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

September 17, 2020

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: Hisatake Miki, CFO & Head of Corporate

Planning Department

(TEL: [phone])

Issuance of Investment Corporation Bonds (Sustainability Bonds)

GLP J-REIT hereby announces that it today made a decision to issue "GLP J-REIT 15th Unsecured Bonds

(Sustainability Bonds)" (also known as "GLP Sustainability Bonds") (hereinafter, the "Sustainability Bonds") as

described below, following the submission of an amendment to the shelf registration statement dated September 2, 2020 and a resolution passed at its board of directors meeting held on August 31, 2020.

1. Summary of the Sustainability Bonds

(1)	Name	GLP J-REIT 15th Unsecured Bonds (Special pari passu conditions
		among specified investment corporation bonds) (Sustainability Bonds)
(2)	Total issue amount	5,000 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	0.510% per annum
(7)	Denomination price	100 million yen
(8)	Offering method	Public Offering
(9)	Subscription date	September 17, 2020 (Thursday)
(10)	Payment date	September 25, 2020 (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 the Sustainability Bonds will be redeemed on
	date	September 25, 2030.
		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 March and September of every year
		(An interest payment date that falls on a bank holiday will be moved to
		the preceding business day.)
(14)	Financial covenant	Negative pledge among unsecured bonds
(15)	Credit rating	AA by Japan Credit Rating Agency, Ltd. (JCR)

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(16)	Fiscal agent, issuing	MUFG Bank, Ltd
	agent and payment
	agent
(17)	Underwriter	SMBC Nikko Securities Inc. (Sustainability Bond Structuring Agent) (Note
		1), Daiwa Securities Co., Ltd. and Mizuho 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

As part of its initiatives in consideration of environmental sustainability, GLP J-REIT has been engaging in the provision of green finance, having issued green bonds in three occasions since December 2018. With the issuance of the Sustainability Bonds, a sustainability finance initiative to raise funds for a project that will contribute to solving social issues as well as to preserving the environment, GLP J-REIT aims to further promote ESG activities and enhance the means of finance to meet the needs of an expanding the base of investors willing to invest in ESG.

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 all of the proceeds from the Sustainability Bonds for prepayment of the short-term loan due on July 1, 2021 (All of the proceeds from the said loan were used to refinance the loan received to acquire GLP Yokohama (co-ownership interest of 40%), a specified asset meeting the criteria of Eligible Sustainability Project .).

(Note 1) For information on GLP Yokohama, please refer to the "Submission of Amendment to the Shelf Registration Statement for Issuance of Sustainability Bonds" dated September 2, 2020.

(Note 2) 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

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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)

4,967 million yen

1. Specific use of proceeds and scheduled timing of expenditure

GLP J-REIT plans to use the proceeds for prepayment of the short-term loan due on July 1, 2021. (All of the proceeds from the said loan were used to refinance the loan received to acquire GLP Yokohama (co-ownership interest of 40%), a specified asset meeting the criteria of Eligible Sustainability Projects.) (Planned date of prepayment: September 28, 2020)

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).

・Iwaki Shinkumi,Ltd.	・Uwajima Shinkin Bank
・THE ECHIZEN SHINKIN BANK	・Credit Guarantee Corporation of Osaka
・North Pacific Bank,LTD.	・The Kita Osaka Shinkin Bank
・The TAKAMATSU SHINKIN BANK	・Tokio Marine & Nichido Fire Insurance Co., Ltd.
・TOKUSHIMA SHINKIN BANK	・Nagano Shinkin Bank

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)	22,770	17,770	(5,000)
Long-term loans (Note 1)	225,430	225,430	-
Total loans	248,200	243,200	(5,000)
Investment corporation	35,700	40,700	5,000
bonds
Total of loans and	283,900	283,900	-
investment corporation bonds

(Note 1) Short-term loans refer to loans with a maturity period of one year or less as from today for "Before issuance of the Sustainability Bonds", and as of September 28, 2020 for "After issuance of the Sustainability Bonds", and long-term loans refer to loans with a maturity period of more than one year as from today for "Before issuance of the Sustainability Bonds", and as of September 28, 2020 for "After issuance of the Sustainability Bonds".

(Note 2) "After issuance of the Sustainability Bonds" are based on the assumption that issuance of the Sustainability Bonds and early repayment of borrowings stated in "Notice Concerning Early Repayment of Borrowings" dated September 17, 2020.

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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 May 28, 2020.
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 Positive Environmental Impacts and Social Benefits > The following information is disclosed on the website:
  a. Positive environmental impacts
• • Level of ratings awarded in environmental certifications

b. Social benefits

• 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
     • 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 and Social Benefits >

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 upon approval from CFO of GLP Japan Advisors.

*GLP J-REITwebsite address:https://www.glpjreit.com/english/

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