Global Logistic Properties (GLP)

[Nick]

Hmm. My takeaway is somewhat different. To me, the concern is not so much of whether GLP considers it material or whether there are legal implications prohibiting the disclosure in the first place.

The main point GLP was trying to emphasize was that since it did not highlight there was a non-compete cause in the first place, the message should have been that ProLogis was already free to compete. (Though that may not be the case in reality) That, in my view, is a more conservative assumption, unless there are investors who are separately aware of this non-compete clause and bought into GLP with this consideration partially in mind? If that's the case, then it would indeed be something worth mentioning.

Otherwise, I don't really see why there should be any cause for concern.

Not vested.

Well said.

Fault will only lie with GLP if it mentioned that such a agreement existed in the first place for an indefinite period of time. But they didn't and instead made a conservative decision to assume no existence of such a pact in the first place. Hence investors should have no worries.