ESR Group Limited, a prominent player in logistics and real estate, recently reported its financial results for the first half of FY2024, showcasing a robust strategy execution that positions the company for its next phase of growth. The total fee-related assets under management (AUM) increased by 2.7% year-on-year to reach $80 billion. Notably, ESR raised $2.3 billion in new capital during this period, marking a significant 155% increase from the previous year [a024fe0e].
Despite the positive growth in AUM, the company's Fund Management EBITDA decreased to $174 million from $329 million in the same period last year. Additionally, the profit after tax and minority interest (PATMI) was reported as negative $58 million, a stark contrast to the $304 million profit recorded in 1H FY2023 [a024fe0e].
Operationally, ESR leased 3.9 million square meters in 1H FY2024, a substantial increase from 2.1 million square meters in the previous year. The occupancy rate stood at 87%, and an impressive 97% when excluding Mainland China [a024fe0e].
ESR Group continues to focus on sustainability, setting an ambitious goal of achieving 100% renewable energy in its data centers by 2040. The company is optimistic about its growth trajectory, driven by increasing demand for AI and digital infrastructure [a024fe0e].
In addition to these recent developments, ESR Group's previous fiscal year results for FY2023 highlighted a record Fund Management EBITDA of $579 million, with total AUM increasing by 7.3% to $156.1 billion. The company also reported a strong leasing performance of 5.3 million square meters across its portfolio [44079a6b].
Emira Property Fund, a South African real estate company, also reported strong operational results for its financial year ending March 31, 2024. The fund declared a full-year dividend per share of 117.02c, with a net asset value per share increasing by 2.2% to 1,733.10 cps. Emira's balance sheet remains healthy, with a loan-to-value ratio decreasing from 44% to 42.4% [87b8ac8c].
Both ESR Group and Emira Property Fund's results reflect their commitment to delivering value to shareholders while capitalizing on the growing demand for logistics, data centers, and real estate assets in the New Economy sector [44079a6b][87b8ac8c].