GLP J REIT : SUMMARY OF FINANCIAL RESULTS (REIT) For the 20th Fiscal Period Ended February 28, 2022

SUMMARY OF FINANCIAL RESULTS (REIT)

For the 20th Fiscal Period Ended February 28, 2022

< Under Japanese GAAP >

April 13, 2022

Name of REIT Issuer:
Securities Code:
Representative:	(Name) Yoshiyuki Miura, (Title) Executive Director
Name of Asset Manager:	GLP Japan Advisors Inc.
Representative:	(Name) Yoshiyuki Miura, (Title) President
Contact:	(Name) Shinji Yagiba, (Title) CFO
TEL: [phone]

GLP J-REIT 3281

Stock Exchange Listing: TSE URLhttps://www.glpjreit.com/Scheduled date to file securities report: May 30, 2022

Scheduled date to commence distribution payments: May 20, 2022 Supplementary materials for financial results: Yes・No (Japanese / English)

Holding of financial results briefing session: Yes・No (For institutional investors and analysts, in both Japanese and English)

(Amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Period Ended February 28, 2022 (From September 1, 2021 to February 28, 2022)

(1) Operating Results

[Percentages indicate period-on-period changes]

Operating revenues	Operating income	Ordinary income	Net income
Period ended February 28, 2022 August 31, 2021	Million yen % 24,786 3.9 23,855 8.5	Million yen % 14,249 9.1 13,062 5.6	Million yen % 12,937 10.0 11,763 5.4	Million yen % 8,519 (27.6) 11,761 7.8

(Note) The decrease in net income for the period ended February 28, 2022 is due to recognition of the extraordinary loss on fire at GLP Maishima II, in the amount equivalent to the book value of assets destroyed in the fire.

Net income per unit	Return on unitholders' equity	Ordinary income to total assets	Ordinary income to operating revenues
Period ended February 28, 2022 August 31, 2021	Yen 1,897 2,680	% 2.1 2.9	% 1.7 1.5	% 52.2 49.3

2,680

2.9

1.5

49.3

(2) Distributions

Distributions (excluding OPD*)	Optimal payable distribution (OPD)	Distributions (including OPD)	Payout ratio	Distributions to net assets
Per Unit	Total	Per Unit	Total	Per Unit	Total
Period ended February 28, 2022 August 31, 2021	Yen 1,898 2,619	Million yen 8,522 11,760	Yen 1,271 429	Million yen 5,707 1,926	Yen 3,169 3,048	Million yen 14,229 13,686	% 100.0 99.9	% 2.1 2.9

Distributions

2,619

11,760

429

1,926

3,048

13,686

99.9

2.9

*" OPD" stands for "Optimal Payable Distribution" that means distributions in excess of retained earnings.

(Note 1) For the period ended August 31, 2021, payout ratio was calculated as follows since new investment units were issued during the period:

Payout ratio = Total distributions (excluding OPD) / Net income x 100 Payout ratio is rounded down to the first decimal place.

(Note 2) Payout ratio and distributions to net assets ratio were calculated on the basis of excluding OPD.

(Note 3) The amount of OPD for the period ended February 28, 2022 consists of 4,414 million yen of a distribution from allowance for temporary difference adjustments and 1,293 million yen of a refund of investment categorized as a distribution from unitholders' capital for tax purposes.

All of the amounts of OPD for the period ended August 31, 2021 are the refund of investment categorized as adistribution from unitholders' capital for tax purposes. The OPD for the period ended August 31, 2021 includes a temporary OPD of 145 yen per unit. Please see "(iv) Overview of Financial Results and Cash Distributions" on page 4.

(Note 4) Retained earnings decreased at a rate of 0.004 for the period ended February 28, 2022 and 0.005 for the period ended

August 31, 2021, respectively, due to OPD (a refund of investment categorized as a distribution from unitholders' capital for tax purposes). These rates were calculated based on Article 23, Paragraph 1, Item 4 of the Order for Enforcement of the Corporation Tax Act.

(3) Financial Position

Total assets	Net assets	Unitholders' equity to total assets	Net assets per unit
Period ended February 28, 2022 August 31, 2021	Million yen 781,668 785,480	Million yen 410,375 415,543	% 52.5 52.9	Yen 91,390 92,541

785,480

415,543

52.9

92,541

(4) Cash Flows

Net cash provided by (used in) operating activities	Net cash provided by (used in) investing activities	Net cash provided by (used in) financing activities	Cash and cash equivalents at the end of the period
Period ended February 28, 2022 August 31, 2021	Million yen 20,229 21,503	Million yen (1,476) (50,301)	Million yen (13,739) 30,520	Million yen 30,917 25,904

2. Earnings Forecast for the Fiscal Periods Ending August 31, 2022 (From March 1, 2022 to August 31, 2022) and

February 28, 2023 (From September 1, 2022 to February 28, 2023)

[Percentages indicate period-on-period changes]

Operating revenues

Operating incomeOrdinary incomeNet income

Distributions per unitOPD per unitDistributions per unit

(excluding OPD)

(including OPD)

Period ending

Million yen

% Million yen

%Million yen

% Million yen

%

August 31, 2022

24,608 (0.7)

February 28, 2023 22,600 (8.2)

13,003 (8.7) 11,506 (11.5)

11,667 (9.8) 16,066 88.6 10,195 (12.6) 10,426 (35.1)

Yen	Yen	Yen
2,594	427	3,021
2,322	282	2,604

(Reference) Estimated net income per unit:	For the fiscal period ending August 31, 2022	3,578 yen
For the fiscal period ending February 28, 2023	2,322 yen
* Other

(1) Changes in accounting policies, changes in accounting estimates and retroactive restatement

• (a) Changes in accounting policies due to revisions to accounting standards Yes and other regulations:

• (b) Changes in accounting policies due to other reasons: None

• (c) Changes in accounting estimates: None

• (d) Retroactive restatement: None

(Note) Please refer to "Notes to Changes in Accounting Policies" on page 19 for detail.

(2) Number of investment units issued and outstanding

• (a) Number of investment units issued and outstanding, including treasury units:

  As of February 28, 2022 4,490,369 Units As of August 31, 2021 4,490,369 Units

• (b) Number of treasury units:

As of February 28, 2022 0 Units As of August 31, 2021 0 Units

(Note) Please refer to "Per Unit Information" on page 34 for the number of investment units used as the basis for calculating the net income per unit.

* The financial information on this report is not included in the scope of the external audit.

* Other special matters

The forward-looking statements in this material are based on the information currently available to us and certain assumptions we believe reasonable. Actual operating performance may differ substantially due to various factors. Furthermore, those statements do not guarantee the amounts of future distributions and distributions in excess of retained earnings. Please refer to "Assumptions Underlying Earnings Forecasts for the 21st Fiscal Period Ending August 31, 2022 (From March 1, 2022 to August 31, 2022) and the 22nd Fiscal Period Ending February 28, 2023 (From September 1, 2022 to February 28, 2023) and" on page 8 - 10 for assumptions regarding the forward-looking statements.

This is an English language translation of the original Japanese announcement of the financial statements ("Kessan Tanshin"). This translation is provided for information purpose only. Should there be any discrepancy between this translation and the Japanese original, the

Japanese original shall prevail.

Table of contents

1. Operating Conditions ........................................................................................................................................... 2

(1) Operating Conditions ............................................................................................................................... 2

2. Financial Statements .......................................................................................................................................... 11

• (1) Balance Sheets ....................................................................................................................................... 11

• (2) Statements of Income ............................................................................................................................ 13

• (3) Statements of Changes in Net Assets ..................................................................................................... 14

• (4) Statements of Distributions .................................................................................................................... 15

• (5) Statements of Cash Flows ...................................................................................................................... 18

• (6) Notes Concerning Going Concern Assumption ..................................................................................... 19

• (7) Notes Concerning Significant Accounting Policies ............................................................................... 19

• (8) Notes to Financial Statements ................................................................................................................ 22

• (9) Changes in Number of Investment Units Issued and Outstanding ........................................................ 35

3. Reference Information ....................................................................................................................................... 38

(1) Price Information on Investment Assets ................................................................................................ 38

(2) Status of Capital Expenditure ................................................................................................................ 50

1. Operating Conditions

(1) Operating Conditions

[Overview of the Current Fiscal Period]

• (i) Brief Background of GLP J-REIT

  GLP J-REIT is a real estate investment corporation ("J-REIT") specializing in logistics facilities, and it primarily invests in modern logistics facilities. GLP J-REIT was founded in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter the "Investment Trust Act") with GLP Japan Advisors Inc. (hereinafter the "Asset Manager") as the founder. It had its units listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange on December 21, 2012 (securities code: 3281).

  Having the GLP Group (Note 1) as the sponsor group and investing in highly functional modern logistics facilities while taking advantage of the wealth of experience and management resources, GLP J-REIT aims to earn stable income and achieve steady growth in assets under management over the medium and long term. Since starting its operation as a listed J-REIT with 30 properties (total acquisition price of 208,731 million yen) in January 2013, GLP J-REIT has been steadily expanding its assets through the continuous acquisition of properties. As of the end of the current fiscal period, GLP J-REIT owns 86 properties (total acquisition price of 780,062 million yen) (Note 2).

  (Note 1) The GLP Group consists of GLP Holdings Limited, the holding company of the Sponsor of GLP J-REIT, and its group companies.

  (Note 2) The sale of GLP Fukusaki was completed on March 1, 2022, and thus the total acquisition price as of March 31, 2022 became 778,098 million yen.

• (ii) Investment Environment and Business Performance

  During the current fiscal period, while the Japanese economy showed a recovery trend toward the second half of last year with learning to coexist with COVID-19, there are downward risks due to price increases such as the surge in crude old prices as a result of economic sanctions against Russia triggered by the Ukraine crisis in addition to the implementation of pre-emergency measures and supply-side constraints caused by the infection spread by the Omicron variants. On the other hand, the Bank of Japan is expected to maintain its accommodative monetary policy even amid rising U.S interest rates, and the economic recovery trend is expected to gradually become more visible in the future, mainly in consumer spending, due to the increase in people's mobility following the lifting of pre-emergency measures and the easing of supply-side constraints with containing the spread of the COVID-19 infection.

  In the logistics facilities leasing market, we believe demand remains strong, reflecting logistics industry business concerns such as labor shortage and supply chain optimization, in addition to a trend of new expansion, consolidation and integration of logistics facilities among e-commerce service and third-party logistics (3PL) companies. Under these circumstances, the balance of supply and demand for modern logistics facilities remains stable, as shown by the pre-leased ratio (Note 1) for large multi-tenant logistics facilities newly supplied in 2021, which is approximately 90% in both the Tokyo metropolitan area and the Greater Osaka area as of the end of December 2021.