Good afternoon, ladies and gentlemen. On behalf of the ESR management, a very warm welcome to everyone joining our full year 2021 results briefing this afternoon via our webcast. I'm Rui Hua, Group Head of Capital Markets and Investor Relations, and I'll be the moderator for today's session. After the presentation of the full year 2021 results by the management team, there will be a Q&A session whereby you can post your questions using the question box provided. For all our guests joining via the webcast, you will be able to download from our website the financial announcement, a press release summarizing some of our key highlights, as well as the results presentation deck, which the ESR management will be going through very shortly. I would like to introduce the ESR senior management present today for the webcast. Joining us via webcast from Singapore, I have Mr. Jeffrey Perlman, Chairman of ESR, Mr. Jinchu Shen, Co-founder and Co-CEO of ESR, Mr. Stuart Gibson, Co-founder and Co-CEO of ESR, and lastly, Mr. Wee Peng Cho, Group CFO of ESR. Without further ado, I would like to invite Mr. Perlman to kick off the full year 2021 results presentation. Mr. Perlman, please. Great. Thanks. Thanks, Chang Rui Hua, and thank you all for joining ESR's full year 2021 results presentation. It's been a very busy year, and I wanna start by acknowledging Stuart, Jeffrey, and the entire ESR management team on delivering outstanding financial and operational results for 2021. On a standalone basis for 2021, ESR has delivered yet another year of record achievements. AUM hit a record $39.4 billion, up over 30% year-over-year. Despite some of the disruptions caused by COVID-19, the group started a record $3.3 billion of new development starts, increased our development work in progress, or WIP, to a record $7.1 billion, and leased a record 3.3 million sq m of space. On the fundraising side, our strong track record, coupled with investors' desire to gain more exposure to logistics, allowed us to raise a record $5.9 billion of new capital mandates, which was up over 60% year-over-year. With that favorable backdrop, we accelerated the growth of our funds management EBITDA by 35% year-over-year and Adjusted PATMI to a record $377 million, excluding ARA transaction costs, which was up over 30% year-over-year. We'll delve much deeper into our standalone ESR 2021 achievements shortly in the next few slides. This January, ESR also announced the completion of our acquisition of ARA, no doubt a landmark transaction that has brought together the best-in-class platforms of ESR, ARA, and LOGOS under one united group. Based on the strong set of full-year results for ARA, which exceeded our own budget and underwriting, our purchase price has been further reduced to 15.4x full year 2021 ARA group EBITDA, making this a highly accretive transaction with EPS growth of over 50%. Wee Peng will walk through the specific accretion analysis later in the presentation. The ARA transaction has been a catalyst for additional M&A for asset managers in Asia, and we'll also walk through the sea change in valuations for the sector later in our industry update. Today, the ESR Group is now the third largest listed real estate manager globally, with a combined AUM of over $140 billion. With the addition of LOGOS and the strong growth for ESR over the past 12 months, ESR Group has nearly $60 billion of new economy AUM, which is further reinforced by Asia- Pacific's largest development pipeline, a WIP of approximately $11 billion or 2x-3x our closest peers in the region. On a combined basis, new economy real estate contributed approximately 80% of the group's full-year revenue and segmental EBITDA. Pro forma for the combined group, we raised $13.2 billion in new capital mandates in 2021, and we're armed with nearly $10 billion in dry powder for our new economy projects to take advantage of the current market environment. We're also off to a strong start on the integration front. In fact, we're pleased to announce that the merger of ESR-REIT and ARA LOGOS Logistics Trust was approved by both sets of unitholders this past monday, which will create a flagship Pan-Asia new economy real estate REIT for the group and one of the top ten listed and largest REITs in Singapore by free float market capitalization. Additionally, we've also started to harness the revenue and cost synergies, and we'll cover that in more detail later in the presentation. On a pro forma combined basis, our balance sheet has been reequitized as a result of approximately 95% of the ARA transaction having been funded via equity consideration. We're well-positioned with net gearing of approximately 20%, a lower cost of funding and stronger earnings resilience. On that basis, the board will be formally reviewing the dividend policy in the second quarter of 2022. With that backdrop, I wanted to lay out the agenda for today's webcast, which is a bit different than in past earnings updates. As 2021 will be the last year that we report on ESR on a standalone basis, we'll first cover the ESR operational and financial updates, performance for 2021. We will then provide a detailed market update, and then give investors and analysts the full picture on a pro forma basis of what ESR would have looked like combined with ARA had the transaction been in place one year ago. Lastly, we'll conclude with detailed updates on ESG and our key priorities for 2022, and then we'll open it up for questions. With that, let me turn it over to Stuart and Wee Peng, who'll give an update on ESR standalone results. Stuart, over to you. Thanks, Jeff, and good afternoon, ladies and gentlemen. Moving to ESR standalone results, we are very pleased to have exceeded consensus analyst estimates for PATMI yet again for 2021. What is working well for us right now? First, the logistics market backdrop remains very favorable. As Jeff will highlight in the industry update, logistics vacancies are now at or around all-time lows. Our customers are increasingly turning to us for more space, as evidenced by our portfolio occupancy of 94% and a record leasing in 2021 of 3.3 million sq m. As vacancy tightens further, we'll expect to start to see more rent growth in APAC, like has been witnessed across key markets in the U.S. Secondly, our performance track record across our funds has been exceptionally strong. This has led to strong re-ups, repeat business across new markets, and the desire to support new products going forward. As such, the group raised a record $5.8 billion in 2021 across nine new or upsized mandates, which is up 64% year-on-year. This has certainly fueled the growth of our fund management business, which saw our fund management EBITDA grow by nearly 35% year-on-year. Thirdly, the development engine remains strong. While development starts more back-ended than we would have liked due to some COVID lockdown and supply chain issues over the course of 2021, we achieved record development starts, which have translated into the largest development workbook in APAC. Given the strong leasing and low vacancy rates, we are encouraged to further raise our development starts in 2022. Fourth, we have continued to receive strong support from our banking relationships as we have maintained a disciplined capital approach since IPO. With the divestments of assets to newly formed funds, as well as paring down our stakes, we recorded over $800 million in divestments from our balance sheet to our own ESR managed funds, versus our annual target of $500 million-$600 million, and received over $500 million net cash recycled back into the broader business. This has also led to a consistent reduction in borrowing costs for the group. This has translated into strong top line and bottom line growth for the business. On a standalone basis, ESR finished the year with a record adjusted PATMI of $377 million, which is up 31.7% year-on-year. We continue our disciplined approach in capital recycling. Turning to Slide 8, I wanted to give you a quick update on the group's continued progress. Across our portfolio, ESR now has over 25.5 million sq m of GFA in operation and under management. In China, we remain the number one independent e-commerce landlord and continue to have the largest development pipeline. In 2021, we launched our new $1 billion China development vehicle with key long-term ESR partners. In South Korea, we remain the dominant owner of logistics properties with the largest development pipeline in the Seoul metropolitan area. With the addition of the ESR Kendall Square REIT, it further cements our leadership position with full cycle coverage in the local market. Additionally, we are proud to be the first REIT in Korea to enter the FTSE EPRA Nareit Developed Index only one week ago. This, along with a sizable pipeline, should help to continue to propel the business going forward. In Japan, we have a significant presence and the largest development pipeline in Greater Tokyo and Greater Osaka area. We were active on the fundraising side in 2021 as we upsized our RJLF 3 fund, launched our flagship Japan Income Fund, as well as acquired our first data center asset in Osaka. In Japan, we also have several large multi-phase logistics projects underway, including Yokohama Sachiura DC2 and the recently announced Kawanishi Distribution Center as part of our pipeline in Japan. In Australia, we have now emerged as the top three logistics player following the closing of the Blackstone Milestone portfolio. With a growing development pipeline and workbook, we have already made great progress at enhancing the value of the Milestone portfolio, which I will share with you shortly. In India, we now have 1.4 million sq m of development pipeline, which we'll seek to execute in the next 12-24 months. As Jeff highlighted before, in Singapore, we are pleased to announce that we have received unitholders approval just this Monday for the merger of ESR-REIT and ARA LOGOS Logistics Trust to form our new flagship, ESR-LOGOS REIT. Lastly, we are also excited on our expansion into Southeast Asia. In Indonesia, we have acquired our first land parcels, and in Vietnam, we have partnered with BW Industrial, the largest logistics and industrial developer for 240,000 sq m project, which has been completed. Together with LOGOS, we can expand a foothold in Southeast Asia to further cement the leading position in APAC. Turning to Slide 9. We continue to witness strong inbound interest from our customers across nearly all of our markets. On the leasing front, the group either renewed or secured a record 3.3 million sq m of space across our portfolio, representing 12.9% of our total GFA for 2021. Demand continues to be driven by growth of digital economy, with 82% of new leases signed in 2021 by e-commerce and 3PL tenants. Amongst the top 10 tenants, nine out of 10 of them are e-commerce related and are highly recognizable e-commerce giants. In fact, the top leases in 2021 by area, as you can see, were leased to these e-commerce giants, including JD.com, Coupang, Alibaba, which are all sizable repeat customers. Turning to Slide 10. In June, we completed the acquisition of the Milestone portfolio and its operating business from Blackstone, marking Australia's largest ever portfolio transaction. The AUD 3.8 billion acquisition includes 45 high quality income producing assets and the associated operating business, propelling ESR to become a top three logistics and industrial owner in Australia, despite having just entered the Australian market in 2018. Since taking over the portfolio six months ago, we have leveraged our deep customer relationships as well as our rigorous asset management to grow the occupancy from 94.2% at acquisition to 99.5% as of today. We believe in the strong underlying fundamentals of the portfolio, and we are delivering higher than forecasted rents versus our underwriting. Given the tight vacancies, we expect rents to grow by at least 3% over the next 12-18 months. More notably, we have already delivered a 5.5% increase in portfolio value over the last six months since acquisition. As part of our value-enhancing activities, we have also identified assets for redevelopment, which we think we can accelerate given the strong backdrop in the market. In terms of development, ESR's activity remains robust, which continues to remain customer-led. The new projects have increased in terms of scale, quality and value, which have seen the average development period span over approximately 18 months for completions. In 2021, we have achieved a record $7.1 billion of work in progress. 91% of the WIP are planned to be completed between 2022 and 2024. In the next few years, the group is expected to see sizable completions across key markets, including ESR Higashi over phase I, 365,000 sq m, with an additional phase II of 350,000 sq m, giving it 700,000 sq m of additional NRA. Sachiura Logistics Park in Yokohama at over 195,000 sq m, which is set to be completed in early 2023. The multi-phase development of ESR Yokohama Sachiura at approximately 800,000 sq m over four phases is set to be the largest logistics park in Japan when fully developed. Korea's Opo Logistics Park of an area of nearly 250,000 sq m. LOGOS Moorebank project in Sydney, which is more than 860,000 sq m and is set to be completed over two phases and other sizable projects, as you can see in this slide. In terms of development starts, ESR picked up the pace in the second half of the year to achieve $3.3 billion for 2021 from the $1.2 billion recorded in the first half of the year. While we have managed to keep our construction cost increases within our allotted underwriting contingencies, this is something that we will need to continue to monitor, given the continued supply chain disruptions and rising commodity costs. This really seemed to peak more mid last year, but we will see if we experience any additional spikes in 2022. With that operational update, let me hand over to Wee Peng Cho, CFO, on the financial results. Thank you, Stuart. Hi, good evening, everyone. Moving to Slide 12. During the course of 2021 itself, ESR continued its strong momentum and delivered outstanding performance for the year. Revenue, excluding construction revenue for 2021 was $361 million. This was up 31.7% from $296 million a year ago. This is largely driven by the 39% jump in fund management income. PATMI grew by 31.3% from $286 million- $377 million in 2021. Higher PATMI was driven by growth in the group's co-investments and funds, associated joint ventures, lower borrowing costs, which only grew 11% year on year. This is in line with ESR's focus on accelerating its asset-light strategy, as well as disciplined capital management. We'll go into more details on each of our segments in the subsequent slides. Slide 13. ESR has a robust and well-capitalized balance sheet with $1.6 billion in cash and net debt to total assets at the end of December 2021 at 27.9%. Throughout the year itself, the group continued to expand and diversify its funding and capital structure, and continued to lower its weighted average cost of interest to 4.1%, which is crucial for fueling the group's long-term growth. The most significant financing for the year itself was in November 2021, where we issued the group's first Sustainability-Linked Loan of $700 million, which was then subsequently upsized to $1 billion at LIBOR plus 2.25% and 2.75% for three and five-year tranches respectively. Turning to Slide 14. Group continues to be very focused on its asset-light approach with over $800 million divestments from our balance sheet to ESR managed funds. This is well above our annual target of $500 million-$600 million. This has translated into over $500 million of net cash, which was subsequently recycled back to the group to enable us to fund future growth as of December 2021. In May, ESR-REIT embarked on its maiden overseas acquisition outside Singapore by taking a 10% stake in EALP, which is an existing Australian core fund managed by ESR's Australia platform. This transaction also marks ESR-REIT's first acquisition from the group's APAC pipeline. In June, ESR Kendall Square also completed the acquisition of Anseong Logistics Park from the existing core fund managed by the Korean platform. In July, the group fully exited our investment in Centuria Capital Group, CNI, a leading real estate fund manager in Australia, with approximately $272 million of proceeds. This investment for ESR generated a 33% unlevered IRR. Finally, in October, ESR divested Nanko Distribution Center in Osaka into the newly launched Japan Income Fund. We continue to actively leverage our fund management platform to unlock value and generate higher recurring income from management fees. Turning to Slide 15, we can see the three pillars of our business. Moving forward with the acquisition of ARA, we'll continue to report on this basis with these three segments, investment, fund management, development. Total segmental EBITDA increased by 17% from $663 million in 2020 to $777 million in 2021. The Investment segment, which provides sustainable total return via stable cash flows and steady growth in capital value through our investments in assets, was up 51% year-over-year on the back of significant growth in fair value of completed IP due to strong fundamentals in investor demand. There was also strong performance from our JVs and associates on completed projects. The Fund Management segment grew 35% year-over-year, outpacing our growth in AUM, given our economies of scale from $148 million in 2020 to $199 million in 2021. Lastly, the Investment segment dipped 18% year-over-year due to lower development completions. However, we are expecting sizable completions in 2022. Turning to Slide 16. For FY 2021, you can see the Investment segment EBITDA grew 51% year-over-year. This was boosted by gains on completed investment properties as well as a share of profits from our successful Korea and Australia JVs. The portfolio weighted average lease expiry is three point nine years by both income and lease areas, while portfolio occupancy improved to a very healthy 94%. On the next Slide, 17. On the fund management segment, we are proud to announce that we have increased our funds AUM by 31% year-on-year to a record $35.6 billion. This represents a strong vote of confidence from our capital partners and investors. The exponential growth is mainly due to new funds and reups in Japan, Australia, and South Korea, as well as the landmark acquisition of the Milestone portfolio from Blackstone Australia. ESR remains asset-light with the AUM on our balance sheet, with investment properties accounting for less than 10% of our AUM. Over to Slide 18. Fund management fees have grown nicely 28.9% year- on- year to $244 million. At the same time, largely driven by the 31% growth in fund AUM. However, fund management EBITDA grew even faster at 34.8%, largely driven by the benefits of scale and operating leverage. Our fund fees have continued to remain at approximately 1% of our total adjusted fund AUM, which strips out the fund tied to uncalled capital. Over to Slide 19. Underpinned by the strong fundraising momentum, the group successfully raised a record $5.8 billion in FY 2021, a 63% increase year- on- year. This also marks an accelerated pick-up from the $2.5 billion that was achieved in the first half of 2021. This really demonstrates the resiliency and attractiveness of ESR's fund management model, our exposure in Asia- Pacific, as well as our deep relationships with our capital partners. More importantly, on Slide 19, you can see that we have three sizable funds maturing in the next 18 months, including our first China development fund, e-Shang Star Cayman, our Korea Development Fund number one, and RJLF 2 in Japan. As we seek to monetize these funds, we expect sizable promotes to be realized on the back of strong performance, as well as meaningful capital to be recycled back to the group, as we seek to reduce our core investment stakes in the China and Korea funds by more than 50%, down to approximately 10%. Turning to Slide 20. In 2021, the group materially increased the value of our development workbook as WIP grew to $7.1 billion, focusing on quality projects as well as with increased scale and higher value. As Stuart has covered the progress earlier, I will avoid repeating some of the larger projects that are driving this continued growth. Turning to Slide 21. Given the low vacancies in our core markets, coupled with strong customer demand, it has given us confidence to continue to grow our development pipeline from 16 million sq m at the end of first half 2021 to now 17.7 million sq m at year-end. We've also assembled a strong land bank of 3.9 million sq m, which is well spread across our core markets, placing us in good stead as part of our growth strategy. The development sector dipped 80% year-over-year on lower development completions. However, we are expecting sizable completions in 2022. This includes phase one of Sachiura, Yatomi, Kisosaki, Japan, as well as phase I of Shanghai Yurun in China, to name a few. With that, let me pass it back to Jeff to give you a quick industry update and some operational updates on the pro forma group. Jeff, over to you, please. Great. Thanks, Wee Peng. Just turning to Slide 23. With the completion of the ARA transaction this January, we remain focused on leveraging the three of the largest secular trends in Asia- Pacific, including the rapid rise of New Economy, including e-commerce and the continued digital transformation, the continued growth in real assets, and frankly, the third being the financialization of real estate, or said another way, the growth of the REIT market that we expect in Asia- Pacific. Starting on the New Economy front, we continue to expect Asia to remain the fastest-growing logistics market in the world, with nearly half of the world's e-commerce logistics revenue by 2025. Beyond the continued growth of e-commerce, digital transformation is well underway, with data consumption growing by four times over the past five years alone in Asia. With the buildup of the ESR data center efforts, we're looking to play into the critical need for digital infrastructure in a big way going forward. This quarter, we'll specifically double-click on what's happening in logistics. Given the acceleration of e-commerce penetration caused by the pandemic, as well as the change in supply chain management towards greater local levels of inventory, we're witnessing strong demand from occupiers. In fact, in the recent CBRE 2021 Asia- Pacific Logistics Occupier Survey, most logistics occupiers anticipate a meaningfully improved operating environment, and nearly 80% of those surveyed expect to actively expand their portfolio over the next three years. This is very consistent with our own discussions with our customers. Given the favorable backdrop, it's not surprising that net absorption was at its highest ever over the past two years in Asia- Pacific, as you can see in the upper left, and we're now witnessing near record low vacancy rates across nearly all major gateway markets in Asia -Pacific, as you can see in the upper right-hand chart. In fact, vacancy rates are now just 1%-2% in many of our markets. Per CBRE, this is set to create a very favorable rent growth cycle over the next few years across Asia- Pacific, as we've started witnessing in other parts of the world, including in the United States. This should also help to offset any potential sustained inflation, given the shorter nature of the leases in Asia- Pacific versus markets like the U.S. and Europe. Given our strong pipeline, we remain very focused on continuing to ramp up our development starts. The addition of LOGOS is a huge advantage, for the enlarged group to capitalize on this very favorable market backdrop. Turning to Slide 27, one question we continue to hear is what will be the potential impact to real assets in a rising interest rate environment? In discussions with many of our largest global capital partners, the consensus view among them is that while rates may rise, that we will still be in a low for long real interest rate environment as inflation starts to moderate, hopefully here in the future. If that's the case, real assets should continue to outperform, and especially in Asia- Pacific. One of the biggest reasons for that, as you can see on the bottom of the slide, is that investors are meaningfully underallocated to real assets in Asia- Pacific. However, many of them, including several of our largest capital partners, have been tasked to deploy significant capital in Asia- Pacific over the next five years to close this gap. Increasingly, they'll need to turn to high-quality scale managers who can help them with their sizable deployments across commercial, new economy, and infrastructure assets. As the largest real asset manager in Asia- Pacific, we're uniquely positioned to help them deliver on their strategic objectives. Investors and other global asset managers are now just waking up to this opportunity, and the ARA acquisition was a big catalyst to show them the way. In just the last week alone, we witnessed two sizable acquisitions of asset managers in Asia with real asset exposure. First was the announcement by EQT of its purchase of Baring Private Equity Asia for $7.5 billion or approximately 33x LTM EBITDA. This was followed by KKR's balance sheet acquisition of the Mitsubishi Corp.-UBS Realty Inc. REIT management business in Japan that had 14 billion of AUM, which is about 75% comprised of office, retail, and hospitality. As we've highlighted in the past about the immense value for perpetual capital vehicles, KKR paid $2 billion for the management rights, which equates to 32 x LTM EBITDA. As highlighted at the outset, this compares to the acquisition of ARA, which was done at less than 16 x LTM EBITDA, or essentially half the valuation multiple, despite being 5x-6x the size of the Japanese platform with much faster growth. We think this is tremendous validation for the ARA acquisition, and we could not be happier that we identified this trend early and were able to capitalize on it in a big way. Lastly, it's worth a quick update on the REIT market in Asia- Pacific. With the acquisition of ARA, ESR is now the largest sponsor and manager of REITs across Asia- Pacific. As witnessed in the U.S. over the past 20 years, where total REIT market capitalization rose from approximately $100 billion or 1% of GDP to nearly $1.2 trillion today, or roughly 6% of GDP, we believe the REIT sector is set to take off across Asia- Pacific. Over the remainder of the decade, JLL is projecting growth of up to $1 trillion of incremental market capitalization. We believe there are ample opportunities for us to create REITs in China, Japan, Australia, India, and Southeast Asia across both diversified and new economy areas. We also believe that we can grow several of our REITs to a much larger scale, like the soon-to-be-merged ESR-LOGOS REIT, Suntec REIT, and others. With that update, let me move on to the 2021 pro forma financial highlights for the enlarged group. Moving on to Slide 31. As promised, we wanted to highlight the performance of the enlarged group for 2021, even though we only officially completed the acquisition in January this year. For the full year 2021, total AUM reached $140 billion, up 21% year-over-year on a pro forma basis. Operationally, the enlarged new economy platform that includes LOGOS is performing very well. In 2021, the enlarged group achieved record development starts of $5.4 billion, strong portfolio occupancy with record leasing of 4.3 million sq m, and a combined development WIP of approximately $11 billion. Fundraising momentum remains especially strong across the broader group as we continue to deepen relationships with new and existing capital partners. For full year 2021, the enlarged ESR Group raised $13.2 billion of new capital mandates with an average co-investment of just 8%. The group still has $9.8 billion of dry powder to invest in our new economy assets, which puts us in a good position to continue growing our funds management EBITDA. On a combined level, total PATMI increased by 59% year-over-year to just over $650 million. Additionally, the balance sheet has been reequitized pro forma for the transaction with a gearing level of just 20%, lower funding costs down to 3.8% on a combined basis and 3.2% on a run rate basis, and a significant cash position of nearly $2 billion. Turning to Slide 32, here's a very good snapshot of who ESR is today. Apex number one real asset manager and the 3rd largest listed real estate manager globally. With the addition of LOGOS, ESR Group has the leading new economy platform in Asia- Pacific with nearly $60 billion in essentially logistics AUM and a data center pipeline of over 1,200 MW of capacity. Underpinning our robust scale, the enlarged ESR Group has greater depth in offering a comprehensive real asset investment ecosystem. ESR is also the largest sponsor of REITs in Asia- Pacific, with a total of 14 listed REITs under our umbrella, or $45 billion in AUM. In a world where global capital partners want to give more capital to fewer managers, we think it's a huge competitive advantage to be a one-stop solution. With the ability to offer even more expanded new economy products with the addition of LOGOS, diverse private funds and REITs with ARA, and a growing emphasis on infrastructure and renewables, we think capital partners will increasingly want to work with us to allocate and manage capital on their behalf. The nexus of the business will continue to be Asia-Pacific, given our dominant position, and will seek to offer global solutions to Asian capital, given ARA's existing presence outside of the region. At the heart of our engine is the leading new economy platform in Asia-Pacific. With the addition of LOGOS, ESR Group is now well ahead of our peers with full coverage across Asia-Pacific, with market leading top one or two positions in every country. We have cemented the number one overall position in terms of AUM, which is expected to grow and outpace our peers, given our WIP and pipeline is anywhere from 2x-5x the closest peer group, as highlighted on this slide. This is an incredibly valuable position for us, especially over the long term. With our wider scale in Asia-Pacific, we have the ability to offer a comprehensive Pan- Asia solution to our customers and capital partners who are looking to have one major solutions provider for them in a hard-to-navigate region. In fact, we just had the second close of our first Pan- Asia discretionary development fund at the end of the year with the goal of closing out the fund at its hard cap in the middle of this year. Given our sizable AUM and pipeline, we believe there's a great opportunity, as you can see on Slide 35, to further transform the soon-to-be-merged REIT between ESR and ARA LOGOS Logistics Trust to create our flagship new economy vehicle for the group. E-LOG, which has now been approved by both unitholders as of Monday, will have a total assets of SGD 5.4 billion across both Singapore and Australia, with a near-term actionable sponsor pipeline for the REIT of approximately $2 billion. The merger is an important milestone in the integration with ARA and LOGOS and is set to unlock transformative growth. The closing is expected to take place before the end of April, and we'll also realize some additional synergies as a result of it. I'll skip Slide 36 as we've covered the combined leasing, and instead I'll jump to Slide 37. Portfolio occupancy, as Stuart alluded to, remains high at 94% for ESR and 95% for LOGOS, demonstrating the strong underlying property fundamentals and strong customer demand we've covered throughout this session. With a robust nearly $11 billion development workbank that's well spread across our Asia-Pacific markets, ESR Group is well-placed to benefit from a strong pipeline of quality, large-scale developments. These are projects that will act as cornerstones of our core funds, local REITs, and as key assets in the growth of the enlarged ESR-LOGOS REIT upon completion and stabilization. In the near term, we can expect the completion of the larger scale projects, including phase one of Moorebank, Opo Logistics Park in Greater Seoul, Tuas Logistics Hub in Singapore, and phase I of Sachiura in Japan. As Stuart mentioned earlier, our development projects have increased in both scale and value, and this gives greater visibility over our development activities and the corresponding fees going forward. Here's a snapshot of the more notable logistics development projects which are set to commence development this year. It's also important to highlight that we will be commencing the development of our Osaka Cosmos Square data center asset that we acquired in 2021. The asset comprises an existing data center and excess land, totaling a total development potential of up to 80 MW of capacity. This asset will represent a seed project on the soon-to-be-raised ESR Data Center Fund, and the fund will utilize the land to build two additional buildings with a combined IT load of roughly 40 MW of capacity as power will be available within the next 12 months. The data center campus is strategically located within 10 km of the Osaka CBD, where Japan's major internet exchange and other network exchanges attract a large number of cloud on-ramps, telecom companies, leading IT-dependent enterprises, an increasing number of hyperscalers. Cosmos Square is a nice transition to our growing digital infrastructure business on Slide 40. The group has assembled a total development pipeline of over 1,200 MW of capacity, which represents approximately $15 billion of the total development cost when fully developed. To date, the data center business has not benefited our P&L yet, but that is about to change beginning this year with the new funds that are being raised and the initial development projects which are getting kicked off. Since our last updates on the data center business, we've continued to grow out the team, led by new CEO Diarmid Massey and CIO Dev Gupta for the ESR Data Center business, as well as to the overall pipeline. This has become a truly regional effort by leveraging our core competitive advantage, our local land sourcing teams, as well as our best-in-class design and construction capabilities. Given the progress, we're pushing to raise our complementary inaugural data center funds for both ESR and LOGOS this year, with sizable closings expected over the next 1-2 quarters. We expect fees, especially the development fees, to start to hit the group's P&L in 2022, which we think will be quite meaningful in the years ahead as this business continues to ramp up. Given the progress we've been making on the data center business, and coupled with our strong emphasis on sustainability, we're very focused on building up a leading solar and renewables platform in the region to support this effort. ESR controls more rooftop space than anyone in Asia-Pacific, and it currently produces more than 100 MW of solar power across just a small portion of the portfolio. We think our customers are prepared to pay for the green power, even if it's at a higher cost in select markets. We think increasingly governments will want to support developers that are focused on developing sustainably. As this effort continues to grow, we will continue to keep everyone posted. With that, let me turn it back to Wee Peng to walk through the pro forma 2021 group financials. Back to you, Wee Peng. Thank you, Jeff. As you can see on Slide 43, the ARA transaction was quite transformational for ESR. On a pro forma basis, we see 112% and 193% increase in EBITA and Adjusted EBITA respectively, as well as a 35% increase for PATMI. As you can see from the bottom right-hand chart, ESR standalone EPS ex the ARA acquisition cost grew 31% from $0.094- $0.123 year-over-year. For the enlarged group, pro forma EPS grew an additional 19%, which is highly accretive. Overall, this was a very accretive transaction for ESR shareholders, as ESR only issued approximately 46% new shares as part of the equity consideration transaction, which represented 95% of the purchase price. Given that ARA's earnings are largely fee-driven, their contribution to the pro forma, which is the EBITDA, is a larger weight versus PATMI. As you can see. The pro forma Adjusted EBITDA grew by 92.6% versus 34.6% for ESR standalone numbers. Transition to the balance sheet on Slide 44, we are really pleased with where we stand. Now, ESR Group is currently armed with a robust balance sheet and a strong credit profile with an equity base of over $10 billion. For the group, the net debt to equity ratio has declined significantly from 59% to 33%, while the gearing ratio has been reduced to 20%. This gives us a lot of debt headroom capacity in the event we find attractive M&A opportunities, and this also puts us on a path to potentially pursue an investment-grade rating down the road to the extent we feel that's in the best interest of the group at that point in time. In terms of the capital structure, we can expect to reap substantial benefits from improved credit profile of the enlarged group, driven by the large equity base, much larger fee income streams, and access to new sources of fee income. The overall cost of debt has been reduced to 3.8%, and in the table you can see the legacy pre-IPO debt from ESR mini bonds that have either been repaid or will be repaid very shortly in the next few weeks, as well as new loans that we have borrowed or drawn down, which are significantly lower than these pre-IPO borrowings. Just based on those prepayments and new loans, we expect approximately 60 basis points of immediate savings, which will translate to over $30 million of pre-tax savings. The enlarged ESR Group will have wide access to many pools of capital and resources and will maintain a lot of flexibility on our balance sheet as we leverage our flexibility for long-term growth. We have received very strong interest from our debt partners as ESR accelerates our transition to a quasi investment-grade credit profile, especially post acquisition, the ARA acquisition. Moving to the next slide. With the addition of the ARA, we are also able to further accelerate our asset light trajectory to enhance ROI and continue to allocate the lion's share of our capital to the high growth, high fee new economy real estate vehicles. We also believe we can make the business even more capital efficient now with lowering our core investment stakes, raising new Pan- Asia funds which can take up some of the ESR's core investment GP stakes, and releasing capital from legacy development funds which are about to mature, and a sell-down of our initial balance sheet data assets to seed our new planned data center fund. To further illustrate how this is already changing, on Slide 47, you can see our strong track record, hence our need to co-invest at such high levels has been reduced considerably. That combined with the capital efficiency of ARA has reduced the pro forma co-investment group down from 24% to just 8% versus ESR standalone and versus the ESR standalone of 15% for 2021. As highlighted earlier, we continue to report on the three pillars of our business, investment, fund management development. The investment segment provide sustainable total return via stable cash flows and steady growth in capital value through investments in assets. The fund management segment is a high-quality ROE model that allows us to scale up our business platform with asset-light approach. Post integration, importantly, the group's fee-based business combined recurring fees coming from perpetual fee income. Contribution from fund management segment EBITDA has now increased to 48% versus 25% from ESR standalone that you saw earlier. The development sector is driven by ESR's core strength as a leading developer of new economy real estate in APAC. I'll skip the investment segment as we've largely covered that in the ESR standalone section, and I'll jump to the fund management section on Slide 50. Slide 50, you can see the group has hit over $140 billion in total assets under management. The split of AUM by sector is still more than 52% made by new economy assets. That's our AUM, and over 80% in terms of revenue and EBITDA. In terms of fundraising, group has successfully raised $13.2 billion in new capital mandates for 2021. This clearly demonstrates the resiliency and attractiveness of ESR Group's fund management model, exposure in Asia-Pacific, as well as our deep relationships with capital partners. About 45% of the capital from ESR came from ESR, and the balance was evenly split between ARA and LOGOS. There's Slide 52. In the group total adjusted fee income as percentage of AUM is about 0.9%. As highlighted when we announced the deal, we did not expect a material drop-off from ESR standalone, given the strong impact from LOGOS as well as promotes, which are typically generated by both ARA and LOGOS. This is a bit higher than our peers in the region, and we think it should range between 75 basis points to 1% depending on the promotes in a given year. Importantly, the percentage of core investments, as we have shown earlier, has been reduced from 15% - 8% on a pro forma basis. With that, let me pass it over back to Jeff to cover our ESG updates and three to two focus areas. Jeff, over to you. Thank you. Great. Thanks, Wee Peng. ESG continues to sit at the heart of ESR's business. The focus of regulators and investors on ESG matters is part of a shifting operating context for real asset managers. Sustainability is no longer an area of special interest, but is considered central to the execution of investment strategies by investors, managers, regulators, and other stakeholders. ESR has demonstrated its ESG credentials through its proven track record of sustainable properties and operations, as well as best corporate practices, all underscored by its ESG roadmap. Being a signatory of UNPRI demonstrates our ongoing commitment to ESG and further aligns our values to those of our investment partners with our investment and asset management policies and practices. Today, we're seeing more and more businesses, investors, and governments explore the transition to net zero. In May 2021, ARA became a signatory for the Net Zero Carbon Buildings Commitment under WGBC, committed to owning assets that are net zero carbon under direct control by 2030. Going forward, we'll continue to develop a group-wide strategy to reach net zero across all asset classes. Turning to Slide 56, GRESB is the leading ESG benchmark for real estate and infrastructure investments around the world as it provides standardized and validated ESG data to the capital markets. In 2021, the group notched up another year of outstanding scores and accolades in the GRESB assessment, as you can see on this slide, which reaffirms the ESG rating of A which we've received from MSCI for the group's continued sustainability excellence. Going forward, we'll continue to see strong improvement in points and green star GRESB ratings across our funds and our REITs. Our green financing demonstrates how we've been able to capitalize on our achievements in sustainability and integrate our green properties and ESG performance with financial metrics. Human-centric is what we stand for, and we'll continue to pursue WELL certification, the leading tool for advancing health and wellbeing in buildings globally. In 2021, ESR and ARA both raised a total of $3.5 billion in green and sustainability-linked loans, demonstrating the team's commitments towards ESG and sustainable financing. Just to wrap up, I wanted to provide some remarks as we look forward to 2022 in key areas of focus. As highlighted previously, the integration with ARA is off to a very strong start. Given our planning over the previous six months, we were able to identify the redundancies at the group level early, and we've already locked in about $7 million-$8 million of run rate cost savings from the acquisition, with likely a bit more to come over the course of the year. On the REIT side, as we've mentioned, we've received unitholder support for what will be a flagship combined REIT for the group in E-LOG. There are also several other key areas we're focused on to position us very well over the next 12 months. First, the continued launch of new logistics funds across the region, as well as the complementary LOGOS and ESR data center vehicles, and potentially other diversified vehicles under the ARA lens. Second, the plan to invigorate and continue to grow Suntec REIT. There's significant potential, and we see it as an important long-term vehicle for the group, and most importantly, many of our capital partners see it as an opportunity to also assist in growing that vehicle. Third, the ability to achieve substantial capital recycling. We think this amount can be materially above what we even did in 2021. Fourth, accelerate the buildup, the continued buildup of our infrastructure and renewables platform. Fifth, on the ESG front, as a part of the group's commitment to diversity and inclusion, the company, in conjunction with our board nomination committee, is planning to add two additional female non-executive independent directors to the board this year as a part of the annual rotation of the directors. We constantly look inward, and we feel like especially now within our board, this is something that, as we look to our core values, we feel like we need to enhance, and we're taking action on that directly. So as we've said, we're really excited about the combined business. It's off to a very strong start as hopefully you've seen through these results and especially on a combined basis. With that, I'll pass it back to Chang Rui Hua, and we'll open it up for any questions. Thank you. Thank you, Jeff. We'll now begin the Q&A session. I do apologize for some technical glitch. Can all the online participants please hit the refresh button, and then you will see the post question tab. But meanwhile, please feel free to also drop me an email and I'll kind of group up and read out your questions. Yeah. I have a few questions sent to me already. We'll start off with a question on the fund management segment, right? A question is that the fund management revenue were down second half over first half 2021, and EBITDA second half over first half seems relatively flat despite much higher work in progress and the completion of the Milestone portfolio. Can the management give more color on this? What is the percentage of the fee revenue from promotes? Yeah. Maybe I'll start and Wee Peng, please, go ahead and jump in. We tend not to look kind of first half versus second half. We really tend to look at it on a full year basis because promotes, you know, necessarily may come in the first half or may come in the second half of the year. We did, as we had highlighted in the first half of the year when we reported our earnings, that promotes had come in the first half. In terms of, you know, obviously the development starts, which were more back-end loaded as well, that really plays more into obviously the following year given that you're not getting a full year's obviously contribution of those development fees. I think it's probably a bit more on the promote piece than any other kind of, you know, reading into anything. I think more than that. Wee Peng Cho, feel free to elaborate as well. Yeah, sure. Yeah. Promotes for ESR standalone in 2021 was quite modest. It was under 10% of our fee income. The bulk of the fee income was primarily still driven by asset management fees as well as development fees. Sure. The next question, I'll still continue with fund management. There's this question on how much does ESR target to grow fund AUM this year? And also, we do notice that, fund as a percentage, this fund income as a percentage of AUM is 70%. Should this be trending higher as uncalled capital as a percentage of total falls? And lastly, with the three funds to be realized in the next 18 months, what would be the scale of promotes to be expected? Could you give some direction? Yeah. Sorry, you asked us a lot of questions all at the same time. Can we take them individually? Sure. No problem. Our memories maybe aren't as good as others. Maybe the first one. Yeah. How much do we target to grow fund AUM this year? Yeah. You know, we've historically, as we've communicated before, although we've you know exceeded obviously targets that we had set out you know several years in the future, we tend not to give kind of annual, direct annual guidance. I think what we would say, which is consistent with what we said in the closing of the ARA transaction is, I think we expect to be able to grow you know AUM kind of mid-teens you know growth rates. I think, you know, obviously the base has grown considerably with $140 billion of AUM, and excluding any, you know, potential divestments, you know, I think we would still expect to continue to grow that at those levels as we look out, you know, going forward. Sure. The next question is, fund management income as a percentage of total AUM, it's about 70 bps. Do you expect this to be trending higher with uncalled capital going to fall? To that exact point, we always from the management perspective tend to always look at it on a stripping out the uncalled capital, right? Because you're not earning any fees. We don't have, as we've talked about. One day, that may change because if you have a substantial share of discretionary funds where you're getting paid even while the capital isn't invested, it's a nice model. We wanna continue to do more of that, and we've now just raised one of our first funds on that front. But right now, unless that capital has been invested, you're not getting paid. We kind of strip that out when we look at it. If you look at it on a ESR basis, it's about kind of standalone. It's about 1%. If you look at it on a pro forma basis, including ARA and LOGOS, it's about 0.9%. To Wee Peng's point, depending on where promotes can land in a year, we think that's anywhere from probably at the low end, you know, probably somewhere around 75 basis points, again, depends on the mix of the stuff that we do, to upwards of 1% plus. I think, you know, again, we look at it, and I think it's really the only right way to look at it is just making sure you're stripping out any of the noise on capital that's included in your AUM that's uninvested, that you're not getting paid for. That's why we try to make it very clear what's the uncalled capital, and we take the AUM associated with that and strip that out of the denominator. Okay. The next question is on promotes. Quite a lot of interest on that. The first question is, three funds to be realized in the next 18 months, what will be the scale of promotes to be expected? You know, I think Wee Peng had rightly pointed out, I think those promotes will be meaningful. When we say that, you know, like there's, you know, materiality kind of definition. In our view, yes, it is, it will be material. I think, you know, we don't wanna necessarily specifically quote numbers because truthfully, it's a function of where ultimately you exit the assets at. Obviously in a continued, you know, geopolitical environment, that continues to change, you know, day by day, you know, we obviously wanna be cognizant of that. At the same time, you know, the quantum of this obviously is, to put in perspective, is not, you know, like $100 million. We're talking about obviously, you know, well in excess of that. Okay. The next question on promotes. What's the percentage of fee revenue for ARA that were coming from promotes in 2021? Can you give some guidance on this? Just to kind of, we can slice and dice it, you know, or you can slice it and dice it. Basically, promotes were just under, a little under 10% on ESR standalone, which was about 7%-ish, and it was about roughly 25% on a combined basis, right? About 26% to be exact. That's on a pro forma basis as if it was all one company. Obviously the blend between the two gets you to that number. Okay. Thanks, Jeff. Maybe we'll move on to the development segment since you know, we have covered most of the questions on fund management segment. The question on development segment is number one, development completion seems a bit light in 2021. Any particular reasons for that? Can I have your guidance for 2022? Yeah. Just on that question, it's very consistent with what we had kind of communicated because this isn't something that you get kind of surprised by. We know these projects have an average life of about 18 months of development, as I think Stuart or Wee Peng had highlighted. On that front, we know going into the year roughly what to expect on development completions. We expected. We had meaningful development completions last year. We knew that we were doing more multi-level facilities, 'cause almost every market that we develop in now have gone from, you know, if they were single floor warehouses, probably even the last market to change will now be probably Australia, and then maybe it leaves India last to still be single floor warehouses. We have that visibility. We knew that this year was gonna be lighter on development completions. We knew it was gonna be strong from a development starts perspective. Obviously on a combined basis with LOGOS, about $5.4 billion, as we had said when we did the completed the transaction. We think this combined business is gonna be able to do, you know, north of $5 billion of development starts in a year. Obviously we achieved that this year. I think in terms of development completions coming up into this year, you know, we would expect, 'cause we went through some of the projects, obviously as Stuart had highlighted and I did as well, some of the ones that we're expecting to complete over the course of this year. On the ESR side, you know, we would expect the number to grow to north of kind of $3 billion on a standalone basis. You include LOGOS, I think our view is we're looking at completions probably in the neighborhood of, you know, around $4.5billion-$5 billion plus on that front. Material completions over the course of this year. You know, as we highlighted, you know, as we were talking about development, given how favorable the backdrop is, given how tight vacancy rates are, and obviously this is the beauty of having brought together LOGOS and ESR together, while we thought maybe $5billion-$5.5 billion of combined development starts was likely the number, the more we look at the opportunity set, we think that number is likely, you know, quite a bit higher than that, given again the strong backdrop, the record leasing that we have and the incredibly low vacancy rates in each of our markets. We would expect development starts to go up obviously on the back of that favorable backdrop. Sure. Could you give some guidance on the development starts for 2022? Kind of noticed that 2021 seems to be, you know, little or no growth from the previous year. Remember, we had gone on a ESR standalone basis. We had historically been doing about kind of $2 billion, and then we've now gone from kind of $2 billion in the last two years to, you know, on a combined basis, almost $7 billion, you know, over the last two years, right? It's, you know, a big jump now across all of our markets that we're in. The development workbook has continued to grow as well. We think, you know, going into this year, despite again that we did about $5.5 billion on a combined basis this year, you know, we think we wouldn't be surprised if that number is at least 30%-50% higher than what it was for 2021. You know, certainly probably north of, you know, $7 billion. Sure. I think the last question on the development segment is that, with cost escalations, how does the development return change for your projects? Any guidance for future projects? Yeah. Why don't I turn that over to Stuart to kind of share and shed light on what we're seeing on the building materials side. Sure. I mean, just to give you some observations, the first and second quarter of 2021, there was a bit of a spike just as the whole global supply chain just started to slow down. We did see some increases in steel, both rolled bar steel and also plate steel. Cement had some increases. And also labor costs were just there were less labor around because workers were less transportable around the region. So we did see an uptick in costs in Japan and in our core markets, Japan, South Korea, China and Australia, and for, of course, Singapore. So we did see that, I mean, consistently across our markets. We saw a spike really plateau July last year. Since then, it's kind of remained on a plateau. I haven't seen any movement since. Fortunately, with all of our projects, we do include a construction cost contingency, which is generally 5%-6% of the overall construction costs. Fortunately, thus far, we've been within the parameters. We've actually been covered by contingencies. We haven't seen any spikes or any increases at all in the last couple of quarters since really the middle of last year, but we keep an eye on it. It's something we're very cognizant of, and we're looking out for it every day, but fingers crossed. Thanks, Stuart. Maybe we'll move on to the next segment, which is the investment segment. Something on leasing. We do see that you guys have record leasing. What is the leasing pre-commitment on the development work in progress? Could you give us a sense? No, generally, with the exception of probably India, generally our tier one markets, we, when we buy the land, we immediately start going for building permits, then we get into construction. Our business isn't a build to suit business, largely. In some instances we do. We're just about to start a build to suit in Singapore this year that we just inked recently. By and large, we're probably about 80% speculative developer. These are speculative developments in very high demand tier one, largely tier one and tier one and a half markets. When we get a shovel in the ground, generally, sweepingly, I'd say we're probably 20% covered. Halfway through construction, we're probably 50% covered. In many cases, by the time construction's completed, we're fully covered. As you know, we generally pro forma an underwriting to give ourselves a good 12 months after completion. We generally pro forma straight line from spade in the ground till top-out, and for 50%. The balance 50%, we usually straight line again over the 12 months. In all instances, we've come well within that 12 months since completion. Stuart, since we've got you, do you see any change in the development margins that we are facing? Well, you know, you are seeing, I mean, you've got inflation potentially that could come into the mix. You've got more competitive dynamics in some of our Tier 1 markets, not all of our Tier 1 markets. We're very fortunate in our core businesses in Australia, South Korea, and Japan. We are really getting into the urban planning at a very early stage. So we're fortunate that we do have a long pipeline of land at a very raw material cost. And that enables us to develop the typical development margins that we've been seeing over the last few years. Now, that's land that we take on board, and we undertake the development process. For land where it's an open bid, returns might look a bit more core value add-ish as opposed to opportunistic or development. By and large, over the group, we've got a large development pipeline which will keep us in good stead for years to come. I mean, several years to come. Sure. Thanks, Stuart. Maybe I'll move on to capital recycling as well as capital management. We have a few questions on that. Firstly, we do see that ESR has achieved its, you know, $400 million-$500 million capital recycling target yearly in 2021. Any guidance on the capital recycling target for 2022 and 2023? And how do we actually look at capital allocation going forward, by country and by asset class? Yeah, sure. Very, very good questions. Wee Peng also, please, jump in as well. You know, I think when we think about, as we talked about $800+ million of balance sheet recycling, for us, as we continue to migrate towards that asset light, continued asset light trajectory, we've seen our average co-investment go from 24%- 15%, now to 8% as a group. That number is gonna continue to come down, as we go forward. We see meaningful additional potential above the $800 million that we did this past year. Obviously, if the markets continue to stay, you know, constructive, and investors obviously continue to have the appetite, which we're seeing still today, then we expect to be able to sell down and exceed even what we did in 2021 in terms of a sell down. As a part of that effort, obviously, part of that will be divesting some of the completed and stabilized assets in China. We talked about, obviously, the seed assets for our data center fund, which would, upon completion of the data center funds, we would recycle those assets, which are obviously material in value. That comprises, obviously, a big chunk of that capital recycling. Yeah, our goal is to exceed, you know, $1+ billion of capital recycling from that. In terms of allocations of capital going forward, and this is a very important point, is really around, as we think about, you know, co-investment percentages. This is what we've always highlighted about having this fully integrated closed loop solutions ecosystem, where as we kind of take on potentially the commercial assets through the REITs and the private funds that ARA manages, that we can do that with very minimal co-investment, right? If you look at the capital that was raised this year, as we talked about on a combined basis, $13.2 billion of capital. $3.8 billion of that was from ARA. That had a co-investment amount of 1.4%. As we've talked about, very de minimis co-investment, obviously in relation to that capital. At the same time, we raised roughly $9.4 billion in new economy capital mandates. ESR, which we've continued to bring down our own co-investment percentage, but obviously, we're gonna look to do quite a bit more now that the transaction's complete. That was about 14.5% average co-investment, whereas LOGOS was about 4.7%. As you can see, we have material room to bring that down. As a group, we're really not looking at any funds that we're raising currently that would have a co-investment percentage on the, what we would know as the standalone ESR side, at more than even 10% today. I think that's really puts us in a very strong position with an incredibly robust balance sheet. Obviously with, you know, potential promotes that are now starting to kind of come through more significantly. The reduction in co-investments, which allows us to do more. As we highlighted in the second quarter, the board will be reviewing the dividend policy. I think all of that taken into account, I think, puts us in a very, very strong position going forward. Thanks, Jeff. I think you know you mentioned about dividend policy. There's a question about dividend policy. You mentioned during your speech just now that ESR will review the dividend policy. What is your basic thoughts on it? When do you think it's coming up? Well, I think that's why the board is reviewing it in the second quarter. You know, not to kinda put the cart before the horse. I think as we've talked about, you know, part of the benefit of having the amount of perpetual and core capital vehicles that we now have and will increasingly have, especially as those development funds mature into core funds and REITs, that visibility, that earnings resilience, and having this re-equitized balance sheet, just puts us in an incredibly, you know, strong position. I think the board certainly acknowledges that and that's why we're, you know, set to review the policy in the second quarter. I think one question for Wee Peng. I think just now you mentioned that there will be some cost savings post-acquisition for the interest saving costs. Could you elaborate more on that? How much do we expect to achieve in 2022 and going forward? I think as we shared earlier, several of the large pre-IPO financing have been repaid or will be repaid shortly, right? Many of them have been refinanced with a substantially lower kind of a new debt. If you look at the new debt, particularly the new loans that we have raised, this last six months, they have been roughly trending around the 2% kind of margin levels, against the 6%-7% kind of levels for the debt. Those rates are Pre-IPO. On this portion of loan of this roughly about $1 billion of debt, you're talking about savings of maybe 400-500 basis points, right? As a percentage of the overall debt portfolio, which is about $5 billion of debt, that savings is probably about 60 basis points. Approximately about $30 million I think on an annual run rate is where we expect to see from here a permanent savings. Uh- because of the compression in the kind of borrowing costs. Sure. Thanks, Wee Peng. The next set of questions, I'll just move on to some of the regarding the ARA acquisition. So more general question. With two months into the ARA integration, is there any surprises, positive or negative? We do see that, ESR-REIT and ARA LOGOS has just had a successful merger. What would you consider a successful integration, and how long do you think the integration will take? Yeah, let me start and then certainly Stuart and Jeffrey can share their views. I think we had set out when we were completing the transaction, even in advance of it, I think we had highlighted to the market really what we saw as the key priorities. Because obviously having done a lot of M&A as a group, we're entirely focused from the time that we're even thinking about making an acquisition, it's about the integration, the culture, and how we wanna make sure that it fits. It really starts with the people. I think on the people side, it's been, you know, very positive in terms of that integration effort. As we said, this wasn't meant to be a big cost-cutting exercise. There's tremendous revenue synergies across the group, and you can see how powerful the new economy engine is in combination with LOGOS. Also how much capital, and we think this can continue to get supercharged on the ARA side because these same capital partners now can work with just one major asset manager, who can continue to help them allocate to some of their other areas of need, whether that be infrastructure or, you know, on the commercial side. I think first on the people side, that's gone very well and we were able to. Where there were redundancies, we obviously tried to find other homes within the company for some of those individuals. I think as we had highlighted, we had identified high single digits of initial cost synergies on a run rate basis. We've already communicated to those affected employees. We've now crystallized that initial number. Obviously, there will likely be a bit more certainly coming from the REIT merger as well, where there may be some redundancies obviously on that front. That's first the people side, and I think, folks all are very excited to be a part of a larger entity that has the size, the scale, the reach, and importantly, the employment opportunities and career development opportunities that come with that. I think second big initiative was we really wanted to bring the two REITs together to form a flagship new economy REIT, where obviously there's a substantial sponsor pipeline coming behind that. I think now having gotten near unanimous support from the unitholders as a part of that transaction, we're very excited to bring that to fruition, I think faster than I think most expected, as a part of that. I think that's part of us moving with purpose. I think the third has been the coordination from a capital committee perspective, where we've brought all the resources together to harness and leverage all of the additional 59 new capital partner relationships that we inherited from ARA, also them benefiting and tapping into obviously what we've had on the ESR side as well as LOGOS. I think from a business perspective, we're already continuing to advance in areas obviously with LOGOS as well to harness the benefits of product that we can leverage. Data centers, these complementary data center funds was another critical initiative that's now very advanced between the two groups. Also obviously in terms of raising Pan-Asia vehicles, which we're working on in conjunction with LOGOS as well. I think we're very happy with where we're at again across the business. You know, Wee Peng can comment certainly from a financing perspective, and the bank's response has been very, very strong for this enlarged entity given the balance sheet. Just to add on, I think banks generally have been very supportive both at the corporate level as well as asset level on the merger. One of the key activities also has been to produce the combined group's pro forma results. We can see in a very short space of time, we have been able to, for this result briefing, produce pro forma results of the group for full year, points to the integration efforts of the team, right? We thank our new colleagues from the ARA LOGOS team for supporting us to produce the set of results. Basically on track and we see a lot of synergies and growth kind of opportunities going forward as a combined group. Just gonna add there that, from memory, I think it was the 24th of August last year that we actually inked the LOGOS ARA deal. We've been planning since the following day. This didn't just happen. We've been planning since last summer. Really we had a 100-day plan, and we're obviously not at the 100-day stage yet, but I'd say we're very well on track, the 100-day plan. Actually, the integration and the getting to know the people, and the talent and organization has been a real pleasure. Even this afternoon, myself and Jeffrey were sitting in a room with the full LOGOS design team from Sydney and Melbourne. One of the founders, we were looking at a project we're jointly developing here in Singapore. That was pretty much unimaginable 12 months ago. We get pleasantly surprised every day, but it doesn't mean it's super easy. It's just saying it's been a pleasurable experience thus far. Thanks, Stuart. There's a question like, based on the current price for ARA, we feel it feels that it's even a better deal done now compared to all the other deals that have been done recently in the market. Can you elaborate more on the other deals that you have actually highlighted in your presentation? And why is there such a disparity in pricing for REITs? Look, it's an excellent question, and I think it's something that, you know, as I highlighted before, we really feel like, you know, we have a real strong sense of where the market is going, and the alternative asset manager space and sector is becoming a truly institutionalized sector. You've seen that with the growth of the likes of Blackstone and Brookfield and the EQT and others who've grown to be sizable businesses. Several of those are $100+ billion market cap businesses. You've seen other alternative asset managers going public, whether it be TPG and others. Now more recently, everyone now appreciates the scarcity of getting exposure to Asia, where there's obviously continued outsized growth ahead. I think that was identified certainly by EQT in their purchase of Baring. Certainly with KKR in relation to the purchase of, again, the benefit of externally managed perpetual capital vehicles with the REITs in Japan. There isn't, you know, same with Baring. I mean, there isn't a distinguishing characteristic of, well, because it's, you know, 75% in the case of the Japan assets for KKR and the REIT, that they're, you know, office retail and hospitality. The key is the vehicle and the perpetual nature of it and obviously getting paid to manage it in a capital efficient manner. I think the market is now waking up to this opportunity, and obviously having identified the opportunity, I think earlier, and I think people seeing the power of what the combined platform and that scale and reach gives you're starting to see obviously, very sophisticated groups wanting to pay up significantly, for that. Obviously, as we see on an LTM basis, having paid now less than, 16x EBITDA, versus obviously peers that trade, upwards of 30x EBITDA and the comps, in terms of acquisition multiples that got done at over 30x. Yes, we feel very, very good about, the value creation, through this acquisition. Not just based on where we've bought it today, but even more so, as we look out into the future. You know, you can look at it based on the multiple that was paid and apply that same to the perpetual nature of the business that we just bought, and you'd say that actually we just got the other half for free. That is certainly one way to look at it. I think most importantly, we feel even more convinced in the validation by the market of acknowledging now what's happening. This is not gonna be. These aren't gonna be the last two deals in the alternative asset manager space that get done. I think these valuations are very much consistent with where the market is now as investors have woken up to how much potential there is in this sector in terms of, you know, the asset manager space. Okay. Thanks, Jeff. Maybe we'll move on to the last part of the questions. More going forward kind of question. You mentioned in the key focus area for 2022 will be invigorating Suntec REIT. How do you see office and retail fitting into ESR focus? And how do you see this, you know, Suntec's REIT expansion going forward? As we highlighted, it sits as a part of a fully integrated closed loop solutions ecosystem, you know, for global capital partners who are going through a rebalancing exercise that they've never had to do probably in the last 50 years. That's thanks to technology. They're all underexposed to logistics and data centers and other areas of New Economy like life sciences real estate. They can't go to their committees and ask to raise their real estate allocations from, say, 10%-15%. Instead, they're being told, "You need to sell some of your Grade A commercial assets." We believe having the right vehicles with which to acquire those assets attractively that would be accretive to each of those vehicles is a valuable proposition because it doesn't require much of any capital from an ESR Group perspective. It allows us to continue to our capital allocation, as we talked about, when we mentioned the capital raised this past year and the level of co-investment that was required. Again, ARA was 1.4% on the dollars that they raised. To do that in a very capital efficient manner, we think is very, very strategic for us as a group. Again, we don't develop any of these assets on our balance sheet. We don't own any commercial assets on our balance sheet, and we won't kind of going forward. The key is how can we offer solutions to our own capital partners that then allows them, and we get paid at each step of that process. The fee pool is substantial. Again, vehicles like Suntec and others clearly have a big opportunity ahead of them. You see comparable REITs in other markets around the world. These REITs have substantial runway to grow, and we think obviously with this enlarged sponsorship and what we can bring to the table that we can unlock greater value for the underlying unitholders, and also a much greater longer term growth as we look forward. Thanks, Jeff. Maybe the last question, this is quite a general question. Do you think that Hong Kong is the right listing venue for ESR? Would you know, kind of explore an alternative listing venue given that the peers in the U.S. and Australia are trading at higher multiples? It's a question that's not lost on us. There are certain times where we can look and say, you know, whether it's been kind of COVID in Hong Kong, we have no completed assets in Hong Kong, whether it's some of the issues with residential developers in China or other regulatory policies that don't impact our business. If anything, some of those regulatory policies have been positive for our underlying business. So yeah, there is obviously a little bit of frustration that comes with that. You know, certainly we see Hong Kong as a very, you know, the most liquid capital market in Asia. I think, again, investors who have made substantial amounts of capital, obviously playing the asset manager space in markets like the U.S. and Europe, they will increasingly gravitate obviously to Asia. Obviously the scarcity value of ESR as the third largest listed real estate manager globally, and certainly the dominant one in Asia will resonate, I think, irrespective of the listing venue. That being said, we'll continue to evaluate ways that we can enhance the marketability of the company. If that means ultimately a dual listing, certainly it's something that we'll always evaluate and keep an open mind around. Certainly we always wanna be cognizant of sucking up liquidity on one side or the other. I think one of the benefits here of the enlarged group is we'll end up taking a larger share of, you know, in the MSCI. There are some real benefits again, that'll come as the free float obviously gets raised. I think part of this is just an understanding by the market. As that continues to come, you've seen the outstanding performance of other asset managers around the world. As investors get more accustomed to and understand what's happening now in Asia, that this is an available option to invest behind, and the onus is on us to continue to articulate that message, we think we'll certainly benefit from it. We don't rule anything out. We'll continue to evaluate, obviously, because we do wanna maximize ultimately shareholder returns. Sure, Jeff. I guess we have come to the end of the questions. Any last words from Jeff or, you know, the two co-founders and Co-CEOs? No. As we said, we're obviously very happy, a very strong performance and a credit to Stewart and Jeffrey and the team for 2021. Exceptional performance, and we look forward to, obviously, what the combined company can do. I think hopefully we've been able to give everyone a snapshot of what that business now fully looks like on a full year basis, and look forward to continuing to update everyone going forward. Thank you. Sure. Thanks everyone for your time. We have come to the end of the results briefing. See you soon.