GCP Annual Report

We set new records in 2017 in terms of the volume of new acquisitions and our overall
occupancy and are quite pleased with those results. As the year ended, industrial was
arguably the most favored asset class by real estate investors, so it is a great time to
be in this business.
Management continues to actively monitor the key investment metrics within the
overall industrial market, and most particularly within our target markets, in search of
new acquisition opportunities that will enhance our portfolio. We are also constantly
reviewing opportunities to sell non-core or other assets that may be at or near peak
value. Fortunately, our balance sheet is strong, and we have both untapped equity and
credit lines that can be quickly called to take advantage of the opportunities that may
arise in 2018.
While the consensus is that the industrial market should remain strong for the
foreseeable future, if the economy should experience turbulence, we think the company
is better positioned than ever to deal with a downturn. Our average remaining lease
term has never been longer, our tenant mix has never been stronger, and our holdings
are more geographically diverse.
We thank you for your continued trust and confidence and look forward to a prosperous
and exciting 2018.
Sincerely,
Gardner Lee
President
John Hagefstration
Executive Vice President