\n|
<\/p>\n Revenue<\/b><\/p>\n
\n <\/td>\n
\n
<\/p>\n |
<\/p>\n 388<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 357<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 8.7<\/strong><\/p>\n
\n <\/td>\n
\n
\n <\/tr>\n \n|
<\/p>\n PATMIi<\/sup><\/b><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 28<\/strong>6<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 245<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 1<\/strong>6.8<\/strong><\/p>\n
\n <\/td>\n
\n
\n <\/tr>\n \n|
<\/p>\n Core PATMIii<\/sup><\/b><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 2<\/strong>60<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 227<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 1<\/strong>4.7<\/strong><\/p>\n
\n <\/td>\n
\n
\n <\/tr>\n \n|
<\/p>\n Adjusted EBITDAiii<\/sup><\/b><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 3<\/strong>66<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 3<\/strong>59<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 2<\/strong>.0<\/strong><\/p>\n
\n <\/td>\n
\n
\n <\/tr>\n \n|
<\/p>\n AUM<\/b><\/p>\n
\n <\/td>\n
\n
<\/p>\n |
<\/p>\n 2<\/strong>9,880<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 2<\/strong>2,137<\/strong><\/p>\n
\n <\/td>\n
\n
<\/p>\n
<\/p>\n 3<\/strong>5.3<\/strong><\/p>\n
\n <\/td>\n
\n
\n <\/tr>\n<\/tbody>\n<\/table>\n Notes<\/p>\n
\n
<\/p>\n i.\u00a0Profit After Tax and Minority Interest (PATMI)<\/p>\n
\n
<\/p>\n ii.\u00a0Excludes fair value on completed investment
\nproperties, equity-settled share option expense, listing expenses and tax effects of adjustments<\/p>\n
\n
<\/p>\n iii.\u00a0Adjusted EBITDA is calculated as profit before tax,
\nadding back depreciation and amortisation, exchange loss\/(gain), finance costs,
\nequity-settled share option expense and the listing expenses, and eliminating
\nthe effect of interest income and fair value gains on investment properties<\/p>\n
\n
\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Jeffrey Perlman, Chairman of ESR, said, “ESR
\nhas continued its strong momentum and delivered outstanding performance in FY2020
\ndespite the unprecedented challenges brought on by the global pandemic. COVID-19
\nhas actually accelerated one of the major secular trends underpinning our
\nbusiness \u2013 the growth of e-commerce where ESR is at the heart of the central
\nnervous system delivering the core ‘new economy’ infrastructure to our
\nbest-in-class clients. With that favourable backdrop, 2020 was a year of
\nrecords for ESR, including new highs in leasing, fundraising, development
\nstarts and development completions. Our strong financial results and operational
\nexcellence have demonstrated not only our resilience, but also the strength and
\npower of our business model. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Having witnessed sustained strong capital
\ninflows and leasing demand, the logistics market has solidified its position as
\nthe preferred real estate asset class in Asia. We expect e-commerce
\nacceleration and supply chain transformation to continue to benefit ESR as we
\nextend the platform deeper into our existing markets as well as into new
\nmarkets over the next 12 months. While we continue our focus on sustainable
\ngrowth, it is also extremely important for ESR to constantly drive positive
\nimpact on the industry and create a purpose-driven culture for the communities
\nwhere we operate. In summary, we strive to be a leader in ESG and the Board and
\nsenior management remain steadfast in achieving our ambitious 2025 ESG goals.”<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Exceptional platform growth underpinned by strong fundraising<\/b><\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Supported by strong fundraising capabilities across
\nmultiple markets, the Group’s AUM grew significantly by 35.3% to US$29.9
\nbillion, achieving its target of US$30 billion a year ahead of schedule. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Capital allocation of investors is
\nincreasingly skewed towards funds focused on logistics due to e-commerce acceleration. In FY2020, ESR raised a record US$3.5 billion in committed capital across seven new
\nfunds, demonstrating the strong support of its blue-chip institutional capital
\npartners. The new vehicles included:<\/p>\n
\n
<\/p>\n \n- three development joint ventures (US$500 million in China, US$759 million
\nin Australia and US$300 million in India) and one core-plus partnership (US$456
\nmillion in Australia) with GIC[1]<\/sup><\/li>\n- a US$1 billion development joint venture with APG and CPP Investments in
\nSouth Korea;<\/li>\n - a core joint venture with Manulife in China (US$265 million); and<\/li>\n
- a separate account of US$264 million with AXA in Japan.<\/li>\n<\/ul>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Based on the latest fundraising initiatives,
\nthere was over US$3.7 billion worth of committed but uncalled capital in ESR’s
\nthird-party funds as of 31 December 2020.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n In addition to private vehicles, ESR
\nsuccessfully listed ESR Kendall Square REIT on the Korea Exchange in December
\n2020 and raised US$650 million in new capital. As the first logistics focused
\nREIT in South Korea, ESR Kendall Square REIT received overwhelming response
\nfrom both international and domestic investors. The listing has facilitated the
\nfurther scaling up of the Group’s integrated platform of public and private
\nvehicles to accelerate long-term growth.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n ESR continues to be disciplined in executing
\nits capital recycling programme, and prudently redeploying capital to support
\ngrowth. In FY2020, close to US$1 billion of capital was recycled, with net cash
\nrecycled back of approximately US$0.7 billion, doubling the Group’s annual
\ntarget of US$400-US$500 million in divestments.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Record new completions and new development starts drive continuous expansion
\nof our best-in-class asset portfolio <\/b><\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n ESR has over 20.1 million sqm of GFA in
\noperation and under development across its portfolio and a landbank of over 3.7
\nmillion sqm, as of 31 December 2020.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Development demand has continued to grow, with
\nwork in progress growing by 21% to US$4.7 billion in FY2020. The Group’s
\ndevelopment activities achieved new records, with US$3.4 billion in development
\ncompletions and US$3.2 billion worth of development starts (US$2.4 billion in
\n2H 2020) in FY2020. It will continue to leverage third-party capital to fund
\ndevelopment starts and exercise a disciplined asset light approach to achieve
\nits targeted development completions.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n During the year, the Group has completed a
\nnumber of flagship developments that set new standards for the industry. In July
\n2020, the Group completed the development of the award-winning ESR Amagasaki
\nDistribution Centre in Greater Osaka, the largest logistics warehousing project
\nin APAC[2]<\/sup> at 388,570 sqm. In Dongguan, China, ESR Hongmei Logistics Park II
\ncommenced operations in Q4 2020, introducing a new flagship development with 278,283
\nsqm GFA in the country’s southern region.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n E-commerce acceleration and supply chain
\nresilience have spurred demand for modern, institutional-grade logistics
\nfacilities, driving the solid performance of ESR’s leasing activities. The
\nGroup maintained a healthy occupancy rate of 90% across its entire portfolio[3]<\/sup>, and achieved record leasing of over 2.3 million sqm of space. Leveraging
\nits strategically diversified network spanning seven key markets across APAC,
\ncoupled with a quality tenant base focused on e-commerce and 3PL companies which
\naccounted for 64% of the overall tenant portfolio (based on rental income), ESR
\nhas remained resilient to market changes and disruption. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n ESR is well-positioned to benefit from the
\nstrong leasing demand with a robust pipeline of large-scale developments to be
\ndelivered over the next couple of years. Some of these include:<\/p>\n
\n
<\/p>\n \n- In China, the Group expects to complete the development of ESR Shanghai Qingpu
\nYurun Phase I by the end of 2021. This high-standard logistics facility with a
\ntotal planned GFA of over 340,000 sqm will include cold storage space. Construction
\nof Phase II commenced in Q4 2020.<\/span><\/li>\n- The Dushangang project in Jiaxing, China is scheduled for completion in
\n2022 with a total planned GFA of over 235,000 sqm.<\/li>\n - In Japan, the Group has commenced construction of the first phase of ESR
\nHigashi Ogishima Distribution Centre in Greater Tokyo Metropolitan Area, with
\nexpected completion in 2023. Set to be one of Japan’s tallest distribution
\ncentres and the world’s first cargo drone facility, the project has a planned
\nGFA of 365,385 sqm.<\/li>\n<\/ul>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Leveraging existing platform synergies to tap into a highly complementary
\nand rapidly expanding new asset class<\/b><\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n The data centre market has proliferated through the
\npandemic as a number of technological and economic trends, including e-commerce
\ngrowth, smart technologies, 5G adoption, AI and cloud services, continue to
\ndrive the demand and requirements for data capacity. In APAC, which is the world’s second largest
\nregion for data centres, the market is set for solid growth due to such factors
\nas being home to half of the world’s millennial population (aged 23-38); a dramatic increase in unicorns, many of which are
\ninternet giants; and mobile data traffic that is projected to expand at a CAGR
\nof 41% from 2019-2023E. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n As a leading provider of new economy infrastructure, ESR sees data
\ncentres not only as a compelling asset class, but also a natural progression
\nfor future growth. It
\nis expected that APAC data traffic will grow exponentially in line with
\ndemographic tailwinds. ESR has directed significant business development effort
\ntowards setting up around Asia. With its complementary strengths, development
\nexpertise and knowledge, as well as immediate scalability with enhanced tenant
\nrelations the Group has built over the years, ESR is highly competitive and
\nwell-positioned to tap into this market.<\/p>\n
\n
\n
\n
<\/p>\n Empowering sustainable growth by purpose and innovation<\/b><\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n ESR has reaffirmed its commitment
\nto long-term sustainable growth with its Five-Year ESG Roadmap, which aligns with
\nthe UN Sustainable Development Goals. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n The Group has set out a clear vision
\nand targets across the three key pillars of Human Centric, Property Portfolio
\nand Corporate Performance. They include improving gender ratios, achieving zero
\nworkplace fatalities, increasing solar power generation by 50%, reducing
\ngroup-wide energy consumption by 20%, and investing US$15 million in local
\ncommunity foundations by 2030.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Strategies such as consistent, transparent
\nreporting, strengthening engagement programmes to promote health and well-being
\nand fostering a culture of active ESG learning for employees are planned and in
\nplace to ensure that the Group’s 2025 targets are achieved.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n For ESR, technological innovations are a way of
\nimproving its customers’ operations, and providing for a more sustainable,
\nhuman-centric environment for stakeholders. The Group created the ESR Future
\nSolutions Group to proactively identify and evaluate technological, economic
\nand societal changes that are important to our stakeholders, and to determine
\nhow these changes will impact the design and operations of logistics facilities
\nand the Group as a whole.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Propelling the next stage of growth and value
\ncreation<\/b><\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n E-commerce acceleration will continue to drive demand for logistics
\ninfrastructure. In view of the significant undersupply of modern warehouses in
\nthe APAC region, ESR will continue to actively examine opportunities in key
\nmarkets and new locations to grow its footprint. Moreover, it will look to build
\non the Group’s network of high-quality tenants and best-in-class capital
\npartners to support its efforts in meeting the long-term need for modern logistics facilities in the region.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Looking ahead, the Group will continue its disciplined
\ncapital management approach, which has been the cornerstone of ESR’s investment
\nefforts, leveraging its well-capitalised balance sheet and strong liquidity
\nposition to further diversify its sources of funding to support sound,
\nstrategic growth and investment opportunities as they emerge.<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n Jeffrey Shen
\nand Stuart Gibson, ESR Co-founders and Co-CEOs, stated, “Despite that FY2020
\nwas a year of unprecedented challenges, it was also one of new opportunities
\nand breakthroughs. Evidenced by the strong results we delivered on multiple
\nfronts, our unique growth model and strategic approach have proven to be
\nsuccessful especially within the context of a challenging year. <\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n The APAC
\nlogistics real estate industry has an abundance of momentum, propelled by a
\nmyriad of driving forces. Our success built in FY2020, and in previous years,
\nreinforces our convictions towards the long-term prospects of APAC logistics. We
\nlook forward to a vibrant future in which we can unveil many exciting
\ndevelopments. Expanded market and asset portfolios, further collaborations with
\nthe world’s best investors and brands, impactful ESG initiatives \u2013 all of these
\nand more are in the offing as ESR enters the next chapter of growth and
\ncreation of long-term value to our stakeholders.”<\/p>\n
\n
<\/p>\n \u00a0<\/p>\n
\n
<\/p>\n \u00a0<\/b><\/p>\n
\n
<\/p>\n <\/p>\n
\n \n [1]<\/sup> GIC is a global investment firm established
\nin 1981 to manage Singapore’s foreign reserves.<\/p>\n<\/div>\n\n [2]<\/sup>\u00a0The largest
\nsingle-phase, single-asset warehousing project in terms of GFA. Sources: CBRE
\ndata and ESR research.<\/p>\n<\/div>\n\n [3]<\/sup> Based on
\nassets on balance sheet and stabilised assets<\/p>\n<\/div>\n<\/div><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"AUM
grew by 35.3% to an all-time high of
US$30 billion Record
capital raising with seven new funds raising US$3.5 billion across key markets Record
leasing of over 2.3 million sqm Record
new completions of US$3.4 billion and record new development starts of US$3.2 billion PATMI
up 16.8% to a record high of US$286 million …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/13542"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=13542"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/13542\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=13542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=13542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=13542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | | | | |