Financial Performance - Adjusted EBITDA for the first half of 2021 was $215 million, representing a 42.3% year-over-year increase[9]. - Net profit after tax for the first half of 2021 was $230 million, up 58.8% compared to the same period in 2020[9]. - ESR's fund management segment achieved a revenue increase of 48.2% to $123.9 million in the first half of 2021, driven by a 37.9% year-on-year growth in assets under management to $32.7 billion[34]. - The total EBITDA for the group increased by 39% to $415 million, compared to $300 million in the first half of 2020[58]. - The profit before tax for the six months ended June 30, 2021, was $287,610,000, compared to $192,403,000 for the same period in 2020, reflecting an increase of approximately 49.4%[163]. - Net profit for the six months ended June 30, 2021, was $229,695,000, compared to $144,656,000 in the same period of 2020, showing a growth of around 58.8%[163]. - The total comprehensive income for the six months ended June 30, 2021, was $165,181,000, significantly higher than $50,142,000 for the same period in 2020, marking an increase of approximately 229.5%[163]. Assets and Liabilities - Total assets under management reached $36.3 billion as of June 30, 2021[5]. - The company reported a total asset value of $8.55 billion as of June 30, 2021, compared to $6.66 billion in the same period of 2020[9]. - The net debt to total assets ratio increased to 30.6% as of June 30, 2021, from 28.6% in the previous year[9]. - Total liabilities increased to $1,620,124,000 as of June 30, 2021, compared to $985,662,000 as of December 31, 2020, reflecting an increase of about 64.4%[166]. - The company's total non-current assets as of June 30, 2021, amounted to $7,172,546,000, compared to $5,861,284,000 as of December 31, 2020, representing an increase of about 22.4%[165]. - Total equity rose from $3.8 billion on December 31, 2020, to $4.2 billion on June 30, 2021, driven by a net profit of $229.7 million and $256.3 million from the issuance of NC5 perpetual securities[61]. Investments and Acquisitions - The company announced a proposed acquisition of ARA Asset Management for $5.2 billion, which will increase total assets under management to $131 billion[18]. - The company completed the acquisition of a $3.8 billion (approximately $2.9 billion) logistics property portfolio in Australia, increasing its asset management scale by 80%[34]. - ESR achieved a strong rental market sentiment in 2021, with net absorption in Asian warehousing reaching the highest quarterly performance in recent years[39]. - The proposed acquisition of ARA Asset Management Limited for USD 5.2 billion will create the largest real estate and property management company in the Asia-Pacific region, increasing ESR's asset management scale to USD 53 billion[46]. Market Position and Strategy - The new economic assets under management will amount to $53 billion, positioning the company as the largest real estate fund management platform in the Asia-Pacific region[20]. - The company aims to leverage its unique closed-loop solution ecosystem to assist capital partners in reallocating assets back into new economy real estate[22]. - ESR's strategy includes exploring related businesses and investment products within the Asian market, leveraging its ecosystem of stakeholders[33]. - The company aims to leverage its scale and geographic positioning to enter new high-growth markets through selective acquisitions and partnerships[33]. - ESR is well-positioned to capitalize on ongoing growth and development opportunities, supported by a strong business foundation and a robust balance sheet[46]. Operational Highlights - ESR Cayman Limited manages over 22.6 million square meters of operational and under-construction properties across the Asia-Pacific region[25]. - The company has a leading position in reserve development projects in major markets such as China, Tokyo, Osaka, and Seoul, with a total of 393 properties[25]. - E-commerce and third-party logistics tenants account for 64% of ESR's tenant base, indicating a strong focus on these sectors[25]. - ESR's property portfolio maintained a strong occupancy rate of 89% and leased over 1.6 million square meters of space[37]. - The company has a robust management team with extensive experience across major asset classes in Asia, supported by reputable shareholders[31]. Cash Flow and Financial Management - Cash and bank balances stood at $1.13 billion as of June 30, 2021, compared to $947 million in the same period of 2020[9]. - As of June 30, 2021, ESR had over $4.4 billion in committed but uncalled capital available for future investments[34]. - The company maintained a cash balance of $1.1 billion as of June 30, 2021[19]. - The company’s cash flow analysis indicates a strategic focus on maintaining liquidity while managing financing activities effectively[179]. Shareholder Information - As of June 30, 2021, OMERS Administration Corporation holds 456,221,943 shares, representing 14.91% of the total shares[79]. - The company issued a total of $260.2 million in NC5 perpetual securities with a distribution rate of 5.65% during the first half of 2021[19]. - The board decided not to recommend an interim dividend for the six months ended June 30, 2021, maintaining a long-term goal of sustainable returns aligned with the company's growth[145]. Employee Compensation and Incentives - The company has a total of 303,658,464 shares that may be issued under the post-IPO share option plan, which does not exceed 10% of the shares issued at the time of global offering completion[108]. - The KM ESOP plan aims to align the interests of board members and employees with those of shareholders, incentivizing performance and retention[84]. - The company has adopted a competitive compensation structure to attract and retain talent, with regular reviews of its compensation policies[144].

Financial Performance - The company’s annual revenue for the fiscal year 2020 was $388 million, an increase of 8.7% compared to $357 million in fiscal year 2019[37]. - PATMI reached a new high of $286 million, growing 16.8% from $245 million in the previous fiscal year[37]. - Revenue increased by 8.7% from $357.4 million in FY2019 to $388.3 million in FY2020, driven by higher management fees and construction income[161]. - EBITDA rose by 4.0% from $549.1 million in FY2019 to $571.2 million in FY2020[161]. - Net profit for the year grew by 13.0% from $278.4 million in FY2019 to $314.7 million in FY2020[161]. - The company recognized a net profit of $105.1 million from joint ventures and associates, an increase of 11.7% from $93.4 million in FY2019[169]. - The group recorded total revenue of $19.4 million from the sale of the Japanese asset, which will be developed into the ESR Toyosu Park Phase 1[170]. - The investment segment's performance decreased by $30.1 million to $225.9 million in FY2020, primarily due to reduced rental income and fair value gains after the sale of Australian assets[171]. - The fund management segment's performance increased by $15.8 million to $147.6 million in FY2020, driven by growth in asset management scale and recurring income[171]. - The development segment's performance increased by $44.4 million to $289.2 million in FY2020, supported by new acquisitions and ongoing development projects[171]. Asset Management and Fundraising - Asset management scale increased by 35% to $29.9 billion[18]. - Fundraising record achieved with $3.5 billion raised[3]. - The company raised over $3.5 billion in committed capital through seven new funds established in China, South Korea, Japan, Australia, and India[35]. - The total assets under management grew by 41% year-on-year to $27.1 billion[35]. - Total assets under management reached $30 billion, achieving the target one year ahead of schedule, with a 41% increase in fund assets to $27.1 billion[48]. - The company launched seven new funds in China, Japan, South Korea, Australia, and India, raising $3.5 billion in committed capital, setting a fundraising record[48]. - The company has a commitment of over $3.7 billion in uncalled capital from third-party funds as of December 31, 2020[143]. Development Projects and Leasing - Development project reserve totals 15.5 million square meters[3]. - The company achieved over 2.3 million square meters of leasing, with new development projects completed amounting to $3.4 billion[37]. - The company initiated new development projects worth $3.2 billion during the fiscal year[37]. - The company has a development pipeline of approximately 7.2 million square meters, with a strong position as the largest logistics property owner in South Korea and significant holdings in Japan and China[120]. - The estimated investment value of new development projects commenced in the fiscal year 2020 amounted to $3.2 billion, covering a property portfolio of 2.8 million square meters, primarily located in China, Japan, South Korea, and India[156]. - The estimated investment value of ongoing development projects increased to $4.7 billion, driven by strong customer demand, particularly from e-commerce-related clients[156]. - The estimated investment value of completed development projects in the fiscal year 2020 totaled $3.4 billion, covering a property portfolio of 2.1 million square meters, mainly in China, South Korea, and Japan[156]. - The logistics real estate portfolio achieved a 90% occupancy rate, with a weighted average lease expiry (WALE) of 4.2 years, and over 2.3 million square meters leased, primarily driven by e-commerce demand[50]. - The weighted average lease expiry (WALE) was approximately 4.2 years by leased area and 3.5 years by income as of December 31, 2020, with a stable occupancy rate of 90%[136]. Market Expansion and Strategic Initiatives - Market expansion driven by e-commerce growth, increasing demand for logistics infrastructure[9]. - The company is strategically expanding into the data center market, which is experiencing explosive growth due to the rise of e-commerce and fintech[45]. - ESR's diversified logistics portfolio covers 90% of the Asia-Pacific region's GDP, with unmatched development reserves in major metropolitan areas[42]. - The company plans to continue exploring opportunities in new business areas and emerging markets while solidifying its market leadership[42]. - The company is actively pursuing market expansion strategies, targeting D new regions for growth in the upcoming fiscal year[63]. - ESR plans to expand into the data center sector, with a new development in Osaka's central business district, capitalizing on the global digital transformation trend[55]. - The company aims to enhance its market presence and asset portfolio, strengthen partnerships with top global investors, and launch impactful ESG projects to drive long-term value creation[55]. Financial Health and Debt Management - Strong cash level of $1.5 billion[7]. - Debt to total assets ratio remains solid at 23.2%[7]. - The company reported a cash balance of $1.5 billion at the end of the fiscal year, with a net debt to total assets ratio of 23.2%[38]. - The company’s net debt decreased to $1.78 billion, reflecting prudent balance sheet management[38]. - The group’s cash balance stood at $1.5 billion, with a net debt to total asset ratio of 23.2% as of December 31, 2020, down from 26.6% in 2019[174]. - The total borrowings of the group as of December 31, 2020, amounted to $3.3 billion, with a cash balance of $1.5 billion, resulting in a net debt to total assets ratio of 23.2%[176]. - The weighted average cost of debt was reduced from 5.0% at the end of 2019 to 4.6% by the end of 2020[177]. Corporate Governance and ESG Commitment - The company launched a five-year ESG development blueprint in November 2020, aligning with the United Nations Sustainable Development Goals[41]. - ESR aims to enhance shareholder value through responsible investment and strong corporate governance, focusing on long-term sustainable growth[41]. - The company is committed to sustainable development, integrating ESG principles into every aspect of its strategic planning[54]. - In 2020, the group was recognized as an "Industry Leader" in ESG performance by GRESB, with scores of 83 and 84 for its Japan and Korea funds respectively[55]. - The company received an MSCI ESG Rating Assessment of "A," indicating its leadership in sustainability within the industry[78]. - The company won the MIPIM Asia Award 2020 for the best infrastructure, community, and urban architecture for its Osaka distribution center[79]. Leadership and Management Team - ESR's CEO, Mr. Xu Weixian, has over 18 years of real estate experience in Singapore and ASEAN, previously leading the Southeast Asia real estate advisory at Standard Chartered Bank[30]. - Mr. Josh Daitch, the Group's Fund Management and Capital Head, brings nearly 30 years of real estate investment experience, having held leadership roles in various financial institutions[70]. - The Group's COO, Ms. Lilian Lee, has over 25 years of experience in human resources management, previously serving as HR and Administration General Manager at Mapletree Investments[71]. - Philip Pearce, CEO of the Australia platform, has over 20 years of real estate experience and was previously the Managing Director for Greater China at Goodman Group[72]. - The Group's Korean platform is led by Mr. Nam Seon-woo, who has over 26 years of experience in real estate, previously serving as President of Prologis Korea[72]. - Mr. Matsubo Hideaki, Managing Director of the Japan platform, has over 40 years of real estate experience, co-founding Prologis Japan in 2000[72]. - The management team has extensive backgrounds in real estate investment, development, and fund management across various regions, enhancing the Group's strategic capabilities[72]. Shareholder Structure and Market Performance - The company has a diverse shareholder structure, with SK Holdings holding 23.5% and JD Logistics Group holding 14.9%[83]. - The company achieved a significant milestone by being included in the FTSE Global Equity Index Series as a large-cap stock starting from June 22, 2020[77]. - The stock price performance for the fiscal year 2020 recorded a high of HKD 27.80 and a low of HKD 11.00, with an average price of HKD 20.19[196]. - The total trading volume for the fiscal year 2020 was 1,893.8 million shares, averaging 7.6 million shares traded daily[196]. - As of December 31, 2020, the shareholder base distribution shows that 38.8% of shares are held by North America, followed by 32.1% in Hong Kong/China[192]. Risk Management - The company maintains a robust risk management framework to identify, assess, monitor, and report risks, ensuring alignment with business objectives and strategies[200].

Financial Performance - The company's net profit attributable to shareholders (PATMI) increased by 75.1% from $76.0 million in H1 2019 to $133.0 million in H1 2020[35]. - EBITDA rose by 27.3% from $211.6 million in H1 2019 to $269.4 million in H1 2020[35]. - The company's revenue increased by 26.9% from $155.8 million in H1 2019 to $197.6 million in H1 2020, driven by strong contributions from the fund management and development segments[45]. - Management fee income rose by 35.3% from $61.8 million in H1 2019 to $83.6 million in H1 2020, primarily due to growth in recurring income and contributions from acquisitions[48]. - The company recorded a profit before tax of $192.403 million, a significant increase of 56.7% from $122.713 million in the prior year[116]. - The company reported a net profit for the period of $144.656 million, compared to $84.077 million in the previous year, representing a year-over-year growth of 72%[116]. - The company reported a total comprehensive income of $(14,755) thousand for the period, compared to a total comprehensive income of $103,857 thousand in the previous year, highlighting a significant drop in overall financial performance[127]. Asset Management - Total assets increased to $6,662 million in H1 2020, up from $5,946 million in H1 2019, representing a growth of 12%[16]. - The asset management scale grew by $6.3 billion or 31.1% from $20.2 billion in June 2019 to $26.5 billion in June 2020[35]. - The total built area increased by 22.4% from 15.3 million square meters in June 2019 to 18.7 million square meters in June 2020[36]. - The company has a development project reserve exceeding 15.3 million square meters, including over 3.8 million square meters of land reserves as of June 30, 2020[41]. - The company has a strong pipeline of future development projects, with land reserves totaling 3.8 million square meters[21]. Debt and Financial Stability - The debt-to-total assets ratio decreased to 28.6% in H1 2020 from 30.2% in H1 2019, indicating improved financial stability[16]. - Financing costs decreased by $11.7 million or 14.0% to $71.7 million in the first half of 2020, down from $83.4 million in the same period of 2019[51]. - The company maintains a strong balance sheet with robust liquidity and capital levels, supported by disciplined capital management practices[44]. - Total borrowings as of June 30, 2020, were $2.85 billion, with a net debt to total assets ratio of 28.6%[59]. Development and Investment Activities - The company completed development projects with a total area of 3.8 million square meters[21]. - The company launched a new core fund partnership in Australia with equity commitments of up to $416 million[35]. - The company deployed over $700 million in capital to acquire assets and expand its platform across different markets[40]. - The company anticipates strong long-term demand for logistics assets, driven by e-commerce and structural changes in the logistics industry[40]. - The company has committed capital of $2.4 billion for new funds established in China, Australia, and South Korea, with over 0.9 million square meters available for investment[18]. Shareholder and Equity Information - The company has not disclosed any other interests or positions held by directors or the CEO in the company or any associated entities as of June 30, 2020[70]. - The company has a significant ownership structure involving multiple entities under Warburg Pincus, indicating strong institutional backing[75]. - The company issued a total of 14,185,966 ordinary shares to satisfy 23,139,811 exercised options during the six months ended June 30, 2020, raising approximately $4.59 million for general working capital[82]. - The company has not issued any ordinary shares under the employee stock ownership plan during the six months ended June 30, 2020[84]. Employee Compensation and Stock Options - The company has a total of 634 employees as of June 30, 2020, and offers competitive compensation packages[99]. - Employee compensation expenses increased to $57,329 thousand for the six months ended June 30, 2020, compared to $43,769 thousand in 2019, an increase of 30.9%[161]. - The maximum number of shares that may be issued due to unexercised options under the KM ESOP plan is capped at 40,023,071 shares, representing approximately 1.31% of the company's issued share capital as of June 30, 2020[79]. - The KM ESOP plan will terminate on the tenth anniversary of its effective date, which is November 24, 2017, unless determined otherwise by the board[80]. Market and Economic Conditions - The logistics industry in the Asia-Pacific region is expected to be one of the best-performing real estate sectors due to the surge in e-commerce adoption[37]. - The company plans to continue expanding its market presence, particularly in high-growth regions such as Australia and India, where revenues have shown significant increases[153]. - E-commerce continues to drive demand, accounting for 63% of the property portfolio[18]. - E-commerce and third-party logistics companies account for over 60% of the tenant portfolio by leased area[36].

Financial Performance - ESR recorded a significant revenue of $357.4 million for the fiscal year 2019, representing a year-on-year growth of 40.6%[38]. - EBITDA for ESR reached $549.1 million, an increase of 42.9% compared to the previous year[38]. - Net profit (PATMI) was $245.2 million, up 20.8% year-on-year[38]. - Total assets increased from $4,432 million in 2018 to $6,352 million in 2019, reflecting strong growth[34]. - The company's revenue increased by 71.8% from $40.7 million in FY2018 to $69.9 million in FY2019, driven by strong contributions from various segments[149]. - The total revenue for FY2019 reached $357.4 million, a 40.6% increase compared to FY2018[149]. - The contribution from the Australian market rose significantly, accounting for 32.8% of total revenue in FY2019, up from 16.2% in FY2018[149]. - Investment property fair value gains amounted to $226.1 million in FY2019, compared to $172.5 million in FY2018, primarily due to ongoing investments in China and Japan[149]. Asset Management and Development - Asset management scale increased by 38.7% to $22.1 billion, with 60% of tenants being e-commerce and third-party logistics companies[10]. - $2 billion worth of new development projects commenced in the fiscal year 2019, with a development pipeline of 14.1 million square meters[12]. - The company has over 17.2 million square meters of operational and under-construction building area[21]. - The total built area increased by 42.8% to 17.2 million square meters[40]. - The company has a robust development project reserve of 14.1 million square meters, including over 3 million square meters of land reserves[146]. - The total investment value of completed development projects in the fiscal year 2019 was $1.9 billion, covering 1.0 million square meters of the property portfolio[146]. - The estimated total investment value of new development projects commenced in fiscal year 2019 was $2.0 billion, covering 2.0 million square meters[146]. - The company has established efficient and scalable greenfield and brownfield development capabilities across various countries[144]. Financial Position and Debt Management - Debt to total assets ratio remains strong at 26.6%[19]. - The net debt to total assets ratio rose to 26.6% in 2019, compared to 19.8% in 2018[34]. - The company aims to maintain a solid balance sheet and optimize debt financing costs to manage a large-scale modern industrial and commercial property portfolio[17]. - The company issued $350 million and $425 million fixed-rate notes in February and April 2019, respectively, contributing to increased financing costs[155]. - The average debt maturity was maintained at three years as of December 31, 2019, with ongoing monitoring of debt maturity and cash reserves[156]. - The company has diversified its funding sources through local and international bank financing and capital market issuances to optimize debt financing costs[156]. Strategic Growth and Market Position - The company is actively pursuing strategic growth opportunities while maintaining a light-asset strategy[12]. - ESR's strategy focuses on leveraging regional networks and local strengths to capture growth opportunities in the Asia-Pacific market[53]. - The company aims to explore new growth market opportunities and collaborate with clients and capital partners for further platform expansion[57]. - The company is focused on expanding its market presence through strategic appointments and leveraging the expertise of its directors[72]. - The company has established a joint venture with Allianz to develop logistics and industrial real estate projects in India[123]. Sustainability and Corporate Governance - ESR is committed to sustainable development by integrating eco-friendly elements into its facilities[42]. - The company emphasizes the importance of environmental, social, and governance (ESG) factors as integral to its strategy and operations[57]. - The company received WELL Gold Certification for its logistics park in Bucheon, South Korea, in 2019, highlighting its commitment to sustainable development[85]. - The company has multiple LEED Gold Certifications for various logistics centers in China and South Korea, showcasing its focus on environmentally friendly building practices[86]. - The company emphasizes high standards of corporate governance, adhering to the principles outlined in the corporate governance code since its listing on November 1, 2019[193]. Risk Management - The company emphasizes that risk management is crucial for sustainable growth and aims to provide value to shareholders and investors[171]. - A robust risk management framework is in place, focusing on optimizing the risk-return relationship while ensuring prudent risk-taking[171]. - The risk management process involves identifying, assessing, managing, and monitoring various types of risks, with annual updates to the risk status[176]. - Financial risks are closely monitored, with management ensuring a prudent financial approach and maintaining a strong balance sheet[180]. - Operational risks are managed through comprehensive guidelines and policies to ensure business continuity and effective talent management[181].