GLP REPORTS STRONG FY15 OPERATIONAL ......Singapore, 14 May 2015 – Global Logistic Properties...

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For Immediate Release

GLP REPORTS STRONG FY15 OPERATIONAL MOMENTUM;

ACCELERATED FUND MANAGEMENT GROWTH

Strong earnings growth from core operations with FY15 pro-forma earnings

(PATMI) excluding revaluations up 31% y-o-y

US$183 million of development gains in FY15, on the back of record US$516

million China development completions in 4Q

China lease ratio1 up 170 bps q-o-q to 91% on the back of record 1.2 million sqm of

leasing in 4Q FY15; Same-property NOI growth of 7.0% y-o-y in FY15

Fund management AUM up 80% y-o-y to US$20.0 billion; Annual fund fee run rate

of US$150 million2

US$ million FY15 Pro-

Forma3

FY15

YoY Change

Pro-forma YoY

Change

4Q FY15

Pro-forma

4Q FY15

YoY Change

Pro-forma YoY

Change

Revenue 708 708 13% 25% 167 167 6% 21%

EBIT 910 970 (4%) 12% 214 214 (7%) 2%

Earnings (ex reval) 201 257 (19%) 31% 65 65 24% 10%

Earnings 486 543 (29%) (1%) 105 105 (34%) (24%)

Diluted EPS (in US cents)

9.4 10.6 (31%) (2%) 2.0 2.0 (37%) (26%)

Singapore, 14 May 2015 – Global Logistic Properties Limited (“GLP”), the leading provider of

modern logistics facilities in China, Japan, Brazil and the US, reported continued growth for

the year ended 31 March 2015 (“FY15”) on the back of strong China operational results and

further expansion of GLP’s fund management platform.

1 Stabilized logistics portfolio

2 Potential fund fees based on assumptions including AUM and fee structure of GLP’s existing fund platform

3Pro-forma financials provided for like-for-like comparison and were adjusted for: China investor consortium’s

33.8% stake in GLP China, sale of assets to GLP J-REIT, FX-related effects and material non-recurring items. For more detail on the adjustments, please see slides 26 & 27 of GLP’s 4Q FY15 earnings presentation

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Mr. Ming Z. Mei, Chief Executive Officer of GLP, said: “We are pleased to announce solid

results in each of our business segments: property operations, development and fund

management. GLP achieved strong leasing volumes, rent growth and higher fund fees in

FY15. Development margins remained strong. In-line with our capital recycling strategy, GLP

continues to evaluate opportunities to unlock value and maximize returns. This is being

undertaken while maintaining a strong balance sheet.”

FY15 Group revenue was US$708 million, up 13% year-on-year. GLP’s core operations

continued to deliver strong growth, with FY15 pro-forma earnings excluding revaluations up 31%

year-on-year. China pro-forma earnings excluding revaluations grew by 33% year-on-year.

4Q FY15 Group revenue was US$167 million with earnings (PATMI) of US$105 million.

Group earnings included one-off US$26 million of foreign exchange (“FX”) gains, a US$27

million revaluation loss in Brazil and US$6 million of transaction costs arising from the US

acquisition. During the quarter, GLP’s average revenue yield in Brazil expanded 65 basis

points to 10.0% on the back of interest rate hikes.

The Board has recommended the payment of an ordinary dividend of SGD 5.5 cents per

ordinary share (US$200 million), an increase of 22% over last year’s dividend per share. The

proposed dividend is subject to shareholders’ approval at the Annual General Meeting.

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Operational Momentum Continues with Solid Customer Demand

Demand for GLP’s modern logistics facilities remained high, with strong leasing across all its

markets. FY15 Group new and expansion leases increased 25% year-on-year to 3.7 million

square meters (“sqm”) (40 million square feet (“sq ft”)).

China’s stabilized logistics portfolio lease ratio increased 170 basis points quarter-on-quarter

to 91% on the back of record 4Q FY15 new and expansion leases of 1.2 million sqm (13

million sq ft). Demand was driven by fast moving consumer goods, retail, cold storage and e-

commerce industries in China. FY15 China same-property net operating income (“NOI”) was

up 7.0% year-on-year, with same-property rents up 5.4%.

GLP maintained high lease ratios in Japan (99%) and Brazil (97%), with 350,000 sqm (4

million sq ft) and 130,000 sqm (1 million sq ft) of new and expansion leases signed during the

year, respectively. In Japan, cash rents on leases renewed during the year increased 1.6% on

average. In Brazil, GLP’s rents are indexed to inflation and same-property rents increased 6.0%

year-on-year in FY15.

GLP’s US portfolio is 92% leased as of 31 March 2015, with the ability to further increase

occupancy to 94% in the near-term. GLP recorded 126,000 sqm (1.4 million sq ft) of new and

expansion leases in the US, with an additional 128,000 sqm (1.4 million sq ft) of renewal

leasing executed, since it acquired the portfolio on 27 February 2015. Net effective rents4 for

leases signed during the quarter increased 11.8%.

4 Net effective rent refers to the estimated cash rent to be received over the lease term (including base rent and

expense reimbursements) on an annualized basis

4

China remains GLP’s largest market, representing 56% of GLP’s pro-forma5 net asset value

as at 31 March 2015. Japan accounted for 22%, Brazil 6% and US would be 4% following the

sell down of GLP’s stake in GLP US Income Partners I.

Development Pipeline Generating Strong Value Creation

In FY15, GLP generated US$183 million of value creation from development (“development

gains”). The Group’s development pipeline over the next three years is expected to generate

approximately US$1 billion6 of development gains (GLP share) and US$400 million7 of fees

and promotes (GLP share).

Development of modern logistics facilities is one of GLP’s key engines of growth. In FY15,

GLP started US$2.6 billion of developments (GLP share: 49%) across the Group, up 32%

year-on-year. In the same period, the Group completed US$1.2 billion of developments (GLP

share: 44%) across China, Japan and Brazil with an approximate value creation margin of

36%.

China remains GLP’s main growth market for development. During the year, GLP met its

target of starting 3.3 million sqm (36 million sq ft) of new development projects in China with

a total estimated development cost of US$1.64 billion. This translated into starting an

average of approximately three new developments a week. Land supply in this market

continues to tighten, however GLP has strategically positioned itself to expand land sourcing

5 Assuming GLP’s ultimate 10% stake in GLP US Income Partners I

6 Estimated development gains based on US$8 billion of Group development completions (GLP share: 45%) at

25% value creation margin 7 Estimated fees and promotes based on AUM and fee/promote structure of GLP’s existing development funds

Promotes assume all requisite triggers are satisfied and not discounted

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opportunities by teaming up with strategic partners. 21% of the 3.3 million sqm (35 million sq

ft) of land acquired in China was attributable to China consortium investors. GLP’s land

reserve stands at 12.1 million sqm (130 million sq ft) as of 31 March 2015, providing a

significant pipeline for future developments.

Expansion demand from repeat customers drives our development plans. In China, JD.com,

GLP’s largest customer at 3.7% of leased area, quadrupled its leased area over the past

year and now leases across 10 cities with GLP.

Significant Growth in Fund Management Platform

GLP completed the acquisition of one of the largest logistics portfolios in the United States for

US$8.0 billion8 in February 2015. GLP is in advanced negotiations to pare down its stake of

GLP US Income Partners I from 55% to 10%. Investor demand is strong and the fund

syndication process is in the final documentation phase, with GLP expecting to make an

announcement on the new investors soon.

GLP’s fund management platform enables it to crystallize the embedded value of its

development pipeline. In May, GLP completed the sale of GLP Kobe-Nishi to GLP J-REIT.

The sale crystallizes a 38% development value creation margin within 14 months, with net

levered property IRR of 128% before fees and promotes. GLP Kobe-Nishi is a development

under GLP Japan Development Venture.

8 Subject to post-closing adjustments

6

Fund management revenue in FY15 increased 59% year-on-year to US$108 million. This

consists of asset and property management fees of US$49 million and development and

acquisition fees of US$59 million.

Total fund management AUM as of 31 March 2015 was US$20.0 billion, up 80% year-on-year.

US$16.5 billion has been invested so far, with further fee earnings upside when the remaining

US$3.5 billion of uncalled capital is deployed. Based on the AUM and fee structure of its

existing fund platform, GLP could generate annual fund fees of US$150 million9.

Fund management is an important and growing part of GLP’s business. It provides capital to

support sustainable long-term growth while enhancing GLP’s returns via fund management

fees and promotes. GLP’s fund management platform is scalable and given the significant

market opportunities and strong demand from capital partners, GLP expects to continue

growing this platform.

Healthy Capital Base to Capitalize on Growth Opportunities

GLP’s financial position remains strong. Pro-forma10 net debt to assets stands at 10% on a

look through basis. With a strong balance sheet in place, GLP remains poised to capitalize

on growth opportunities and selectively expand its footprint.

Since GLP operates in multiple countries and is exposed to different currencies, the Group

believes that a natural hedge is the best means to hedge against its foreign exchange

exposure. In 4Q FY15, the Group signed agreements for term loans totaling JPY40 billion

9 Potential fund fees based on assumptions including AUM and fee structure of GLP’s existing fund platform

10 Assuming GLP’s ultimate 10% stake in GLP US Income Partners I

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(US$334 million), which served as a hedge to further reduce its long-term exposure in Japan.

Earnings Call/Webcast Information

A briefing for investors and analysts is scheduled for Thursday, 14 May 2015 at 9.00 am

Singapore time. Please visit our website (ir.glprop.com) to access our webcast for the event.

Questions may be submitted during the live webcast and a replay of the briefing will also be

available on our website.

About Global Logistic Properties (www.glprop.com)

Global Logistic Properties Limited (“GLP”) is a leading global provider of modern logistics

facilities. As of 31 March 2015, GLP’s US$28 billion property portfolio encompasses 41

million square meters (441 million square feet) of logistics facilities across China, Japan,

Brazil and the US.

GLP’s growth strategy is centered on being the best operator, creating value through

developments and expanding its fund management platform. GLP’s customers include some

of the world’s most dynamic manufacturers, retailers and third party logistics companies.

Domestic consumption is a key driver of demand for GLP.

The Group is listed on the Mainboard of Singapore Exchange Securities Trading Limited

(SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP).

GLP Investor Relations & Media Contact:

Ambika Goel, CFA

SVP- Capital Markets and Investor Relations

Tel: +65 6643 6372

Email: [email protected]

## END ##

http://ir.glprop.com/

http://www.glprop.com/

mailto:[email protected]

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This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this

press release may not contain, and you may not rely on this press release as providing, all material information concerning the

condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its

subsidiaries. Please refer to our unaudited financial statements for a complete report of our financial performance and position.

This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include

statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When

used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,” “foresees,”

“estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements.

Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance,

outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of

risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry

and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties,

competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands,

customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and

public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future

business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current

view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise

forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur,

that projections will be achieved, or that GLP’s assumptions are correct.

GLOBAL LOGISTIC PROPERTIES SUPPLEMENTARY INFORMATION

GROUP INFORMATION AS AT 31 MARCH 2015

Corporate ratings

Moody's rating Baa2

Fitch rating BBB+

Debt info

Weighted average interest cost1 FY2015

Group 3.40%

China 6.21%

Japan 1.37%

Others 2.56%

Weighted average debt maturity years

Group 3.8

China 3.8

Japan 4.2

Others 3.4

Fixed rate debt as % of total debt FY2015

Group 63%

China 0%

Japan 91%

Others 84%

Total debt by currency US$'000

RMB 705,161

JPY 1,380,179

USD3 762,369

NAV (US$ '000) Investment

properties

Joint

ventures

Cash and

cash

equivalents

Other segment

assets

Total segment

assets

Loans and

borrowings

Other segment

liabilities

Non-controlling

interests ("NCI")

Total segment

liabilities and

NCI

Segment NAV Interco

elimination

adjustment

Country NAV4

Group 11,331,778 1,544,017 1,445,675 3,140,835 17,462,305 (2,847,709) (1,852,175) (3,982,502) (8,682,386) 8,779,919 - 8,779,919

China 9,281,554 293,246 906,379 847,307 11,328,486 (800,260) (1,592,724) (3,982,502) (6,375,486) 4,953,000 (45,521) 4,907,479

Japan 2,050,224 419,392 72,677 695,022 3,237,315 (923,703) (204,307) - (1,128,010) 2,109,305 (142,012) 1,967,293

Brazil - 540,476 3,637 5,043 549,156 - (4,782) - (4,782) 544,374 5,126 549,500

United States - 290,903 17,655 1,534,372 1,842,930 - (5,626) - (5,626) 1,837,304 (19,090) 1,818,214

Others5 - - 445,327 59,091 504,418 (1,123,746) (44,736) - (1,168,482) (664,064) 201,497 (462,567)

Pro-rata balance sheet (US$ mil) Group China Japan Brazil United States7

Others

Pro-rata interest valuation of investment properties6

9,660 5,099 2,963 794 804 -

- Completed and stabilized 7,665 3,694 2,697 646 628 -

- Completed and pre-stabilized 589 373 - 39 177 -

- Other facilities 67 67 - - - -

- Properties under development or being repositioned 845 516 266 63 - -

- Land held for future development 494 448 - 45 - -

Add: intangible assets 375 222 153 - - -

other investment 435 63 372 - - -

assets classified as held for sale 1,467 - - - 1,467 -

effective share of cash and cash equivalents 1,112 481 110 40 36 445

effective share of other assets (including deferred tax asset, PPE, receivables and others)

- effective share of other assets - deferred tax asset 22 15 6 1 - -

- effective share of other assets - plant & equipment 62 4 49 2 - 7

- effective share of other assets - others 533 235 153 22 71 52

Less: effective share of loans and borrowings (3,666) (385) (1,345) (280) (533) (1,123)

effective share of other liabilities (including deferred tax liabilities, payables & others)

- effective share of other liabilities - deferred tax liabilities (526) (456) (46) (18) (6) -

- effective share of other liabilities - payables & other (695) (325) (306) (18) (1) (45)

Equity attributable to equity holders - US$' mil 8,780 4,952 2,109 542 1,839 (664)

- No. of shares- mil 4,840

- US$ per share 1.81

- S$ per share 2.47

Note:

1 Includes amortization of transaction costs for bonds and loans

2 The Group generally borrows in the currency of the country in which the investment is located.

3 Pertains to RMB 3 billion fixed rate notes swapped to USD.

4 Country NAV refers to GLP share of the consolidated net asset value of the entities. Segment NAV refers to Country NAV and adjusted to exclude intercompany loans from GLP.

5 "Others" segment consists mainly Listco.

6 Excludes pro-rata interest valuation of J-REIT.

7 United States pro-rata balance sheet is based on GLP 10% shareholdings classified as investment in joint ventures

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PORTFOLIO INFORMATION AS AT 31 MARCH 2015

1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY2013 FY2014 FY2015

China portfolio

New leased area (sqm mil)3 0.20 0.57 0.48 1.04 0.53 0.81 0.60 1.19 1.43 2.30 3.14

Land acquired for future development (sqm mil) 0.58 0.79 0.96 1.74 0.70 0.78 0.51 1.31 4.16 4.06 3.29

Development starts - sqm mil (100% basis) 0.73 0.33 0.65 0.80 1.36 0.44 0.41 1.04 2.08 2.51 3.25

- US$ mil (100% basis) 319 152 255 429 643 203 208 581 1155 1635

- US$ mil (pro-rata basis) 316 112 194 254 293 106 97 247 876 743

Development completion - sqm mil (incl. convert from being repositioned, 100% basis) 0.32 0.42 0.40 0.88 0.06 0.41 0.63 1.12 1.19 2.02 2.22

- US$ mil (100% basis) 151 162 180 455 25 180 308 516 948 1029

- US$ mil (pro-rata basis) 131 158 183 331 10 84 138 214 803 446

Acquired completed properties (sqm mil) 0.05 - 0.09 - 0.11 0.08 0.01 0.01 0.04 0.14 0.21

Japan portfolio

New leased area (sqm mil)3 0.15 0.02 0.20 0.05 0.03 0.10 0.13 0.09 0.26 0.41 0.35

Land acquired for future development (sqm mil) - 0.25 0.09 0.15 0.09 0.06 - - 0.06 0.48 0.15

Development starts - sqm mil (100% basis) 0.01 - 0.33 0.11 0.04 0.23 - 0.16 0.47 0.45 0.43

- US$ mil (100% basis) 11 - 538 185 54 314 - 293 734 661

- US$ mil (pro-rata basis) 11 - 269 92 27 230 - 146 372 403

Development completion - sqm mil (100% basis) 0.09 - 0.11 0.12 0.01 - - 0.04 0.08 0.32 0.05

- US$ mil (100% basis) 76 - 128 197 11 - - 44 401 55

- US$ mil (pro-rata basis) 38 - 64 99 11 - - 22 201 33

Acquired completed properties (sqm mil) - - - - 0.02 - 0.02 - - - 0.04

Brazil portfolio

New leased area (sqm mil)3 - 0.02 0.12 0.15 0.00 0.01 0.01 0.11 0.04 0.29 0.13

Land acquired for future development (sqm mil) 0.00 0.34 0.08 0.42

Development starts - sqm mil (100% basis) 0.05 0.02 - - 0.20 0.06 - 0.09 0.12 0.07 0.35

- US$ mil (100% basis) 59 17 - - 186 53 - 60 76 299

- US$ mil (pro-rata basis) 23 6 - - 74 21 - 22 29 117

Development completion - sqm mil (100% basis) 0.01 0.01 0.04 0.08 0.06 - - 0.08 0.04 0.14 0.13

- US$ mil (100% basis) 14 10 89 42 41 - - 50 155 91

- US$ mil (pro-rata basis) 6 4 36 17 15 - - 18 63 33

Acquired completed properties (sqm mil) 0.86 0.03 0.01 - 0.91

US portfolio

New leased area (sqm mil)3 0.13 0.13

Acquired completed properties (sqm mil) 10.71 10.71

Portfolio details 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015

China portfolio2

Completed & Stabilized (sqm mil) 6.44 6.57 7.00 7.39 7.60 8.16 8.52 9.57

Completed & Pre-stabilized (sqm mil) 0.81 0.88 0.94 1.32 1.29 1.21 1.41 1.52

Other facilities4 (sqm mil) 0.75 0.75 0.75 0.75 0.72 0.72 0.72 0.72

Properties under development or being repositioned (sqm mil) 3.55 3.36 3.61 3.56 4.86 4.90 4.72 4.64

Land held for future development (sqm mil) 4.05 4.42 4.72 5.66 4.88 5.20 5.28 5.39

Land reserve (sqm mil) 11.88 11.81 12.43 12.75 12.75 12.76 12.88 12.11

Total 27.48 27.80 29.45 31.45 32.11 32.96 33.53 33.95

Japan portfolio2

Completed & Stabilized (sqm mil) - GLP-owned properties 2.26 2.22 2.13 2.09 2.20 1.97 1.99 2.14

- J-REIT-owned properties 1.28 1.28 1.47 1.59 1.61 1.85 1.85 1.85

Completed & Pre-stabilized (sqm mil) 0.17 0.17 0.18 0.23 0.12 0.12 0.12 -


Land held for future development (sqm mil) 0.00 0.25 0.00 0.04 0.09 - - -

Total 4.02 4.23 4.32 4.47 4.58 4.72 4.73 4.90

Brazil portfolio2

Completed & Stabilized (sqm mil) 1.28 1.29 1.35 1.43 2.22 2.28 2.26 2.22

Completed & Pre-stabilized (sqm mil) 0.01 0.01 0.00 0.00 0.13 0.11 0.09 0.17


Land held for future development (sqm mil) 0.61 0.59 0.59 0.59 0.40 0.34 0.68 0.66

Total 2.13 2.13 2.14 2.14 3.01 3.04 3.40 3.47

US portfolio2

Completed & Stabilized (sqm mil) 8.45

Completed & Pre-stabilized (sqm mil) 2.26

Total 10.71

Rents & lease ratio for Stabilized logistics 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015

China portfolio

Rents (RMB/sqm/day) 1.08 1.10 1.10 1.11 1.12 1.12 1.12 1.14

Effective Rents (RMB/sqm/day)10 0.99 1.00 1.13 1.06 1.03 1.02 1.04 1.10

Lease ratio 88% 90% 89% 91% 90% 90% 89% 91%

Net operating income margin5 79% 77% 81% 75% 75% 76% 75% 75%

Japan portfolio

Rents (JPY/sqm/mth) 1,081 1,081 1,085 1,087 1,091 1,091 1,090 1,098

Effective Rents (JPY/sqm/mth)10 1,127 1,133 1,144 1,170 1,124 1,150 1,080 1,086

Lease ratio 99% 99% 99% 99% 99% 99% 99% 99%


Brazil portfolio8

Rents (BRL/sqm/mth) 16.8 17.3 17.3 17.8 19.1 19.6 20.0 20.4

Effective Rents (BRL/sqm/mth)10 20.3

Lease ratio 98% 95% 95% 96% 97% 98% 98% 97%


US portfolio

Rents (USD/sqft/year) 5.88

Effective Rents (USD/sqft/year)10 6.01

Lease ratio8 92%

Net operating income margin5 74%

China portfolio movements (sqm mil) 4Q 2015

Land reserve

Opening balance 12.88

Additions 0.80

Conversions to land held for future development (1.31)

Cancelled (0.26)

Ending balance 12.11

Land held for future development


Conversions to land held for future development 1.31

Development starts (1.04)

Disposals (0.08)

Design adjustment (0.08)

Ending balance6 5.39

Properties under development or being repositioned


Development starts 1.04

Development completion (1.12)

Ending balance 4.64

Completed & Pre-stabilized


Development completion 1.12

Acquired completed properties 0.01

Stabilized properties7 (1.05)

Design adjustment 0.03

Ending balance 1.52

Completed & Stabilized


Stabilized properties7 1.05

Ending balance 9.57

Note:

1 Our Portfolio Information comprises all assets under management which includes all properties held by subsidiaries, jointly-controlled entities and J-REIT but excludes Blogis

2 Portfolio area is based on GFA in China, Japan, US and GLA in Brazil

3 Excludes completed properties acquired

4 “Other facilities” includes container yard and parking lot facilities

5 Net Operating Income is calculated as revenue less expenses

6 Includes land & properties held for sale, total GFA is computed based on estimated buildable area

7 "Stabilized properties” refers to properties that are 1 year after completion/acquisition or the lease ratio is more than 93%, whichever is earlier.

8 Rents and lease ratio for Brazil and US portfolio include industrial properties' rents. Lease ratio for US portfolio is presented for all completed properties.

9 Any discrepancy between sum of individual amounts and total is due to rounding.

10 Effective rents for 4Q FY2015 a) includes all stabilized logistics assets under management, prior periods effective rents include completed assets held by subsidiaries

b) for US based on full quarter results and include period prior to GLP's acquisition

Page 2



Lease Information FY2015

Weighted average lease expiry years

China 2.6

Japan 4.9

Brazil 5.7

US 3.0

% Lease Expiring FY2016 FY2017 FY2018 FY2019 FY2020 Beyond FY2020

Group 20% 18% 17% 15% 10% 20%

China 29% 19% 15% 17% 8% 12%

Japan 13% 15% 15% 14% 8% 35%

Brazil 5% 3% 21% 11% 10% 50%

US 19% 21% 18% 14% 13% 15%

Geographic Portfolio Information

Rents (RMB/sqm/day) -

China Completed Area Pro rata Completed Area Pro rata Development starts Completed and

Region (sqm mil)1

(sqm mil)1

(sqm mil) (sqm mil) Stabilized Logistics portfolio

East 6.34 3.22 0.08 0.28 1.10

North 2.25 1.17 0.15 - 1.39

South 1.06 0.59 0.11 0.11 1.07

Mid-West 2.15 1.13 0.08 0.19 0.93

Total 11.81 6.11 0.42 0.58 1.14

Rents (JPY/sqm/mth) -

Japan Completed Area Pro rata Completed Area Pro rata Development starts Completed and

(sqm mil)1

(sqm mil)1

(sqm mil) (sqm mil) Stabilized Logistics portfolio

Tokyo 2.39 1.10 - - 1,196

Osaka 0.98 0.50 0.08 - 1,009

Others (Sapporo, Sendai, Nagoya, Hiroshima, Fukuoka) 0.62 0.24 - - 863

Total 3.99 1.83 0.08 - 1,098

Rents3 (BRL/sqm/mth) -

Brazil Completed Area Pro rata Completed Area Pro rata Development starts Completed and

(sqm mil)1

(sqm mil)1

(sqm mil) (sqm mil) Stabilized portfolioSão Paulo 1.70 0.63 0.03 0.03 20.3

Rio de Janeiro 0.39 0.14 - - 21.5

Others 0.30 0.10 0.01 - 19.3

Total 2.39 0.88 0.03 0.03 20.4

Rents3 (USD/sqft/year) -

US Completed Area Pro rata Completed Area Pro rata Development starts Completed and

(sqm mil)1

(sqm mil)1

(sqm mil) (sqm mil) Stabilized portfolioWest 3.46 1.90 - - 7.00

Midwest 1.69 0.93 - - 4.32

Northeast 1.57 0.87 - - 6.00

Southeast 1.97 1.08 - - 5.11

Southwest 2.01 1.11 - - 5.95

Total 10.71 5.89 - - 5.88

Note:

1 Includes both stabilized and pre-stabilized properties


3 Rents for Brazil and US completed and stabilized portfolio include industrial properties' rents

Pro rata Land acquired for

future devt


future devt


future devt


future devt

Page 3



Top 10 tenants

No. China tenants Industry % leased area No. Japan tenants Industry % leased area

1 JD.com (360buy) Retailer 3.7% 1 Nippon Express Co., Ltd. 3PL 12.7%

2 Deppon 3PL 3.7% 2 Hitachi Transport System, Ltd. 3PL 12.5%

3 Best Logistics 3PL 3.6% 3 Japan Logistic Systems Corporation (Logitem) 3PL 3.8%

4 Amazon Retailer 3.0% 4 ASKUL Corporation Retailer 3.8%

5 Nice Talent 3PL 1.9% 5 Senko Co., Ltd. 3PL 3.8%

6 Vipshop Retailer 1.7% 6 Mitsui Soko Logistics Co., Ltd 3PL 3.3%

7 Goodaymart (Haier Logistics) 3PL 1.4% 7 DHL 3PL 3.0%

8 Sinotrans 3PL 1.4% 8 Renown Incorporated Manufacturer 2.8%

9 Schenker 3PL 1.3% 9 Yamato Logistics Co., Ltd. 3PL 2.6%

10 Sankyu Logistics 3PL 1.2% 10 Shinkai Transport Systems, Ltd. 3PL 1.8%

Total 1 22.9% Total

1 50.1%

No. Brazil tenants Industry % leased area No. US tenants Industry % leased area

1 GPA Retailer 9.4% 1 Whirlpool Corporation Retailer 3.4%

2 Tavex Algodonera Manufacturer 9.2% 2 Ozburn-Hessey Logistics 3PL 1.7%

3 DHL Logistics 3PL 7.9% 3 FedEx 3PL 1.6%

4 Unilever Retailer 7.7% 4 Home Depot Retailer 1.3%

5 Riachuelo Retailer 5.0% 5 Petco Retailer 0.9%

6 AGV Logística 3PL 4.2% 6 Exel Inc. 3PL 0.9%

7 Procter & Gamble Retailer 3.2% 7 Amazon Retailer 0.8%

8 Colgate Retailer 2.9% 8 Global Print and Digital Solutions Provider Retailer 0.8%

9 Sequóia Logística 3PL 2.7% 9 Behr Process Corporation Retailer 0.7%

10 C&C Casa e Construção Retailer 2.5% 10 Iron Mountain 3PL 0.6%

Total 1 54.7% Total

1 12.7%

Note:


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Pro-rata Income Statement

US$'000 China Japan Brazil Others Total China Japan Brazil US Others Total

Revenue 67,258 58,642 28,992 - 154,892 68,588 50,289 21,170 10,394 - 150,441

Rental and related income 66,042 39,203 25,143 - 130,388 68,286 38,290 18,073 6,261 - 130,910

Management fee income 1,216 13,263 3,849 - 18,328 302 12,351 3,097 4,133 - 19,883

Dividend income from other investments - 6,176 - - 6,176 - (352) - - - (352)

Other income 1,435 72 - - 1,507 164 203 - - - 367

Property-related expenses (17,521) (6,985) (2,759) - (27,265) (18,682) (5,083) (1,984) (1,881) - (27,630)

Other expenses (10,555) (8,906) (5,767) (8,250) (33,478) (11,946) (10,451) (7,838) (9,689) (8,324) (48,248)

Profit from operating activities 40,617 42,823 20,466 (8,250) 95,656 38,124 34,958 11,348 (1,176) (8,324) 74,930

Net finance costs (5,575) (4,748) (9,281) 9,943 (9,661) 863 (4,273) (10,107) 360 18,683 5,526

Non-operating income/(costs) 3,153 (4) (7,085) 866 (3,070) (134) 146 (73) - (14) (75)

Profit before changes in fair value of investment properties 38,195 38,071 4,100 2,559 82,925 38,853 30,831 1,168 (816) 10,345 80,381

Changes in fair value of investment properties 51,954 13,057 (6,244) - 58,767 65,649 17,783 (40,997) - - 42,435

Value creation from developments 40,316 249 - - 40,565 58,527 7,984 - - - 66,511

Others 11,638 12,808 (6,244) - 18,202 7,122 9,799 (40,997) - - (24,076)

Profit before income tax 90,149 51,128 (2,144) 2,559 141,692 104,502 48,614 (39,829) (816) 10,345 122,816

Income tax expense (21,612) (4,264) (3,279) (89) (29,244) (27,367) (3,146) 13,386 (569) (261) (17,957)

Income tax related to operations (8,623) (3,611) (5,402) (89) (17,725) (10,955) (2,257) (553) (569) (261) (14,595)

Income tax related to revaluations (12,989) (653) 2,123 - (11,519) (16,412) (889) 13,939 - - (3,362)

Profit attributable to equity holder of the Company (PATMI) 68,537 46,864 (5,423) 2,470 112,448 77,135 45,468 (26,443) (1,385) 10,084 104,859

Non-controlling interests (NCI) 53,570 - - - 53,570 69,997 - - - - 69,997

Profit for the period 122,107 46,864 (5,423) 2,470 166,018 147,132 45,468 (26,443) (1,385) 10,084 174,856

PATMI ex-revaluation 29,566 34,459 (565) 2,470 65,930 27,895 28,574 198 (1,385) 10,084 65,366

Value creation from development of investment properties 166,056 84,918 32 - 251,006 144,944 38,375 - - - 183,319

FY 2014

3Q 2015 4Q 2015

FY 2015

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Consolidated Income Statements

US$’000 FY2013 FY2014 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015

Revenue 670,330 624,823 143,467 146,626 177,758 156,972 169,296 192,934 179,022 166,757

Rental and related income 634,557 563,775 130,341 133,209 156,639 143,586 148,397 174,177 153,897 147,177

Management fee income 32,974 52,885 11,642 12,743 15,047 13,453 14,154 18,802 18,949 19,932

Dividend income received 2,799 8,163 1,484 674 6,072 (67) 6,745 (45) 6,176 (352)

Other income 6,951 7,946 1,311 2,108 3,565 962 857 721 2,954 701

Property-related expenses (113,523) (114,248) (25,368) (27,507) (30,457) (30,916) (31,091) (35,670) (35,062) (36,687)

Other expenses (119,804) (136,739) (30,420) (32,574) (34,663) (39,082) (36,570) (44,276) (41,741) (47,348)

443,954 381,782 88,990 88,653 116,203 87,936 102,492 113,709 105,173 83,423

Share of results (net of income tax) of joint ventures 155,085 125,978 30,598 20,352 42,280 32,748 28,986 19,393 22,366 681

Share of results 43,559 24,502 7,695 9,560 2,701 4,546 9,814 9,335 14,750 6,848

Share of changes in fair value of investment properties (net of income tax) 111,526 101,476 22,903 10,792 39,579 28,202 19,172 10,058 7,616 (6,167)

Profit from operating activities after share of results of joint ventures 599,039 507,760 119,588 109,005 158,483 120,684 131,478 133,102 127,539 84,104

Net finance costs (71,120) (79,222) (8,758) (28,578) (12,088) (29,798) (26,362) (26,017) (9,921) 14,367

Interest income 10,842 7,812 1,881 2,227 1,800 1,904 3,011 4,599 4,137 6,354

Net borrowing cost (117,115) (88,550) (22,038) (22,401) (21,825) (22,286) (24,461) (36,280) (21,214) (18,227)

Foreign exchange gain/(loss) 24,145 6,388 5,806 7,021 (4,452) (1,987) (1,062) 10,581 7,883 26,045

Changes in fair value of financial derivatives 11,008 (4,872) 5,593 (15,425) 12,389 (7,429) (3,850) (4,917) (727) 195

Non-operating income/(costs) 9,180 4,992 (41) 5,609 (425) (151) 558 (53,301) (1,362) (128)

Profit before changes in fair value of subsidiaries' investment properties 537,099 433,530 110,789 86,036 145,970 90,735 105,674 53,784 116,256 98,343

Changes in fair value of investment properties 320,293 433,252 138,529 109,008 76,588 109,127 141,452 120,007 96,930 129,789

Profit before income tax 857,392 866,782 249,318 195,044 222,558 199,862 247,126 173,791 213,186 228,132

Income tax expense (132,746) (142,063) (38,013) (42,127) (34,126) (27,797) (42,195) (51,626) (47,168) (53,276)

Income tax related to operations (61,870) (54,212) (19,115) (17,076) (14,230) (3,790) (21,222) (22,327) (24,094) (21,152)

Income tax related to revaluations (70,876) (87,851) (18,898) (25,051) (19,896) (24,007) (20,973) (29,299) (23,074) (32,124)

Profit for the period 724,646 724,719 211,305 152,917 188,432 172,065 204,931 122,165 166,018 174,856

Attributable to:

Equity holder of the Company ("PATMI") 684,281 685,150 203,953 144,997 176,224 159,976 179,422 89,470 112,448 104,859

Non-controlling interests (“NCI”) 40,365 39,569 7,352 7,920 12,208 12,089 25,509 32,695 53,570 69,997

Share of results 14,560 30,866 5,105 5,058 14,842 5,861 4,655 12,550 18,615 17,993

Share of changes in fair value of investment properties (net of income tax) 25,805 8,703 2,247 2,862 (2,634) 6,228 20,854 20,145 34,955 52,004

Profit for the period 724,646 724,719 211,305 152,917 188,432 172,065 204,931 122,165 166,018 174,856

0 0 0 0

EBIT ex-revaluation 496,692 411,276 96,643 103,822 118,479 92,332 112,864 69,744 118,560 90,143

PATMI ex-revaluation 349,143 246,976 63,666 53,109 77,318 52,883 60,624 8,851 65,930 65,366

PATMI ex-revaluation and foreign exchange related gain/(loss)2

313,990 245,460 52,267 61,513 69,381 62,299 65,536 57,238 65,818 39,126

PATMI - China 271,326 384,635 66,971 106,765 106,787 104,112 66,303 92,867 68,537 77,135

- Japan 354,259 348,587 132,027 54,953 73,623 87,984 130,913 41,304 46,864 45,468

Fund Management fee income (100% basis) 33,909 67,880 12,698 13,436 16,257 25,489 21,833 26,912 31,286 28,098

Note:


2 Foreign exchange related gain/(loss) does not include FX translation effect

3 Prior period financials have been restated as a result of adoption of FRS110 Consolidated Financial Statements.

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GLP REPORTS STRONG FY15 OPERATIONAL ......Singapore, 14 May 2015 – Global Logistic Properties...

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