GLP Reports Strong Cashflow Generation and Stable Operating Performance for FY2024, Prices US$300 Million 3-year Senior Unsecured Notes

Stable operating performance in FY2024 with 90% Group lease ratio, healthy WALE of 3.5 years and positive SSNOI growth

Data center revenue grew 43% YoY to US$193 million, achieving profitability with EBITDA of US$51 million

Positive net cash flow generated from operating and investing activities¹ increased over 4x to US$2.3 billion on the back of ongoing monetization and moderated capex

Deleveraging strategy on track with US$2 billion of bonds redeemed in FY2024 and US$1.2 billion reduction in loans and borrowings²

GLP Pte Ltd prices US$300 million 3-year senior unsecured notes due May 2028 at 9.75% coupon; issue date is expected to be 20 May 2025

Singapore, 8 May 2025 – GLP Pte Ltd (“GLP” or “the Group”) announced its audited results for the financial year ended 31 December 2024 (“FY2024”), highlighting stable operating performance, resilient cash from operations, positive net investment cash flow, and continued progress in its monetization and deleveraging strategy. 

Nicholas Johnson, Chief Financial Officer of GLP, said, "GLP's time-tested, resilient portfolio and prudent capital management provide a strong foundation to navigate market challenges while enabling us to pursue selective high-quality opportunities that align with our long-term strategic objectives. The Group maintains strong conviction in our new economy focus areas of logistics, digital infrastructure and energy transition and remain dedicated to delivering long-term value creation to all stakeholders.” 

The Group maintained a stable lease ratio at 90% and a healthy weighted average lease expiry (“WALE”) of 3.5 years, unchanged year-on-year (“YoY”). Total new and renewal leases signed grew 11% YoY to 34 million sqm. In China, the Group’s logistics portfolio continued to outperform the industry, with rental rates approximately 15%³ higher than market, a testament to its operational excellence and value creation capabilities. The Group maintains a well-diversified tenant base oriented to domestic consumption, with less than 10%⁴ of its portfolio being export-related.

The Group’s data center business reported a 43% YoY growth in revenue to US$193 million, achieving profitability with EBITDA of US$51 million, a first since its establishment in 2018 as the incubated platform matures. This is primarily as a result of increasing data center demand from AI adoption and cloud computing industries.

The Group generated US$2.3 billion net cash flow from operating and investing activities⁵, an over four-fold increase YoY, mainly attributed to ongoing monetization and moderated capital expenditure. 

The Group’s fund management business, an important channel for capital recycling, outperformed market conditions with approximately US$3.5 billion of new equity commitments raised in FY2024. 

The Group’s deleveraging strategy remains on track with US$2 billion of bonds redeemed in FY2024 and a US$1.2 billion reduction in loans and borrowings⁶. The Group anticipates sufficient liquidity to address FY2025 debt maturities, drawing from cash on hand, monetization proceeds and other liquidity sources. 

In March 2025, the Group successfully completed the sale of GCP International, representing a significant milestone in the Group's programmatic value realization strategy. Total transaction consideration was over US$5 billion. Following the transaction, GLP continues to manage approximately US$80 billion in Assets Under Management (“AUM”) for over 130 investors, with approximately US$6 billion in equity dry powder held within funds to capitalize on emerging opportunities. 

The Group also announced today that it has successfully priced US$300 million 3-year senior unsecured notes at a final coupon of 9.75%. The notes will be listed on the Singapore Exchange (“SGX-ST”) with settlement expected on 20 May 2025. The notes are expected to be rated BB by Fitch. Net proceeds from the issuance will be used to partially refinance GLP’s outstanding US$1 billion senior unsecured notes due 2025. 

“The bond issuance aligns with GLP’s refinancing strategy and underscores our commitment to proactive capital management when market conditions align with our objectives of financial prudence and flexibility,” added Johnson.