GLP

GLP: announced more lease contracts this wk. 1) GLP has signed a 12k sm expansion agreement in Northern Japan with Panasonic Logistics, a third-party logistics provider and one of GLP’s largest customers in Japan. Panasonic will fully occupy the space in GLP Tomiya IV Annex, a new 3-storey wing to be built on land currently being used as a parking area, adjacent to GLP Tomiya IV (also leased 100% to Panasonic). Including this lease, Panasonic leases a total of 326k sm with GLP across 10 locations in Japan. 2) GLP has signed a new lease totaling 31k sm (5.7% of total lease area) at GLP Park Suzhou with a leading food manufacturer and distributor. The customer is expanding its distribution capabilities to meet demand in Eastern china, which is being driven by the rapid increase in domestic consumption. The lease marks the third cooperation btwn GLP and the customer, which now leases approx 61k sm with GLP. Investors will likely continue to watch for sustained leasing momentum at GLP's China and Japan properties, underpinned by strong demand growth in the global logistics space. At $2.88, the stock trades at 17.3x P/E, 1.32x P/B. Key focus will be on the upcoming FY13 results scheduled to be released on 23 May.