GLP J-REIT (TSE:3281) Beneish M-Score: -2.62 (As of Jul. 13, 2026)

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Valuation Fairly Valued

6 Warning Signs

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What is GLP J-REIT Beneish M-Score?

GLP J-REIT TSE:3281 +0.43% 75 Beneish M-Score is -2.62 as of Jul. 13, 2026. GuruFocus rates TSE:3281 with a GF Score™ of 75/100 and a GF Value™ of 円145,858.66 (Fairly Valued). The stock has 6 warning signs investors should review. Among 758 REITs companies, GLP J-REIT ranks better than 64.25% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for GLP J-REIT's Beneish M-Score or its related term are showing as below:

TSE:3281' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65 Med: -2.33 Max: -0.76
Current: -2.62

During the past 13 years, the highest Beneish M-Score of GLP J-REIT was -0.76. The lowest was -2.65. And the median was -2.33.

GLP J-REIT Beneish M-Score Related Terms

GLP J-REIT Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GLP J-REIT's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

GLP J-REIT Beneish M-Score Chart

GLP J-REIT Annual Data

Trend

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

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-2.11

-2.65

-2.08

-2.28

-2.62

GLP J-REIT Semi-Annual Data
	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.28	0.00	-2.62	0.00

TSE:3281 vs PLD, PSA, EXR: Beneish M-Score Comparison

For the REIT - Industrial subindustry, GLP J-REIT's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

GLP J-REIT Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, GLP J-REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GLP J-REIT's Beneish M-Score falls into.

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75GF Score

GLP J-REIT TSE:3281

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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GLP J-REIT Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of GLP J-REIT for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9467

0.528 * 0.9454

0.404 * 0.9915

0.892 * 1.1185

0.115 * 1.0005

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9659

4.679 * -0.035663

0.327 * 1.0184

-2.62

This Year (Aug25) TTM:

Last Year (Aug24) TTM:

Total Receivables was 円3,860 Mil.
Revenue was 円59,583 Mil.
Gross Profit was 円41,405 Mil.
Total Current Assets was 円57,115 Mil.
Total Assets was 円876,821 Mil.
Property, Plant and Equipment(Net PPE) was 円814,272 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,692 Mil.
Selling, General, & Admin. Expense(SGA) was 円6,864 Mil.
Total Current Liabilities was 円58,928 Mil.
Long-Term Debt & Capital Lease Obligation was 円349,340 Mil.
Net Income was 円31,108 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円62,378 Mil.

Total Receivables was 円3,646 Mil.
Revenue was 円53,273 Mil.
Gross Profit was 円35,000 Mil.
Total Current Assets was 円43,404 Mil.
Total Assets was 円889,775 Mil.
Property, Plant and Equipment(Net PPE) was 円840,811 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,980 Mil.
Selling, General, & Admin. Expense(SGA) was 円6,354 Mil.
Total Current Liabilities was 円51,182 Mil.
Long-Term Debt & Capital Lease Obligation was 円355,640 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(3860.008 / 59583.132)	/	(3645.692 / 53272.848)
	=	0.064784	/	0.068434
	=	0.9467

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(34999.918 / 53272.848)	/	(41404.856 / 59583.132)
	=	0.656994	/	0.694909
	=	0.9454

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (57115.06 + 814272.435) / 876820.565)	/	(1 - (43403.916 + 840811.345) / 889775.218)
	=	0.006196	/	0.006249
	=	0.9915

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	59583.132	/	53272.848
	=	1.1185

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(8979.613 / (8979.613 + 840811.345))	/	(8692.21 / (8692.21 + 814272.435))
	=	0.010567	/	0.010562
	=	1.0005

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(6863.632 / 59583.132)	/	(6353.51 / 53272.848)
	=	0.115194	/	0.119264
	=	0.9659

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((349340 + 58927.519) / 876820.565)	/	((355640 + 51181.557) / 889775.218)
	=	0.465623	/	0.457218
	=	1.0184

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(31108.454 - 0	-	62378.215)	/	876820.565
	=	-0.035663

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

GLP J-REIT has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.62 mean?

GLP J-REIT (TSE:3281) has a Beneish M-Score of -2.62 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GLP J-REIT and its competitors. According to the industry distribution chart, GLP J-REIT ranks #271 out of 758 companies in the REITs industry, placing it in the top 35.8%.

Is GLP J-REIT's Beneish M-Score too high?

GLP J-REIT's current Beneish M-Score is -2.62. Based on the distribution chart, GLP J-REIT ranks #271 out of 758 companies in the REITs industry, which is above the industry midpoint. Overall, GLP J-REIT has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does GLP J-REIT's Beneish M-Score compare to PLD and PSA?

According to the REITs industry distribution chart, GLP J-REIT ranks #271 out of 758 companies for Beneish M-Score. This puts GLP J-REIT in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GLP J-REIT and its competitors. GLP J-REIT's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is GLP J-REIT stock overvalued right now?

Based on GuruFocus' analysis, GLP J-REIT (TSE:3281) is currently considered Fairly Valued. The stock's GF Value™ is 円145,858.66, compared to a current price of 円139,800.00 — trading 4.2% below its estimated fair value. The current Beneish M-Score is -2.62. GLP J-REIT's overall GF Score™ is 75/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For GLP J-REIT (TSE:3281), the current Beneish M-Score is -2.62 as of Jul. 13, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is GLP J-REIT (TSE:3281) Overvalued in 2026?

Based on GuruFocus' analysis, GLP J-REIT stock appears to be undervalued. The current stock price of 円139,800.00 is trading 4.2% below its estimated GF Value™ of 円145,858.66. GuruFocus considers GLP J-REIT to be Fairly Valued.

Key valuation signals for TSE:3281:

Beneish M-Score: -2.62
GF Value™: 円145,858.66 vs. price of 円139,800.00 (4.2% below fair value)
GF Score™: 75/100 with 6 warning signs

No single metric tells the full story. See the TSE:3281 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

GLP J-REIT Business Description

Industry Real Estate REITs

Comparable Companies TSE:3283 TSE:3249 TSE:8967 TSE:3466 TSE:3481 TSE:2979 PLD PSA EXR LSE:SGRO EGP LINE SGX:A17U CUBE FR REXR STAG MEX:FIBRAPL14 TRNO XBRU:WDP

Address Tokyo Midtown Yaesu, 16F, Yaesu Central Tower, 2-2-1 Yaesu, Chuo-ku, Tokyo, JPN

Website https://www.glpjreit.com

GLP J-REIT is a Japan-based real estate investment trust. The company invests in logistic facilities and related real estate properties mainly located in Kanto and Kansai regions and other areas. Its properties are classified under Multi-tenant property and build-to-suit property segments. It holds a range of proprieties such as GLP Tokyo, GLP Sugito II, GLP Koshigaya II, GLP Misato II, GLP Amagasaki, GLP Higashi-Ogishima, GLP Akishima, GLP Tomisato, GLP Narashino II, GLP Funabashi, GLP Kazo, GLP Fukaya and others.

75GF Score

Get the complete analysis for TSE:3281

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円139,800.00

Price

円145,858.66

GF Value

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