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Logistics-focused J-REIT owning large modern warehouses, sponsored by Singapore-based developer GLP.
Logistics-focused J-REIT owning large modern warehouses, sponsored by Singapore-based developer GLP.
Collects rent from tenants of large, modern warehouses, mostly under multi-year leases to logistics operators and online retailers, and passes most of its profit to unitholders as distributions under J-REIT tax rules. The sponsor's development pipeline is its main route to buying new properties.
In one line: GLP's Japan-listed logistics REIT.
Moat: narrow (regulatory licence, distribution). Sponsor GLP's development pipeline gives right-of-first-refusal on newly built logistics assets.
Headquarters: Tokyo, Japan · Founded: 2012
Size Glp J-reit (3281.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $4.00B, the 285th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥132,800 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -1.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 6.1% over the last twelve months (peer median +3.3%); the operating margin is 44.6% (peer median 39.4%).
Valuation It trades at 1.43× book value against a peer median of 0.98× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 5.4%; Glp J-reit delivers 6.8%, so the price asks less than the business earns today.
Next results Next results expected around 19 Oct 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥75.9B | ¥75.9B | ¥80.8B | ¥63.6B | ¥57.8B |
| Revenue growth | — | -6% | +27% | +10% | — |
| Gross profit | ¥34.8B | ¥34.8B | ¥35.0B | ¥28.8B | ¥30.0B |
| EBITDA | ¥42.5B | ¥42.5B | ¥42.9B | ¥37.3B | ¥38.5B |
| Net income | ¥30.4B | ¥30.4B | ¥31.1B | ¥26.7B | ¥27.2B |
| Free cash flow | -¥4.56B | -¥4.56B | ¥59.3B | ¥37.3B | -¥88.2B |
| Capital expenditure | ¥58.2B | ¥58.2B | ¥3.04B | ¥8.86B | ¥125B |
| Total debt | n/a | ¥438B | ¥397B | ¥397B | ¥397B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Glp J-reit 3281.T | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% |
| Nippon Prologis REIT 3283.T | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% |
| Mitsui Fudosan Logistics Park 3471.T | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% |
| Japan Logistics Fund 8967.T | $1.52B | -8% | +3% | 9% | 1.70× | 6.6% |
| LaSalle LOGIPORT REIT 3466.T | $1.45B | -10% | +71% | 6% | 1.19× | 4.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3281.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +4.4% | 9th lowest of 21 |
| 6-month return | -2.0% | -1.1% | 10th lowest of 21 |
| Return on equity | 6.8% | 5.2% | 7th highest of 21 |
| Price / book | 1.43× | 0.98× | 5th most expensive of 21 |
| Trailing P/E | 20.9× | 20.2× | 9th most expensive of 19 |
| ROE the price implies | 5.4% | 8.7% | 3rd least demanding of 21 |
| ROE delivered | 6.8% | 5.2% | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |