consumption levels in the region. Private consumption in China, Japan, South Korea, Singapore, Australia, and India is forecasted to grow at a CAGR of 8.1% between 2019 and 2023, approximately two times the anticipated 4.0% growth in the US during the same period. As of December 31, 2018, e-commerce and 3PL tenants made up approximately 49.6% of the tenant base of the Portfolio Assets by leased area. In 2016, 2017 and 2018, rental revenues from e-commerce and 3PL tenants in our balance sheet properties amounted to 82.6%, 76.7% and 63.5% of our total rental revenues, respectively. The decrease in the proportion of rental revenues from e-commerce and 3PL tenants in 2017 was due to the disposal of several properties to China Invesco Core Fund from our balance sheet, the majority of which we had leased to e-commerce tenants, and in 2018 was due to rental income from an existing manufacturing tenant in the RW Higashi-Ogijima DC property, which we plan to redevelop into a modern logistics facility.

With our APAC-focused business model, we grew significantly during the Track Record Period through organic growth and strategic M&A, increasing our AUM from US\$7.4 billion as of December 31, 2016, to US\$12.0 billion as of December 31, 2017, and further to approximately US\$16.0 billion as of December 31, 2018. We have also attracted investments from three out of the top six real estate capital providers globally based on IP&E Real Assets’ top 100 ranking of the world’s largest real estate investors in 2018. We were ranked \#29 in the world in PERE’s “Fab 50”, the flagship ranking of the private real estate world’s top managers (by total annual fundraising amount) in 2018. Our revenue grew by 58.5% from US\$96.7 million in 2016 to US\$153.3 million in 2017, and further grew by 65.8% to US\$254.1 million in 2018, while our net profit grew by 91.6% from US\$105.0 million in 2016 to US\$201.2 million in 2017, and further grew by 5.9% to US\$213.1 million in 2018. Our total consolidated balance sheet assets grew, which include our investment properties, investments inj oint ventures, and financial assets at fair value, by 45.3% from US\$2,097.4 million as of December 31, 2016 to US\$3,047.4 million as of December 31, 2017, and further grew by 45.1% to US\$4,422.6 million as of December 31, 2018.

# FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our results of operations have been, and we expect them to continue to be, primarily affected by the following factors:

Š supply and demand for modern logistics facilities in APAC;

Š our ability to source, design, construct, lease and manage the Portfolio Assets;

Š our ability to manage our integrated business model and grow multiple sources of income;

Š our ability to continue attracting and maintaining our relationships with capital partners and growing our AUM;

Š rental prices, occupancy rates, leasing cycles and fair value change of the Portfolio Assets;

Š our expansion through organic growth and strategic acquisitions; and

Š our access to capital and cost of financing.

# Supply and Demand for Modern Logistics Facilities in APAC

Our business growth and results of operations have benefited from the growth of the consumer economy in APAC. The rise of the new economy in the region has led to increasing demand for modern logistics facilities from e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others that require larger and more sophisticated