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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.
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Unit Price and Trading Volume
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Unit Yield, Sector Average and Overall Average
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 |
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| 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 |
