Table of Contents Investment summary................................................................4 Key risks ...................................................................................8 Valuation analysis ..................................................................11 Comparative valuation analysis............................................20 Financial analysis...................................................................27 GLP’s businesses and assets ...............................................34 Listed logistics facilities providers from around the world: comparisons and contrasts...................................................56 Logistics sector trends in Asia .............................................68 Logistics real estate sector in China ....................................77 Logistics real estate sector in Japan....................................82 Global Logistics Properties: Summary of financials...........84