GLP

GLP: Macquarie starts GLP at Outperform with TP $3.05. Says GLP is the largest logistic warehouse landlord by a considerable margin in each of the markets within which it operates: China, Japan and Brazil. GLP has arguably been able to take advantage of the weakness of its peers as they struggle with de-leveraging and restructuring to aggressively build a portfolio of high quality investment properties and a market leadership position with relationships with tenants and capital partners that can be leveraged in existing and new markets to drive growth. Notes mgt has accelerated the funds' management platform development, attracting high quality third-party capital partners, which should allow GLP to recycle capital and create an asset-light business model, boosting Return on Capital Employed; highlights a key step of this process is currently underway with the attempted listing of a J-REIT. The stock is up 0.7% at $2.71.