GLP

GLP: Morgan Stanley reiterates Equal-weight on GLP, TP $2.90, after the stock gained 13% from its March 2014 lows. MS’ visit to Japan confirms market strength; rental reversions are in the range of +5% to +10%, retention rate is high at 80%, new properties with better facilities are going for 10% to 15% higher than surrounding sites. Brazil’s construction progress is on track and expected to record development gains on completion from work in progress. China’s performance is key to stock. Accelerating growth in development starts is accompanied by solid leasing momentum but conversion of starts to NAV and rentals to earnings are becoming increasingly blurry given the layers of minority interests.