GLP J-REIT (TYO:3281) reported a net income of about 15 billion yen for the six months ended Feb. 28, up 7.4% from 14 billion yen the previous half-year period, driven by strong operating performance and gains from property sales.

The REIT's net income per unit rose to 3,105 yen from 2,859 yen a year earlier, according to its financial results filing on Monday.

Operating revenue increased 5.9% to 29.1 billion yen while operating income grew 12.0% to 16.5 billion yen, supported by high portfolio occupancy at 99.5% and strategic asset sales, including GLP Koriyama I and GLP Nara, which contributed gains of 2.67 billion yen and 595 million yen, respectively.

For the fiscal period ending Aug. 31, GLP J-REIT forecasts net income to decline 5.6% to 14.2 billion yen, with operating revenue expected to decrease 1.6% to 28.6 billion yen.

Distributions per unit, excluding optimal payable distributions, are projected at 2,958 yen, down from 3,136 yen in the prior period.

For the six months ending Feb. 28, 2026, the REIT anticipates further declines, with net income expected to drop 5.3% to 13.4 billion yen and operating revenue to fall 3.1% to 27.7 billion yen. Distributions per unit, excluding optimal payable distributions, are forecast at 2,802 yen.

GLP J-REIT declared distributions of 3,434 yen per unit for the current period, including 298 yen in optimal payable distributions, payable from May 21.

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