SINGAPORE (Nov 10): GLP, the global provider of modern logistics facilities, reported 2Q earnings of US$231 million ($314 million), up 34% year-on-year, driven by higher revaluations and foreign exchange gains.
Revenue rose 32% to US$282 million from a year ago. The group’s average lease ratio increased 1% quarter-on-quarter to 91% as of Sept 30.
GLP signed 50 million sf of new and renewal leases in 2Q, up 38% year-on-year. The group recorded a 4.6% growth in same-property net operating income (NOI) and 9.1% rent growth on renewal leases year-to-date.
1H18 fund management fees stood at US$98 million, up 9% year-on-year. As at Sept 30, GLP’s fund management platform stood at US$39 billion of assets under management.
The company expects to continue leveraging the platform for strategic expansion, including establishing potential China acquisition and income funds.
On Oct 27, GLP dispatched its scheme document to shareholders, setting out the terms and other details of the proposed privatisation of the company by way of a scheme of arrangement.
If shareholders approve the scheme at the Nov 30 meeting, shareholders will receive $3.38 in cash per share by Jan 19.
Shares in GLP closed at $3.32 on Friday.
