Key Financial Information

Key Operational Updates
(For the Quarter ending June 2019)

92%
LEASE RATIO

7%
SSNOI GROWTH

15%
EFFECTIVE RENT CHANGE
ON TOTAL LEASES

Key Income Statement Items (Consolidated)

US$ million	YTD Jun 2019	YTD Jun 2018	Change %
Earnings (PATMI)	631	1,417	-55%
Earnings ex-reval	114	4	>100%
Core Earnings¹ + Monetized Fair Value Gains²	275	236	4%

¹ Excludes one-time items and fair value changes
² Refers to sale proceeds less incurred cost of disposed assets (excluding value creation) and other expenses arising from sale. Mainly consists of fair value gain previously recognized and crystallized as sale proceeds during disposition

Key Balance Sheet Items (Look-Through)

US$ million	As of Jun 30, 2019	As of Dec 31, 2018	Change %
Total assets	25,203	25,422	-9%
Cash	1,192	1,120	6%
Total Loans and Borrowings	11,153	11,639	-4%
Net Debt	9,961	10,519	-5%

¹ Look-through numbers include only GLP’s share of consolidated financial results in associates & joint ventures
² Refers to EBITDA ex reval ex one time items (including Monetized Fair Value Gains). One-time items include one-off transaction costs, non-operating income and gains from dispositions