Capitalization

As of Jan. 5, 2021

Increase or decreases in paid-in capital and the number of investment units outstanding over the past several years are summarized as follows;

Total Unitholders' Equity	380,763 million yen
Investment Units - Authorized	16,000,000 units
Investment Units Issued and Outstanding	4,343,664 units

Increase or decreases in paid-in capital and the number of investment units outstanding over the past several years are summarized as follows;

Date	Remarks	Investment Units Issued and Outstanding (units)		Total Unitholders' Equity (million yen)		Notes
		Changes	Outstanding	Changes	Outstanding
Sep. 16, 2011	Initial capital (private)	200	200	100	100	(1)
Dec. 14, 2011	additional issuance	20	220	10	110	(2)
Jun. 22, 2012	additional issuance	180	400	90	200	(3)
Oct. 31, 2012	Sprit of units	2,800	3,200	-	200	(4)
Dec. 20, 2012	Public offering	1,747,100	1,750,300	102,189	102,389	(5)
Jan. 21, 2013	additional issuance	87,400	1,837,700	5,112	107,501	(6)
May 22, 2013	Optimal Payable Distribution (Return of capital)	-	1,837,700	-154	107,347	(7)
Sep. 26, 2013	Public offering	249,955	2,087,655	22,179	129,527	(8)
Oct. 16, 2013	additional issuance	10,045	2,097,700	891	130,418	(9)
Nov. 19, 2013	Optimal Payable Distribution (Return of capital)	-	2,097,700	-475	129,942	(10)
May 19, 2014	Optimal Payable Distribution (Return of capital)	-	2,097,700	-526	129,415	(11)
Sep. 1, 2014	Public offering	281,709	2,379,409	30,973	160,389	(12)
Sep. 24, 2014	additional issuance	11,322	2,390,731	1,244	161,633	(13)
Nov. 19, 2014	Optimal Payable Distribution (Return of capital)	-	2,390,731	-593	161,040	(14)
May 19, 2015	Optimal Payable Distribution (Return of capital)	-	2,390,731	-698	160,342	(15)
Sep. 1, 2015	Public offering	197,594	2,588,325	21,784	182,126	(16)
Sep. 25, 2015	additional issuance	5,459	2,593,784	601	182,728	(17)
Nov. 17, 2015	Optimal Payable Distribution (Return of capital)	-	2,593,784	-707	182,020	(18)
May 17, 2016	Optimal Payable Distribution (Return of capital)	-	2,593,784	-778	181,242	(19)
Sep. 1, 2016	Public offering	247,507	2,841,291	28,561	209,804	(20)
Sep. 27, 2016	additional issuance	11,787	2,853,078	1,360	211,164	(21)
Nov. 16, 2016	Optimal Payable Distribution (Return of capital)	-	2,853,078	-770	210,393	(22)
May 16, 2017	Optimal Payable Distribution (Return of capital)	-	2,853,078	-867	209,526	(23)
Nov. 14, 2017	Optimal Payable Distribution (Return of capital)	-	2,853,078	-861	208,665	(24)
Mar. 1, 2018	Public offering	529,922	3,383,000	56,095	264,760	(25)
Mar. 20, 2018	additional issuance	19,681	3,402,681	2,083	266,843	(26)
May 15, 2018	Optimal Payable Distribution (Return of capital)	-	3,402,681	-858	265,985	(27)
Sep. 3, 2018	Public offering	411,013	3,813,694	42,620	308,605	(28)
Sep. 26, 2018	additional issuance	19,726	3,833,420	2,045	310,651	(29)
Nov. 14, 2018	Optimal Payable Distribution (Return of capital)	-	3,833,420	-1,017	309,633	(30)
May 21, 2019	Optimal Payable Distribution (Return of capital)	-	3,833,420	-1,134	308,499	(31)
Nov. 18, 2019	Optimal Payable Distribution (Return of capital)	-	3,833,420	-1,127	307,372	(32)
May 19, 2020	Optimal Payable Distribution (Return of capital)	-	3,833,420	-1,127	306,245	(33)
Jun. 29, 2020	Public offering	149,560	3,982,980	20,700	326,945	(34)
Dec. 7, 2020	Public offering	345,346	4,328,326	51,530	378,475	(35)
Jan. 5, 2021	additional issuance	15,338	4,343,664	2,288	380,763	(36)

• At establishment of GLP J-REIT, new units were issued at the issue price of 500,000 yen per unit.
• In order to obtain necessary operating funds, GLP J-REIT issued new investment units through a third party allocation at 500,000 yen per unit.
• In order to obtain necessary operating funds, GLP J-REIT issued new investment units through a third party allocation at 500,000 yen per unit.
• GLP J-REIT executed an 8-for-1 unit split.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 58,491 yen or the offer price of 60,500 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 58,491 yen.
• At the Board of Directors’ Meeting held on April 16, 2013, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment) of 84 yen per unit for the 2nd Fiscal Period (the period ended February 28, 2013). The payment of distributions was commenced on May 22, 2013.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 88,735 yen or the offer price of 91,942 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 88,735 yen.
• At the Board of Directors’ Meeting held on October 16, 2013, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment) of 259 yen per unit for the 3rd Fiscal Period (the period ended August 31, 2013). The payment of distributions was commenced on November 19, 2013.
• At the Board of Directors’ Meeting held on April 15, 2014, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment) of 251 yen per unit for the 4th Fiscal Period (the period ended February 28, 2014). The payment of distributions was commenced on May 19, 2014.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 109,947 yen or the offer price of 113,827 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 109,947 yen.
• At the Board of Directors’ Meeting held on October 15, 2014, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment) of 283 yen per unit for the 5th Fiscal Period (the period ended August 31, 2014). The payment of distributions was commenced on November 19, 2014.
• At the Board of Directors’ Meeting held on April 14, 2015, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment) of 292 yen per unit for the 6th Fiscal Period (the period ended February 28, 2015). The payment of distributions was commenced on May 19, 2015.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 110,247 yen or the offer price of 114,174 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 110,247 yen.
• At the Board of Directors’ Meeting held on October 14, 2015, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 296 yen per unit for the 7th Fiscal Period (the period ended August 31, 2015). The payment of distributions was commenced on November 17, 2015.
• At the Board of Directors’ Meeting held on April 13, 2016, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 300 yen per unit for the 8th Fiscal Period (the period ended February 29, 2016). The payment of distributions was commenced on May 17, 2016.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 115,398 yen or the offer price of 119,357 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 115,398 yen.
• At the Board of Directors’ Meeting held on October 13, 2016, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders’ capital for tax purposes) of 297 yen per unit for the 9th Fiscal Period (the period ended August 31, 2016). The payment of distributions was commenced on November 16, 2016.
• At the Board of Directors' Meeting held on April 13, 2017, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 304 yen per unit for the 10th Fiscal Period (the period ended February 28, 2017). The payment of distributions was commenced on May 16, 2017.
• At the Board of Directors' Meeting held on October 13, 2017, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 302 yen per unit for the 11th Fiscal Period (the period ended August 31, 2017). The payment of distributions was commenced on November 14, 2017.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 105,856 yen or the offer price of 109,372 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 105,856 yen.
• At the Board of Directors' Meeting held on April 13, 2018, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 301 yen per unit for the 12th Fiscal Period (the period ended February 28, 2018). The payment of distributions was commenced on May 15, 2018.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 103,697 yen or the offer price of 107,130 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 103,697 yen.
• At the Board of Directors' Meeting held on October 15, 2018, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 299 yen per unit for the 13th Fiscal Period (the period ended August 31, 2018). The payment of distributions was commenced on November 14, 2018.
• At the Board of Directors' Meeting held on April 15, 2019, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 296 yen per unit for the 14th Fiscal Period (the period ended February 28, 2019). The payment of distributions was commenced on May 21, 2019.
• At the Board of Directors' Meeting held on October 16, 2019, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 294 yen per unit for the 15th Fiscal Period (the period ended February 28, 2019). The payment of distributions was commenced on November 18, 2019.
• At the Board of Directors' Meeting held on April 15, 2020, it was resolved that GLP J-REIT would make distributions in excess of retained earnings (a refund of investment categorized as a distribution from unitholders' capital for tax purposes) of 294 yen per unit for the 16th Fiscal Period (the period ended Augusut 31, 2020). The payment of distributions was commenced on May 19, 2020.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 138,407 yen or the offer price of 142,956 yen per unit.
• In order to obtain funds to acquire new properties, GLP J-REIT issued new investment units through a public offering at the issue price of 149,214 yen or the offer price of 154,154 yen per unit.
• In connection with the public offering, GLP J-REIT issued new investment units through a third party allocation at the issue price of 149,214 yen.