...One of the largest operators of modern logistics facilities globally High exposure to development earnings, which have relatively high volatility and low predictability Leading position in its key markets of operation High debt level despite heavy asset monetization plans Track record of executing successful development strategies Good record of raising capital, cemented by established relationships with high-quality, long-term investors Larger exposure to emerging markets than peers' The proportion of nonrecurring EBITDA is on track to trend down toward 30% by 2023. The execution of GLP Pte. Ltd.'s asset monetization is largely on track and its asset-light strategy should reduce the high proportion of volatile cash flow and earnings by 2023. The high proportion of volatile and lumpy assets that generate nonrecurring EBITDA, derived from the monetization of its development assets or sale of legacy balance sheet assets, have remained well above 30% since 2019. S&P Global Ratings expects...
