GLP J-REIT (GLPJF) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of GLP J-REIT $710, price $825, upside -14.0%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
40‑month range $713.56 – $975.25 · fair‑value band $381.42 – $1,245 · the $824.70 price screens above the $709.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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. 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.
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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. 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 $824.70, while our model-based Fair Value estimate is $709.62, implying the stock looks roughly 16.2% overvalued today.
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Valuation
How firm this estimate is: it rests on 23 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: $381.42 (bear) to $1,245 (bull), the price of $824.70 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 64/100 (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 · P/E ratio 20.4 · P/S ratio 10.7 · EPS (TTM) $40.33 · Dividend yield 5.2% · Net margin 52.2% · Return on equity 6.9% · Return on assets (EBIT) 3.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at −14%, GLPJF screens richer than that median.
Fair Value models
Bear $381.42Fair Value $709.62Bull $1,245
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)5.2%
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).
+7.5%
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.
+0.6%
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 +5.3% a year for the price and −1.5% for the forecasts.
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 · 55 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−14% · Below median
Profitability
Return on equity (TTM)7% · Below median
Return on assets2% · Bottom 25%
Net margin (TTM)56% · Above median
Operating margin (TTM)56% · Below median
Growth and dividend
Revenue growth−1% · Bottom 25%
Dividend yield (TTM)5.2% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of $709.62 versus a price of $824.70, about −14% upside (overvalued).
What is the fair value of GLPJF?
Our model-based fair value for GLP J-REIT is $709.62 (as of Sep 24, 2026), built from audited fundamentals. The current price: $824.70.
What is the quality score of GLPJF?
GLP J-REIT has a Quality Score of 64/100. 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 $709.62 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $381.42, optimistic scenario $1,245. 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 $709.62, about −14% upside versus a price of $824.70 (overvalued). Cautious scenario $381.42, optimistic scenario $1,245. 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 ¥54.8B (latest available figure, as of Sep 24, 2026).
Does GLP J-REIT pay a dividend?
GLP J-REIT currently shows a dividend yield of about 5.16% relative to its recent price (as of Sep 24, 2026).
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 +7.5 % 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 Sep 24, 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 0.39, 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 +7.5 % per year a year over ten years, 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 +7.5 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into GLP J-REIT (+7.5 % per year a 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 7.36 %: 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 $709.62 per share (as of Sep 24, 2026), against a price of $824.70. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is GLP J-REIT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GLPJF trades above its calculated fair value: price $824.70, fair value $709.62, a gap of about −14% (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 ($824.70); the fair value is what the company's own numbers justify ($709.62). For GLP J-REIT the two are $115.08 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 Sep 24, 2026). Per share that is $824.70; our models calculate a fair value of $709.62 per share.
What do the bullish and bearish scenarios say about GLPJF?
Our models span a range for GLP J-REIT: cautious scenario $381.42, base $709.62, optimistic $1,245 per share (as of Sep 24, 2026, price $824.70). 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 20.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $709.62 is built from several models across several years. Other multiples: P/B 1.4, P/S 11.5, EV/EBITDA 24.5.
How solid is the balance sheet of GLP J-REIT (GLPJF)?
Balance-sheet figures for GLP J-REIT (as of Sep 24, 2026): return on equity 6.9%, debt of 0.77 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is GLPJF from its 52-week high?
GLP J-REIT trades at $824.70, about 15% below its 52-week high of $975.25 and at the low of $824.70 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $709.62 is for.
Which stocks are comparable to GLP J-REIT?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, 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 Sep 24, 2026: price $824.70, calculated fair value $709.62 (−14%), Quality Score 64/100, from 13 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 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $709.62, 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 14.1 % 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 Sep 18, 2026 was $824.70. Our model-based fair value is $709.62, about −14% upside (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 ($381.42 to $1,245). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (64/100) 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 10.7 (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 $40.33 (price ÷ EPS = P/E 20.4). 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 5.2% (payout 106%). 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 6.9% (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 56.3% (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 −1.2% 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 +17.1% 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
Sep 24, 2026