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GLP reports 34% higher 2Q earnings of $314 mil

PC Lee
PC Lee11/10/2017 07:13 AM GMT+08  • 1 min read
GLP reports 34% higher 2Q earnings of $314 mil
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.
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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.

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