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.
