GLP announced a record year for earnings in its annual results released today. For the fiscal year ended March 31, 2017, revenues stood at $880m, an increase of 13%. Profits after tax and minority interests (PATMI) stood at $794m, up 10% overall.
Group new and renewal leases were up 35% year-on-year to 13.3m sq m. There was a 6.3% growth rate in same-property net operating income and 8.9% rent growth on renewal leases. On average, 73% of customers renewed their leases with GLP.
Ming Z. Mei, CEO of GLP, said: “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.”
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