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GLP Company Overview March 2016
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GLP Leading Global Provider of Modern Logistics Facilities
GLP Park Colgate & Elog Brazil
GLP Park Suzhou China
GLP Park Tokyo Japan
NAV breakdown3
San Francisco Bay Area California, USA
China 59%
Japan 23%
Brazil 5%
USA 7%
Corporate 6%
GLPs US$34 billion1 property portfolio encompasses 50 million sqm (538 million sq ft) of logistics facilities across China, Japan, Brazil and USA
GLPs growth strategy is centered on being the best operator,
creating value through developments, and expanding its global footprint via its fund management platform
GLP is a SGX-listed company (stock code: MC0.SI) with a market capitalization of US$6 billion2; GIC is the largest single investor in GLP
GLP provides investors with an opportunity to capitalize on the
fast-growing logistics industry in the largest and most rapidly expanding markets across the globe
Note: 1. As of 31 December 2015 2. As of 29 February 2016 3. Pro-forma NAV assuming GLPs 10% equity stake in GLP US Income Partners II
GLP Park Tokyo Japan
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3
GLP Global Footprint
China Presence in 38 cities 25.4m sqm total area
13.6m sqm completed 11.8m sqm development pipeline
12.6m sqm land reserves
Japan 89% in Tokyo and Osaka 5.3m sqm total area 4.6m sqm completed 0.7m sqm development pipeline
Development Starts
FY16 Target (100%)
FY16 Target (GLP Share)
% of Total Portfolio
China US$1.7bn US$840m 20%
Japan US$980m US$480m 12%
Brazil US$250m US$90m 16%
Total US$2.9bn US$1.4bn 16%
Brazil 91% in So Paulo and Rio de Janeiro 3.6m sqm total area 2.6m sqm completed 1.0m sqm development pipeline
United States of America Presence in 37 key markets 16.1m sqm total and completed
area
Fast-growing logistics market supported by domestic consumption growth
Limited supply of modern logistics facilities
Well-established logistics industry Scarcity of modern logistics
facilities
Domestic consumption drives demand for modern logistics facilities
Companies shifting from owning warehouses to leasing amid continued efforts to improve supply chain efficiency
Demand outstripping supply 22 consecutive quarters of
positive net absorption
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GLP Business Model
FUND MANAGEMENT GLP partners with world class investors to grow its network. Its fund management platform provides superior risk-adjusted returns while enabling GLP to grow faster.
DEVELOPMENT GLP builds to meet market demand and serve customers needs. It generates significant value through development.
OPERATIONS GLP owns and manages modern logistics facilities. Its operations segment forms the foundation of its business model.
GLP
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US$34 billion fund management platform FY16 Fund fee run-rate: US$150 million1
Enhances GLPs returns by 300500 bps1
FY16 development completions: ~US$900 million (GLP share)
Value creation margin: ~25%
Group lease ratio: 93% Customer retention ratio: ~70% Domestic consumption: ~90% of
overall portfolio
Note: 1. Potential recurring fees and performance fees based on the AUM and fee structure of GLPs existing development funds. Performance fees assume all requisite triggers are satisfied and not discounted.
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Based on completed area for modern logistics for lease as of January 2016; non-logistics properties are excluded Source: Company websites, public filings, various news sources and CBRE estimates
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Operations: Dominant Market Positions
GLPs unrivaled network enables customers to seamlessly expand their distribution capabilities and reach consumers more efficiently
Japan Brazil (m sqm) (m sqm)
China (m sqm)
GLP
Sta
ke:
19.9
%
United States (m sq ft)
Diversified Earnings Network Effect Economies of Scale
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6
JD.com is one of Chinas largest e-commerce companies, with a market share of 49% in China B2C market1. It is one of GLPs largest customers, comprising 4.5% of total leased area in China. Timely and reliable fulfillment is critical to success for online retailers. JD.com leverages GLPs national network to expand on demand in strategic locations across China. In FY15, JD.com increased its leased area with GLP 4-fold.
JD.com has expanded with GLP at a cumulative annual rate of 115%.
Network Effect Generating Powerful Results
Flexible Expansion with GLP GLPs Network Effect GLP's rapid development cycle and operational expertise have provided significant scale and scope. GLP is able to generate a "Network Effect", leveraging its size and scale to grow with its customers and serving them in multiple locations. The fund management platform allows GLP to scale up expansion even faster, enhancing its Network Effect.
Good Visibility on Future Demand
~70% of new leases with existing customers
Multi-location customers account for
~40% of leased area
Retain ~70% of customers Note: 1. iResearch
27,000 sqm; 1 city
62,000 sqm; 4 cities
89,000 sqm; 4 cities
481,000 sqm; 13 cities
FY12 FY13 FY14 Latest
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$500 $500
$1,100
$500 $900 $100
$150
$250
$200
$200 $600 $650
$1,350
$700
$1,100
FY12 FY13 FY14 FY15 FY16EDevelopment Cost Revaluation Gain
Note: 1. Estimated value creation margin going forward
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Development: Track Record
Value Creation Track Record US$ millions (GLP share)
33% 24% 36% 25%1 23%
Value Creation Margin
Development Value Creation
US$186m YTD FY16
Value Creation Margin
27% YTD FY16
Development Starts
FY16 Target (100%)
FY16 Target (GLP Share)
% Met (100%)
China US$1.7bn US$840m 63%
Japan US$980m US$480m 54%
Brazil US$250m US$90m 6%
Total US$2.9bn US$1.4bn 55%
Development Completions
FY16 Target (100%)
FY16 Target (GLP Share)
% Met (100%)
China US$1.1bn US$480m 40%
Japan US$720m US$350m 93%
Brazil US$140m US$50m 131%
Total US$2.0bn US$880m 66%
FY16 Development Starts & Completions Targets
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8
Fund Management Platform Delivers Superior Risk-Adjusted Returns
Fund Management Platform Case Study
Expanding Network, Increasing Returns
GLPs fund management platform with leading, global long term investors provides reliable and sustainable third-party capital while increasing its market share and returns through recurring fees and performance fees.
Note: 1. Average GLP stake in its fund management platform
Total Development Opportunity
More than 2x Bigger
Direct Investment Model (GLP Share: 100%)
Fund Management Model (GLP Share: 30%1)
300-500 bps
Higher
Direct Investment Model (GLP Share: 100%)
Fund Management Model (GLP Share: 30%1)
Total Development Opportunity
Development Gains
Development Gains
Recurring Fees & Performance Fees
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Invested US$22.4bn
66%
Uncalled US$11.7bn
34%
US$2.6bn
US$8.4bn
US$11.1bn
US$20bn
US$34bn
Note: 1. Potential recurring fees and performance fees based on the AUM and fee structure of GLPs existing fund platform. Performance fees assume all requisite triggers are satisfied
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GLPs Fund Management Platform
AUM1 Growth FY12Latest CAGR: 90%
FY13
Listed GLP J-REIT Entered Brazil market Fund fees: US$34m
FY14
Launched CLF I Fund fees: US$68m
FY12
Established fund management platform in Japan
FY15
US market entry Fund fees: US$108m
Latest
Launched CLF II and GLP US Income Partners II
Established US$2bn JDV II Expected FY16 fund fees: US$150m1
3Q FY16 Fund fees rose 19% yoy to US$37 million US$26 million of asset & property management fees, US$11 million of development and acquisition fees
Expected FY16 Fund Fees: US$150 million
Breakdown of Investment Type AUM: US$34bn
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10
GLP Executive Committee
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GLP Park Beilun China
1. Market Overview
1. Market Overview 2. Appendix
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26 56 128 263 498
774 1,300
1,850
2,789
3,877
5,320
6,653
7,785
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
12
China: Domestic Consumption is the Key Demand Driver
Chinas expanding middle class is driving unprecedented growth in e-commerce activity and retail chain store sales. The weight of domestic consumption is increasing rapidly relative to total GDP and the movement of consumer goods related to this activity has created accelerating demand for modern logistics space
Source: Strong and Steady, 2011 Asia s Retail and Consumption Outlook by PWC
5% 10%
65%
India China US
Huge room to grow
Chain Store Sales as % of Total Retail
12-year CAGR: 61%
Online Retail Sales Growth in China is Accelerating
Source: iResearch Consulting Group; Ministry of Commerce
Domestic Consumption as % of Total GDP
48.2%
51.2% 58.0%
67.0%
30%
40%
50%
60%
70%
80%
90%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
F20
20F
2030
F
China Japan USA Germany
Source: World Bank, Bureau of National Statistics
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120
600
Major Providers Modern LogisticsFacilities
Total Market Supply ofLogistics Facilities
Note: 1. From CAWS report covering 11 leading national logistics developers 2. Includes facilities provided by major international and national developers, small and midsize developers, state-owned enterprises, and facilities owned for self-use 13
China: GLP Leading the Modernization Wave in Logistics Facilities
The supply of modern logistics buildings in China is limited. With its strategic relationships and development track record, GLP is well positioned to continue being the leading developer in the market
Current Supply of Logistics Facilities in the US is ~13 times that of China
Source: National Bureau of Statistics (NBS), China Association of Warehouses and Storage, Prologis, CoStar, US Census Bureau, CBRE, Q3 2015
Modern Logistics Facilities1 Account for 20% of Total Supply; Market is Fragmented
Warehouse stock: total area (sqm) per capita (million sqm)
1
2
0.4
5.5
0.00
1.00
2.00
3.00
4.00
5.00
6.00
China US
13x
Source: Internal Research, Nov 2015
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Modern Logistics Facilities
3%
14
Japan: Modern Economy with Outdated Logistics Infrastructure
Modernizing an outdated stock of existing warehouses is the opportunity in Japan. As the largest owner and developer in the market, GLP is well positioned to continue modernizing and consolidating the warehouse property market in Japan
Modern Logistics Facilities in Japan are Scarce
Source: CBRE. Represents facilities with Area 10,000 sqm
Others 97%
Outsourcing and E-commerce Trends Driving Demand for Modern Logistics Facilities
JAPAN E-COMMERCE SALES
+270% FY2006 - FY2015
JAPAN 3PL MARKET
+125% FY2006 - FY2015
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Note: 1. Full Year GDP Projection for 2015
15
Brazil: Economic Headlines are Masking the Opportunity
Brazils explosive economic growth has slowed, but favorable trends persist for owners of modern warehouses. Companies continue to shift towards leasing, rather that owning, their warehouses. The current economic challenges are creating interesting opportunities for GLPs fund management business
Brazil: 689mm sq ft
20%
Source: CBRE Source: IBGE
Current Supply of Logistics Facilities in the US is ~15 times that of Brazil
Warehouse stock: total area sq ft per capita
Modern Logistics Facilities Account for ~20% of Supply
Modern Logistics Facilities: ~140mm sq ft
Net Absorption in So Paulo Remains Strong
Source: CBRE
2.7%
1.0%
2.7%
0.1%
-2.8%1
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
0
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 1H2015GLA GDP
000 sq ft
3.2
54.9
Brazil United States
15x
http://www.littleexplorers.com/southamerica/brazil/flag/Flagbig.GIF
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16
United States: Favorable Market Dynamics Expected to Continue
Trade, output and employment levels are all growing, generating rising demand for industrial real estate, highlighted by 5 consecutive years of positive absorption. Despite the unprecedented growth, the room for e-commerce opportunities remains vast. Supply remains well-below historical levels: the supply level in 2015 satisfied less than two-thirds of demand
Source: CBRE-EA
Strong Demand Outpacing Supply Significant Growth in E-Commerce Activity
142 145 169
199
229
260
297
0
50
100
150
200
250
300
350
2008 2009 2010 2011 2012 2013 2014
Annual E-Commerce Retail Sales ($ billions)
Source: US Census Bureau
7-year CAGR: 13%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
% o
f Tot
al S
tock
CompletionsNet Absorption
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GLP Soja Japan
1. Market Overview 2. Appendix
2. Appendix
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18
GLPs Business Strategy and Reputation
GLP named Best Industrial / Warehouse Developer in China, Japan, Brazil, Latin America and Asia in the Euromoney Real Estate Survey 2015. This is the ninth consecutive year that GLP has won at the Euromoney Awards.
To establish long-term cooperative relationships with customers by providing high quality logistics facilities and services within a strong network-based platform
To hold a leading position in each entered market
In 2013, GLP Misato III became the first LEED Platinum certified logistics facility in Japan. Three GLP development projects in Japan also received LEED Gold pre-certifications in 2014.
Largest Real Estate Fund Manager Headquartered in Asia and 4th Largest in
the World
2015 PERE 50 Ranking
Global Deal of the Year and North America Deal of the Year for US Entry
acquisition
Asia Capital Raise of the Year for US$2.5bn China consortium agreement
GLP Brazil recognized as Latin American Firm of the Year
Global PERE Awards 2014
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19
Strong Customer Base
Best Logistics Deppon Nippon Express DHL Hitachi And more
JD.com Walmart Vipshop Watsons ASKUL And more
High Quality Facilities and
Service
Customers
Adidas Samsung Procter & Gamble BMW Renown And More
First-Class Team
Comprehensive Network
3PLs Retailers / E-commerce Manufacturers
More than 4,000 high-profile customers worldwide
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20
Recognition from Customers
Considering SIP GLP Suzhou Parks strategic location, convenient transportation network, international investment environment, pro-business service, Adidas trusted GLP Park Suzhou to develop 60,000sqm Built-To-Suit warehouse, the largest single warehouse in China, which indubitably improved our logistics efficiency and customer service standards greatly. Lily Xie, Logistics Director, Adidas
Relying on GLP does not only mean relying on its logistics warehouse experience and high-quality facilities, but also means relying on its effective strategic insight on building both a national and international network. With GLP, we are able to meet both the high-standards of pharmaceutical logistics, and the distribution needs of the fast-paced growth of the pharmaceutical industry.
Guo Junyu, General Manager, Shanghai Pharmaceutical Holdings Ltd.
After choosing GLP, our delivery distribution has become highly efficient and smooth, our delivery efficiency has also been enhanced greatly. GM of Wal-Mart Shenzhen DC, Hu Shaobo
In addition to realizing liquidity from the assets, we hope to construct, through the partnership with GLP, a flexible strategy of logistics bases that accommodates the rapid changes in the logistics environment today.
Masakazu Kamibayashi Director, Panasonic Logistics Co., Ltd.
The use of Amazon Chengdus operation center has largely decreased the delivery time needed to reach markets in the west (of China). GLP has provided full support and perfect service to our operation centers, allowing our customers to now receive their goods 1-3 days faster than before.
Wang Han Hua , Director, Amazon.cn
Because we were able to secure a large space in a single floor, the work efficiency has improved drastically. Given the frequent earthquakes in this country, the anti-seismic structure was also an important factor in selecting GLPs facility.
Nobuyuki Usui General Manager, SCM Department, Imaging Company
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21
Environmental, Social and Governance
As the leading global provider of modern logistics facilities, GLP has made a long-term commitment to local communities
Since 2006, GLP has funded 13 Hope Schools, of which 11 have been completed. Over 6,000 students benefit from this program. The Company is now introducing the Hope School Program in Brazil
GLP also continues to develop and manage sustainable and environment-friendly logistics facilities with features that caters to customers various needs
In 2015, GLP Japan Development Venture, GLP Japan Income Partners I and GLP J-REIT received a Green Star rating in the 2015 GRESB Survey for its efforts for improving sustainability performance, the highest in four available categories. It also launched a project in 2013 to install solar panels on the rooftops of 22 properties in Japan, with a plan to introduce this to its parks in China
GLP HOPE SCHOOL
13 Schools SOLAR PANELS
22 Properties
LEED/CASBEE A BUILDINGS
7 Buildings
GRESB GREEN STAR
3 Funds
-
Pro-forma information as of 31 December 2015 Note: 1. Tranche 1 of 21.3% completed on 6 June 2014. Tranche 2 of 12.5% completed on 24
September 2014
2. 66% is under contract as of November 2015, with additional investors expected to join in 2016. GLP expects to retain a stake of less than 10%
22
GLP Group Structure
CLF II
56%
56%
CLF I
40%
China Consortium Includes China Life Insurance, China Development
Bank, Bank of China Group Investment, China Post, HOPU Funds and others
~34%1
GLP AUM: US$34.4bn
~66%
China AUM: US$11.5bn
JDV I
34%
J-REIT
Japan Income Partners I
100% Owned
15%
100%
Japan AUM: US$8.2bn
100%
Brazil Development
Partners I
Brazil Income Partners II
34%
40%
Brazil AUM: US$1.8bn
100% owned
China JVs ~58%
Brazil Income Partners I
100%
100%
USA AUM: US$12.9bn
100%
US Income Partners I
10%
US Income Partners II
-
GLP Fund Management Platform
Note: 1. AUM based on cost for in-progress developments (does not factor in potential value creation) and latest appraised values for completed assets 2. 66% is under contract as of November 2015, with additional investors expected to join in 2016. GLP expects to retain a stake of less than 10% 23
GLP provides its institutional investment partners a range of country specific funds with return targets ranging from core to opportunistic
Fund Name Vintage Type Assets under Management1 Investment To-Date Joint Venture Partners
Total Equity Commitment
GLP Co-Investment
CH
INA CLF I Nov 2013 Opportunistic US$3.0bn US$1.6bn Various US$1.5bn 55.9%
CLF II Jul 2015 Opportunistic US$7.0bn US$0.0bn Various US$3.7bn 56.4%
Total China US$10.0bn US$1.6bn US$5.2bn 56.3%
JAPA
N
GLP Japan Development Venture I Sep 2011 Opportunistic US$2.4bn US$1.5bn CPPIB US$1.1bn 50.0%
GLP Japan Income Partners I Dec 2011 Core US$1.0bn US$1.0bn CIC, CBRE US$400m 33.3%
GLP J-REIT Dec 2012 Core US$3.5bn US$3.5bn Public US$1.6bn 15.0%
GLP Japan Development Venture II Feb 2016 Opportunistic US$2.0bn US$100m CPPIB US$900m 50.0%
Total Japan US$8.9bn US$6.1bn US$4.0bn 34.4%
BR
AZIL
GLP Brazil Development Partners I Nov 2012 Opportunistic US$900m US$500m CPPIB, GIC US$600m 40.0%
GLP Brazil Income Partners I Nov 2012 Value-add US$700m US$700m CIC, CPPIB, GIC US$400m 34.2%
GLP Brazil Income Partners II Oct 2014 Value-add US$700m US$600m CPPIB & Other Investor US$500m 40.0%
Total Brazil US$2.3bn US$1.8bn US$1.5bn 38.2%
US
GLP US Income Partners I Feb 2015 Core US$8.2bn US$8.2bn GIC, CPPIB & Others US$3.2bn 10.4%
GLP US Income Partners II Nov 2015 Core US$4.7bn US$4.7bn China Life & Others US$2.0bn
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Note: 1. US Pro-rata area and valuation for USIP I and USIP II portfolio are on 10.4% and 100% basis respectively 24
GLP Total Portfolio
Our China portfolio includes land reserves of 12.6 million sqm in addition to the above
Total Area (sqm
million)
Pro-rata Area (sqm
million)
Total valuation (US$m)
Pro-rata valuation (US$m)
Pro-rata valuation %
change (vs Sep 15)
Total Area (sqm
million)
Pro-rata Area (sqm
million)
Total valuation (US$m)
Pro-rata valuation (US$m)
Pro-rata valuation %
change (vs Sep 15)
Completed and stabilized 10.8 5.7 7,534 3,949 5% 4.2 1.7 7,297 3,108 1%
Completed and pre-stabilized 2.0 0.7 970 380 11% 0.4 0.2 631 315 49%
Other facilities 0.8 0.3 214 78 11% - - - - N.M.
Properties under development or being repositioned 5.7 2.7 1,475 669 0% 0.7 0.5 318 240 51%
Land held for future development 6.1 2.7 1,298 568 4% - - - - N.M.
25.4 12.2 11,492 5,643 5% 5.3 2.5 8,245 3,663 6%
Completed and stabilized 2.4 0.9 1,460 542 8% 14.4 5.8 11,574 4,938 23%
Completed and pre-stabilized 0.2 0.1 151 56 -2% 1.7 0.7 1,282 570 6%
Properties under development or being repositioned 0.2 0.1 78 29 -23% - - - - N.M.
Land held for future development 0.8 0.3 86 32 -3% - - - - N.M.
3.6 1.3 1,775 659 5% 16.1 6.5 12,856 5,508 21%
Total GLP portfolio 50.3 22.5 34,368 15,473 10%
China Portfolio Japan Portfolio
US PortfolioBrazil Portfolio
As at Dec 31, 2015
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25
Proven Track Record of Delivering Growth
2002-2004 2005-2007 20082010 FY11FY14 FY15 FY16
Key Milestones
GLP founding partners Jeff Schwartz and Ming Mei established presence in China and Japan
Presence in five key markets in China and Japan Suzhou, Shanghai, Guangzhou, Tokyo and Nagoya
Established network in 18 major logistics hubs in China
Expanded into Osaka, Sendai and Fukuoka markets in Japan
Named best developer in China by Euromoney for the first time
Selected as the exclusive distribution center provider for the Beijing 2008 Olympic Games
Japan AUM exceeds JPY 500 billion (US$5.3 billion)
Listed on the Main Board of Singapore Stock Exchange on 18 Oct 2010 in the largest real estate IPO ever globally
Listed GLP J-REIT, Japans largest real estate IPO
Launched CLF I, worlds largest China-focused real estate fund
Established a market leading presence in Brazil
Completed a US$2.5 billion landmark agreement with Chinese SOEs and leading financial institutions
Entered US market with US$8.2 billion GLP US Income Partners I
Fund management platform grows to US$34 billion following CLF II, GLP US Income Partners II and Japan Development Venture II
GLP commenced development of GLP Nagareyama, its largest development project in Japan (US$490 million)
GLP Completed Area (m sqm)
GLP Portfolio Growth
FY04 Latest CAGR: 56%
1.0 1.6 2.4 2.8 2.8 2.8 3.6 3.6 3.9 4.0 4.6 0.3 0.8
1.4 2.6 3.2 4.0
6.4 7.6 9.5
11.8 13.6 1.0
1.4 2.4
2.6
10.7
16.1
0.2 0.6 1.3 2.4
3.8 5.4 6.0
6.8
10.0 12.2
14.8
28.9
36.9
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Latest
Japan China Brazil US
-
(US$ million) As atDec 31, 2015As at
Mar 31, 2015Change
%
Total assets 19,576 17,462 12.1
Cash 1,137 1,446 (21.4)
Total loans and borrowings 4,489 2,848 57.6
Net debt 3,352 1,402 139.1
Weighted average interest cost 3.0% 3.4% (0.4)
Weighted average debt maturity (years) 4.9 3.8 28.9
Fixed rate debt as % of total debt 64% 63% 1.0
Group Financial Position
26
Low Leverage & Significant Cash on Hand
EBITDA: US$393.9m
Interest: US$59.5m
Leverage Ratios as of December 31, 2015 Debt Ratios for the period ended December 31, 2015
Note: 1. The financial information above excludes loans and results of GLP US Income Partners II 2. Total assets less liabilities classified as held for sale of GLP US Income Partners II. Pro-forma net debt to assets is 9.4% assuming GLPs equity stake in GLP US Income Partners II is syndicated
down to 10%
6.4x 6.6x
Net Debt / EBITDA EBITDA / Interest2 2
2
22.9%18.2%
Total Debt to Assets Net Debt to Assets
-
GLP Tianjin Pujia China
Ambika Goel, CFA SVP - Capital Markets and Investor Relations Tel: +65 6643 6372 Email: [email protected]
Investor Relations Contact
GLP Company OverviewGLP Leading Global Provider of Modern Logistics FacilitiesGLP Global FootprintGLP Business ModelOperations: Dominant Market PositionsSlide Number 6Development: Track RecordFund Management Platform Delivers Superior Risk-Adjusted ReturnsGLPs Fund Management PlatformGLP Executive Committee1. Market OverviewChina: Domestic Consumption is the Key Demand DriverChina: GLP Leading the Modernization Wave in Logistics FacilitiesJapan: Modern Economy with Outdated Logistics InfrastructureBrazil: Economic Headlines are Masking the OpportunityUnited States: Favorable Market Dynamics Expected to Continue2. AppendixGLPs Business Strategy and ReputationStrong Customer BaseRecognition from CustomersEnvironmental, Social and GovernanceGLP Group StructureGLP Fund Management PlatformGLP Total PortfolioProven Track Record of Delivering GrowthLow Leverage & Significant Cash on HandAmbika Goel, CFASVP - Capital Markets and Investor RelationsTel: +65 6643 6372Email: [email protected]