Overview Key strengths Key risks One of the largest operators of modern logistics facilities globally. High exposure to development earnings, which have high volatility and low predictability. Leading position in key markets of operation. High debt despite heavy asset monetization plans. Track record of executing successful development strategies. Diminishing visibility due to rising proportion of earnings and debt from joint controlled entities? (JCE). Good record of raising capital, given established relationships with high-quality, long-term investors. Larger exposure to emerging markets than peers. The company is looking to monetize a substantial portion of its Chinese logistics asset portfolio on the balance sheet to a strategic investor by the end of 2023. Timely completion of the asset monetization program would accelerate the
