GLP J-REIT (3281) Investor presentation summary

Investment profile

• Portfolio comprises 88 logistics properties with managed value of ¥1.1tn; market capitalization ¥636.5bn and JCR rating AA as of Aug. 31, 2026.

• Distribution yield was 5.3%, based on actual distributions for Aug. 2025 and Feb. 2026 periods divided by the Aug. 31, 2026 unit price.

• Kanto and Kansai accounted for 85.0% of portfolio acquisition price; other regions represented 15.0%.

• Over 10 years, DPU increased 1.53x to ¥7,042 and NAV per unit rose 1.67x to ¥157,000.

J-REIT and logistics market

• TSE REIT Index trailing 12-month yield was 5.2% as of Aug. 31, 2026, versus 2.9% for overseas REITs, 1.9% for Japanese stocks and 0.9% for Japanese bonds.

• J-REITs can deduct distributions from taxable income when distributing 90% or more of profits, supporting a high payout share.

• Logistics grew from 3.9% of J-REIT assets in Jan. 2016 to 20.0% in Aug. 2026, the second-largest category after offices at 36.4%.

• Japan's 3PL and e-commerce markets more than doubled over the decade to 2024; modern logistics facilities represented 8.7% of total floor area at end-2025.

• New logistics supply is expected to decline toward 2027 in Greater Tokyo and Kansai; 2027 supply is forecast at ~50% of 2025 levels in the Osaka area.

Portfolio operations and growth strategy

• More than 90% of leased area was covered by inflation-resilient leases as of Feb. 2026, including short-term contracts and CPI-linked clauses.

• Management targets 4.0%+ mid-term stabilized DPU growth by the fiscal period ending Aug. 2028; potential DPU uplift from asset dispositions is excluded from that target.

• Since Aug. 2023, 10 dispositions totaled ¥56.1bn at a 7.4% premium to appraisal; six acquisitions totaled ¥61.9bn at an 8.9% discount to appraisal.

• Three unit repurchase programs totaled ¥22.8bn, or 3.5% of outstanding units; capital actions are associated with forecast NOI per-unit growth of 9.0% and DPU growth of 7.4% through Feb. 2027.

• OPD ratio is planned to rise from 30% in Feb. 2026 actual to 40% in Aug. 2026 forecast, with an estimated DPU impact of ~¥390 per unit.