ESR delivers strong H1/2020 results
ESR, an APAC focused logistics real estate platform, has announced its unaudited consolidated results for the six months ended 30 June 2020.
The group recorded revenue of USD 198 million in H1/2020, up 26.9% from USD 156 million in H1/2019. Ebitda was USD 269 million, up 27.3% from USD 212 million in H1/2019. Adjusted ebitda increased by 20.6% to USD 151 million in H1/2020, compared with USD 125 million in H1/2019.
In H1/2020, the group leased 0.9 million sqm (representing over 100 leases) as it experienced increased demand for prime logistics space from both new and repeat customers in the e-commerce, cold chain and manufacturing sectors across its markets.
The group maintained a high occupancy rate of 91% across its entire portfolio despite challenging market conditions brought on by the onset of Covid-19. E-commerce and 3PLs (which largely support e-commerce) remain a key driver of demand, representing over 60% of ESR’s tenant portfolio (based on rental income). (mw)