GLP

GLP: Morgan Stanley upgrades to O/w from E/w, TP $3.15 from $3.00. HOuse note that GLP is on track for a record 550k sqm of leasing in F2Q14 with an elevated number of lease announcements likely through at least Dec-13. Including existing assets in Japan at a target 4.8% cap rate and in China at 6.7%, the development assets are trading at a 39% discount; where 18% is more appropriate.