ESR AR 2019 EN

OPERATIONS REVIEW DEVELOPMENT SEGMENT (mil sqm) MOU Under Development Land China 6.2 3.3 1.9 1.0 Japan 2.3 0.4 1.5 0.4 South Korea 3.2 1.8 0.8 0.6 Australia 0.4 0.01 0.03 0.4 India 1.9 0.5 0.5 0.9 Total 14.1 6.0 4.7 3.3 Development Pipeline (million sqm) Land held on Balance Sheet Land held in Funds & Investment Vehicles Land Bank GFA (million sqm) 1.6 1.7 3.3 0.3 1.5 1.8 Development Completions Estimated Investment Value (US$ billion) Assets on Balance Sheet Assets held in Funds & Investment Vehicles Assets on Balance Sheet Assets held in Funds & Investment Vehicles 0.2 1.8 2.0 0.5 1.6 2.1 Development Starts Estimated Investment Value (US$ billion) FY2019 FY2018 0.1 1.8 1.9 0.1 1.8 1.9 FY2019 FY2018 FY2019 FY2018 ESR adopts an asset-light business model as we continue to pursue development of projects under the funds and investment vehicles under our management. In FY2019, the total estimated investment value of new development starts totalled US$2.0 billion, representing 2.0 million sqm across our portfolio, and primarily in China, Japan and South Korea. The total investment value of our development completions in FY2019 was US$1.9 billion, representing 1.0 million sqm across our portfolio, and were largely in China, South Korea and Japan. We have also assembled a robust development pipeline of 14.1 million sqm including a strong landbank of more than 3 million sqm to expand our portfolio moving forward, and leverage on the strong customer demand for logistics facilities. Ichikawa Distribution Centre, Chiba, Japan 47 ESR Annual Report 2019