GLP Posts Resilient Performance for 1HFY2024

• LTM 1HFY24 Core Underlying EBITDA resilient at US$2 billion
• 16 million sqm of new and renewal leases, up 12% YoY
• Stable lease ratio of 89% and healthy WALE of 3.6 years
• Data center service income up 54% YoY to US$86 million
• On track to achieve US$10 billion monetization target
• US$2.0 billion of bonds redeemed to-date, representing 100% of FY2024 bond maturities

 

“GLP delivered another period of resilient results driven by the robust fundamentals of our core sectors. We remain disciplined in our regular monetization and value realization strategy to further strengthen our balance sheet and prepare us for growth. We continue to execute on existing strategies across our high conviction new economy sectors to deliver long-term value creation for all our stakeholders.” said Nicholas Johnson, Chief Financial Officer of GLP.

 

Singapore, 8 October 2024 - GLP Pte. Ltd. (“GLP” or the “Group”), today announced its results for the first half ended 30 June 2024 (“1HFY2024”). During the period, the group recorded a LTM Core Underlying EBITDA[1] (“CUEBITDA”) of US$2 billion.  

The Group delivered steady operational performance, maintaining a stable lease ratio of 89% and healthy weighted average lease expiry of 3.6 years. Strong leasing demand, fueled by the continued growth of e-commerce, resulted in 16 million square meters of new and renewal leases signed in 1HFY2024, representing a 12% YoY increase. Data center service income surged by 54% YoY to US$86 million, driven by the expansion of the Group’s operational data center platform in China, which now boasts over 370 MW of in-service capacity. In May 2024, the Group commenced construction on the second building of its 31 MW Tokyo West 1 campus and, in June 2024, secured approval for the development of a 210 MW data center in London Docklands

As at 30 June 2024, the Group’s fund management business GLP Capital Partners (“GCP”) had US$126 billion Assets Under Management (“AUM”) with US$12.5 billion of equity dry powder[2]. GCP successfully raised approximately US$3 billion of new capital globally year-to-date[3] , including US$2 billion of capital in China amidst the challenging market environment.

As of 1HFY2024, the Group has US$1.9 billion of cash on hand and expects to exceed its US$10 billion monetization target in the coming months. The Group continues to meet all its key financial targets and covenants, maintaining a healthy net leverage at 27%, with net debt to CUEBITDA of 5.4x and interest coverage ratio of 2.7x. The Group also fully redeemed over US$2 billion of bond maturities to-date, representing 100% of its bonds due in FY2024.