Core strategic relationship and high operating integration with parent GLP. Strong market position in logistics in China. Good asset and tenant quality. Execution risk associated with fast development. Fast growing revenue and cash flow backed by asset sell down. Stable rental income. Gradual deleveraging over the next two years. Significant capital expenditure requirements. The stable outlook on GLP China Holdings Ltd. (GLP China) reflects the outlook on GLP Pte. Ltd. (GLP; BBB/Stable/--) and our expectation that GLP China will remain a core subsidiary of parent GLP over the next 24 months. The stable outlook on GLP reflects our expectation that the company will be disciplined in its growth and deleveraging plans, such that its ratio of funds from operations (FFO)
