GLP J-REIT (GLPJF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of GLP J-REIT stock $713, price $839, that is 15.0% below the price, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
41‑month range $684.80 – $935.90 · fair‑value band $383.42 – $1,252 · the $839.22 price screens above the $713.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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GLP J-REIT is a real estate investment corporation (J-REIT) specializing in logistics facilities, and it primarily invests in modern logistics facilities.
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GLP J-REIT was founded in accordance with the Act on Investment Trusts and Investment Corporations with GLP Japan Advisors Inc. (hereinafter the Asset Manager) as the founder. It has its units listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange since December 21, 2012.
Investing in highly functional modern logistics facilities and taking advantage of the wealth of experience and management resources with GLP Japan Inc. (Note) as the sponsor, GLP J-REIT aims to earn stable income and achieve steady growth in assets under management over the medium and long terms.
Since the inception of its operation as a listed J-REIT with 30 properties (total acquisition price of 208,731 million yen) in January 2013, GLP J-REIT has been steadily expanding its assets through the continuous acquisitions of properties.
As of the end of the current fiscal period, GLP J-REIT owns 85 properties (total acquisition price of 869,529 million yen). Effective March 1, 2025, GLP Japan Inc. became part of Ares Management Corporation. GLP J-REIT was established on September 16, 2011 and incorporated in Japan.
Stock analysis
GLP J-REIT (GLPJF) currently trades at $839.22, while our model-based Fair Value estimate is $713.34, 15% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $919.69 per share, and 4 of the 15 models we run sit above the $839.22 price.
Bear case: the Asset-Based group reads lowest at $396.35, and 11 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: $383.42 (bear) to $1,252 (bull), the price of $839.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
GLP J-REIT reported revenue of ¥59.6B in FY2025 versus ¥45.8B in FY2021, a compound +6.8%/yr. Reported net income was ¥31.1B in FY2025, compounding +8.2%/yr from FY2021.
Key figures
Market cap $4.0B Mid · P/E ratio 20.7 · P/S ratio 10.8 · EPS (TTM) $40.54 · Dividend yield 5.3% · Net margin 52.2% · Return on equity 6.8% · Return on assets (EBIT) 3.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 7% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at −15%, GLPJF screens cheaper than that median.
Fair Value models
Bear$383.42Fair Value $713.34Bull$1,252
Price $839.22 · Downside -15.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)5.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 57%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +5.4% a year for the price and −2.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (3 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High margins and top sustainability marks in modern logistics facilities form the main strength, while low returns on equity combined with sector commoditization limit any durable moat.
Main risk: Elevated total debt typical for REITs creates refinancing pressure that would directly constrain new facility acquisitions and portfolio expansion.
GLP J-REIT owns a portfolio of modern logistics facilities and just received top marks for sustainability in the latest GRESB assessment. An analyst recently downgraded the stock to neutral, citing a more cautious outlook. Our models currently see it as overvalued. Will the emphasis on green logistics drive better long-term resilience than the sector headwinds suggest?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Industrial · 51 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−15.0% · Above median
Profitability
Return on equity (12 months)6.8% · Below median
Return on assets3.6% · Below median
Net margin (12 months)59.3% · Above median
Operating margin (12 months)49.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.2% · Below median
Dividend yield (12 months)5.3% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
P/E (12 months)20.7× · Pricier than median
P/B1.41× · Pricier than median
P/S (12 months)12.42× · Priciest 25%
Price / free cash flow (fiscal year)13.8× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "GLP J-REIT Fair Value". https://www.fairvalue-calculator.com/stock/GLPJF
Frequently asked questions
Is GLP J-REIT (GLPJF) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $713.34 versus a price of $839.22, about 15% lower (overvalued).
What is the fair value of GLPJF?
Our model-based fair value for GLP J-REIT is $713.34 (as of Nov 3, 2026), built from audited fundamentals. The current price: $839.22.
What is the quality score of GLPJF?
GLP J-REIT has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for GLP J-REIT (GLPJF)?
Our model-based price target is the fair value of $713.34 (as of Nov 3, 2026) from 15 valuation models. Cautious scenario $383.42, optimistic scenario $1,252. It is a calculation from audited fundamentals, not an analyst target.
What is the GLP J-REIT stock forecast for 2026?
Our models put fair value at $713.34, about 15% lower versus a price of $839.22 (overvalued). Cautious scenario $383.42, optimistic scenario $1,252. The calculation is refreshed regularly with new filings.
What is the revenue of GLP J-REIT (GLPJF)?
GLP J-REIT reported trailing-twelve-month revenue of about ¥51.3B (latest available figure, as of Nov 3, 2026).
Does GLP J-REIT pay a dividend?
GLP J-REIT currently shows a dividend yield of 5.32% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of GLP J-REIT (GLPJF) and when is the ex-dividend date?
GLP J-REIT pays a dividend of $44.61 per share a year, a dividend yield of 5.3%. The next ex-dividend date is Feb 25, 2027. The payout ratio is 109% of earnings. Free cash flow covers the dividend 1.36 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into GLP J-REIT (GLPJF)?
For today's price to be fair in a discounted-cash-flow model, GLP J-REIT would have to grow free cash flow by +7.6 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.0 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of GLPJF use?
Our models discount GLP J-REIT at 8.5 %: a base by market capitalisation (mid), damped by beta 0.37, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For GLP J-REIT that is +7.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has GLP J-REIT (GLPJF) delivered so far?
Over the past 5 years revenue at GLP J-REIT grew +9.0 % a year. The price currently implies free-cash-flow growth of +7.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of GLP J-REIT (GLPJF) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into GLP J-REIT (+7.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of GLP J-REIT (GLPJF)?
The free-cash-flow yield on the price is 7.26 %: that much free cash flow GLP J-REIT produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GLP J-REIT (GLPJF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GLP J-REIT it is $713.34 per share (as of Nov 3, 2026), against a price of $839.22. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is GLP J-REIT stock overvalued or undervalued in 2026?
As of Nov 3, 2026, GLPJF trades above its calculated fair value: price $839.22, fair value $713.34, a gap of about −15% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GLPJF?
No. The price is what the market pays today ($839.22); the fair value is what the company's own numbers justify ($713.34). For GLP J-REIT the two are $125.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is GLP J-REIT worth?
The market values GLP J-REIT at about $4.0B (market capitalisation, as of Nov 3, 2026). Per share that is $839.22; our models calculate a fair value of $713.34 per share.
What do the bullish and bearish scenarios say about GLPJF?
Our models span a range for GLP J-REIT: cautious scenario $383.42, base $713.34, optimistic $1,252 per share (as of Nov 3, 2026, price $839.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLPJF?
GLP J-REIT trades at a price-to-earnings ratio of 20.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $713.34 is built from several models across several years. Other multiples: P/B 1.4, P/S 12.4, EV/EBITDA 27.3.
How solid is the balance sheet of GLP J-REIT (GLPJF)?
Balance-sheet figures for GLP J-REIT (as of Nov 3, 2026): return on equity 6.8%, debt of 0.77 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is GLPJF from its 52-week high?
GLP J-REIT trades at $839.22, about 9% below its 52-week high of $924.79 and 7% above the low of $782.03 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $713.34 is for.
Which stocks are comparable to GLP J-REIT?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is GLP J-REIT stock attractive at the current price?
The data as of Nov 3, 2026: price $839.22, calculated fair value $713.34 (−15%), Quality Score 67/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GLPJF calculated?
We run GLP J-REIT through 15 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $713.34 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. GLP J-REIT itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of GLP J-REIT (GLPJF)?
The closing price on Nov 6, 2026 was $839.22. Our model-based fair value is $713.34, about 15% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GLP J-REIT right now?
The model range is unusually wide ($383.42 to $1,252). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of GLP J-REIT
How large is the market capitalisation of GLP J-REIT (GLPJF)?
The market capitalisation of GLP J-REIT is $4.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of GLP J-REIT (GLPJF)?
The price-to-sales ratio of GLP J-REIT is 10.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of GLP J-REIT (GLPJF)?
Earnings per share at GLP J-REIT are $40.54 (price ÷ EPS = P/E 20.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GLP J-REIT (GLPJF)?
The dividend yield of GLP J-REIT is 5.3% (payout 110%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of GLP J-REIT (GLPJF)?
The net margin of GLP J-REIT is 52.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of GLP J-REIT (GLPJF)?
The return on equity (ROE) of GLP J-REIT is 6.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of GLP J-REIT (GLPJF)?
On an EBIT basis the return on assets of GLP J-REIT is 3.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of GLP J-REIT (GLPJF)?
The operating margin of GLP J-REIT is 49.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GLP J-REIT (GLPJF)?
Revenue at GLP J-REIT is growing +0.2% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at GLP J-REIT (GLPJF)?
Earnings per share at GLP J-REIT are growing −3.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does GLP J-REIT (GLPJF) carry?
The net debt of GLP J-REIT is ¥358B (fiscal year 2025, ≈ 7.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026