GLP J-REIT (3281) Q4 2026 earnings summary

Executive summary

• Aug. 2026 DPU reached a record ¥3,660, 19.7% above forecast; Stabilized DPU was ¥2,851, 9.9% above forecast.

• H1 FY2026 revenue rose 5.7% YoY to ¥30,454 million, operating income rose 5.1% to ¥17,328 million, and net income rose 4.3% to ¥15,532 million.

• Rental growth, higher occupancy, property dispositions, unit repurchases and increased continuous OPD supported distributions.

• Management targets annual Stabilized DPU growth of 4.0%+ through Aug. 2028; this is a target, not a forecast.

Financial highlights

• Aug. 2026 NOI was ¥20,977 million, 3.8% above forecast; net income was ¥15,532 million and distributions totaled ¥17,398 million.

• Property-sale gain was ¥4,378 million; GLP Tokai contributed ¥809 to DPU, while distributions were ¥3,267 per unit excluding OPDs and ¥3,660 including OPDs.

• Rental revenues were ¥24,198 million and other rental revenues ¥1,879 million; ordinary income was ¥15,534 million and EPS ¥3,248.

• Portfolio appraisal value was ¥1,184,350 million, with ¥333.9 billion of unrealized gains, or 39.3% of book value; 88 properties were 99.0% occupied.

Outlook and guidance

• Feb. 2027 forecast: NOI ¥21,691 million, Stabilized DPU ¥2,900, DPU ¥3,444, revenue ¥29,638 million and net income ¥14,201 million.

• Aug. 2027 forecast: NOI ¥22,216 million, Stabilized DPU ¥2,910, DPU ¥3,386, revenue ¥29,995 million and net income ¥13,901 million; DPU includes ¥476 from hypothetical dispositions.

• Rent increases above 10% and full-period contributions from Aug. 2026 acquisitions are expected to support Stabilized DPU growth despite higher financing costs.

• Feb. 2027 lease renewals are forecast to deliver 14–16% rent growth; 61.2% of expiring area was secured, with CPI-linked increases of 7–8% expected.

• Continuous OPDs are planned at ~40% of depreciation, subject to capital expenditure and financial condition; temporary OPDs of ¥26 per unit are assumed for each forecast period.