Global Partners LP (NYSE: GLP) Q4 2022 Earnings Call Transcript February 27, 2023. GLP is dedicated to incubating innovative technologies that enhance our businesses and assets by making them smarter and more efficient, GLP Capital Partners announces new structure as dedicated global alternative asset manager focused on investing in high-growth, new economy sectors. It is the largest fleet management platform in Asia and provides IoT and AI-enabled fleet management and other services to empower logistics companies. In January, the Board declared a fourth quarter cash distribution of $1.5725 per unit on all of our outstanding common units consisting of a quarterly distribution of $0.6350 per unit, $2.54 per unit on an annualized basis and a onetime special distribution of $0.9375 per common unit. #1400 Luxembourg Alter Domus 2 ans 9 mois . Now let me turn the call back to Eric for closing comments. GLP Capital Partners announces new structure as dedicated global alternative asset manager focused on investing in high-growth, new economy sectors - GLP Capital Partners At this time, I'd like to turn the call over to Mr. Geary for opening remarks. Many thanks to Emerge CM. We also continue to focus on optimizing our terminal network. He is also an investor and board member of Value Retail China, a company that specializes in the development and operation of luxury outlet shopping villages. GLP Capital Partners (GCP) has raised $2.3bn (1.9bn) for its North American logistics real estate fund. 12 Best Affordable Dividend Stocks to Buy, Stay Informed: Jerome Powells Policy Report & Important Economic Data, What cautious spending means for the US economy: YF Explains, 3 top tips for investors trying to weather the current economic storm: Strategist, UPDATE 1-UK says Ukraine forces under increasingly severe pressure defending Bakhmut, Ukraine Latest: Russian Defense Chief Makes Rare Visit to Troops. Precision Drilling Co. (NYSE:PDS) Shares Sold by Shell Asset Management Co. Los Angeles, CA Prologis 3 years 7 months Investment Director Prologis Nov 2020 - Oct . We're excited to share the new GLP Capital Partners (GCP) and GLP structure. Net income was $57.5 million for the fourth quarter of 2022 compared with $19.3 million for the same period in 2021. SG&A expenses increased $23 million in the fourth quarter to $80.8 million. Goldman Sachs Group Inc. increased its position in shares of Global Partners by 42.2% during the second quarter. G7 is a technology company backed by GLP. Several other hedge funds have also made changes to their positions in GLP. GLP reorganises global fund management platform to form GLP Capital Partners. Managing Director, Head of Global Investor Relations at GLP Capital Partners (GCP). Sign In Now, Blackstone REIT Keeps Bleeding Despite Infusion of Liquidity. Sensors track detailed information on trucks, drivers and cargo in real time, thus enabling a real-time view of fleet operations and the flow of goods. GLP Capital Partners Oct 2021 - Present 1 year 5 months. Station operations product margin was $267.9 million for the full year 2022, up $34 million from 2021. Corporate Finance & Alternative Asset Investment. This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead. No need to worry, says Felipe Villarroel. Eric Slifka: Thank you, Greg. GLP Capital Partners, led by Alan Yang, former chief investment officer of Singaporean. Can it be just a desire to be a "member of the club?" It operates through the following business segments: Wholesale, Gasoline Distribution and Station Operations (GDSO), and Commercial. This consists of $153.4 million under our $1.1 billion working capital revolving credit facility and $99 million under our $450 million revolving credit facility at 12/31/22. GLP's global platform owns and operates assets and businesses in 17 countries including Brazil, China, Europe, India, Japan, the US and Vietnam. There are Four Different NOIs in a CRE Deal. Global Robotics Services We are pleased to provide a new innovative platform for customers constantly seeking to improve the productivity of their logistics . Brandywine Realty Trust. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Fund name: GLP Capital Partners IV Fund size: $2.3 billion Target size: $2 billion Launch date: June 2020 Current status: Final close, July 2021 GLP Capital Partners has held a final close on their fourth flagship fund, the GLP Capital Partners IV.Successfully raising more than $2.3 billion, the vehicle will invest in logistics real estate throughout the US. We are committed to a broad range of ESG initiatives that elevate our business, create value for our stakeholders, support our employees and show respect to our local communities. #etfs #exchangemiami #dividends #Emerge, Meet Catherine Maniscalco Avery. GLP owns and operates assets and businesses in 17 countries across Asia, Europe, and the Americas. Fund Management & Investment GLP Capital Partners is the exclusive fund manager and investment advisor of GLP, a leading global business builder, investor, developer and operator. Director, Deal Advisory, Infrastructure Advisory at KPMG US, I'm excited to announceARCO/Murray's 4th annual Women in Construction event. At over $2.3 billion the fund, GLP . It's zoned for industrial development and can be developed into 500,000 square feet of commercial space. GCP is focused on uncovering advantaged opportunities in logistics real estate, self-storage and related technologies. At over $2.3 billion the fund, GLP Capital Partners IV, exceeded its parents $2 billion target. GLP Capital Partners announces new structure as dedicated global alternative asset manager focused on investing in high-growth, new economy sectors Read More GLP Enters Japan's Data Center Market, Targeting 900 MW Power Capacity Product margin from crude oil was negative $2.7 million for the fourth quarter, down $0.5 million from a year earlier. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Gasoline Distribution contributed $588.7 million of product margin for the full year, up $175 million from 2021. Today's call will include forward-looking statements within the meaning of Federal securities laws. AvalonBay Communities. All Rights Reserved. Strong compliance background with experience in complex investor due diligence and familiar with the FCA handbook. I demystify finance | 50,000+ people read my free newsletter | Financial Educator | Author, Speaker, Creator, The internet has made it: GCP is a vertically integrated investment manager with a dedicated focus on logistics, supply chain, and storage real estate. Our focus is on maintaining a small company identity with an entrepreneurial mindset to continue our growth trajectory. Los Angeles-based GCP was established in 2019 by the team that is responsible for the largest private real estate transaction in history. Although gasoline and diesel prices ended the fourth quarter at almost the same place they began the quarter, inter-quarter price volatility allowed for periods of strong margin capture. We continue to have ample excess capacity in our credit facility. The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.51 billion. GLP Capital Partners LP operates as an investment management company. Why do investors keep destroying wealth? Leverage, which is defined in our credit agreement as funded debt-to-EBITDA was approximately 1.74x at the end of the fourth quarter. Bank of America Corp DE increased its position in shares of Global Partners by 20.6% during the first quarter. Ming co-founded Eastern Bell Venture Capital and sits on various public and private boards. In the renewable fuels area, we permitted and completed the installation of customizable biofuel systems at four of our terminals and began biofuel supply projects at two additional facilities. GLP has announced a substantial plan to enter the Japan data center market, with a target of investing more than $12 billion over the next five years to build out 900 MW of power capacity. GLP Capital Partners is a global investment manager with a focus on modern logistics facilities and logistics-related operating companies. Global Fund Management, Capital Raising & Investor Relations. Fund Management & Investment GLP Capital Partners is the exclusive fund manager and investment advisor of GLP, a leading global business builder, investor, developer and operator. GLP Capital Partners Inc. (Entity # 20201040294) is a Foreign Corporation in Santa Monica, California registered with the Colorado Department of State (CDOS). Today's call is being recorded. Over the years, we have formed multiple partnerships with organizations around the globe to expand our capabilities in logistics, real estate, infrastructure, solar energy, finance, private equity, technology and more. We now offer renewable products at half of our 22 owned or controlled terminals. All Rights Reserved. Private Capital Chugged Along Better Than Institutional Money Last Year, A Closer Look at H2s Investment Sales Drubbing, Calgary Startup Offers Wholesale Renewable Power to Homeowners, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. Cantor Fitzgerald Analysts Decrease Earnings Estimates for Chinook Therapeutics, Inc. 61,368 Shares in Zeta Global Holdings Corp. The segment's performance for both periods was driven largely by an increase in bunkering activity. Happy to be at the ETF conference in Miami sharing our story! Our assumptions and future performance are subject to a wide range of business risks uncertainties and factors, which are described in our filings with the Securities and Exchange Commission, which could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. Global Partners LP engages in purchasing, selling, storing, and the logistics of transporting petroleum and related products. The gasoline distribution contribution to product margin was up $36.2 million to $155.9 million, primarily due to higher fuel margin and an increase in volumes sold, partially due to our recent acquisitions. The Consumers Petroleum acquisition deepened our footprint in the New England region, while the Miller Oil and Tidewater deals expanded our reach into Virginia. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer, Mr. Sean Geary. Turning to the Commercial segment. This is a profile preview from the PitchBook Platform. CapEx or the full year 2022 was $106.8 million, consisting of $54.4 million in maintenance CapEx, in line with our guidance of $45 million to $55 million; and expansion CapEx, excluding acquisitions of $52.4 million, in line with our guidance of $50 million to $60 million. 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