Bookmark & Share
Global Logistic Properties (GLP) saw its fourth quarter earnings jump 62 percent to US$247 million from US$153 million over the same period last year, driven by higher asset values.
On a core basis (adjusted for non-recurring items), earnings dropped five percent to US$155 million due to lower contribution from its second US portfolio following its syndication in Q2 2017. In an SGX filing, GLP revealed that it has retained a 10 percent stake in the said portfolio.
For the full year ended 31 March 2017, earnings climbed 10 percent to US$794 million from US$719 million previously.
With demand for GLP’s logistic facilities continuing to be significant, new and renewal leases rose 35 percent year-on-year to 13.3 million sq m (143 million sq ft), while same-property net operating income increased by 6.3 percent. The company also posted an 8.9 percent rent growth on renewal leases.
GLP noted that an average of 73 percent of its customers renewed their leases with them.
“Our strong financial performance in FY2017 is a result of our optimal business model and solid execution by the team,” said GLP CEO Ming Z. Mei.
“We exceeded our development targets and our fee-generating capital base continues to grow, delivering higher recurring income from management fees. Demand from institutional investors to partner with GLP remains strong and we continue to explore options to grow our fund management platform in new and existing markets, in line with our capital recycling strategy.”
With this, GLP’s board proposed a final dividend of six Singapore cents per ordinary share, in line with last year’s dividend.
This article was edited by Denise Djong.
Related Articles:
Property deals in Singapore surged in Q1: RCA
Starhill Global REIT divests Tokyo property at 22.4% premium to valuation
GIC: High prices hinders its effort to expand real estate allocation