Initiatives for employees

GLP has led the market as a leading provider of modern logistics facilities. And we will continue to innovate beyond people's imagination by keeping on challenging without resting on our laurels. To that end, we are committed to improve the work environment and review the personnel system ahead of the social situation so that employees can enjoy their work, support each other, demonstrate maximum performance, and achieve big goals. We are making efforts to create a work environment with various innovations.

To note, since GLP J-REIT does not have any employees because of J-REIT regulation and is virtually managed by officers and employees of the Asset Management Company, below information applies to all employees of GLP including GLP Japan Advisors Inc., the Asset Management company.

• Pursuing comfort and health of employees
• Improving sophistication of human resources
• Recruiting strategy
• Creating a fair and rewarding workplace

Pursuing comfort and health of employees

Ensuring employee’s mental and physical health

Support	Overview
Health screening and physical exam assistance	We require all our employees to undergo a physical exam or health screening once a year. By providing a subsidy for such, we promote the health of our employees.
Mental health training	Conducted webinars related to harassment and mental health for the heads of departments (twice)
Employee care during COVID-19	Implementing a telecommuting system, providing well-being support, providing remote work support, securing safety in the office (installing partitions, creating an office layout that maintains social distancing), and identifying problems through regular communication between department heads, group leaders, and HR Establishing a consultation service, implementing pulse surveys (Wevox), and conducting departmental briefings

Improving sophistication of human resources

1. Introduction of Training System

Based on the independent training program developed by each employee, we have introduced a system to support growth opportunities through seminars, lectures, and courses that will contribute to their careers in the medium to long run (maximum 200,000 yen per person per year).
We support new employees recently graduated to participate external workshop held by agent specialized in human resource development for smooth business start. In addition, we provide opportunities not only to learn business knowledge and share business experience but also to improve skills on organizational management and risk management through various training program and sessions such as online compliance training program and regular management workshops. Moreover, we support employees providing opportunities such as overseas assignment, study abroad or trainee program at business counterparties based on the periodical discussion with employees for their future career management.

2. Training programs for skill development facilitated by external professionals

Management and employees regularly participate in intelligent training programs such as corporate management, real estate market research, and macro market analysis conducted by external experts to improve management skills and knowledge of the asset management business for human resource development.

3. Support for certification exams

The asset management company supports all employees (including contract employees, etc.) in acquiring specialist certifications including as an Association for Real Estate Securitization (ARES) Certified Master (an educational program that systematically teaches practical expert know-how in the fields of real estate and finance) and as a real estate notary. The asset management company bears the costs for the training and exams in acquiring the various certificates as well as for maintaining the certificates and increasing and maintaining expertise through seminars, etc., and all employees and officers have access to funding.

The number of ARES Certified Masters and real estate notaries as of the end of June 2023 is as follows.

Name of certification	Number of certifications
ARES Certified Master	7
Real estate notary	3

4. Introduction of E-learning platform

GLP Group has introduced an E-Learning platform as part of training for all employees, enabling them to utilize the abundant learning content of over 3000 titles and GLP's unique content, as well as connecting employees on a global level.

5. Practical training program for young employees and new hires

The Group offers a variety of training and practical training for junior employees and new hires in accordance with the onboarding program. Specifically, we provide department briefing sessions in each department, OJT training, visit to the properties we are investing in , mentor system, and regular follow-up interviews after hiring. We support new employees so that they can quickly become familiar with our corporate culture and play an active role in the Group. Additionally, we implement internship to provide working opportunity for young potential employees and leads to enhancement of recruiting.

Recruiting strategy

The Asset Management Company designs recruitment plans in accordance with their mid-long term business plans, analyzing “which department” and “when” needed, and “skillset” and “title (senior/junior)” of targeted person. The dedicated team for recruiting is established and executing strategic recruiting procedures from various pathways by leveraging wide network with external agents. In addition, we secure rich pipeline of candidates by accessing web data base for direct recruiting. Human resource market information is regularly shared with recruiting agents, including competitors’ movements in recruiting market, and we offer competitive compensation to targeted candidates.
We enhance platform for human resource development such as subsidy for qualification expenses and in-house recruiting to support employees’ career establishment post hiring.

Creating a fair and rewarding workplace

1. Various benefits programs

Promote a work-style reform and striving to create a favorable working environment in order to prevent employees’ over working hours, improve their work-life balance and encourage flexible work-style upon various personal life events.
The Asset Management Company has implemented various support programs to promote each employee’s flexible workstyle to maximize productivity and efficiency.
For instance, implementing support programs to promote various working style such as a flexible working hours system, remote work system, parental leave before and after childbirth, childcare leave, nursing-care leave, family-care leave, a shortened working hours program for employees raising children or nursing family members, and to support employees’ wealth management by providing asset buildup programs such as Defined contribution pension plan and Employee stock ownership plan, and to promote career development such as In-house recruitment system and Support program to get certified.

Programs	Items	Remarks
Leave program	Maternity	Support compatibility of childbirth, childcare and employment
	Childcare
	Volunteer activity encouragement	Encourage to take day-offs for volunteer activities
	Family care	Support employee who has baby and/or family with nursing care
Insurance	Labor insurance	Provide life insurance and income security insurance
	Business travel insurance	Covers domestic and international business travels
	Group welfare insurance	Compensation for death/severe disability of employee
Support program for employee’s benefit	Defined contribution pension plan	Support employee’s wealth management by providing asset buildup programs
	Employee stock ownership plan
	Support program to get certified	Promote employee’s proactive initiatives to get certified
	In-house recruitment system	Provide in-house career expansion opportunities
	Advanced flexible time arrangement	Employees to decide working hours per day as long as meet minimum working hours per month
	Well-being support	Promote diversity of workstyle such as remote working and support employee’s mental/physical health
	Volunteer activity encouragement	Evaluate actual activities in employee’s performance assessment

2. Periodical performance evaluations and feedback procedure

Item

Overview

Personnel evaluation system

GLP’s personnel evaluation system is based on a compensation and evaluation system that strongly encourages each employee to contribute to the achievement of the company’s mission and vision. The compensation of management and all employees, including professional and general employees, is linked to company performance and individual evaluation. Also, the personnel evaluation system is designed with an awareness of the interdepartmental collaboration that characterizes GLP's business, and through the operation of the system, it is intended that all departments, including the profit-making and administrative departments, will collaborate and work together toward the growth of the company. In addition, the system encourages employees to take on new challenges and evaluates them appropriately. This personnel evaluation system has motivated each and every employee to create an organization that takes on challenges and innovates for the rapid growth of the company. All employees are expected to have feedback meetings with their supervisors three times a year at the beginning, middle, and end of the year at to set goals, review progress, and evaluate performance as well as to discuss future career development.

3. Employee Stock Ownership Plan (ESOP)

Established ESOP for all officers and employees of the Asset Management Company of GLP J-REIT and the sponsor in May 2020, with a policy to further enhance the alignment of interests with our unitholders and promote well-being by distributing income to officers and employees.

4. Acceleration of Diversity, Equity and Inclusion（DEI）

The Asset Management Company respects the individuality and diversity of each employee and promotes diversity and equity inclusion (DEI) in accordance with the Group’s policy on DEI and implements various initiatives so that each employee can maximize his or her potential. Specifically, we support employees for childcare and nursing care, and create comfortable working environments wherever employees are located. We offer more than 100 programs related to DEI on our learning platform for all employees and conduct trainings utilizing those programs to increase awareness of DEI.

5. Whistleblowing System

The Group has introduced a whistleblowing system that accepts whistleblowing not only from all employees but also from employees' families and business partners etc. The content covers all fields such as harassment, employment and labor, environment and human rights. Consultations can be made anonymously and are protected in accordance with the Whistleblower Protection Act.

6. Conducting employee satisfaction surveys

Item

Overview

Conducting employee satisfaction survey (Wevox)

As part of our efforts to establish favorable mutual relations between the employees and the company, we conduct monthly employee satisfaction surveys through the platform called Wevox to evaluate job satisfaction levels, work environment satisfaction levels, and other requests to the company (Response rate in FY2022: 85％). By visualizing organizational issues based on these survey results, we are able to realize the well-being of each of our employees and improve the working environment and the organization.

A dedicated HR team analyses the results of these employee satisfaction surveys and shares the analysis with group leaders, who then follow up by holding individual one-on-one meetings etc.
In addition, based on the feedback from employees, we have introduced a variety of measures designed to improve employee comfort, health, and ease of work in the new office, which we relocated to in December 2022. Specifically, in the situation where communication among employees tends to be decreased due to the hybrid workstyle, we are holding various networking events in the office and introducing equipment to improve communication through online meetings, as well as a flexible work environment to improve work comfort and providing free organic food for employees.

Flexible work envrionment
（free address workplace, expansion of meeting space）

Number of officers and employees/ Employee turnover rate

	2021	2022	2023
Total number of officers and employees	24	19	20
Number of retired employees	2	2	1
Employee turnover rate	8.3%	10.5%	5.0%