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Green Finance

Overview of the Green Finance Framework

Use of Proceeds from Green Finance

The net proceeds from green finance will be used for the acquisition of assets in the Eligible Green Projects as provided for in Eligible Green Projects below, refinancing of loans required for the acquisition of assets in the Eligible Green Projects, and for the redemption of the investment corporation bonds that have already been issued (including green bonds) for the acquisition of assets in the Eligible Green Projects.

Eligible Green Projects

Eligible Green Projects mean the projects involving assets that meet either of the following requirements.

a. Being a green building
A new, existing or refurbished building for which at least one of the following certifications has been obtained:

i) DBJ Green Building Certification (in Japan): 5, 4 or 3 Stars
ii) CASBEE (in Japan): S, A or B+
iii) BELS (in Japan): 5, 4 or 3
iv) LEED (in the United States): Platinum, Gold or Silver

b. Being renewable energy-based power generation equipment

Management of Proceeds

The upper limit of green finance (limit of the "Debts of Eligible Green Projects") shall be the amount calculated by multiplying the total acquisition cost of the Eligible Green Projects by the ratio of actual interest-bearing debt to total assets as of the end of the latest fiscal period that can be calculated on the payment date or loan date of each investment corporation bond, or as of the end of every February.

GreenBalanceSheet
Eligible Sustainability Projects that also fall under the definition of Eligible Green Projects under GLP J-REIT’s Green Finance Framework are included both in the total value of Eligible Sustainability Projects and in that of Eligible Green Projects. Any amount of funding provided for those projects in the form of sustainability finance or green finance is included both in the outstanding balance of sustainability finance and in that of green finance. The amount included in the total value and the outstanding balance overlaps between the two forms of finance.

Green Bond Issuance

GLP J-REIT 12th Unsecured Bonds (Special pari passu conditions among specified investment corporation bonds) (Green Bonds)

Total issue amount 5,100 million yen
Issuance date December 20, 2018
Redemption date December 20, 2028
Interest rate 0.680%
Others Unsecured, not guaranteed

GLP J-REIT 13th Unsecured Bonds (Special pari passu conditions among investment corporation bonds) (Green Bonds)

Total issue amount 8,000 million yen
Issuance date July 8, 2019
Redemption date July 6, 2029
Interest rate 0.608%
Others Unsecured, not guaranteed

GLP J-REIT 14th Unsecured Bonds (Special pari passu conditions among specified investment corporation bonds) (Green Bonds)

Total issue amount 5,000 million yen
Issuance date November 27, 2019
Redemption date November 27, 2029
Interest rate 0.550%
Others Unsecured, not guaranteed
The total outstanding balance of green finance as of September 25, 2020, including the total outstanding balance of 5,100 million yen in sustainability finance, is 23,100 million yen.

Reporting

GLP J-REIT will continue to disclose the following indicators as of the end of every February so long as it has a green finance balance.

■ Total amount of allocated proceeds/ Amount of proceeds not yet allocated

GLP J-REIT 12th Unsecured Bonds (Green Bonds)

Total amount of allocated proceeds 5,068 million yen
Amount of proceeds not yet allocated 0 yen

GLP J-REIT 13th Unsecured Bonds (Green Bonds)

Total amount of allocated proceeds 7,941 million yen
Amount of proceeds not yet allocated 0 yen

GLP J-REIT 14th Unsecured Bonds (Green Bonds)

Total amount of allocated proceeds 4,967 million yen
Amount of proceeds not yet allocated 0 yen
(Note) Amounts are rounded to the indicated unit.

Information as of the end of November 2019 :

■ Number of properties that are Eligible Green Projects

Number of properties that are
Eligible Green Projects
27

■ Level of each environmental certification obtained

Evaluation by an External Organization

With regard to the eligibility of the green finance framework, GLP J-REIT has obtained the evaluation of "Green 1", the highest JCR Green Bond Evaluation from Japan Credit Rating Agency, Ltd. (JCR), which is a green bond evaluation organization.

GLP J-REIT 12th Unsecured Bonds (Green Bonds)

GLP J-REIT 13th Unsecured Bonds (Green Bonds)

GLP J-REIT 14th Unsecured Bonds (Green Bonds)

Green finance framework

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