It has been about a year since I started to build a large position in Global Logistic Properties (GLP). The company initially caught my attention when it bought back a large chunk of its shares. For the Financial Year ended Mar 2016, it spent about SGD222 million in share buybacks. If a company could spend so much money in share buybacks, it must be doing something right. That set me to investigate and understand the company further.

GLP is a logistic property developer. However, it is not solely a property developer; it is also a REIT and a REIT manager. Broadly speaking, whether you like GLP or not depends on whether you like REITs or REIT managers more. REITs provide steady distributions, while REIT managers provide growth. While I like both REITs and REIT managers, between the two, I have a slight preference for REIT managers as I prefer capital …