Good evening, ladies and gentlemen, and apologies to keep everyone waiting. On behalf of the ESR management, a very warm welcome for everyone to join our Interim First Half 2022 Results Briefing this evening via the webcast. I'm Rui Hua, the Group Head for Capital Markets and Investor Relations, and I'll be your moderator for today's session. After the presentation of the interim first half 2022 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 us via the webcast, you will be able to download our financials, announcement from our website and a press release summarizing some of our key highlights and our results stats shortly. I would like to introduce our ESR senior management present today for the webcast. I have Mr. Jeffrey Perlman, Chairman of ESR, Mr. Shen Jinchu, 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 kickstart the interim first half 2022 results presentation. Over to you, Mr. Perlman, please. Great. Thanks, Rui Hua, and great to see everyone virtually. Apologies again for the technical difficulties. Let's start with ESR's first half earnings results presentation, and we're pleased to present the first set of results as an enlarged ESR Group. Following our successful acquisition and integration of ARA. It's been an eventful first half of the year. Even amidst the headwinds and market volatility, which I'll cover a bit later, ESR has delivered strong first half performance as we continue to position the business for long-term sustainable growth. I'd like to first acknowledge Stuart, Jeffrey, and the group management team for their outperformance, despite also having to deal with all the closing and integration work over the past six to nine months. As you'll see as we take you through these results, we again hit a number of new milestones for the business. With the completion of the ARA acquisition in January of this year, the two teams have come together well, which has seen us be able to leverage the revenue and cost synergies we expected from the transaction. I'm pleased to highlight that this has enabled us to report EPS growth of approximately 32% despite the enlarged shareholder share base. This further demonstrates the accretive nature of the ARA transaction for ESR shareholders. Our earnings for the first half of 2022 also demonstrate the resilient nature of our new economy business, which is supported by long-term global macro and secular trends. The continued secular growth of e-commerce penetration and digital transformation across APAC, coupled with the impact of the pandemic and the start of de-globalization, is creating more requirements for logistics, data centers, and high-tech industrial space across our key markets. We're now really starting to reap the benefits of scale. Our PATMI has grown 93% year-on-year to $412 million versus ESR standalone last year, and also by 17% when compared against the pro forma group first half last year. Core PATMI has risen 133% year-on-year versus ESR standalone, and also by 27% when compared against the pro forma group in first half last year. If adjusted for the impact of short-term FX movements in the first half of the year, PATMI and core PATMI would have been up by more than 5% higher. ESR Group has further strengthened its position as the dominant real asset manager in Asia-Pacific and one of the largest real estate fund managers globally with total AUM growth of 14%, taking our total AUM to just over $149 billion. I'm quite happy to report that we now have 12 of the top 20 global capital partners on our platform, and we're well-positioned to add another few before the year is over, given the visibility on our fundraising pipeline. What has become clear is that existing capital partner relationships wanna do more with us across the group, and other global capital partners are even more attracted to the enlarged ESR platform to help them deploy more capital across the region where they continue to remain meaningfully underallocated versus their targets. Our AUM for new economy real assets continues to grow at an outsized pace of 23% year-over-year, reaching $67 billion on the back of strong investor appetite. This includes the first close of our maiden $1 billion data center fund, where we saw a take-up from some of the world's largest institutional investors, including leading sovereign wealth and pension funds. This remains consistent with what we'd communicated when we announced the ARA transaction. We feel we can grow new economy AUM at high teens to low- 20s growth rates, which combined with ARA's mid to high single digit growth rates should deliver low teens AUM growth and even higher growth when excluding the associates of Cromwell and Kenedix. Given the uncertainty that has crept into global markets since the start of the year, we were especially focused on the capital recycling front. We felt we could exceed last year's target as we communicated at our full year results earlier this year, but we've substantially exceeded it. Over the first half, we've divested $1.4 billion of balance sheet assets, which were largely sold to ESR managed funds. Specifically, more than $1.1 billion was divested in China, which allowed us to lock in and crystallize development gains, while also putting us in a favorable position to redeploy that capital across Asia-Pacific. With the strong capital recycling, we're now sitting with reduced gearing from nearly 30% pre the ARA transaction to 17.9% with significant liquidity, including $2 billion of cash. Wee Peng and the team have done a tremendous job of refinancing out our historical higher cost debt with new sustainability-linked loans, which are in line with our ESG roadmap, while also terming out the maturities. Frankly, our balance sheet has never been stronger. With an improved earnings profile on more predictable, stable, recurring fees, reduced balance sheet intensity, and a strong development pipeline, which I'll go on in the next slide, the group remains well-positioned to deliver long-term growth and value for shareholders. On the back of these results, we're pleased that the board has declared our maiden interim dividend of $0.016, or HKD 12.60 per share, which implies a starting run rate annual yield of 1.3% at yesterday's closing price. The board felt this is a good starting point for the dividend, and it will continue to review the prospects of further growing that dividend in the future. Turning to the following slide. While the first half of the year presented a lot of challenges for fundraising between higher rates, inflation, and other geopolitical issues, we're thankful our capital partners have continued to support our products, and we're able to raise approximately $4 billion, of which more than 80% was for new economy. While private markets have remained open for fundraising, especially for development or opportunistic vehicles, the private core and REIT markets have been much more limited, given the high short-term rates and uncertainty around where long-term rates will settle, and finally, the resulting knee-jerk selloff of the REIT market. We expect that part of the business to remain quieter until there's greater visibility and clarity on where long-term rates will settle. Adding the recent fundraising to our preexisting equity and debt capital available in funds, we now have approximately $18 billion in dry powder for future investment, which positions us really well in a more uncertain environment where attractive deals may emerge. In fact, we were able to acquire a best-in-class site in Hong Kong to build a large over $1 billion cold storage project, which would have otherwise been much more competitive in a more normalized environment. The same is true on several opportunities that we will likely close in Korea later this year, given some of the dislocation there caused by higher rates. We're also pleased to have maintained a market-leading fee income percentage of 90 basis points of adjusted AUM in the first half of this year. As we discussed at our last full year results, we expect this to gravitate between the low- to mid-70s to 90 to a +100 basis points, depending on the level of promote that is generated in a given reporting period. With the addition of LOGOS and the continued growth of ESR's logistics development pipeline, ESR Group controls Asia-Pacific's largest development workbook. This is a very fortuitous time to have so many projects in the ground as vacancies are at record lows across the region. In fact, our development starts were up by over 100% on a pro forma basis year-over-year to $3.5 billion in new starts, and completions were up over 50% on a pro forma basis year-over-year to $2 billion in the first half of the year. At period end, our WIP, also known as our development work in progress, hit $12 billion, which is anywhere from 2x-3x our closest peers in the region and well spread out over our key markets in China, Japan, Korea, Australia, India, and Southeast Asia. This is in line with increasing demand for high-quality, large-scale logistics facilities that are very sought after by our customers across Asia-Pacific. With the recent closing of our inaugural data center fund, we expect to start to see a lot of activity on the development side with eight potential seed projects for the fund, representing over 300 MW of potential capacity. Additionally, the group closed its first life science R&D project in Shanghai recently, and we're seeing a growing pipeline of life science and R&D projects. Turning to slide 7 to break down our key KPIs across our three segments. I'm pleased to highlight the very strong performance of the underlying business. Under our investment segment, in the current environment, which continues to see healthy demand and limited downtime of our assets, we've achieved record portfolio occupancy of 96% across the group, 99% ex-China. That despite, China having still held up very well despite COVID lockdowns in the second quarter. We essentially have no space to lease at the minute across Japan, South Korea, Australia, and Southeast Asia. On the back of our high occupancies, it has enabled us to deliver nearly 6% positive rental reversions on a weighted average portfolio basis for our new economy portfolio, and a record 2 million square meters of logistics space was leased in the first half of the year. E-commerce remains a positive long-term trend for our business, accounting for close to three-quarters of the new leases signed in the first half of the year. As a reminder, Asia-Pacific did not benefit from the same one-time explosion of e-commerce that markets like the U.S. benefited from in 2020 and part of 2021, with unprecedented fiscal and monetary stimulus combined with everyone working from home for long stretches. This resulted in a near tripling of e-commerce growth during a key stretch of the pandemic in the U.S., whereas e-commerce growth stayed essentially constant in Asia Pacific, and so the company still very much needs space as the penetration rate continues to increase. We're also seeing the emergence of supply chain resiliency as an increasingly important demand driver for our business. Our fund management segment has turned in a very strong performance despite a very high comparison with first half pro forma 2021. As a reminder, the first half pro forma 2021 fund management EBITDA was actually over 5% higher than the second half pro forma 2021 figure. Our fund AUM surged to $146 billion, and as previously mentioned, our fundraising efforts remained resilient with nearly $4 billion of new capital raised across the group. Pleasingly, we've made some considerable progress in executing in our asset-light trajectory, with co-investment stakes on new capital committed down to just 7.5% for the group. This will ultimately lead to higher returns on our capital deployed as we move forward. Lastly, our development engine is the strongest it's ever been with the addition of LOGOS and with very positive momentum on the customer side. We've managed to navigate COVID lockdown and supply chain disruptions on the customer, and we achieved a record $3.5 billion in development starts. Additionally, completions hit $2 billion for the first half, which means our development WIP grew further. Korea contributed strongly with 500,000 square meters of Grade A logistics space, which was delivered in the period. We also started the first phase of the master plan, Sachiura Logistics Park, a nearly 800,000 square meter multi-phase development, which is set to be the largest park by value in Japan and one of the largest ever developed in Asia Pacific when complete. The park's second phase has commenced construction and is scheduled for completion in early 2023. Turning to slide 8, here's a very good snapshot of who ESR Group is today. APAC's largest real asset manager powered by the new economy. With the addition of LOGOS, ESR Group has the leading new economy platform in the region, with over $65 billion of essentially logistics AUM and a robust data center pipeline. 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. We now have 12 of the top 20 global capital partners on our platform today. The focus of the ESR business will continue to be in Asia-Pacific, given our dominant position in the region. However, we can continue to provide global capital solutions to Asian capital in other markets, given the group's broader presence. Turning to slide 9, supported by the acquisition of ARA, as well as the continued fundraising momentum, the group's total AUM increased by over 300% year-on-year from first half 2021 standalone to $149.4 billion on a like-for-like basis. Relative to the first half 2022 pro forma, the group's total AUM grew 14% year-on-year, while new economy AUM accelerated even more at 23% year-on-year to $67.2 billion. Over the past six months since we announced our total AUM of $140 billion, as you can see on the left side of the slide, we have a net increase of $9 billion in terms of movement. On a leverage-adjusted basis, we added $6 billion of new capital, which includes our inaugural APAC Data Center Fund, new China Core Fund, as well as a re-up of our Korea Development Fund, coupled with acquisitions and revaluations of an additional $4 billion, predominantly for new economy assets. In terms of divestments, we did divest a nearly $1 billion asset in Korea, which was managed by ARA, to a third party, which resulted in a very successful transaction in the first quarter. Turning now to a more detailed summary of our financial performance. Our revenue growth was largely driven by higher fees and funds management. Funds management revenue grew 3x from $124 million in the first half of 2021 for ESR standalone to $371 million in the first half of 2022. Overall, group EBITDA was up 75% at $727 million against ESR first half standalone at $415 million, or around 15% at $640 million against the pro forma. PATMI grew 93% against the standalone first half to $412 million, or 17% against the pro forma. Core PATMI, as highlighted earlier, grew by over 130% versus ESR standalone or by 27% against the pro forma. Higher PATMI and core PATMI was driven by higher co-investment income from funds, associates, and joint ventures, higher funds management fees, including strong promote income, and the disposal gain of select assets to an ESR managed fund. This along with lower borrowing costs. For the promotes that represented approximately 30% of funds management revenue, over three-quarters has already been crystallized in the form, half in the form of cash already received or cash that will be received, and the balance 25% are accruals based on contractual agreements with select funds that we don't expect much variability on, given the conservatism in the underlying valuations. The PATMI related figures exclude the amortization of intangibles and transactions, costs associated with ARA in M&A related one-off items. The results are also in line with ESR's focus on accelerating its asset-light trajectory, as well as disciplined capital management. The ARA transaction was quite transformational for ESR. As highlighted earlier, EPS delivered over 30% year-over-year growth, notwithstanding the enlarged share base. Turning to the balance sheet on slide 11. ESR has a robust and well-capitalized balance sheet with $2 billion in cash and 17.9% gearing as of June 30. The ARA transaction, along with our capital recycling post-transaction, has been quite impactful as our gearing ratio has declined from nearly 30% to now below 20% from six months ago when ESR was a standalone business. Throughout the year, the group continued to expand and diversify its funding and capital structure. In January, the group closed a JPY 28 billion sustainability-linked loan, which was further upsized to JPY 35 billion at TIBOR + 180 basis points for a five-year tranche. In May, the group closed a SGD 300 million sustainability-linked loan, which was later upsized to SGD 500 million at SORA + 165 basis points for a five-year tranche. The group has lowered its weighted average interest cost to 3.8% from over 7% at the time of our IPO, reflecting its growing scale and access to lower cost of capital sources. The legacy pre-IPO debt, mainly bonds, was repaid in the earlier part of the first half of the year, and new loans are at materially lower rates. The enlarged ESR Group now has access to wider pools of capital and resources while maintaining the flexibility of our balance sheet. In addition to the strong response from capital partners to the ARA transaction, the lender response has also been great. We've added new lenders to the platform, have grown our strategic relationship with SMBC, and continue to do even more repeat business with some of the largest banks here in Singapore and around the region. As we chart our future long-term growth, we expect to continue to receive strong interest from our debt partners, given ESR's essentially investment-grade profile. With the addition of ARA, we've been able to accelerate our asset-light trajectory to enhance return on investment and continue to allocate the lion's share of our capital to high growth, high fee, new economy vehicles. As of June 30th, approximately 80% of our balance sheet is deployed towards new economy co-investments and assets. We also believe we can make the business even more capital efficient with lowering our co-investment stakes, raising new Pan-Asia discretionary vehicles, which can take up some of ESR Group's GP co-investment stakes, releasing capital from legacy development funds which are about to mature, and by selling down our initial balance sheet data center assets to seed our new data center fund. In fact, we are really trying to hold the co-investments to no more than 10% for our development funds, which is down from 20%-25% historically, and LOGOS continues to remain at or below 5%. In fact, the new ESR Data Center Fund had a co-investment of 10% for that vehicle. Given this commitment, we've managed to reduce our co-investment percentage, as you can see on this slide, from 21% in 2021 for ESR standalone to now just 7.5% following the acquisition of ARA. To understand how powerful that is, we used to do about $3 billion of development starts a year, which required about $300 million of equity from ESR as co-investment. Now we're set to do over $6 billion of development starts, and we only need about $225 million-$250 million for co-investment or about 20% less capital to do twice the amount of development. Turning to slide 13, we wanted to share the details of our record divestment pace in the first half of the year, which was all done at or above book value despite the tougher market conditions. In total, the group divested $1.4 billion of assets from its balance sheet, largely to ESR managed funds, more than 2x our annual historical target of $500 million-$600 million. More than $1 billion of this was the result of divestments in China, demonstrating not only the resilience of the Chinese logistics sector in the current environment, but also the liquidity more broadly for high quality assets. The two main transactions were, first, the divestment of a nearly $750 million portfolio in China into a new core mandate, which represents the group's largest self-developed balance sheet sell down to date. This transaction generated a 50% realized development margin and a further gain on sale as a part of the divestment. We have received approximately $320 million or 85% of the proceeds in Q3, and the balance is expected shortly. Additionally, we successfully exited our 18.2% stake in CNLP in May 2022 after delivering a solid return over the past four years, which saw nearly $350 million return to the group. All in all, over $1 billion of net cash was recycled back to the group and is available to fund future growth. We continue to actively leverage our fund management platform to unlock value and generate higher recurring funds management fees. Before passing the baton to Wee Peng to drill down on the operating and financial performance in more detail, I wanted to share some further comments on the market. At our full year earnings announcement earlier this year, I had shared that it has been a challenging start to the year with sustained inflation, rising interest rates, a more complicated regulatory environment in China, and a much more challenging geopolitical environment. I think we can all agree that each one of these events have become more intensified since our full year results, with a few new issues to contend with as well, including sustained lockdowns across China due to the zero COVID policies, and several knock-on effects from the Russia-Ukraine war, which include higher energy costs and rising food prices, which will likely put further greater pressure on combating inflation. Combine that with a sell-off in public markets, and the level of negative sentiment has continued to rise. Given this backdrop, I wanted to share a few of our perspectives. First, despite the challenges posed by a rising rate, higher inflation environment, we believe Asia and new economy real estate remain well positioned given the underlying market growth, still low levels of wage inflation, especially relative to what's occurring in markets like the U.S., typically shorter term leases that tend to have escalation adjustments built in, and the general undersupply of key asset classes like logistics, data centers and life sciences. An important point to note is that different countries in Asia have different interest rate outlooks. For example, China is easing gradually. Japan is stable. Australia is raising rates, but at a slower pace versus the United States. The Bank of Korea has raised short-term rates by 200 basis points in a short period of time. Today, approximately 80% of ESR's revenue and EBITDA are in new economy real estate sectors, where rental growth should outpace the rate of inflation. In the appendix, you can see CBRE's latest forecast on rental growth for key markets in the region, and you can see that it's meaningfully outpacing expected inflation. Owning key gateway city real estate that tends to have the strongest liquidity profile combined with really good fundamentals and shorter duration leases should position us well in a more difficult market to hopefully continue to grow asset values. Secondly, given all the market headwinds I highlighted, the capital partners we've been speaking to have made it clear that they continue to look to allocate more to real assets over the next 12-18 months, especially in Asia, where they're meaningfully underallocated. This is important to watch, and if it were to happen, it would really put a solid floor under new economy asset values in the region, even with rising rates across many of the markets in the region. One other area we're tracking closely is inflation as it relates to building materials and construction costs, where it's having an impact globally, including here in Asia. Given how much we do on the development side, it's very important that we can underwrite construction costs for our projects with a high degree of certainty in order to preserve our development spread. Markets where we're seeing the highest spikes in construction costs are in Korea, Australia, and select markets in Southeast Asia, while markets like China and Japan have continued to see a more limited rise in costs. Regardless, we're building more cost contingency into our underwriting to reflect this more uncertain environment. Margins, which are still over 35% on average in our development work in progress, still feel protected given the rent growth we're witnessing in the market. Wee Peng will cover that rent growth very soon. Lastly, on China, we're seeing more value emerge but continued uncertainty in the market. We think continuing to focus on logistics, data centers, and life science real estate are the best areas which align well with government policy. We'll look to continue to counterbalance that risk by continuing to recycle balance sheet assets, including potentially in an upcoming C-REIT, and redeploy the capital around the region, given the strong diversification of our business across Australia, South Korea, Japan, and other key markets. With that, let me hand it over to Wee Peng. Over to you. Thank you, Jeff. Good afternoon, everyone. With the acquisition of ARA, we will continue to report on the three pillars of our business, investment, fund management, and development. The investment segment provides sustainable total return via stable cash flows and steady growth in capital value through our investments in assets in our core funds and REITs. As a part of the review post-closing, our associate stake in Cromwell as we move to the investment segment from the fund management segment previously, mainly due to the more asset-heavy nature of this business, and this remains so until the previously announced strategic objectives are achieved. The fund management segment is a high-quality ROE model that allows us to scale our business platform with an asset-like approach. Post-integration, the group's fees-based business has been enhanced meaningfully, while recurring fees coming from perpetual and core capital vehicles. For the first half of 2022, the fund management EBITDA contributed 40% of the total segmental EBITDA, and we believe this number will continue to rise as our fund management business will continue to grow over time as more of our WIP turns into completed product. It would have been a higher percentage in the first half of 2022 if not for the strong outperformance of our development segment. Lastly, the development segment is driven by ESR's core strength as a leading developer of new economy real estate in APAC. With strong completions and a sell-down of assets in Australia and China, the development segment had a very strong first half of this year. Turning to slide 17. Total segmental EBITDA demonstrated solid growth to $727 million in the first half of 2022. This is up 175% versus ESR stand-alone numbers year-on-year, and low teens% versus a pro forma basis. The investment segment was up 15% from first half of 2021 ESR stand-alone. This is supported by higher co-investment income, driven by higher occupancy and rental growth and dividend income. The decline from the first half 2021 pro forma numbers was a result of reduced share of co-investment income, mainly due to the sell-down of some Korean assets on the K-REIT and relatively lower fair value gains from existing balance sheet assets. On the fund management segment, it has seen strong growth despite the outsized first half 2021 pro forma EBITDA numbers comparison, which was actually 5% higher than the second half 2021 pro forma numbers. This was driven by strong promotes and other fees. The fund management segment continues to be driven by higher recurring fees from higher AUM, record development and leasing fees, and solid promotes. Compared to the first half of 2021 ESR stand-alone, the segment recorded development and leasing fees and solid promotes. The segment itself grew 196%, illustrating the benefit from combining with ARA and access to the recurring and stable fee income. Lastly, development segment saw 69% growth from the ESR first half 2021 stand-alone numbers. This was underpinned by our record work in progress. The segment benefited from significant contributions from fair value gains on projects under development, share development profits of our JV and associates, and substantial completions of about $2 billion. Furthermore, the segment benefited from disposal gain of an Australian development asset, Kemps Creek, sold to an ESR-managed fund. Turning to slides 18 and 19. We continue to witness strong inbound interest from our customers across nearly all of our markets. The group achieved record leasing progress for first half of 2022, with over 2 million square meters of logistics space leased, which was primarily driven by e-commerce acceleration and supply chain resilience, which spurred demand for modern institutional-grade logistics. Our portfolio continues to draw in high-quality tenants with repeat tenancies, including e-commerce leaders JD.com, Coupang, Amazon, as well as Samsung Electronics and DHL, which were the top five leases in the first half of 2022. Our portfolio fundamentals remain robust, with a healthy portfolio WALE of 4.9 years. In fact, as we think about an inflationary environment, we feel that our portfolio is well-positioned to capture the potential outsized rental growth in the market, given that approximately 40% of our leases are coming due in the next 2.5 years. Demand continues to be driven by continued growth of new economy. Of the new leases signed in first half of 2022, 76% of these were from e-commerce and 3PL tenants. Moving directly to slide 20. Given the strong customer needs that we have discussed, portfolio occupancy reached an all-time high at 96% at the end of first half 2022 for the group, and it was actually 99% ex-China. This is really the first time the local teams have virtually no space to lease across Australia, Korea, Japan, and Southeast Asia. These high occupancies are underpinning strong rental growth in many of the markets in which the group operates. Overall, we have seen positive weighted average portfolio rental reversion of nearly 6%, which was recorded across the new economy portfolio. Excluding Japan, which has witnessed some smaller rental reversions, the weighted average rental reversions was actually about 7%. Slide 21. Wanted to highlight two quick case studies which highlight the favorable market backdrop, but also how strong execution has been from the respective ESR teams. For the Milestone portfolio in Australia in June 2021, we completed the acquisition of this portfolio and its operating business from Blackstone, marking Australia's largest ever logistics portfolio transaction. Now, one year on since taking on the portfolio, we have leveraged our deep customer relationships as well as our rigorous asset management approach, and we have grown occupancy from 94.2% at acquisition to over 99.6% today. We believe in strong underlying fundamentals of the portfolio, and we are delivering higher than forecasted rents. Given the tight vacancies, we have delivered an average 13% rental growth for leases signed in first half of 2022. When we look across the portfolio, we estimate it is approximately 15%, 15% under rented compared to the latest market rents. This will continue to support future rent growth and potential redevelopment. In Korea, our team has completed the construction of approximately 500,000 square meters of grade A logistics space at Greater Seoul. What is most impressive is that the space has been fully pre-leased to high quality tenants, including one of the largest e-commerce companies in Korea. The logistics arms of a major global electronics manufacturer, a global Korean service company, a major international logistics provider, and other leading customers. All properties were built with the best-in-class specifications and design, especially around sustainability, including direct ramp access to all warehouse floors, wide truck yards for efficient intra-traffic flows, high floor tonnage and high ceiling clearance. On slide 22, the group's fund management segment has continued to record new highs in terms of performance as we benefit from a strong support and trust of our capital partners. We are proud to announce we have increased our funding AUM 34% from the first half 2021 ESR standalone numbers or 14% against the first half 2021 pro forma to $146 billion on a constant FX basis. New economy AUM grew even more impressively at 23% year-on-year to $67 billion. Fund management EBITDA increased nearly 10% on a pro forma basis to $288 million. This was driven by growth of the funds group funds AUM. This was record development and leasing fees. As Jeff highlighted earlier, funding income as a percentage of adjusted AUM remains stable at around 90 basis points given the continued strong promotes flowing through that large business. Moving to slide 23. The group continues to see strong capital inflows from global institutional investors who are seeking to strategically rebalance their portfolios into the new economy sectors. Supported by deep capital relationships and the track record the group has established, the group has raised nearly $4 billion through 15 new or upsized funds and mandates in the first half. This includes our newly launched Pan-Asia discretionary development vehicle and the group's inaugural $1 billion APAC data center fund, which comprises the development pipeline of eight-site projects with over 260 MW of capacity. In addition, the group, in partnership with a leading global institutional investor, acquired a prime logistics industrial portfolio in Greater Shanghai, China. The portfolio, which comprises of 11 completed logistics industrial assets, represents the largest logistics industrial portfolio ever sold in Greater Shanghai. In South Korea, ESR also upsized the second development joint venture with APG and CPPIB by $1 billion for investments and development of a best-in-class industrial and warehouse logistics portfolio. As of June 2022, the group had $17.9 billion of dry powder equity and debt to deploy into new investments. Moving to slide 24. For the group, ESR Group, the proportion of AUM coming from perpetual and core real estate vehicles, which is the stickiest part of real estate, has increased to $92 billion, which accounts for 62% of fund AUM. The increased contribution of perpetual and core capital vehicles in the AUM of the group enhances earnings resilience and dividend capacity. This will provide robust income streams from the suite of REITs and core funds every year, and we look forward to delivering high quality and sustainable growth. To slide 25. It's worth spending a minute on the key fund management segment driver going forward, our data center business. The group has assembled a total development pipeline of over 1,200 MW of capacity, which will represent approximately $15 billion of total development costs when fully developed. To date, the data center business has not fully benefited our P&L yet, but that's about to change with the recent closing of the ESR's $1 billion maiden DC fund. APAC is the prime market for data center development and investments in the new era of digitalization. The substantial first close of our inaugural DC fund marks a significant milestone for ESR as we continue to grow and scale our digital infrastructure business. The APAC Data Center fund is uniquely placed to take advantage of ESR's group adjacencies in land, power, fiber origination, a strong pipeline of recently acquired data center sites, and partnerships with best-in-class data center operators for co-location assets. Our ability to offer powered shelves, fully fitted and co-location assets to serve hyperscalers, enterprises as well as operators, provide a scalable solution with shorter ready-for-service timelines for our customers and risk adjustment strategies to our capital partners. Moving on to the next slide. In terms of our development segment, as Jeff said, it was probably our best first half since we had as a public company. In terms of development starts, ESR achieved a record $3.5 million development starts for first half 2022, which is up 100% on a pro forma basis year-on-year. You can see here some of the more notable developments, including phase II of Yokohama Sachiura DC in Japan, the Sime Darby JV in Malaysia, Moorebank phase II in Australia. While we have managed to keep construction cost increases within our allocated underwriting contingencies, this is something that we'll need to continue to monitor given continued supply chain disruptions and rising commodity costs. In terms of development completions, we have achieved $2 billion across the group, signifying over 50% increase over pro forma basis versus the second half 2021. We are proud to announce the completion of the first phase of Sachiura DC, which is part of the multi-phase logistics park and set to be the largest in Japan by value. In addition, we have also completed Yatomi Kisosaki DC in Japan, phase I and II of Opo Logistics Park in Korea, as well as the LOGOS Penjuru Logistics Center in Singapore. On the next slide, in terms of development, ESR's activity remains robust, which continues to remain customer-led. Our new projects have increased in terms of scale, quality and value. For the first half of 2022, our WIP reached a record $12 billion, which is the largest workbook in Asia-Pacific and 2x-3x more than our closest peers. Over 80% of the WIP is expected to be completed from here in 2022-2024, with an average construction period of about 25 months. The group's strong development pipeline includes a number of landmark projects that are set to create new benchmarks in its respective markets. These include 350,000 Shanghai Yurun Phase I, expected to be completed at the end of this year, while the remaining 200,000 Phase II is expected to be completed in 2023. LOGOS Tuas Logistics Hub in Singapore with a GFA of 245,000 square meters is expected to be completed by the end of 2022. The 365,000 ESR Higashi Ogishima Distribution Center in Greater Tokyo is expected to be completed in first half of 2023. 195,000 Yokohama Sachiura Distribution Center 1 B is scheduled for completion early 2023, which is the Phase II of the logistics parks, which will provide approximately 800,000 square meters over four phases, making it the largest logistics parks in Japan when fully developed. Lastly, LOGOS Moorebank project in Sydney, which is the largest development-to-core project, has a GFA of more than 860,000 sq m. This is expected to be completed in phases between 2023 and 2026. Moving on to the next slide. The lower vacancies we are seeing in our core markets, coupled with strong customer demand, has given us the confidence to grow our development pipeline from 16 million sq m in first half 2021 to over 25 million sq m at year-end. We have now assembled a strong land bank of over 4.5 million sq m, which is well spread across our core markets, putting us in good stead as part of our growth strategy. Moving to slide 29. With the addition of LOGOS, ESR Group is now the largest new economy platform in APAC with a $67 billion AUM, WIP and pipeline, with essentially market-leading number one or number two positions in every market across the region. We expect the gap to continue to grow vis-à-vis our peers. Before I turn it back over to Jeff, I wanted to share a quick case study. As highlighted previously, we recently sold down a prime logistics industrial portfolio in China, total GFA of over 873,000 sq m from ESR's balance sheet to a new ESR managed fund with one of our long-term capital partners. This transaction represents the largest self-developed balance sheet sell-down for ESR to date, representing the group's capital recycling strategy and asset-light approach. The portfolio, currently 98% occupied, consists of nine completed logistics industrial assets with GFA of over 873,000 square meters, spanning major logistics and industrial hubs across different regions in China. This includes the Yangtze River Delta, Greater Bay Area, Beijing-Tianjin-Hebei region respectively. With the transaction, the overall core portfolio managed by ESR with this investor now stands at over 1.4 million square meters. What's important to note is that while keeping the AUM under the ESR managed fund, we have harnessed the development profits by crystallizing a 50% realized development margin. Now, with the sell-down to the ESR managed fund, we will continue to generate ongoing fee income, including base and asset management fees, future development fees, and leasing fees. This is the essence of what makes the closed loop system of ESR so powerful. With that, let me pass it back over to Jeff. Great. Thanks, Wee Peng. I just want to spend a few minutes providing an update on all of our ESG initiatives. ESR has continued to demonstrate that it puts ESG at the heart of its business through its proven track record of sustainable developments, properties, and operations, as well as best corporate practices, all underscored by our ESG five-year roadmap. On the human-centric pillar, we believe that inclusion and gender parity is a crucial driver of social cohesion and growth. We have strong female representation across our workforce and senior management, approximately 40%. At the board level, we now have 60% of our independent non-executive directors who are women. As a committed organization, ESR builds a fair, safe, and inclusive workplace for its employees and its customers. For example, in our South Korea portfolio, 22 assets have achieved the WELL Health-Safety Rating, which is an evidence-based third-party verification of safety protocols. Included as a part of our work plan, we're also on track to achieve ISO certifications in our operations. On the property portfolio pillar, we believe in building and managing sustainable, flexible, and adaptable properties with the most efficient operations and suited for green building certifications. With the largest rooftop space in Asia-Pacific, we have enormous potential in our renewable energy segment to reduce the carbon footprint and combat climate change. Today, we've installed approximately 100 MW of solar across our rooftops. Maximizing renewable energy would allow ESR to reach its net zero targets and open up new business opportunities. With ownership of the renewable energy generated, ESR can develop a self-contained ecosystem to support the tenants' increasing needs for on-site green energy and at the same time, attract like-minded capital partners to invest in these projects. On the corporate governance performance pillar, we believe in maintaining the highest standards of corporate governance. On active participation in ESG surveys, our active participation in these surveys and ratings such as GRESB and MSCI helps to measure our performance against industry peers and drive improvements in our properties. We continue to maintain an A rating from MSCI and a low risk from Sustainalytics. We're proud as a group that ESR has become a signatory recently of the United Nations Principles for Responsible Investment, ensuring our values and those of our investment partners are aligned to our investment and asset management policies and practices. Lastly, within the past six months, as Wee Peng had highlighted, ESR has closed a total of $2.5 billion in sustainability-linked loans across the enlarged group, which include KPIs guided from the targets in our ESG roadmap. To bring some of the sustainability elements to life, we wanted to share a quick case study on our recently completed Sachiura Phase I project in Tokyo, which we've just talked about recently. ESR is really at the forefront of creating the logistics projects of the future, driving change and meeting customers' demand for sustainability and human centricity. We would welcome, obviously, hosting investors and analysts to come visit Japan and many of our markets to see how transformational the change has been to logistics assets, even just over the last few years since we went public. Upholding ESR's portfolio-wide approach to sustainability and design with occupants in mind, the facility boasts a suite of human-centric features such as a club lounge, a sky deck, as you can see, children's daycare facilities, which are free to our tenants as they seek to bring more women back into the workforce. The other features in the facility include a public park with preserved forest areas and other art installations. This is a good example of how we're working to design facilities and amenities that differentiate ESR from our peers. The property also received a Class A certification from CASBEE and the top rating of five stars from BELS. Lastly, I just wanna conclude on our continued focus areas for 2022. As highlighted previously, we've made significant progress in our integration and have crystallized now about $10 million of run rate cost synergies to date. The strategic merger of ESR-REIT and ARA LOGOS Logistics Trust has seen the creation now of our flagship new economy ESR-LOGOS REIT. There are also several key areas we're focused on to position us very well over the remaining second half of the year. The continued launch of our new economy funds across the region, as well as several ARA-related mandates. On Suntec REIT, we're having good discussions at the board level, and there is real potential for the REIT. This is a tough backdrop for all the REITs right now, so we'll need to let the market settle a little bit as it relates to long-term rates coming more into focus, and then we feel like we can continue to do more from there. On capital recycling, we've certainly outperformed on this year to date. There may even be a few more assets and projects to hopefully be recycled before year-end. On the rollout of our infrastructure and renewable strategy, we're making some real progress on a few mandates, and hopefully, we'll be in a position to report some positive news on that before year-end. On the ESG front, as I highlighted, we've achieved our target and added two very, highly capable female independent directors, taking us now to three out of five of our directors, as women. To conclude, it's hard to say exactly where the markets are headed from here. That being said, we've positioned ourselves very well to hopefully take advantage of a more uncertain world with a very strong balance sheet with substantial dry powder. We're also happy that we've put ourselves in a situation that allows us to start returning capital back to shareholders with our maiden dividend, while also continuing to focus on growth. Some of our best deals and projects have been when other peers or local market participants were unable to access capital or were too paralyzed by uncertainty to lean in on the right deal. This is starting to feel like a more interesting environment in that regard, but one that we'll need to be mindful can still change quite quickly in either direction. With that, let me hand it back to Rui Hua for the Q&A section. Thank you. Thanks, Jeff and Wee Peng, for the presentation. We now start our Q&A session. Please be reminded you can pose your questions on the tab, on the Question tab. We would like to kick off the first comment and question, coming from one of the analysts, great results and presentation. It's regarding the development completions and starts, okay? First question, what would it be like for the first half completions if there had been no COVID disruption? What is your guidance for completions in second half of 2022? Second question, work in progress keeps increasing. When can we actually see completions closer to starts? Third, investment EBITDA fell by 9%. What is the cause for it? Yeah, maybe I'll pause here for Jeff and Wee Peng to respond. Rui Hua, what was the last question again? Can you repeat the last question? Investment EBITDA fell by 9%. What is the cause for it? Oh, 'cause. Okay. Yeah, what's the cause for it? Sure. Just to start on completions. Obviously, you know, those were up 50% year-over-year to $2 billion. Completions have historically been as with even development starts, although those have just. The backdrop as we talked about has been so favorable, it really allowed us to front-load a bit more this year, which was very positive. You know, we still obviously completed $2 billion. You know, maybe that could have been closer to $2.5 billion. But I would say, again, I think the teams navigated the, you know, the supply chain disruptions I think as well as anyone could. I think, you know, we expect that to grow in the second half of the year, as we've talked about before. You know, hopefully, we'd like to hit, as much as, you know, $5 billion or north of $5 billion of completions, for the full year. In terms of the second question, in terms of our work in progress as completions, you know, start to reach the level of development starts. You know, one thing to account for, and this is very important, you know, when we were first going public, our, a lot of our development projects were single floor warehouses. You know, outside of a market like Japan and maybe South Korea, all the other markets were single floor warehouses. As you've seen, and what we've talked about, high value, high scale, key gateway city projects. What that means is those are now multi-level projects. Obviously, we think that's exactly what obviously customers are looking for. In an environment where the market vacancy is so tight, essentially zero in almost all of our markets, being able to bring the supply online is gonna be very important. With that, while the development process is longer, our average remaining WIP for construction is about 25 months. If you exclude a couple of the bigger, longer dated multi-phase projects, it's probably closer to 13 or 14 months. You'll start to see again the continued pickup of completions. Let's not forget, you know, as a group, we were doing $3 billion of development starts before, and I think, you know, we're set to do hopefully, as much as north of $6 billion, of development starts this year on the back of a really strong, favorable, environment in terms of how tight the vacancy is across our market and how strong, the rent growth, that we're seeing across, our various markets. I think, you know, last question on, the cause for, the dip on the investment segment, Wee Peng can jump in with a couple of the details. I think part of this was, again, when you're going like for like, was we had divested, some of our, Korean assets, into our ESR Kendall Square REIT, in South Korea. As you kind of take some of those assets, as you go through that recycling, obviously, you know, the investment segment, as we've always said, that will be adjusted by obviously sell downs. As obviously some assets that were maybe developed on balance sheet come into completion, then you'll start to generate some of that rental income. Obviously, our active capital recycling, we think is very much a net positive, as you've seen delivering and crystallizing gains, 50% realized development margin on that portfolio in China that was sold around quarter end. With that, and very importantly, you know, that was sold literally during the lockdown in Shanghai. It really speaks to the quality of the assets and a credit to Jeffrey and the team for continuing not just the quality of the development, realizing the development margin, but most importantly, continuing to own those assets and manage those assets for the long term. Thanks, Jeff. I think, from your question, where you left off in China, maybe you have some questions on China. I'll direct it to Shen Jinchu. Hi, Shen Jinchu. Some questions on China. The investors actually observed that other real asset managers highlighted that there are some first half difficulties in China. Has ESR seen any delays or difficulties in capital raising or recycling in China for the first half? Does the company actually expect any acceleration in growth in China's operations from here? Sure. Yeah. Thanks, Rui Hua. I think from the capital raising or deploy the capital, recycling the capital. I think so far for the first half of this year you can see our results. If you look at the for the ongoing basis actually depend on the cap rate. Actually it's related with the we can see the local interest rates go down a little bit. I think it's really depend on which sector of the real estate. I mean, in the first half from capital raising side and the deployment and the recycling side, so far, I think we still keep the momentum and keep the trend of what we can see. If you look at the C-REIT, the share price of the C-REITs in China. Also, you can see how it's increased during the last six to eight months in China. If you're talking about operation side, yes, we can definitely see a quite big impact, especially from April to May, end of May, early June. I mean, we involved lots of the people, I mean, in the daily operations side. I mean, because of the quarantine policies and the local policies. I mean, so far, we worked with our tenants and together to I mean, to still keep, I mean, most of our site in the normal operations side. I think one other point I would just add, and really a credit to the team in China navigating a very kind of complex operating environment, as Jeffrey mentioned, is, you know, the team leased nearly 1 million square meters in China in the first half of the year. So, to Jeffrey's point, it obviously really matters which sector you're in. And, you know, it speaks to, again, I think the quality of the locations, the fact that they're in demand, and obviously, hopefully, there aren't gonna be further sustained lockdowns, which will allow, obviously, our sales staff and leasing folks to be out there, obviously, doing their best, engaging with customers. To Jeffrey's point, that was limited for about a 60-day period during the hard lockdowns. Sure. Thanks, Jinchu. Thanks, Jeff. Next question is in the area of cap rates. Jeff, you mentioned about the increase in the interest rate environment. What are the cap rates which ESR has assumed or used currently? And any prospects of ESR actually booking revaluation losses going forward? And what are the factors that investors should be aware of to allay these concerns of potential revaluation losses? Yeah. Obviously a very relevant question and one that we've been paying close attention to. Yeah, I'd make a couple comments. One is rent growth is a very powerful thing. Let's not forget the impact of inflation as it relates to real estate. You know, having just been in Australia recently and seeing the impact, the market is ripping from a rent growth perspective. You know, to put in perspective, every 7% growth in rents offsets about 25 basis points of cap rate expansion. If you look at, you know, again, in the appendix, and you see even just CBRE's own forecast, over 25% kind of rent growth for the year, that basically offsets the potential of 75 basis points of cap rate compression without any change in underlying asset values. Now, obviously, you have to be mindful of, do you have a 15-year lease, you know, without rental reversions? I think some of those would be obviously more exposed. You tend to see that in obviously more mature markets, you know, the U.S. certainly, as well. You know, the lion's share of our portfolio would actually have embedded rent reversions, and annual escalations associated with them. I think, as Wee Peng alluded to before, not all markets are the same. China cutting rates. You know, if you talk to many market participants, you could probably see a world where, especially based on where the cap rates are trading, cap rates could actually end up a bit lower than where they are right now. Japan, obviously rates have remained constant, but you're seeing a lot of capital wanna go to Japan for a number of reasons, including obviously where the currency is at the minute. That we think will likely and certainly probably hold those values. If not, again, there could be some upside there. Korea has been an interesting one in that it's had the most extreme change in borrowing cost in the shortest period of time. What we're seeing is still very active interest in cap rates. Obviously, you've seen the REITs sell off a little bit, which I think is a bit misguided versus where the private market is. It's something that, you know, we'll continue to watch. Again, there's strong rent growth. I mean, we're seeing upwards of also in South Korea, in certain of our assets, over 15% rent growth in some of these sub-markets. Again, that would meaningfully offset any potential rise in cap rates in terms of preserving real estate values. as I said, in Australia, again, as long as you don't have the 15- or 20-year lease that doesn't have any rent escalations in it, the rest actually can absorb, you know, if what was once maybe a very infill asset that had a 3.5% cap rate associated with it can literally end up, you know, with an underwritten 4.25% cap rate without necessarily a change in value. Long story short, we don't really see at this stage any indication of a change in values. That's also because, again, inflation is a powerful thing, and you're seeing it in the form of rent growth across these major markets. Thanks, Jeff. Yeah, maybe I'll move on to some questions on the fund management segment. On the first question, great results for the fund management segment. What is the breakdown of the fund management income by promotes and other management fees? Sure. Second-- Yeah. Maybe just to start with that, as I kind of alluded to earlier, just over roughly 30% of our funds management revenue were in the form of promotes. As I highlighted, over three quarters of those promote income was already received in cash and/or had been, you know, crystallized and waiting for obviously to be paid with the balance quarter subject to accruals. You know, again, using very kind of conservative capital values associated with that contractual requirement. It was actually very similar to the percentage from the first half of last year. The first half of last year was a very, you know, as we, as Wee Peng alluded to, very high comparison to start off. It was very front-loaded last year. To have now kind of seen 10% funds management EBITDA increase year-over-year off of a high base combined with, if you looked at FX, that was probably closer to, you know, 15% year-over-year growth, you know, feels very good overall. So Jeff, can the management discuss drivers of the fund fee over adjusted fund AUM ratio outside the promotes fee? Besides promotes, what are the other drivers? Sure. A lot of the fee income that's being recognized now is largely fees for capital already deployed, right? This is the case. You know, as new funds which are already raised, right, but capital not yet deployed, and you heard us say earlier, we had $17.9 billion of dry powder. As this dry powder gets deployed over time, it will create a new fee income, right? I think that will be a big driver of that base. Number two, we will continue to grow our AUM. As the absolute size of the AUM grows, the absolute size of the fee income will grow as well, right? Together with the cross-selling deployment. That will be the driver. At respective times when development funds exit the development periods, we will crystallize, or when they are entitled to earn their promote fees, right? That will also be the extra driver over the asset management fees and development fees for that base, right? Long story short, growth in the underlying AUM is important. We don't see any change in pricing of the fee rates or the rec rates of our funds, right? That continues to be stable, right? What is relevant will really be the size of the AUM going forward. As you mentioned, we have raised over $4 billion of the new funds in the first half of 2022, including our maiden DC fund for ESR. We also expect in the not too far future, LOGOS will also be raising its data center fund, right? As these new funds continue to be raised and deployed, they will generate new fee income, which will correspondingly drive up the respective fee EBITDA for fund management in future periods. Jeffrey will add on. I think that was well said. I think if we look out at this business, you know, 5, 10 years from now, I think certainly, you know, the ability to add more discretionary vehicles so that you're getting paid on not just invested capital but committed capital, and I think that's where we'll continue to move towards. Obviously, with the raise of our Pan-Asia discretionary development vehicle, that's certainly a step in the right direction. And that's another way that you'll see, you know, that additional flow through because you're getting paid on dollars that are, you know, in a way, what we call dry powder today. It's nice to be getting paid on obviously the dry powder aspect of it. Since we are on fund management, I think one of the questions was that post-interest rate increase, do we see any of the funds, or do we think that there will be any possibility that there'll be issues with interest coverage ratios requiring additional capital from the LPs? Yeah. No, sure. Obviously, it's something we always monitor, you know, closely. You know, it's important to remember the average loan-to-value of ours on a fund level basis would be about 35%, 36%. So the underlying leverage is low. By definition, you're probably not gonna have really many issues to contend with. There are, you know, one or two areas where the capital partner themselves wanted to take kind of more leverage. One of those was obviously in relation to the Milestone Portfolio in Australia. As you see the underlying performance that Wee Peng highlighted in the case study, nearly 100% occupancy, substantial rent growth through the portfolio, that's obviously continues to be revalued in a positive direction. I think, you know, that one probably, again, if there was one that could potentially have some incremental capital from the LPs, that would be maybe one of them. Just given the underlying value accretion, probably would be pretty de minimis on that front. For us, it's really less of an issue. Just to add on, you know, when we talk about interest rates, I think we again have to go back to what Jeff shared earlier. We have to look at specific interest rates in each of our core markets rather than the broad term interest rates. I think sometimes headline media, when you talk about interest rates rising, maybe they're referring to the U.S. interest rates. You know, ESR operates largely in the APAC environment. In China, for example, China is cutting interest rates right now. If you see project level loans in China, you know, that can continue to be stable or probably lower rates over time. In Japan, rates are flat, so there's no big changes on the project loan rates. In Korea, it's gone up slightly, but at the same time, it's offset by rental reversions that Jeff mentioned. Very strong portfolio. Like what's in Australia, right? Australian base rates have gone up a little bit with the RBA hikes, but rental reversion is so strong, especially the high occupancy levels, right? So when you look at it in balance in each specific market, the portfolio kind of leverage is also okay because it was not high to begin with. I think coupled with the strong fundamentals that remains kind of very well supported. Yeah. The only last point I would just add to it, because if you said the two markets that have seen the biggest uplift in rates, obviously Australia and Korea being the other, one thing we had done very successfully in advance of the K-REIT IPO is we refinanced a bunch of the portfolio, and so we have actually very attractive debt financing, much of which is on a fixed rate basis, so that portfolio is in a very healthy position. Sure. That's a good segue into the AUM questions. We have quite a number of questions on AUM. Any AUM targets for ESR Group for the entire 2022? Or what are the new funds that are expected to be launched for the second half? Jeff, you can start with this. Yep. Yeah. No, very good question. You know, as we've talked about before, you know, we're targeting double-digit AUM growth, and we feel as evidenced by kind of the year-over-year growth. There's no question, as I highlighted, you know, capital partners are gonna be a little bit more cautious in this environment. I would say that that's more towards obviously the REITs and core funds. Because if you're a core investor today, as I said before, if you have elevated short-term rates, and you have uncertainty of where long-term rates are gonna stabilize, there's no inducement to wanna go try to buy assets. It'd be one thing if short-term rates were low and, you know, long-term rates were uncertain, then you could maybe still talk yourself into doing something. I think, you know, as we get a couple more inflation prints over the next few months here, I think the long-term rate picture is gonna start to come a little bit more into focus. I think, you know, that'll potentially act as a catalyst for investors to look at core. Obviously, we've still done core transactions. Our China one was a great example of that. I would say on balance, that's gonna be a slower part of the capital raising. On our side, obviously, we've got a number of activities on the new economy side, first and foremost, development and also core plus vehicles in Australia, additional capital raising in India. Others obviously continued growth of our the remaining fundraise for our data centers. And then others obviously across LOGOS in places like Southeast Asia as well as in Korea. It's gonna be active. We expect that to continue to remain active. As I said, you know, one of the things we had talked about with bringing this into a large group that makes us obviously by far and away the largest real estate manager in Asia is the ability to really offer that one-stop solution to capital partners. The fact that we've gone from effectively 9 to now 12 of the top 20 global capital partners on the platform, and I think as we look out, by the end of the year, I wouldn't be surprised again if that's a higher number. That is a good position in an environment where most of them are still also underallocated to Asia. The key is what products are you offering? I think, you know, we feel very good about our products, and we're also starting to obviously invest in the teams in other areas that we think are highly synergistic with our existing business. In the same way that we develop that data center team and effort, you know, we're doing the same in life sciences now. You've seen some of those recent announcements around that. It's again highly complementary. Local land sourcing, leveraging best in class design and construction and sustainability practices and broader customer relationships. I think we feel good about the continued prospects for the remainder of the year. We do have to remember, if it's a discretionary fund, everything, and you've heard it from all the private, large global private equity firms. I'm sure you've heard it from other big real asset firms. Discretionary funds are gonna take longer in this environment. There's just no question, because investors have a denominator effect issue, and they're also contending with obviously so many groups who came back much faster than they had underwritten. Typically, you go back three to four years for a discretionary fund, and they came back in one to two years. That also put additional pressure on many of the LPs. Yeah. Jeff, there'll be a few questions on our plans for ARA. The comment was that ESR has done very well in the new economy segment. Can you talk about more on the plans that ESR have for ARA's commercial business? Are we looking for organic growth or you're looking for acquisitions that are incremental? Yeah. I think, you know, consistent with what we've talked about before, first and foremost, you know, our all of our development, and this is the same as what it was for ARA before, is only new economy development. Logistics, data centers, life sciences, and other areas, high tech industrial. On the commercial side, this is actually gonna be once, you know, you figure out where long term rates are potentially gonna be. This is actually gonna be quite, we think, a favorable backdrop, for, I think, a bunch of ARA strategies between what they do on as an investor operator. Acquiring assets, improving and enhancing that in-house, and then ultimately capturing that, you know, that value, the value accretion. We think that strategy is gonna work. One of the big things in Asia, and you've seen this with BREIT, with Blackstone, in the United States. There is a huge opportunity, obviously, as investors need to deploy substantially more capital into core real estate in Asia. The ability to hopefully grow mandates at scale for core real estate. A lot of that is typically on the commercial side. We can do that again in the same way that ARA has done it, very low co-investments on average, typically less than 5%, closer to probably 3%, and benefit obviously from the fees that come with that. I think it's really sticking with that. You know, I think from a platform, you know, acquisitions, I think, you know, any of that would be marginal. I think our view is, you know, there are good opportunities to kinda do it organically. Sure. Maybe one last question on operations. The work in progress that's quoted, yield on cost of about 6.6%, what is your view on this, yield on cost for the trend for 2023? Will it be, you know, higher or lower given the, you know, higher construction costs and higher interest rates? Yeah, the other part you forgot is also higher rents, right? I think what we're seeing, and we study this, you know, very rigorously, is actually how much rents have offset. You know, we were staring at these higher construction costs. You know, you looked at that and you said, you know, this is gonna start to squeeze margin. If we started at the start of the year, I don't think anybody heard us on this call talk about how aggressive we would see kind of the rent growth that we've seen. I mean, it has certainly exceeded even our own expectations on that front, and that's been seen even by other market participants. I think CBRE and others have raised their rental forecast multiple times since the start of this year. I think in that, I think actually development margin should likely hold because actually we're starting to see some of the construction costs come off from where they had kind of topped out at, right? You're seeing it even in Korea, which probably had the highest increase of any market. You know, it's probably off now 5% from as high as it got. It still has a, you know, hopefully more to come down, but the benefit of kind of the higher rent. You know, that 6.6%, you know, WIP yield on cost, you know, represents about a little over, you know, north of 35% development margin. There is cushion in that. You know, let's be clear. There is cushion in that in the event that, you know, the costs end up, you know, maybe even going up again, further, as we go into the winter and everything else, as it relates to commodities. It's something we look at closely, but, you know, the rent picture has really, you know, preserved, frankly, the margin in these key markets. Yeah. Thanks, Jeff. I think, you know, we move on to questions on our maiden dividend. On the dividend policy, how should we or the, you know, the investors and analysts think about your dividend policy versus the recurring income and gains from capital recycling? What's the proportion that we are looking for going forward? Sure. Yeah, no, look, from the board side and the company side, you know, as we've highlighted, about a month ago when we announced that, you know, that we had approved the dividend policy, was really that as I think many other companies have done when they first initiated a dividend was really just probably start with a fixed dividend for the first several years. Then beyond that, start to move towards potentially a payout ratio. Obviously, this is not a REIT. We don't profess to be a REIT. And obviously, given the growth profile that we have. Now, it's not to say that that fixed dividend amount cannot continue to grow. As I'd highlighted, I think the board looks at the prospect of potentially growing that as we move forward. It's really that. It's starting and looking at, obviously, holistically, what's happening in the business, in the market. We continue to be more capital efficient, which is obviously very helpful in that regard. And then over time, as that business starts to mature more further down the road, then you can start thinking about more of a fixed payout ratio, especially as a lot of your development funds and this big work in progress turns into core funds and, you know, an even more substantial base of recurring fee income. I think that's how kind of the board has assessed it. I think kinda more, most importantly, you know, I think this is fundamentally important, is when we set out, you know, with the IPO, we had set out kind of certain targets. We've continued to exceed those targets from when we started. We had also talked about the prospect, obviously, of a dividend, three years into being public. You know, here we are, still not there three years yet, but we've now moved forward with that, maiden dividend. We think it's important what we communicate, obviously making sure we deliver behind that, and that's something that, obviously we're happy to be able to commence with this interim first half 2022 dividend. Thanks, Jeff. I think we have one last question from the investor. You know, recently, the share price seems to be weighed down by overhang of the stock. Any comments on that, on the selling pressure, potential shareholders who are free from the lockup, for example, the Warburg Pincus? Thanks. Yeah, no, it's a question we've obviously paid keen attention to ourselves. You know, all we can do is obviously sit here from a company and a business perspective. You know, we think it's more a perception issue, less an actual issue. Obviously we don't control every shareholder. You know, certainly, I know in discussions with the senior leadership of Warburg Pincus that certainly they're excited to be back to being long-term shareholders of ESR and of key shareholders of ESR. You've seen, I think, Straits announce its dividend in specie as well to its both the family office as well as to, you know, their individual shareholders, which hopefully can increase the free float a little bit. Hopefully when I think that perception starts to change, 'cause, you know, at some point, you know, we are not locked up anymore, so I think, you know, that can be viewed now in full public display, then I think everyone can start focusing on the business and the results. I think hopefully it's been very clear from today's session on that performance of the company. I think we're obviously very happy about the position that the business is in today. Sure, Jeff. Sorry, there's one last burning questions on development stats that came in. They say that in terms of development stats, which markets are looking attractive at this moment? Would it be Australia and Korea, given the strong rental growth? Or is it Japan with the depreciation of Japanese yen or China with whereby there's a tougher macro environment? Look, when as we think about development starts, we're very focused on, as we've said, you know, always our first and foremost, our four key markets, you know, Japan, South Korea, Australia and China. I would say if you look at, you know, the WIP today, it's obviously weighted and spread, almost, you know, quite evenly across our key markets. We do think we'll probably see a bit more in Southeast Asia as well. There are increasing opportunities. E-commerce is really kind of started to get closer to high single digits to almost 10% of total retail sales. You've had a full reopening of Southeast Asia, so growth has really picked up in those markets. We expect to kinda do more there. On balance, obviously we're gonna be prudent in China. Obviously there is substantial rent growth and incredibly tight vacancy. As we said, we're essentially full, as is the market in Australia, Korea, Japan, and also in Southeast Asia, so we wanna take advantage of that. The other opportunity, because it's such a supply-constrained market, was our recent acquisition of obviously a substantial land parcel in Hong Kong to really develop one of the first truly modern cold storage facilities in a very long time. It's a great opportunity, and it's one we feel there's substantial demand from the customer side. Big, high value, high scale gateway city projects is where we're focused. Thanks, Jeff, Shen Jinchu and Stuart and Wee Peng. I think we have come to the end of the session. Any last words from Jeff or anyone else? Thanks, everyone. Okay. Thank you, everyone. Thanks. Thank you.