GLP J REIT : Issuance of Investment Corporation Bonds (Sustainability Bonds)

February 18, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer:

GLP J-REIT

Representative: Yoshiyuki Miura, Executive Director

(Security Code: 3281)

Asset Management Company:

GLP Japan Advisors Inc.

Representative: Yoshiyuki Miura, President

Contact: Shinji Yagiba, CFO

(TEL: [phone])

Issuance of Investment Corporation Bonds (Sustainability Bonds)

GLP J-REIT hereby announces that it today made a decision to issue unsecured investment corporation bonds as described below, following a resolution passed at its board of directors meeting held on February 10, 2022.

1. Summary of the Sustainability Bonds

(1)	Name	GLP J-REIT 19th Unsecured Bonds (Special pari passu conditions
		among specified investment corporation bonds) (Sustainability Bonds)
		(hereinafter, the "19th Unsecured Bonds")
		GLP J-REIT 20th Unsecured Bonds (Special pari passu conditions
		among specified investment corporation bonds) (Sustainability Bonds)
		(hereinafter, the "20th Unsecured Bonds")
		Hereinafter, the 19th Unsecured Bonds and the 20th Unsecured Bonds
		will collectively be referred to as the "Sustainability Bonds." There will
		be no particular mention as to which bond, if the item is common to
		both the 19th Unsecured Bonds and the 20th Unsecured Bonds.
(2)	Total issue amount	3,300 million yen
		Breakdown: The 19th Unsecured Bonds	2,000 million yen
		The 20th Unsecured Bonds	1,300 million yen
(3)	Form of bond certificate	Subject to the provisions of the Act on Book-Entry of Corporate Bonds
		and Shares, bond certificates will not be issued.
(4)	Issue price	100 yen per 100 yen of each bond
(5)	Redemption price	100 yen per 100 yen of each bond
(6)	Interest rate	The 19th Unsecured Bonds:	0.130 % per annum
		The 20th Unsecured Bonds:	0.520 % per annum
(7)	Denomination price	100 million yen
(8)	Offering method	Public Offering
(9)	Subscription date	February 18, 2022 (Friday)
(10)	Payment date	February 25, 2022 (Friday)
(11)	Collateral, guarantee	Neither collateral nor guarantee is provided for the Sustainability Bonds,
		and no asset has been particularly secured for the Sustainability Bonds.
(12)	Redemption method and	The total amount of Bonds will be redeemed on the following dates.
	date	The 19th Unsecured Bonds:	February 25, 2025
		The 20th Unsecured Bonds:	February 25, 2032
		Redemption by purchase will be available any time on and after the
		following days of the payment dates except for the case separately
		determined by the depository.
(13)	Interest payment date	The last day of February and August of every year
		(An interest payment date that falls on a bank holiday will be moved to
		the preceding business day.)

1

(14)	Financial covenant	Negative pledge among unsecured bonds
(15)	Credit rating	"AA" by Japan Credit Rating Agency, Ltd. (JCR)
(16)	Fiscal agent, issuing	MUFG Bank, Ltd
	agent and payment
	agent
(17)	Underwriter	SMBC Nikko Securities Inc. (Sustainability Bond Structuring Agent)
		(Note 1), Nomura Securities Co., Ltd., Mizuho Securities Co., Ltd., and
		Mitsubishi UFJ Morgan Stanley Securities Co., Ltd..

GLP J-REIT has obtained a SU1 (F) rating, the highest for JCR Sustainability Finance Framework Evaluation (Note 3), for its framework for issuing Sustainability Bonds (Sustainability Finance Framework) (Note 2), from the Japan Credit Rating Agency, Ltd. (JCR), a third-party evaluation agency

(Note 1) Sustainability Bond Structuring Agent refers to one who supports the issuance of sustainability bonds through the formulation of a Sustainability Bond Framework, the offering of advice in acquiring second-party opinions, and so forth.

(Note 2) For information on Sustainability Finance Framework, please refer to the "Submission of Amendment to the Shelf Registration Statement for Issuance of Sustainability Bonds" dated September 2, 2020.

(Note 3) The JCR Sustainability Finance Framework Evaluation is a third-party evaluation conducted by the JCR to assess a framework for sustainability finance with respect to the degree to which funding provided in the form of sustainability finance is appropriated to social or green projects as defined by the JCR, the quality of administrative and operational management regarding the use of the funding, and the level of efforts to ensure transparency therein. Ratings assigned in the JCR Sustainability Finance Framework Evaluation have "(F)" at the end to distinguish from those assigned to specific bonds and loans. The rating assigned to the Sustainability Bonds in the JCR Sustainability Finance Framework Evaluation can be found on the JCR's website (https://www.jcr.co.jp/greenfinance/).

2. Reason for the issuance

In addition to green finance as part of its initiatives in consideration of environmental sustainability, GLP J-REIT has also been actively engaged in sustainability finance for the purpose of financing projects that contribute to solve social issues. Following the issuance of its first sustainability bonds as a J-REIT in September 2020, GLP J-REIT has issued first Reward-typesustainability-linked bonds among the global public bonds market in September 2021. The total amount of ESG bonds issued by GLP J-REIT is 37.6 billion yen (not including the Sustainability Bonds), maintaining in the top J-REIT in terms of ESG bonds outstanding. With issuing more of sustainability bonds this time, GLP J-REIT aims to enhance the means of finance in the expanding ESG bonds market.

The Sustainability Bonds will be issued in accordance with the scheme of the issuance of Sustainability Bonds (Sustainability Finance Framework) stated in the "Submission of Amendment to the Shelf

Registration Statement for Issuance of Sustainability Bonds" dated September 2, 2020.

GLP J-REIT plans to use the proceeds from the Sustainability Bonds for maturity payment of the loan due on February 28, 2022 (All of the proceeds from the said loan were used to acquire GLP Sugito and GLP Tosu I, a specified asset meeting the criteria of Eligible Sustainability Project.).

(Note) Eligible Sustainability Projects are assets or projects that satisfy either of the Eligible Green Project Criteria and the Eligible Social Project Criteria shown below. The same applies hereinafter.

Green buildings:

New, existing or renovated buildings that have obtained at least one of the following certifications;

1. DBJ Green Building Certification (Japan): five, four or three stars
2. CASBEE (Japan): S, A or B+
3. BELS (Japan): five, four, or three
4. LEED (U.S.): Platinum, Gold or Silver

2

Contribution to the sustainable growth of local communities

New, existing, or refurbished buildings that contribute to either of items a through d shown below:

1. Safety of local residents in times of disaster
2. Development of the local living environment
3. Revitalization of the local community
4. Provision of parenting support

3. Amount of funds to be raised, use of proceeds and scheduled timing of expenditure

1. Amount of funds to be raised (estimated net proceeds)

3,273 million yen

1. Specific use of proceeds and scheduled timing of expenditure

GLP J-REIT plans to use the proceeds for maturity payment of the loan due on February 28, 2022. (All of the proceeds from the said loan were used to refinance the loan received to acquire GLP Sugito and GLP Tosu I, a specified asset meeting the criteria of Eligible Sustainability Projects.)

4. Investors who declared investment in the Sustainability Bonds

Listed below are investors who declared investment in the Sustainability Bonds and agreed to disclose their names by today (companies are listed in Japanese syllabary order).

・Asset Management One Co., Ltd.	・The Kita Osaka Shinkin Bank
・Suwa Shinkin Bank	・The Dai-ichi Life Insurance Company, Limited
・Daitokyo Shinkumi Credit Cooperative	・Tokio Marine Asset Management Co., Ltd.
・Tokio Marine & Nichido Fire Insurance Co., Ltd.	・Hyogo Shinkin Bank
・Meiji Yasuda Asset Management Company Ltd.

5. Loan status, etc. after issuance of the Sustainability Bonds

(Unit: million yen)

	Before issuance	After issuance	Increase
	of the Sustainability	of the Sustainability
	(Decrease)
	Bonds	Bonds (Note 2)
Short-term loans (Note 1)	39,420	34,200	▲5,220
Long-term loans (Note 1)	256,400	258,320	+1,920
Total loans	295,820	292,520	▲3,300
Investment corporation bonds	50,700	54,000	+3,300
Total of loans and	346,520	346,520	-
investment corporation bonds

(Note 1) "Short-term loans" refers to loans with a maturity period of one year or less as from today for "Before issuance of the Sustainability Bonds", and as of February 28, 2022 for "After issuance of the Sustainability Bonds", and "Long-term loans" refers to loans with a maturity period of more than one year as from today for "Before issuance of the Sustainability Bonds", and as of February 28, 2022 for "After issuance of the Sustainability Bonds". Furthermore, the changes in the table include the outstanding borrowing (10,130 million yen) with the maturity date of February 28, 2023, which is included in "Short-term loans" and excluded from "Long-term loans".

(Note 2) "After issuance of the Sustainability Bonds" are based on the assumption which are the issuance of the Sustainability Bonds, the borrowings through the refinance of all outstanding borrowings which is due on February 28, 2022, and the early repayment of borrowings stated in "Notice Concerning Early Repayment of Borrowings" dated February 18, 2022. Each amount stated in the table is based on the assumption that all of transactions above are to be completed on or by February 28, 2022.

3

1. Other matters necessary for investors' appropriate understanding and judgment of the concerned information
   With respect to the risks associated with redemption, etc. of the Sustainability Bonds, there has been no important changes to the content of "Investment Risks" stated in the securities report submitted on November 26, 2021.
2. Reporting

GLP J-REIT will publish the allocation status of the bond proceeds from sustainability financing on its website. The reports will be published once every year until the outstanding balance of the concerned sustainability finance becomes zero. Further, as long as there remains any outstanding balance in its sustainability financing, GLP J-REIT will disclose the following benchmarks as of the end of February of each year on its website.

< Reporting on the Status of Proceeds >

• Total amount of bond proceeds that has been used
• Unused amount of bond proceeds

< Reporting on Social Benefits >

The following information is disclosed on the website:

• 1. Output indicators
  2. • Number of properties under Eligible Sustainability Projects
  3. Outcome indicators
  4. • Emergency shelter for people affected by disasters
     • Standby station for Disaster Relief Teams and Emergency Fire Response Teams in the event of a disaster
     • Backup power supply
     • Stockpile volume of fuel
     • Groundwater facility
  5. Impact
  6. • Harmonious relationship with the local community by contributing to the safety and security of the community
• Reporting on Positive Environmental Impacts >

Level of ratings awarded in environmental certifications.

In the event of non-appropriation of funding, for instance, due to the sale of the Eligible Sustainability Project that was to be financed by the funding, GLP J-REIT discloses such facts on its website.

*GLP J-REIT website address: https://www.glpjreit.com/en/

4