GLP J-REIT (3281) Q2 2026 earnings summary

Executive summary

• Feb. 2026 stabilized DPU was ¥2,741 and total DPU ¥3,399, exceeding forecasts by 3.3% and 9.6%, respectively, on rent growth and property dispositions.

• Occupancy was 97.7% across 85 properties, and rent increases had been achieved for 27 consecutive fiscal periods.

Financial highlights

• Six-month revenue was ¥28,821 million and net income ¥14,896 million; revenue, operating income and net income declined year over year as prior-period property-sale gains were larger.

• Feb. 2026 NOI was ¥20,668 million, 1.2% above forecast; net income was ¥14,896 million, ¥1,452 million above forecast.

• Distributions totaled ¥16,307 million; disposition gains were ¥3,596 million, versus ¥2,449 million forecast and ¥4,487 million in the prior period.

• GLP Koriyama III and GLP Kashiwa II generated property-sale gains of ¥696.8 million and ¥2,899.3 million, respectively.

• Operating cash flow was ¥28,010 million, investing cash outflow ¥6,355 million and financing cash outflow ¥17,475 million; period-end cash was ¥41,535 million.

Outlook and guidance

• Feb. 2027 NOI is forecast at ¥20,953 million, up 1.4%; stabilized DPU is forecast at ¥2,845, up 3.8% from Feb. 2026.

• Forecast distributions, including OPDs, are ¥3,315 per unit for Aug. 2026 and ¥3,319 for Feb. 2027; forecasts exclude OPDs are ¥2,924 and ¥2,928, respectively.

• Feb. 2027 revenue, operating income and net income are forecast at ¥28,207 million, ¥15,778 million and ¥13,909 million; Aug. 2026 figures are ¥28,553 million, ¥15,695 million and ¥13,891 million.

• Stabilized DPU target is ¥3,040+ by Aug. 2028, representing 4.0%+ annual growth; potential drivers include rent growth, OPD, buybacks and dispositions.

• Aug. 2026 renewals are expected to deliver 9–11% rent increases, with CPI-linked revisions forecast at 7–9%; occupancy forecasts are 98.9% for Aug. 2026 and 98.7% for Feb. 2027.