues of compliance with respect to mattersconcerning transactions between related parties and theInvestment Corporation, a committee member withvoting rights who is a related party or a committee
member with voting rights who currently holds the
position of an officer or employee (including as aconcurrent position, but excluding cases when such
person has been seconded or transferred to the AssetManagement Company) of a related party, which is a
corporation, may not participate in the decision.
Decisions of the Compliance Committee will be reported
regularly to the Board of Directors by the Compliance
Officer. When the Compliance Committee reviews andapproves matters which the Investment Committee must
decide, the substance of the review (including any
minority opinion presented during the course of thereview) will be reported to the Investment Committee by
the Compliance Officer.

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

Whistleblowing System
GLP Group has introduced a whistleblowing
system that accepts whistleblowing not only
from all employees but also from employees'
families and business partners etc. The
content covers all fields such as cheating by
officers and employees and antisocial
behavior. Consultations can be madeanonymously and are protected inaccordance with the Whistleblower Protection
Act.

Anti-Corruption Regulations
GLP Group has established a system tostrictly prohibit and prevent corruption that
violates laws and regulations such as bribery
by formulating "Anti-Corruption Regulations.“
In addition, as a measure to prevent bribery
and corruption, the "Compliance Manual" ofthe Asset Management Company stipulates
that "Employees and officers shall not provide
or receive excessive entertainment and gifts
to or from the company, business partners,
related parties, etc.."
An independent Compliance Officer holds
Compliance Committee as necessary tosupervise such anti-corruption practices in
addition to the online compliance training
program implemented globally. The AssetManagement Company has never been
involved in problems related to bribery andcorruption since its establishment.

GLP J-REIT 2022 ESG REPORT

31

Corporate Governance

Environment
SocialGovernanceRisk Management
Definition of risks

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

Risks associated with assets
entrusted and managed
Financial market risks
Risks relating to the marketabilityof real estate
Concentrated investment risks

Risks of degradation of
reputation
1.

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

2.

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

Operational risks

Legal and compliance risks

Transaction liquidity risks
Credit risks
Event risks

Outsourcing risks

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

1.

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

2.

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

3.

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

GLP J-REIT 2022 ESG REPORT

32

Finance

GLP J-REIT 2022 ESG REPORT33

ESG Finance

Finance

GLP J-REIT ESG Finance

Sustainability Linked Bonds (Reward Type)ESG Finance Issuance History

Purpose of Issue GLP J-REIT aim to diversify sources of financing and further strengthen the financial base by expanding investor basewilling to invest in ESG through the issuance of the Sustainability Linked Bonds(SLB).

 GLP J-REIT enhances ESG finance by actively executing ESG loans in addition to ESG bond issuance The Sustainability Performance Targets (SPTs) of the SLB are linked with ESG targets on the ESG Report issued by GLPJ-REIT in April 2021. GLP J-REIT believes that the issuance of the SLB accelerate GLP J-REIT’s ESG activities andcontribute to achieve the ESG targets.

Issuance Date

Amount of issue(mil yen)Term2022/122,000

102022/2

3,300

3/10

2021/123,500

15

 GLP J-REIT became the world’s first issuer of interest rate reward-type SLB in the public bond market

2021/35,000

20

 Expanding the investor base through ESG active investor, with Dai-ichi Life Group

2021/95,000

102023/21,000

42022/11

2,000

9/10

2022/9

1,000

5

Name

2022/23,000

5Issue Date

September 28, 2021

2021/96,000

7Issue amount/year

6 billion yen / 7 years

2019/115,000

10

2019/78,000

10

2018/12

5,100

10

Sustainability Bonds

Sustainability Loans

Green Bonds/
Sustainability Linked Bonds

Green Bonds

Feature Enjoying Greenium by active issuance of ESG bonds along with the expansion of ESG bond market

Expansion of CASBEE Certification
18th Unsecured Investment Corporation Bond
(Sustainability Link Bond)

Sustainability Performance Targets:
 ESG-related Issuer Targets
 High-ranking environmental certification for at least 80% of the portfolio (basedon gross floor area)

SPTs

Initial interest rate : 0.284
Interest rate after achievement of SPTs: 0.234% (▲0.05% from initial)

Interest rate

Comparison of outstanding ESG bond balance in J-REIT market
33.3

30
15
0

Fixed interest rate period

GLP

30

Variable interest rate period

Initial interest rate
23.5

23

20.5

19.4

15

13.5

Company A Company B Company C Company D Company E Company F Company G Company H(As of February 2023)

Payment
date

Achievement of SPTs

5bps

Interest rate after
achievement of
SPTs

〇

45

42.9

Redemption
date×(bn yen)〇

TypeInterest rate will be determined at the end of July and applied in September every year after the end of December 2024.

GLP J-REIT 2022 ESG REPORT34

ESG Finance

Finance

Sustainability Finance

Overview of the Sustainability Framework

Use of Proceeds from Sustainability Finance

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

Eligible Sustainability Projects

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

Eligible Green Project Criteria

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

DBJ Green Building Certification (Japan) : five, four or three stars
CASBEE (Japan) : S, A or B+
BELS (Japan) : five, four, or three
LEED (U.S.) : Platinum, Gold, Silver

Contribution to the sustainable growth of local communities

Management of Proceeds

The upper limit of green finance (limit of the "Debts of Eligible Sustainability Projects") shall be the amount calculated bymultiplying the total acquisition cost of the Eligible Sustainability Projects by the ratio of actual interest-bearing debt tototal assets as of the end of the latest fiscal period that can be calculated on the payment date or loan date of each
investment corporation bond, or as of the end of every February.
Property acquisition costfor GLP J-REIT
Sustainability Balance Sheet

838.6 billion yen
89 properties

Eligible Green Projects

692.1 billion yen
65 properties

Eligible Sustainability Projects

387.6 billion yen
19 properties

Eligible Sustainability Projects

387.6 billion yen
19 properties

Project 171.2 billion yen

Interest-bearing debt ratio
as of the end of August 2022
(end of the 21th period)（as of February 28, 2023）※ Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included bothin the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in the form ofsustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The amountincluded in the total value and the outstanding balance overlaps between the two forms of finance.

Reporting on Social Benefits
ItemNew, existing, or refurbished buildings that contribute to either of items a through d shown below:

a. Safety of local residents in times of disaster

Debts of Eligible Sustainability

44.2%

Output indicators

Number of properties that are Eligible Green Projects

Number19

b. Development of the local living environment

Emergency shelter for people affected by disaster18 properties
12,850 people

c. Revitalization of the local community

Standby station for Disaster Relief Teams and Emergency
Fire Response Teams in the event of a disaster18 properties

Backup power supply (72 hours)

9 properties

Stockpile volume of fuel21,128 L(16 properties)

d. Provision of parenting support

Outcome indicators

Groundwater facility*

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

GLP J-REIT 2022 ESG REPORT35

ESG FinanceGreen Finance

Finance

Overview of the Sustainability Framework

Investment corporation bonds

Use of Proceeds from Green Finance

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

Name
12th Unsecured Bonds(Green Bonds)

13th Unsecured Bonds(Green Bonds)

Eligible Green Projects

14th Unsecured Bonds

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

(Green Bonds)

15th Unsecured Bonds(Sustainability Bonds)

Being a green building

A new, existing or refurbished building for which at least one of the following certifications has been obtained:

16th Unsecured Bonds(Sustainability Bonds)

17th Unsecured Bonds(Sustainability Bonds)

DBJ Green Building Certification (in Japan) : five, four or three stars

18th Unsecured Bonds

CASBEE (in Japan) : S, A or B+(Sustainability Bonds)

BELS (in Japan) : five, four, or three

19th Unsecured Bonds

LEED (in the United States) : Platinum, Gold, Silver

20th Unsecured Bonds(Sustainability Bonds)(Sustainability Bonds)

21th Unsecured Bonds

Management of Proceeds(Sustainability Bonds)

The upper limit of green finance (limit of the "Debts of Eligible Green Projects") shall be the amount calculated
by multiplying the total acquisition cost of the Eligible Green Projects by the ratio of actual interest-bearing debt
to total assets as of the end of the latest fiscal period that can be calculated on the payment date or loan dateof each investment corporation bond, or as of the end of every February.
GLP J-REIT acquisition price838.6 billion yen
89 properties

Eligible Green Projects

692.1 billion yen
65 properties

Eligible Green Projects

44.2%

Debts of Eligible Green Projects

305.7 billion yen

692.1 billion yen
65 properties

Interest-bearing debt ratio
as of the end of August 2022
(end of the 21th period)（as of February 28, 2023）※ Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included bothin the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in the form ofsustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The amountincluded in the total value and the outstanding balance overlaps between the two forms of finance.

(mm yen)Interest Rate

Term

Issuance Date

Maturity Date

5,100

0.680%

10

2018/12/20

2028/12/20

8,000

0.608%

10

2019/7/8

2029/7/6

5,000

0.550%

10

2019/11/27

2029/11/27

5,000

0.510%

10

2020/9/25

2030/9/25

3,500

0.750%

15

2020/12/23

2035/12/21

5,000

0.970%

20

2021/3/23

2041/3/22

6,000

0.284% 1

72021/9/28

2028/9/28

2,000

0.130%

3

2022/2/25

2025/2/25

1,300

0.520%

10

2022/2/25

2032/2/25

2,000

0.820%

10

2022/12/23

2032/12/23

1: Interest rate of 0.284% per annum will be applied during the period from the day immediately following September 28, 2021 through September 28, 2025. Also,interest rate of 0.234% per annum will be applied from the day immediately following September 28, 2025 if the SPTs is achieved as of each Observation dateafter end of December 2024.

Sustainability Loan Issuance
Name

Green balance sheet

Total Amount

Sustainability Loan Signed in
February 2022

Total
Amount(mm yen)

3,000

Sustainability Loan Signed inAugust 2022

1,000

Sustainability Loan Signed in
November 2022

800

Sustainability Loan Signed in
February 2022

1,200

Sustainability Loan Signed in
February 2023

1,000Interest Rate
Base rate +0.165%

Base rate +0.155%

Base rate +0.290%

Base rate +0.290%

Base rate +0.290%

Term

Issuance Date

Maturity Date5

2022/2/28

2027/2/26

52022/9/2

2027/5/28

92022/11/30

2032/2/27

102022/11/30

2032/11/30

42023/2/28

2027/5/28
GLP J-REIT 2022 ESG REPORT36