esr fy2020 results presentation

ESR

FY2020 Results Presentation

26 March 2021

Disclaimer

1

The presentation may contain projections and forward-looking statements that reflect the Company’s current views with respectto future events and financial performance and are subject to certain risks, uncertainties and assumptions. In some cases,these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”,“continue”, “could”, “estimate”, “forecast”, “plan”, “prepare”, “project”, “anticipate”, “expect”, “intend”, “may”, “will” or “should” or,in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives,goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. By theirnature, forward-looking statements involve known and unknown risk and uncertainty because they relate to future events andcircumstances. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, andactual results may differ materially from those in the forward-looking statements as a result of various factors and assumptions,many of which are beyond the Company’s control. Prospective investors are cautioned not to rely on such forward-lookingstatements. Neither the Company nor any of its affiliates, advisors, representatives or underwriters has any obligation to, nor doany of them undertake to, revise or update the forward-looking statements contained in this presentation to reflect future eventsor circumstances, except where they would be required to do so under applicable law.

This presentation material includes measures of financial performance which are not a measure of financial performance underInternational Financial Reporting Standards (“IFRS”), such as Adjusted EBITDA and Adjusted Net Profit. These measures arepresented because the Company believes they are useful measures to determine the Company's financial condition andhistorical ability to provide investment returns. Adjusted EBITDA and Adjusted Net Profit and any other measures of financialperformance in this presentation material should not be considered as an alternative to cash flows from operating activities, ameasure of liquidity or an alternative to net profit or indicators of the Company's operating performance on any other measureof performance derived in accordance with IFRS. Because Adjusted EBITDA and Adjusted Net Profit are not IFRS measures,Adjusted EBITDA and Adjusted Net Profit may not be comparable to similarly titled measures presented by other companies.

Data or information compiled by JLL has been reproduced in this presentation. While the ESR has taken reasonable care toensure that any data compiled by JLL and used in this presentation has been accurately reproduced, such data has not beenindependently verified by the ESR, and JLL does not accept any liability in negligence or otherwise for any loss or damagesuffered by any party resulting from reliance on the information herein contained.

2

Contents

• FY2020 Key Highlights

• FY2020 Financial Highlights

• Industry Update

• New Growth Area: Data Centres

• FY2020 Operations Overview

• FY2020 Financial Overview

• Outlook

• Appendix

3

FY2020 Key Highlights

ESR’s record achievements in FY2020:

▪ 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

▪ 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

▪ Strong balance sheet with US$1.5 billion in cash and net debt/total assets of 23.2%

• Healthy portfolio occupancy of 90%

• Commenced US$3.2 billion worth of projects and Work In Progress grew 21% y-o-y to US$4.7 billion

• Completed US$3.4 billion of developments

• Robust cash position of US$1.5 billion and balance sheet strength

• Well-diversified debt profile with improved gearing ratio of 23.2%

• Recycled close to US$1 billion of capital from assets on balance sheet to ESR managed funds

• Weighted average interest cost was 4.6% as of 31 Dec 2020

• ESR Cayman became a constituent of MSCI Hong Kong, Hang Seng Composite Index and joined the Stock Connect

• Successfully raised US$650 million with listing of ESR Kendall Square REIT on KRX KOSPI in Dec 2020

• Launched Five-year ESG Roadmap aligned with the UN Sustainable Development Goals in Nov 2020

• Named ‘Sector Leader in Asia’ in GRESB 2020 rankings

• MIPIM Asia Awards 2020, Best Infrastructure, Community & Civic Building (Gold Award)- ESR Amagasaki DC

Capital Management Quality Portfolio Capital Markets ESG Roadmap

4

FY2020 Financial Highlights

Total Segmental

EBITDA

US$663m US$286m US$260m

Total

PATMICore

PATMI1

▪ Strong operating performance continues through COVID-19 through key business segments

▪ Further cemented market leading position and achieved AUM of US$30 billion well-ahead of end-2021 target

▪ Disciplined capital management with strong cash position, diversified and lower cost funding and improved gearing ratio

▪ Well-positioned to capture future acquisition and investment opportunities

Total

AUM

US$29.9b 23.2%

Net Debt/Total Assets Cash

+4.7%

+35.3%

+16.8% +14.7%

Note:(1) Excludes fair value on completed investment properties, pre-IPO ESOP expenses and tax effects of adjustments

-3.4pp

US$1.5b

+71.4%

Kunshan Friend Park I, China

5

Section 1 Industry Update

E-commerce adoption continues to grow

post COVID-19

Paradigm Shift in Capital Flows For Region and Sector

Superior Risk / Reward Proposition of Logistics to Drive Cap Rate Compression and Capital Value Growth

ESR has and will continue to uniquely leverage the largest secular trends to further solidify its market leading position in Asia Pacific

APAC Logistics – Largest Secular Growth Opportunity In Asia

6

Manufacturers and Retailers Adapting Supply Chains to

COVID-19 Challenges

Post COVID-19, APAC Logistics Market Growth Continues To Be Underpinned By E-commerce Across The Region

Japan3

South Korea2

Australia6

Source: Euromonitor

35.8% 38.2% 39.4%

2020 2024EbeforeCOVID

2024Eafter

COVID

India4

6.5%8.5%

11.2%


2024Eafter

COVID

10.4%11.6%

12.7%


2024Eafter

COVID

5 Singapore

15.6% 14.5%17.5%


2024Eafter

COVID

12.5%14.0% 15.0%


2024Eafter

COVID

Increasing e-commerce penetration will continue to support long-term demand for modern logistics facilities

E-commerce penetration across Asia

7

The PRC1

27.3%

40.4% 40.4%


2024Eafter

COVID

7 Indonesia

19.9%

33.5%

2020 2024E

Average spending per order on the platform (RMB)

E-Commerce Accelerated During COVID-19 And It Is Here To Stay

8

Average spending per order continued toIncrease(2)

Higher frequency for e-commerce platformover the past 12 months(1)

Chinese fresh food online retailing isexpanding at a CAGR of 49% over 2014-19

Low online retail penetration in Chinese freshfood relative to other categories

Shopping frequency for e-commerce platforms per year

China - food retail sales by distribution channelOnline penetration by categories (2019)

20

31

32

25

43

46

84

30

34

34

44

49

51

95

0 20 40 60 80 100

Mogujie

Vipshop

Xiaohongshu

Tmall Global/ Kaola

JD

Pinduoduo

Taobao/ Tmall

2019 2020

177

249

270

316

317

362

425

177

221

257

353

375

406

571

0 100 200 300 400 500 600

Pinduoduo

Mogujie

Xiaohongshu

Vipshop

Tmall Global/ Kaola

Taobao/ Tmall

JD

2019 2020

72%

46%

46%

39%

34%

30%

26%

22%

20%

11%

6%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Toys and games

Consumer Electronics

Small Appliances

Major Appliances

Apparel & Footwear

Beauty a& Personal…

Consumer Health

Tissue and Hygiene

Home Care

Packaged Food

Fresh Food

35 35 36 36 36 36

62 61 60 59 57 56

1 2 3 4 5 6

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2019

Hyper/ Supermarket Traditional grocery retailers Online retailing Others

Source: Euromonitor Source: Euromonitor

Source: Euromonitor Source: Euromonitor

Notes:(1) 2019 does not include Tmall Global(2) All respondents who purchased on the platform at least once every 2-3 months

“We believe that the focus of the government on infrastructure, on encouraging manufacturing, the trend of localization in supply chains after the covid-19 crisis—all of these will create opportunities for us in the medium- to long-term. We are bullish about these prospects.”

—— T.V. Narendran, CEO and MD at Tata Steel Ltd., April 27, 2020

“Think of it as “just in time plus.” The “plus” stands for “just in case,” meaning more sophisticated risk management. The COVID-19 pandemic revealed vulnerabilities in the long, complicated supply chains of many companies. When a single country or even a single factory went dark, the lack of critical components shut down production. Never again, executives vowed. So the great rebalancing began. As much as a quarter of global goods exports, or $4.5 trillion, could shift by 2025.”

—— McKinsey & Co, January, 2021

“There’s a diversification in supply chains going on for security reasons, after recent events disrupted the supply chain…The move from the just in time to just in case supply chain model is taking root and people look at Vietnam as one of the options.”

—— Frederick Burke, partner at law firm Baker McKenzie, July 28, 2020

Manufacturers Are Shifting From “Just In Time Inventory” To “Just In Case Inventory”

9

“The downward trend in inventory-to-sales ratios since the early 1990s could reverse as manufacturers, wholesalers and retailers store materials and products closer to manufacturing centers and consumers…The COVID-19 crisis has underscored the fragility of just-in-time (JIT) production networks... These JIT systems are now susceptible to closed manufacturing facilities, ports and borders due to the COVID-19 crisis. A March survey by the Institute for Supply Management found that nearly 75% of business respondents have experienced supply chain disruptions and more than 80% believe they will in the future. As a result, many businesses are planning major restructuring of their supply chain processes.”

—— CBRE, May 14, 2020

“As the situation began to unfold, we built inventory in both raw materials and finished goods to mitigate risk and to help us to continue meeting demand… This proactive approach coupled with our experienced and dedicated team, has enabled us to consistently deliver strong customer service levels.”

—— Michele G. Buck, President and CEO, The Hershey Co., April, 23, 2020

Investors will continue to cycle out of retail and into logistics given the transformative impact of e-commerce

Source: Real Capital Analytics

c.25% of investment volume

% of global investment

As investors have shifted focus in favour of logistics, investments in logistics sector have surpassed retail

Capital Allocation Increasingly Skewed Towards Funds Focused On Logistics Due To E-commerce

10

0

10

20

30

Retail Industrial

Logistics deal activity in 2020 continued to surpass retail, evidencing investors’ unwavering interest in the sector

21.3%

11.7%

Q1 2008

Q12010

Q1 2012

Q1 2014

Q1 2016

Q1 2018

Q4 2020

Q1 2020

Total cross-border investment transaction breakdown by region

Capital flows are already starting to pivot towards APAC, but APAC still remains under-penetrated

Superior growth prospects coupled with strong demographic and urbanisation trends are fuelling demand for APAC

Expected change by capital allocators in funds flow into Asian markets over the next five years

13%18% 19%

27%

60% 51%57%

52%

27%31%

24% 21%

2017 2018 2019 2020

APAC EMEA Americas

6.4

6.2

5.9

0 1 2 3 4 5 6 7 8 9

APAC

Americas

Europe

Large decline

Stay the same

Large increase

Source: Real Capital Analytics Source: PwC, Emerging Trends in Real Estate, 2021

Global Funds Are Under Allocated To APAC With Over 75% Investors Indicating Plans To Boost Allocation To The Region

11

Ca

pita

l O

rig

in

Hong Kong

(22.8%)(37.6%)

(14.5%)

57.5%

Office Hotel Retail Logistics

“New Economy” Real Estate Has Significantly Outperformed “Old Economy” In Public Markets

LTM share price performance (%)(1)

12

Europe

(22.7%)

(46.6%)

(19.9%)

15.7%

Office Retail Hotel Logistics

US

(24.5%)

(48.0%)

(32.7%)

18.9%9.1%

Office Retail Hotel DataCenter

Logistics

(13.1%) (12.6%)(18.6%)

22.9%15.3%

Office Retail Hotel DataCenter

Logistics

Singapore Australia

0.7%

12.8%

52.8%

Office Retail Logistics

Notes:(1) Market data as of December 31, 2020, each sector performance based on market cap weighted share price performance(2) Excluding Jinmao Hotel due to privatisation

Japan

(16.4%)(11.1%)

(23.5%)

20.6%

Office Retail Hotel Logistics

365

350 333 310300 255 225 180 175 188

130

Singapore Osaka Tokyo Guangzhou Seoul Sydney Melbourne Shanghai Beijing US average London

(Basis points)

2.9%

1.7%

1.3% 1.2% 1.2% 1.2%

0.4%0.2%

0.0%

(0.4%)

Singapore Beijing Tokyo Seoul Shanghai Hong Kong Sydney Melbourne London US average

APAC offers more attractive valuation premium spreads compared to more mature markets in the US and UK

Cap rate tightening and differential shrinking will drive higher logistics asset values, generating outsized returns for the asset class

Potential for meaningful cap rate compression in the APAC logistics real estate sector

Key logistics hubs in APAC offer more attractive premia

Spreads between logistics & office cap rates1

Logistics gross rental yields over costs of debt2

Risk/Reward For Logistics Will Continue To Transform Capital Values

Notes:(1) As of 2Q2020(2) As of 2019. Debt costs are based on investment grade borrowers, core stabilized assets fixed pricing on typical market maturi ties. In the calculation of the market yield, the transaction costs of purchasing or leasing of space are

not included. The market yield therefore reflects the returns to investment before transaction costs, assuming full occupancy and that the current income being paid is the market effective rent

Source: Real Capital Analytics, NCREIF, JLL

13

RW NankoNaka DC, Japan

14

Section 2 New Growth Area: Data Centres

15

Data Centers – A Growing Asset ClassMarket drivers for data centres further accelerated by COVID-19

Growing need for data creation and

storage

• Increasing computing and storage needs

• From video, online retail, gaming and corporate data processing

Internet of Things• Rising needs for data storage & processing

• Stakeholders install +40bn IoT devices globally through 2023

Adoption of cloudservices by

businesses andconsumers

• Introduction of 5G mobile network infrastructure results in faster and denser stream of mobile data

• Increasing artificial intelligence utilization

Data protection acts

• Corporates continue outsourcing data center needs

• Drive cost efficiencies and outsource to specialists

• Increasing compliance and regulatory requirements on data security

Demand accelerated by

COVID-19

• Increased short-term demand from telecommuting, online education and increased e-commerce consumption

• Expected sharp increase for demand for processing and storage of information

41.0%2019-2023E mobile data traffic CAGR in APAC

APAC data traffic expected to grow exponentially due to demographic tailwinds

50.7% of global millennials live in APAC(1)

Overall market size of carrier-neutral data centers (MW(2))

Rapid growth in APAC data center market

APAC Is Leading The Growth In Data Centers

16

Public cloud service market size (US$billion)

c.34%of global hyperscale data centers expected to be located in Asia-Pacific by 2021E(2)

18.6

61.1

2019 2023E

8,189

13,279

2019 2023E

CAGR: 12.8%

Notes:(1) Population aged 23-38(2) Includes all carrier-neutral data centers, including retail, wholesale, and hyperscale data centers; market size is calculated by total capacity, which is the maximum capacity as designed(3) Including China, India and Southeast Asia(4) The percentages represent the 2019-2023E CAGR of the market size of carrier-neutral data centers (in terms of MW) across operating models and regions; market size is calculated by total

capacity, which is the maximum capacity as designed

Rapid growth in APAC emerging markets(3)’ public cloud service market

CAGR: 34.6%

2019-2023E CAGR in data center capacity(4)

APAC EMs(3) outgrows all other regions in data center capacity

30%

16%

13%

27%

12%

6%

18%

5%

3%

10%

5%

2%

Hyperscale Wholesale Retail

APAC Emerging Markets LATAM

EMEA North America

APAC Is World’s Second Largest DC RegionESR has a competitive advantage in APAC given our leading presence across seven markets

Denotes ESR’s pipeline projects

Asia Pacific to grow to a power capacity of 9,800 MW by 2025

APAC data centre spending to surpass US$35b by 2024 to account for >35% of global market

Source: Synergy Research Dec 2020 17

A Natural Progression From Logistics To Digital Infrastructure

ESR’s role as Property Company to deliver core

and shell

Similar Product Type: Modern Logistics Facility & Data Centre✓ Require large amounts of space near population hubs with easy access to

power and infrastructure✓ Sustained growth driven by changing habits and increased online activity

Work closely with hyperscale cloud

and colocation Operator Company with dedicated experience in operating data centres

ESR’s Distinct Advantages

▪ Hyper-local presence provides unparalleled access

to unique un-brokered land/ zoning / power

approvals / development expertise.

▪ Ability to speculatively acquire and create landbank

thereby reducing “ready-for-service” timelines

▪ Identify assets from our existing portfolio of

warehouses for redevelopment or repurpose

▪ Flexibility to allocate land to warehousing and data

centres in land parcel acquisitions

+

18

Leverage on expertise of similar product type

“Go-to” provider for e-commerce and 3PL

companies

Increasing requirement by e-commerce tenants for

data space and by capital partners for exposure to

the asset class

Repeat business and multiple-fund

investments from capital partners

◼ Major landlord of leading e-commerce companies in China

◼ Major provider of warehouse facilities for offline retailers

Landlord of E-Commerce Companies & Retailers

◼ Strategic alliance with major 3PLs and reputable logistics service providers

Collaborations with 3PLs / Logistic Operators

◼ Developing build-to-suit modern facilities for leading global e-commerce companies and manufacturers

Build-to-Suit Logistics Solutions Provider &

Reliable Landlord

◼ Synergistic alignment between operating network and capital providers’ investment mandates to attract repeat investors

Blue chip Institutional Capital Providers

The ESR Advantage: Extension Of Customer Relationships

Strong network effectwith APAC focused

tenants

Leverage ESR’s Synergistic Network of Blue-Chip Capital Partners and Customers

19

Chibakita Distribution Center, Japan

20

Section 3 FY2020Operations

Overview

21

#1 APAC Focused Logistics Real Estate Platform With Top Positions In Its Respective Markets◼ ESR has over 20.1 million sqm GFA in operation and under development1 and a further c7.2 million

sqm GFA of development pipeline with MOUs2 signed across top tier markets with a high quality tenant base

China1

South Korea

Singapore5

Australia

Japan3

India4

6

2

Notes:(1) Consisting of approximately 11.8 million sqm of GFA of completed properties, approximately 4.6

million sqm of GFA of properties under construction and approximately 3.7 million sqm of GFA to be built on land held for future development as of 31 December 2020

(2) MOUs as of January 2021(3) As of 31 December 2020(4) In terms of proportion of total area occupied in China in comparison to only GLP as of September

2017 when GLP was privatised(5) In Greater Shanghai, Greater Beijing and Greater Guangzhou from 2020 to 2021

(6) As of 4Q 2019, in Greater Shanghai, Greater Beijing and Greater Guangzhou as measured by GFA (7) By GFA from 2019 to 2020(8) Development pipeline including MOU as of 30 January 2021(9) In terms of number of assets(10) Including 57 properties in ESR REIT and 18 properties in Sabana REIT as of 31 December 2020(11) 17% stake in Centuria as of 31 December 2020

3. Japan Platform

#1 development pipeline in

the Greater Tokyo and Greater Osaka regions7

US$1.7 billion of

development starts in FY2020

6. Australia Platform

2. South Korea Platform

#1 largest owner of logistics

stock7

#1 development pipeline in

the Seoul Metropolitan Area7

1st publicly listed institutional

quality logistics asset focused REIT in Korea

5. Singapore Platform

#1 non-Temasek affiliated

industrial REIT platform9 of 75 properties10

1. China Platform

#1 e-commerce landlord4

#1 development pipelines5

#2 largest portfolio of logistic

properties6

4. India Platform

Quickly emerged as one of the leading logistics developers in India

Established US$750 million JV with GIC to be seeded with a ~2.2 million sq ft build-to-core asset

2 million sqm GFA in development pipeline8

22.1

29.9

FY2019 FY2020

AUM

(US$ billion)

3

US$3.4 billion of AUM with

a development pipeline of US$694 million

Largest shareholder of

Centuria11 (AUM: A$10.2 billion)

Indonesia7

22

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Strategic Achievements In 2020Strengthening presence in our core markets with strong fundraising efforts through the year

US$500m JV with GIC for development fund in China

Plans to build 76.84-acre logistics park in Sohna, New Delhi

Plans to develop JPY27b ESR Yatomi KisosakiDC

Issued S$225m 5.1% five-year notes

Launched A$1b ESR Australia Logistics Partnership (EALP)

Drawdown of US$250m three-year unsecured senior term loan at Libor +3%

Plans to develop modern logistics facility, ESR UkishimaDistribution Centre in Greater Tokyo Bay Area

Launched US$1b South Korea development JV (ESR-KS II) with APG and CPPIB

Launched A$1b develop-to-hold ESR Australia Development Partnership (EADP)

Acquisition of 3 prime properties in Jiangsu, East China

Completion of acquisition of PGGM's real estate portfolio for RMB1.7b in JV with Manulife

Purchase of 79ha site in Southeast Melbourne to be held in EADP

Acquired US$368m ESR Kuki DC from RJLF II in JV with AXA

Plans to develop a 36-acre industrial & logistics park in Chennai

Issued US$350m 1.50% convertible bond due 2025

Signed new full building 81,391 sqm lease with Nakano Shokai at ESR Toda DC, Tokyo

EADP acquired 18ha infill site in QLD, Australia

Secured JPY15b 3-year unsecured senior term loan at JPY TIBOR +2%

ESR named a Sector Leader in Asia by GRESB

ESR (Stock Code: 1821) included as a constituent of MSCI Hong Kong Index from 30 Nov

GIC and ESR established US$750m JV to develop and acquire assets in India

Listing of ESR Kendall Square REIT (Stock Code: 365550.KS) on KOSPI

Commenced construction on Phase 1 of ESR Higashi Ogishima DC which will house the world’s first cargo drone logistics facility

20212020

US$26.5bJun 2020

AUM

US$22.1bDec 2019

AUM

US$29.9bDec 2020

AUM

Launched Five-year ESG Roadmap, reaffirming ESR’s commitment to best practices in ESG

Completion of ESR Amagasaki DC, APAC’s largest logistics warehousing project

23

Investment

Fund Management

Development

▪ High portfolio occupancy of 90%1

▪ Well-staggered WALE of 4.2 years2 by leased area

▪ Record leasing with 2.3 million sqm of space leased across portfolio

on the back of demand from e-commerce related customers

▪ Achieved 4% rental reversion on renewed leases1

▪ Total AUM rose 35% y-o-y to US$29.9 billion3

▪ Fund AUM grew 41% y-o-y to US$27.1 billion3

▪ Fund management fees increased 14% y-o-y to US$189 million

▪ Commenced US$3.2 billion worth of developments in FY2020 and

Work In Progress grew 21% y-o-y to US$4.7 billion

▪ Achieved US$3.4 billion of development completions

▪ Robust landbank of over 3.7 million sqm across portfolio

▪ Close to US$1 billion of capital recycled from assets on balance sheet

to ESR managed funds

Notes:(1) Based on stabilised assets on balance sheet as at 31 December 2020(2) Based on assets on balance sheet and portfolio assets in funds and investment vehicles by leased area as at 31 December 2020(3) As at 31 December 2020

Strong Operational Performance Testament To Resilience and Strength of Portfolio Fundamentals

24

Record Leasing Of 2.3 million sqm Across PortfolioTop five leases by area

Tenant

Coupang Amazon Nitori Market Kurly Nakano Shokai

Market KoreaJapan, China

and IndiaJapan Korea Japan

Area leased in

FY2020

(‘000 sqm)

235 149 120 87 82

Lease term

(years)2 – 5 5 – 20 2 – 6 10 10

Robust demand for logistics space across platform from quality creditworthy tenant base

E-commerce & 3PL

RetailE-commerce

& 3PLE-commerce

& 3PLE-commerce

& 3PL

Market Cap: US$79b1 Market Cap: US$1.6t1 Market Cap: US$22b1 Market Cap: US$1b1

Note:(1) As of 24 March 2021

China32%

South Korea16%

Japan25%

Singapore8%

Australia17%

India/Others2%

25

GFA By Region1AUM By Region1

As of 31 December 2020Notes:(1) GFA includes completed properties, properties under construction and GFA on land held for future development. AUM includes portfolio assets owned directly by ESR and portfolio assets held in

the funds and investment vehicles(2) Revenue excludes contribution from construction income

Revenue Contribution By Region1,2

Strategically Diversified In 7 Key APAC MarketsResilient to market changes and disruptions

China23%

South Korea26%

Japan 26%

Singapore10%

Australia11%

India/Others4%

China42%

South Korea17%

Japan18%

Singapore9%

Australia7%

India/Others7%

26

Key Project Achievements In Japan

ESR AMAGASAKI DISTRIBUTION CENTRE ESR HIGASHI OGISHIMA DISTRIBUTION CENTRE - I

▪ Recipient of “Gold Award – Best Infrastructure, Community & Civic Building” at the MIPIM Asia Awards 2020

▪ Largest domestic consumption logistics warehousing project (GFA: 388,570 sqm) in Japan as well as in APAC1 – completed in July 2020

▪ Boasts a suite of human-centric features including a child day-care centre (BARNKLÜBB), a private lounge (KLÜBB Lounge) and communal amenities

BARNKLÜBB KLÜBB Lounge

▪ Commenced construction with expected completed in March 2023

▪ Set to be one of Japan’s tallest distribution centreswith a double-ramped, high-throughput facility (GFA: 365,385 sqm)

▪ Human centric features including a child day-care centre (BARNKLÜBB), a private lounge (KLÜBB Lounge), as well as other lifestyle amenities

▪ Ground-breaking collaboration with VRCO to design and demonstrate the world’s first cargo drone logistics facility – use of electric vertical take-off and landing (eVTOL) airframes to revolutionisethe movement of commercial cargo from ESR distribution facilities of the future

Note:(1) The largest single-phase, single-asset logistics warehousing project in terms of GFA, as of July 2020. Sources: CBRE data and ESR research

27

Strengthening Our Leadership Position In KoreaSuccessfully listed ESR Kendall Square REIT and launched US$1 billion development fund in 2020

▪ Raised ~US$650 million through pre-IPO investments and

global offering in December 2020

▪ Portfolio is seeded by assets sold down from two of ESR’s

private real estate funds, while the injection of the committed

dropdown asset, Anseong Logistics Park, is expected to be

completed by June 2021

▪ Continues to see strong investor appetite with unit price up

19% year-to-date1

▪ Further cements ESR Kendall Square as the dominant

logistics real estate platform in Korea with over US$7.7

billion of AUM

▪ JV with longstanding capital partners APG and CPP

Investments

▪ ESR KS-II marks APG’s fourth development collaboration,

and CPPIB’ third joint venture with ESR

▪ Fund will be seeded with a prime land site in Incheon City

which will be developed into a modern, large-scale multi-

tenant facility with a GFA of >150,000 sqm

Note:(1) As at 24 March 2021

ESR-KS II

US$1 billion development JV with APG and CPP Investments

28

Key Project Achievements In China

XIEXIN JURONG AND XIEXIN XUZHOU

▪ Prime properties in East China’s Jiangsu province, strategically located in prominent hubs of the country’s last mile logistics networks

▪ Acquired 100% stake in June 2020

ESR SHANGHAI YURUN – I AND II

▪ Phase I is to be developed into a high standard warehouse logistics facility which includes cold storage (Planned GFA: >340,000 sqm)

▪ Construction of Phase I commenced in 2019 and is expected to be completed in 2022

▪ Construction of Phase II commenced in end 2020

Xiexin Jurong Xiexin Xuzhou

Occupancy 100% 100%

GFA 165,292 sqm 36,551

Status Stabilised Construction in

progress

Leased

Tenant

Fully leased to

JD.com

Fully pre-leased

to SF Express

ESR Chakan 1 Industrial & Logistics

Park, India

29

Section 4 FY2020Financial & Operational

Overview

357

388

FY2019 FY2020

359 366

FY2019 FY2020

278

315

245

286

FY2019 FY2020

Profit AfterTax

PATMI

30

FY2020 Financials Key Highlights

Note:(1) Adjusted EBITDA is calculated as profit before tax, adding back depreciation and amortization, exchange loss/(gain), finance costs, equity-settled share option, the listing expenses, and

eliminating the effect of interest income, and fair value gains on completed investment properties and investment properties under construction

(US$ million)

Revenue

(US$ million)

Adjusted EBITDA1

(US$ million)

Profit After Tax / PATMI

+8.7% +2.0%

▪ Delivered strong earnings across key business segments

▪ Well-diversified contributions from ESR’s six markets

PAT:+13.0%

PATMI:+16.8%

26.6%28.6%

23.2%

31 Dec 2019 30 Jun 2020 31 Dec 2020

3,251 3,189

3,805

2,5712,855

3,295

884 947

1,515

FY2019 1H 2020 FY2020

Total equity Total debt and other borrowings Cash and bank balances

31

(%)

1,780

Net debt

1,687

Well-Equipped With Strong Balance SheetProactive and disciplined debt management

(US$ million)

Net Debt

Net Debt / Total Assets

1,908

Weighted average interest cost was 4.6% as at 31 December 2020

51.9%

59.8%

46.8%

FY2019 1H 2020 FY2020

85

44

85

4

3

5 18

-

-

38

-

38

29

60

2

1

231

FY2019 1H 2020 FY2020

Interest expense on bank loans Interest expense on other borrowings

Interest expense on Hana Interest expense on RCPS

Interest expense on bonds Interest epxenses on convertible bonds

Interest accretion on convertible bonds Interest expense on lease liabilities

(US$ million)

Finance Costs

156

Redeemed or repaid

77

184

Net Debt / Equity Weighted Average Interest Cost

(%)

5.0% 5.0%4.6%

31 Dec 2019 30 Jun 2020 31 Dec 2020

(%)

32

Capital Recycling Initiatives In FY2020Close to US$1 billion of capital recycled from assets on balance sheet to ESR managed funds – double annual target of US$400 to US$500 million

Received net cash recycled back of approx. US$0.7 billionDisciplined strategy to enhance financial flexibility to seize potential opportunities

71-91 Whiteside Rd, Clayton, Victoria

ESR Higashi Ogishima Distribution Centre, Japan

Note:(1) Cash recycled back (net of cash deconsolidated) are as follows:

- US$105 million from the divestment of China assets- US$179 million from the divestment of Australia assets to EALP - US$7 million from the divestment of Australia assets to EADP- US$84 million received on the divestment of RW Kawajima DC - US$275 million from the divestment of Higashi Ogishima Site A

Transactions from Balance Sheet to ESR Managed

Funds in FY2020

Gross Divestment

Value

Divestment of six on-balance assets in China to ESR-

GIC JVUS$103 million

Divestment of 20 assets in Australia as part of the

Propertylink acquisition and a land parcel seeded into

ESR Australia Logistics Partnership (EALP)

US$514 million

Divestment of 2 assets in Australia into ESR Australia

Development Partnership (EADP)US$35 million

Divestment of RW Kawajima DC into private REIT US$86 million

Divestment of Higashi Ogishima Site A into

RJLF IIIUS$255 million

Total US$993 million

33Notes:(1) Based on allocated share of profits from FVTPL funds and JV funds to each of Investment and Development segments(2) FY2019 Segmental result: Investment: 40.5%, Fund Management: 20.8%, Development: 38.7%

Income

Investment Fund Management Development

– Base / Asset management fees

– Development fees

– Acquisition fees

– Leasing fees

– Promote fees

– Completed B/S properties

➢ Rental income + revaluation gains

– Fund co-investments(1)

➢ Pro rata earnings

– Listed securities

➢ Dividend income

– Solar energy income

– B/S development profits

➢ Revaluation gains on U/C properties + disposal gain on sale

– Funds’ development profits(1)

– Construction income

– Direct costs for rental and solar energy income

– Allocated administrative expense– Allocated administrative expenses

– Construction costs

– Allocated administrative expenses

✓ Rental growth and high occupancy

✓ Cap rate compression

✓ High dividend payout from listed securities

✓ Strong Fund AUM growth

✓ Significant development pipeline in funds

✓ Promote Fee opportunity

✓ Significant development pipeline (B/S, funds)

✓ Track record of strong development profit margins

✓ Asset recycling from B/S or development funds into core funds / REITs

A B C

Expenses

Key Drivers Of Our Three Pillars Of Business

Key drivers

US$226 million US$148 million US$289 million

Total Segmental Result: US$588 million

US$75 million corporate and other unallocated costs

Combined segmental EBITDA: US$663 million

34.1%

% contribution

22.3%

% contribution

43.6%

% contribution

D

FY2020Segmental

result2

6%2%

6%

2% 2% 1%

11%13%

11%

11%

8%

27%

2021 2022 2023 2024 2025 2026 andbeyond

Assets held on Balance Sheet Assets held in Funds

34

A Investment SegmentHealthy broad-based demand with strong occupancy maintained

Portfolio Lease Expiry Profile By Area1

▪ Decline in investment segment results due to reduced portfolio on balance sheet, following full sell-down of Propertylink assets to EALP in FY2020

▪ Well-staggered WALE of 4.2 years2 by leased area and 3.5 years2 by income

▪ Maintained high occupancy of 90%3 across portfolio

▪ Achieved positive rental reversion of 4% on renewed leases3

Notes:(1) As at 31 December 2020(2) Based on assets on balance sheet and portfolio assets held in the funds and investment vehicles (3) Based on assets on balance sheet and stabilised assets

As at 31 Dec 2020 Assets held

on Balance

Sheet

Assets held

in FundsPortfolio

WALE (by leased area) 2.2 years 4.6 years 4.2 years

WALE (by income) 2.1 years 3.7 years 3.5 years

17%15%

17%

13%10%

28%

256

226

FY2019 FY2020

(US$ million)

Investment Segmental Result

Cold Chain5%

Manufacturing10%

Retail12%

Others9%

1.5%

1.5%

1.6%

2.1%

2.3%

3.2%

3.6%

5.8%

8.4%

9.8%

Askul Corporation

Market Kurly

The State of Queensland

Cainiao

Mitsubishi Fuso Trucks and Buses

Amazon

Zeny

SoftBank Group Corp

Coupang

JD.com

35

A Investment SegmentStrong demand from digital economy supports leasing growth

Lease Profile By End User Industry

64% E-commerce and 3PL companies

Lease Profile

by Income1

▪ Leasing transactions remains strong across portfolio with 2.3 million sqm of space2 leased across portfolio

▪ Leasing demand largely driven by e-commerce and 3PLs

Notes:(1) Based on income for FY2020(2) Based on assets on balance sheet and portfolio assets held in the funds and investment vehicles

Portfolio Top 10 Tenants By Income1,2

(%)

E-commerce related

>Two-thirds of Top 10 Tenants

are e-commerce related

2.7 2.9 2.8 2.8

6.36.7 6.8

9.8

11.2

12.4

16.9

17.3

30 Jun 2019 31 Dec 2019 30 Jun 2020 31 Dec 2020

Balance Sheet Core Funds Development Funds

36

B Fund Management SegmentFund AUM rose 41% y-o-y to US$27.1 billion

(US$ billion)

Evolution in Total Assets Under Management (Jun 2019 to Dec 2020)

Accelerating growth of fund management business demonstrates strong investor confidence

29.9

22.1

20.2

Fund AUM

26.5

167

189

FY2019 FY2020

132

148

FY2019 FY2020

37

(US$ million)

B Fund Management SegmentStrong fundraising support with US$3.7b of committed but uncalled capital

Fund Income

Strong recurring income base from fees collected from blue chip investors

Fund Income FY2019 FY2020

% of Fund AUM 0.9%1 0.7%

% of Adjusted Fund AUM2 1.2% 1.0%

% of invested capital 3.4% 2.8%

Capital Raised (US$ billion) FY2019 FY2020

Equity committed 6.5 10.2

Undrawn capital 1.8 3.7

Capital raised 1.3 3.5

(US$ million)

Fund Management Segmental Result

Notes:(1) The figure has been updated to align to prior years’ and current comparative purposes.(2) Excludes uncalled capital.

7.7 7.9

Dec 19 Dec 20

4.6

7.7

Dec 19 Dec 20

4.8

6.7

Dec 19 Dec 20

1.5

3.4

Dec 19 Dec 20

38

New LPs in FY2020

China

Japan

New LPs in FY2020

South Korea

New LP in FY2020

Australia

India

AUM (US$ billion)

Singapore (2 Listed REITs)

AUM (US$ billion)

AUM (US$ billion)

AUM (US$ billion)

AUM (US$ billion)

AUM (US$ billion)

Listed in Dec 2020

*AUM details as of 31 December 2020

Strong Network of Blue Chip Institutional

Capital Providers

CPPIB APG

Ping An CPIC

NCI GIC

AXA Manulife

PGGM Allianz

ESR’s Capital Raising By MarketContinuous platform expansion underpinned by strong fundraising

B

New capital committed in FY2020

Uncalled capital to be deployed

US$3.5b

US$3.7b

0.5

1.2

Dec 19 Dec 20

3.0 3.0

Dec 19 Dec 20

New LP in FY2020

39

Notes:(1) The commitment represents the aggregate capital commitments to the fund or investment vehicle, as applicable, including capital commitments by third-party investors and the general partner or investment manager. Foreign

currency commitments have been converted into U.S. dollars based on: (i) the foreign exchange rate at the date of purchase for each investment; and (ii) the exchange rate that prevailed on 31 December 2020, in the case of uncalled commitments.

Investment Vehicles Under ManagementContinue to attract best-in-class capital partners across multiple-fund investments

B

Inception Date CategoryFund AUM

Capital

Commitments1

Uncalled

Capital Interest Held

By ESR (%)

GFA

(US$ million) (US$ million) (US$ million) ('000 sqm)

Ch

ina

e-Shang Star Cayman Limited May-14 Development 1,999 863 113 25.6 2,250

RCLF I Jul-12 Development 793 440 - 2.3 1,009

China Invesco Core Fund Oct-17 Core 350 190 - 16.3 371

NCI Core Fund Jan-19 Core 300 159 - 10.0 325

GIC Dec-19 Development 821 500 308 51.0 902

Manulife Mar-20 Core 276 265 0 1.5 270

So

uth

Ko

rea

South Korea Development Fund I Nov-15 Development 2,981 1,150 288 20.0 2,199

South Korea Core Fund Jul-18 Core/Core Plus 992 500 118 10.0 377

South Korea Development Fund JV 2 Jun-20 Development 2,346 1,000 902 20.0 150

AMC Projects - Core 289 NA NA NA 186

ESR Kendall Square REIT Dec-20 REIT 1,125 NA NA 9.9 589

Jap

an

RJLF II Apr-18 Development 1,566 588 86 0.0 587

ESR Japan Core Fund Dec-18 Core 1,057 408 - 17.0 414

RJLF III Jun-19 Development 1,555 724 344 20.0 617

Other investment vehicles Various Development 3,247 1,352 366 Various 1,055

Sin

gap

ore ESR-REIT 2006 REIT 2,342 NA NA 9.7 1,403

Sabana REIT 2010 REIT 632 NA NA 20.9 383

Au

str

ali

a

50 Ann PEP May-17 Core Plus 151 68 0 25.0 26

POP III Feb-19 Core Plus 99 45 0 11.2 20

PACT Dec-17 Core Plus 248 59 0 15.0 19

EALT Nov-19 Core Plus 143 73 0 20.0 94

EOP IV Dec-19 Core Plus 114 49 0 11.2 22

EALP Jun-20 Core Plus 942 456 54 20.0 655

EADP Jul-20 Development 1,674 759 702 60.0 405

Ind

ia ESR India Logistics Fund Nov-18 Development 403 244 85 50.0 694

ESR Mumbai 3 Dec-20 Development 667 300 300

TOTAL OF ALL FUNDS 27,113 10,191 3,665 15,023

40

C Development SegmentIncreased development workbook boosted by strong demand across portfolio

Estimated Total Cost (US$ billion)

Work In Progress

Work In Progress (Estimated Total Cost) (US$ billion) FY2019 FY2020

WIP End Value as at December 3.2 3.9

Development Completions 1.2 2.2

Development Starts 2.0 3.2

FX and other (0.1) (0.2)

WIP End Value as at December 2020 3.9 4.7

No. of WIP developments (as at year end) 42 42

▪ Strong growth in WIP to US$4.7 billion in FY2020 on the back of strong demand particularly e-commerce related customers

▪ Current developments are higher-value projects with increased scale and higher quality

Project rendering of the 153,092 sqm four-storey ESR Yatomi Kisosaki Distribution Centre, which is set to be the largest modern logistics facility in Greater Nagoya

3.9

4.7

FY2019 FY2020

42 42

No. of WIP developments

0.1 0.2

1.8

3.2

FY2019 FY2020

Assets held on Balance Sheet Assets held in Funds & Investment Vehicles

0.20.4

1.8

2.8

FY2019 FY2020

41

C Development SegmentContinue to leverage third party capital for development starts

Estimated Total Cost (US$ billion)

Development Starts

GFA (million sqm) FY2019 FY2020

Assets held on Balance

Sheet

16% 28%

Assets held in Funds &

Investment Vehicles

84% 72%

2.0

3.2

3.4

1.9


Assets held on Balance

Sheet

16% 15%

Assets held in Funds &

Investment Vehicles

84% 85%

Completion Fair Value (US$ billion)

Development Completions

ESR Amagasaki DC, Japan

ESR Hongmei II, China

6.3

3.0

1.9

1.4

3.9

2.2

1.2

0.5

2.1

0.7

0.6

0.8

1.0

0.3

0.1

0.5

2.1

0.9

0.8

0.5

DevelopmentPipeline

MOU UnderDevelopment

Land

China

Japan

South Korea

Australia

India

42

C Development SegmentStrong landbank for sustainable and recurring development profits

Development Pipeline

(US$ million)

Note:(1) MOUs as of January 2021

GFA (million sqm)

245

289

FY2019 FY2020

Development Segmental ResultLand Bank

GFA (million sqm)


Land held on Balance Sheet 49% 36%

Land held in Funds &

Investment Vehicles

51% 64%

1.6

1.3

1.72.4

FY2019 FY2020

Land held onBalance Sheet

Land held in Funds& Investment Vehicles

Estimated Total Cost

US$2.4 bil US$3.2 bil

3.33.7

15.5

7.2

4.6

3.7


MOU1 43% 46%

Under Development 33% 30%

Land 24% 24%

1

43

Summary Of FY2020 Financial Performance

US$ million FY2019 FY2020 Variance

Revenue 357 388 8.7%

Investment 121 107 (11.5%)

Fund Management 167 189 13.5%

Development 69 92 31.9%

Segmental Results (EBITDA) 633 663 4.7%

Investment 256 226 (11.8%)

Fund Management 132 148 12.0%

Development 245 289 18.1%

Corporate and other unallocated expenses (75) (75) (0.9%)

Total EBITDA 549 571 4.0%

PATMI 245 286 16.8%

Core PATMI

(ex. revaluation from completed properties)227 260 14.7%

▪ Revenue increased by 8.7% y-o-y to US$388 million mainly due to higher fees from fund management segment. The increase was offset by lower income from investment segment following full sell-down of Propertylink assets to EALP

▪ Increase in segmental results (EBITDA) driven by increase in fee income, as well as gains realisedthrough investment properties and properties under development

▪ Growth in Core PATMI continues to be supported by strong recurring income such as fees collected from fund management

44

Summary Of FY2020 Balance Sheet

US$ million FY2019 FY2020 Variance

Total Assets 6,352 7,687 21.0%

Cash 884 1,515 71.4%

Total debt and other borrowings 2,571 3,295 28.2%

Net Debt 1,687 1,780 5.5%

Net Debt / Total Assets 26.6% 23.2% (3.4pp)

▪ Robust cash position of US$1.5 billion as at December 2020, an increase of 71.4% from Dec 2019

▪ Total debt and borrowings were higher in FY2020 to fund the Group’ investments and ongoing developments

▪ Improved gearing ratio of 23.2%, allowing substantial headroom to capture future acquisition and investment opportunities

45

Disciplined Capital ManagementWell-managed debt maturity profile of 3 years

22%

35%38%

5%

Within one year In the second year In the third to fifthyear, inclusive

Beyond five years

▪ Well-spread debt maturity profile of 3 years with diversified funding sources

▪ Continued interest cost management with weighted interest cost of 4.6% as at 31 Dec. 2020 (vs. 5% as at end June 2020)

- Feb 2020: Issued S$225 million five-year notes at 5.1%

- Mar 2020: Drawdown of US$250 million three-year unsecured senior term loan at Libor +3%

- Sep 2020: Issued US$350 million five-year convertible bonds at 1.5%

- Nov 2020: Drawdown of JPY15 billion unsecured senior term loan at TIBOR +2%

- Feb 2021: Issued S$200 million perpetual step-up subordinated securities at 5.65%

Debt Maturity Profile

(US$ million)

734

1,1491,248

164

USD51%

RMB15%

JPY16%

SGD16%

AUD2%

Debt Currency Profile

As at 31 December 2020

74-84 Main Road, Clayton, Victoria,

Australia

46

Section 6 Outlook

47

Going Forward

Well-positioned to participate in M&A and partnership opportunities across the Asia Pacific region

Deepen Penetration In Existing Markets

Expansion Into Southeast Asia

Growth Of Data Centre Business

Strengthen Fund Management Efforts

▪ Largest APAC focused logistics real estate platform

▪ Healthy development pipeline going forward, strong landbank and an active capital recycling model

▪ Integrated development platform to meet tenants’ growing demand

▪ Growth of SEA’s digital economy surpassed its 2025 forecast in 2020 alone to 310 million digital consumers1

▪ SEA’s e-commerce GMV up 23% from 2018 to 2020 –faster than China’s GMV CAGR growth1

▪ Actively exploring opportunities in key markets and growth locations

▪ Continued strong demand from best-in-class institutional investors

▪ Agile and strategic in sourcing capital

▪ Launch of discretionary capital vehicles including public-listed REITs

Acceleration in e-commerce and digital economy driving structural changes to consumption patterns

1 2 3 4

Note:(1) Facebook/Bain & Company, Digital Consumers of Tomorrow, Here Today, A SYNC Southeast Asia Report, August 2020

▪ Strong growth prospects and vibrant demand for data centres across APAC

▪ Broadens ESR long-term relationships with customers, tenants and capital partners

▪ A natural progression for ESR to leverage its own strengths, expertise and leading presence in APAC

48

Sustainability Supports Operational ResilienceESG Framework provides strong process of materiality assessment

2020 GRESB (Global Real Estate Sustainability Benchmark) Rankings

South Korea Ranked first in the following category: Overall GRESB score within Industrial/Asia

Ranked first in the following category: Distribution Warehouse within Industrial/Eastern Asia

JapanRanked first in the following category: Development score within Industrial/Asia

Ranked second in the following category: Developer, East Asia

We believe the following key focus areas are impactful to our business and we have made headway with mapping and identifying baseline data for the most critical areas.

As we strive to create a positive and supportive environment for

our employees, customers, suppliers and communities, the

idea of “human centricity” is integral to our business. Basic

human needs are universal, and meeting those needs today

while ensuring they can be met in the future is the cornerstone of sustainable development.

Focus Areas include: • Safety, Health & Wellbeing • Diversity & Inclusion • Community Investment • Talent Attraction, Retention &

Training • Stakeholder Engagement

Human Centric Property Portfolio

We aim to develop and manage modern, state-of-the-art logistics

facilities for the new economy. We see ourselves playing a clear role in modern-day commerce, driving the region beyond doing less harm and

seizing opportunities to create a positive impact – doing good for the

planet, people and business.

Focus areas include: • Climate Change Resilience • Sustainable & Efficient Operations • Biodiversity & Habitat Protection • Human-Centric Design, Flexible &

Adaptable Properties, Strategic Locations

• Sustainable Building

We embrace “long-termism” and believe a culture and practice of strong year-on-year corporate

performance cements the foundation for sustained and

balanced growth, resulting in stable and dependable returns.

Focus areas include: • Financial Results • Responsible Investing/Financing • Corporate Governance • Risk Management • Disclosure & Reporting • Investor Relations

Corporate Performance

Goyang Logistic Park, Korea

49

The End

ESR Chakan 1 Industrial & Logistics

Park, India

50

Section 5 Appendix

51

Year ended 31 December

US$ million 2019 2020

Revenue 357 388

Cost of sales (81) (103)

Gross profit 276 285

Other income and gains, net 370 370

Administrative expenses (199) (202)

Finance costs (180) (147)

Share of profits and losses of joint ventures, net 93 105

Profit before tax 360 411

Income tax expense (82) (96)

Profit for the year 278 315

Attributable to:

Owners of the parent 245 286

Non-controlling interests 33 28

278 315

Statements Of Profit Or Loss

52

As at 31 December


Non-current assets

Property, plant and equipment 31 32

Right-of-use assets 12 12

Investments in joint ventures 698 1,082

Financial assets at fair value through profit or loss 589 679

Financial assets at fair value through other comprehensive income 543 878

Investment properties 2,786 2,664

Goodwill and other intangibles 433 427

Other non-current assets 64 87

Total non-current assets 5,156 5,861

Current assets

Trade receivables 89 95

Prepayments, other receivables and other assets 129 209

Cash and bank balances 884 1,515

Assets held for sale 94 7

Total current assets 1,196 1,826

Current liabilities

Bank loans and other borrowings 232 734

Lease liabilities 6 7

Trade payables, accruals and other payables 230 244

Liabilities held for sale 21 -

Total current liabilities 489 985

Net current assets 707 841

Total assets less current liabilities 5,863 6,702

Statements Of Financial Position

53

As at 31 December


Non-current liabilities

Deferred tax liabilities 211 281

Bank loans and other borrowings 2,339 2,562

Lease liabilities 17 7

Other non-current liabilities 45 47

Total non-current liabilities 2,612 2,897

Net assets 3,251 3,805

Equity

Equity attributable to owners of the parent

Issued capital 3 3

Perpetual capital securities 97 -

Equity components of convertible bond - 48

Other reserves 2,926 3,545

Non-controlling interests 225 209

Total equity 3,251 3,805

Statements Of Financial Position (Cont’d)

54

5-Y

EA

R E

SG

TA

RG

ET

SE

SG

ST

RA

TE

GY

Five-year ESG RoadmapPursuit towards excellence in sustainability

Consistent Reporting

with Transparency

Develop and Embed

Systems and

Processes for the

Long-term

Increase Engagement

with the people that

Matter Most

Foster A Culture of

Active Learning

Plan and Adapt for

Change

Plan to progress in our

reporting each year,

with honesty and

transparency.

We will look to produce

a GRI adopted ESG

report by 2022, improve

our GRESB score and

participate at a

corporate level and

become a signatory of

the Principles of

Responsible Investment

(PRI) by 2024.

Integrate ESG

considerations into

all stages of the

business cycle which

include establishing

data management

systems, streamlining

ESG data collection

processes and

developing policies

while setting annual

performance targets

and reviews.

Implement engagement

programmes to promote

health & well-being to

provide all our

stakeholders with a

positive and supportive

environment.

We will measure our

impact with the hopes of

creating a culture of

community service and

promote harmony with

the community.

Encourage employees

to progress on

continuous learning with

annual ESG training for

all employees.

This will pave the way

for streamlined systems

and efficient processes,

creating a more resilient

workforce for the future.

Conduct regular ESG

risk assessments in

building safety, energy

efficiency, indoor

environmental quality

and waste and water

management.

In Australia, we use a

climate risk model to

inform our buy or sell

decisions and for the

rest of the region, we

are embarking on a

climate impact study to

shape the Group’s

approach to climate

adaptation.

Human Centric

Safe working environment targeting Zero Workplace Fatalities

Gender ratio of 40/60 women/men(from base year 2019)

Development of community engagement/foundation programme

50% increase in solar power generation (from base year 2019)

Sustainable building certification for 50% of ESR’s portfolio

20% reduction in energy consumption across the Group (from base year 2019)

Achieve a 3 Star GRESB rating average

Maintain a culture of strong corporate performance

US$15 million in Social Investment Programme to our local community foundation by 2030

Property Portfolio Corporate Performance

esr fy2020 results presentation

Documents