銘柄情報

GLP J-REIT

Logistics facility REIT sponsored by foreign-owned GLP Group. It regards rental logistics facilities with large-scale and functional designs as "advanced logistics facilities", and invests mainly in them. The investment areas are those adjacent to airports and trade ports and areas along networks joining consuming areas together, as well as logistics complexes in production and consumption areas. It invests mainly in the Kanto and Kansai regions, but also in other areas to diversify the investment. One strength of this REIT is that it makes the most of the value chain of GLP Group.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/04/13Update

投資指標の計算式について

Investment amount per unit

Unitholders' capital / Number of investment units authorized

NAV per unit

((Unitholders' capital + Investment surplus) + (Portforio assets appraisal value - ortfolio assets book value) / Number of investment units authorized

P/NAV

Investment unit price / NAV per unit

FFO per unit

(Net income + depreciation + profit and loss on real estate) / Number of investment units authorized

P/FFO

Investment unit price / FFO per unit

NOI

Rental business income + depreciation

NOI yield

NOI / Portfolio assets book value

Implied cap rate

NOI / (Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) + Security and guarantee deposits received

Market capitalization

Investment unit price * Number of investment units authorized

LTV

Interest-bearing liabilities / Total assets

DSCR

NOI / (Interest-bearing liabilities at end of previous period - Interest-bearing liabilities at end of current period + current interest expense)

EV / EBITDA

Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) / NOI

Ratio of long-term fixed interest rate

Long-term fixed interest / Interest-bearing liabilities

Corporate Data

Investment Corporation Name GLP J-REIT
Abbreviation GLP
Securities code 3281(JPX)
Listing date 2012/12/21
Time elapsed 9.53 year
Closing months February / August
URL http://www.glpjreit.com/
Unitholders' capital 403,779Million JPY
Number of investment units authorized 4,490,369Unit
Investment amount per unit 89,921JPY
Rating JCR:AA 
Type of assets under management Logistics Facirity REIT Logistics:100%
Management target regions
Tokyo Metropolitan Area:67.0% Greater Osaka Area:20.6% Others:12.3%
Number of investment properties 86
Number of tenants 170
Total leasable floor space 3,303,404.47㎡

Investment Index Information

NAV per Unit 145,098JPY
Unit Price / NAV per Unit 1.14
FFO per Unit 3,197JPY
Unit Price / FFO per Unit 51.84
NOI Yield 3.70%
Implied Cap Rate 2.51%
Market capitalization 744,054Million JPY
Acquisition book value 778,098Million JPY
Term-end book value 745,320Million JPY
Appraisal value 984,563Million JPY
Interest-bearing liabilities 346,520Million JPY
LTV 44.33%
EV / EBITDA 38.40
Average maturity of borrowings
Ratio of long-term fixed interest rate
Average occupancy rate 99.1%
Average age of buildings 16.74year

Investment Management Policies

  • Its main investment target is large-scale (total floor area of 10,000 ㎡ or more) and highly functional leasable logistics facilities, which are particularly scarce among logistics facilities and are expected to experience increasing demand in the future, and are positioned as "advanced logistics facilities." Among these, as one its concrete criteria for assessing functionality, this REIT has set the conditions of "more than 50% of the gross floor area with a floor-to-ceiling height of 5.5 meters or more and a floor load tolerance of 1.5 tons/㎡ or more," and follows the policy of investing mostly in logistics facilities that meet these conditions.
  • Its main investment areas are the Kanto region and the Kansai region, and it aims to build a stable portfolio by also distributing investments over other regions. Its investment ratio is 50% to 70% in the Kanto region, 20% to 40% in the Kansai region, and 5% to 20% in other regions.

Other Related Corporations

Asset Manager GLP Japan Advisors Inc.
Update 2022/04/13 Capital 110Million JPY
Major Shareholders 100% GLP Japan Inc. Other Shareholders

Account Settlement InformationFY2022-2(Million JPY)

18th 19th 20th
(most recent)
21th forecast 22th forcast
Revised Date Revised Date
Operating revenue 21,978 23,855 24,786 24,608 22,600
Operating income 12,367 13,062 14,249 13,003 11,506
Ordinary income 11,156 11,763 12,937 11,667 10,195
Net income 10,914 11,761 8,519 16,066 10,426
Short-term borrowings 38,660 36,160 34,200
Long-term borrowings 251,220 265,660 258,320
Investment corporation bonds 39,700 44,700 54,000
Total assets 742,022 785,480 781,668
Net assets 390,101 415,543 410,375
Distribution per unit 2,989
JPY/per Unit
3,048
JPY/per Unit
3,169
JPY/per Unit
3,021
JPY/per Unit
3,604
JPY/per Unit

Other Affiliated Companies

Asset custodian Mitsubishi UFJ Trust and Banking Corporation Accounting auditor KPMG AZSA LLC
Accounting services Mitsubishi UFJ Trust and Banking Corporation Unitholders registry administrator Mitsubishi UFJ Trust and Banking Corporation
Tax administration services Mitsubishi UFJ Trust and Banking Corporation Investment corporation bond administrator Sumitomo Mitsui Banking Corporation/MUFG Bank, Ltd./Mitsubishi UFJ Trust and Banking Corporation
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