Good evening, and welcome to ESR Group's first half fiscal year 2023 results call. I'm Marilyn, Group Head of IR for ESR Group. On the call today, we have Jeffrey Perlman, Chairman, Board of ESR Group, Jeffrey Shen, and Stuart Gibson, Co-CEOs of ESR Group, and Ivan Lim, our Group CFO. Mr. Perlman will start the call today with opening remarks, followed by Mr. Gibson and Mr. Shen, who will talk about the operating performance and business themes we are focused on. Finally, Mr. Lim will discuss our financial results for the first half of fiscal year 2023. During this time, all participants are on listen only mode. After the speaker presentation, there will be a Q&A session. You may submit your questions into the Q&A portal from now throughout the presentation. I'll now hand it over to Mr. Perlman. Mr. Perlman, please. Great. Thank you, Marilyn, and to all for joining ESR's first half 2023 results presentation today. To start, we're very happy to report that our total AUM was up 9% to $147 billion, using current FX rates, with a 13% increase in New Economy AUM to just under $70 billion. Most importantly, we continue to successfully execute on our asset-light transformation, as evidenced in the growth of our funds management EBITDA, which was up 14% year-over-year and now represents 55% of our total segment EBITDA, versus less than 25% at the time of our IPO. If promotes are excluded, Fund Management EBITDA would have been up 19% year-over-year. We're also seeing the benefits of the crystallization of further cost synergies and cost discipline, as well as broader economies of scale, as our Fund Management margin increased by 400 basis points year-over-year. Our fee-related income as a percentage of fee-related AUM remains especially strong at approximately 100 basis points, inclusive of strong promote income of about $136 million, recognized in the first half 2023. This amount largely represents the impending recap of our Korea Development Fund 1, with substantial additional promotes remaining tied to the other milestones of the remaining portfolio. Despite the really challenging macro and geopolitical headwinds around China, our core New Economy business continues to perform strongly. With near zero vacancy levels in most of our market, ex-China, we've witnessed a continued ac celeration in our leasing. Leasing 2.1 million square meters, which exceeded first half of 2022, with even higher rental reversions, up over 10% across the portfolio on average. The strength of the underlying portfolio has allowed us to add to our development starts. We started a record $3.8 billion in projects in first half 2023, up 9% year-over-year, and it represents $6.8 billion on an LTM basis. We continue to deliver completed projects at scale with $2.2 billion in development completions, which represents $5.7 billion on an LTM basis. The real estate sector has no doubt been adversely impacted by the rapid rise in interest rates. As a group, we've been out in front in the areas we can control. We continue to recycle assets, including over $2.5 billion of contracted divestments from the balance sheet since the start of last year, and approximately two-thirds of that from Greater China alone, all executed at or above book value, which has continued to position us well from a balance sheet perspective. In fact, the group has $3 billion of cash and committed loan drawdown capacity that is sufficient to cover our aggregate loan repayments for the next 3 years without any further capital recycling or non-core divestments. Additionally, we have nearly $20 billion of dry powder in our active funds, with $12.7 billion from New Economy vehicles to capitalize on a set of increasingly attractive opportunities that we're seeing. Moving to slide 6. As mentioned, AUM continued to grow year-over-year at close to 10%. In tandem with that, Fund Management EBITDA has also increased year-over-year to $329 million on the back of high levels of activity, especially from development, robust leasing, and strong promotes. Excluding promotes, Fund Management EBITDA would have grown by 19% year-over-year. Given that we report in US dollars, FX translation continues to affect the reported numbers, with sustained weakness in the Australian dollar, Yen, RMB, and other key Asian currencies. What we're probably most proud of is that we're still delivering this growth, even with a very muted transaction market. Investments into core, core plus assets in Asia Pacific fell 42% year-over-year in the first half of 2023, and are down similarly from 2021 levels. There is a very large backlog of third-party portfolios that will need to get sold in the market once long-term rates start to stabilize, and we feel this can supercharge the growth of our platform, given the dry powder that is ready to be deployed. Total EBITDA and PATMI were down year-over-year, mainly driven by lower fair value gains, the New Economy investment and development segments, and the absence of one-off income and gains from first half 2022, as several of the contracted capital recycling events will close in the second half of this year. Additionally, PATMI was impacted by higher interest expense as a result of a material increase in base rates. While near-term capital appreciation may be more limited, as Bruce Flatt from Brookfield said the other day, "This will be an exceptional vintage of new funds." We're very excited about the projects we're underwriting as a group right now. These are some of the highest returns we've seen in a while. On the balance sheet front, ESR continues to maintain healthy gearing of 27.6%, and if we pro forma our gearing to take into account the contracted divestments announced post-June 30, the group's gearing would reduce by 170 basis points to 25.9%. On this front, we announced just yesterday the establishment of our new RMB 10 billion China Income Fund in partnership with one of China's leading insurance companies, with the initial seed portfolio being ESR's prime logistics portfolio worth RMB 2.3 billion. It's our largest ever RMB Income Fund in China, and we're immensely proud to be able to raise such a sizable fund despite the challenging macroeconomic environment. We think there is the capacity to grow this vehicle considerably with our capital partner over time, which is also exciting. The uncertain market conditions that have prevailed since the middle of 2022 affect timing in many aspects of business activity, from transactions to capital raising and ultimately deployment. Stuart and Jeffrey will highlight how we continue to manage through this environment across our key markets and business units. Having said that, our stated strategies and targets remain on track as we work harder in this environment to drive our fundraising and capital recycling initiatives. Turning to slide 7, our New Economy business is best in class. We continue to see strong underlying performance across nearly all of our markets. This is translated into a group-wide portfolio occupancy of 92%, 98% ex-China, with over 2 million square meters of leases signed during the first half of 2023, with record rental reversions of over 10%. The leasing momentum for North Asia continues to be very strong, with nearly 1 million square meters of renewals and new leases for the first half. It goes without saying that Australia continues to be red hot from a rent growth perspective. Given very healthy fundamentals, we continue to successfully grow our development workload. It now sits at a record $13 billion for the group. This increased further on the back of nearly $4 billion in development starts in the first half and $2.2 billion of completions. Beyond logistics, we're starting to see the fruits of our efforts in the data center space. In the first half, we nearly nine, nearly 20% of our starts were in data centers, and for the full year, we expect that to be approximately $1.5 billion of new starts. We're very fortunate to have raised the largest dedicated data center fund in Asia, with $1.3 billion in commitments to date. As I've already covered the key results from slide 8 and 9, I will skip and leave it to Ivan, who will double-click on each of the segments in the financial performance section. Turning to slide 10. While we continue to be focused on increasingly more attractive growth opportunities, we also remain highly focused on crystallizing cost synergies and maintaining cost discipline throughout the business. We're reaping cost synergies arising from the removal of redundancies and efficiencies through automation and process optimization. We achieved 7% savings in OpEx for the first half of 2023. Further cost synergies can be expected from the further integration of the LOGOS business into the group. The group also remains focused on delivering sustainable value to shareholders. In line with its goal of a sustainable dividend policy, the board of directors are pleased to declare a first half 2023 dividend of $0.016 or HKD 0.125 per share, payable in September, which implies a 2.2% dividend yield. This would represent the third interim dividend since we commenced our dividend policy in the first half of 2022. Additionally, share repurchases totaled approximately $71 million, or 1% of market cap, translating to an NAV uplift of $0.002 per share. We expect to continue to remain active on the share buyback front, given the current market conditions and trading levels. To my point on share buybacks, we believe strongly in our continued business transformation and what the finished ESR will look like upon completion of that effort. Our New Economy business will shine without the noise around some of the non-core pieces and will drive the growth of our alternatives and REIT segments. Turning to slide 12 on the integration front, as evidenced in the numbers on the previous slide, we've now delivered approximately $25 million of cost savings across the group. We continue to integrate various aspects of the LOGOS business, which will continue through the balance of next year. Everything starts and ends with our leading New Economy business. Our data center fund was recently upsized with another large global investor. We just announced the largest-ever development deal for Amazon in Australia, and we've cemented our position in Vietnam with our strategic stake in BW Industrial. On the non-divestments, we're engaged in multiple discussions with parties on several of the assets we've previously identified and highlighted as non-core. Despite the challenging market, there appears to be strong interest, and we'll update the market as these discussions progress. Given the strength of the balance sheet, we want to make sure we get full value for these divestments, as highlighted during our, our full year results. We're not going to rush, but we are encouraged by where it's headed. Lastly, we continue to make strong progress on the balance sheet asset recycling front, as highlighted previously. Worthwhile to note that the development undertaken on balance sheet has now been materially reduced to just 4% at the end of the first half. This leaves more financial flexibility for the group, and it means less risk in the system. For the C-REIT, we remain actively engaged with NDRC on our application. As we've guided, the timetable is dependent on the local government, and we remain optimistic that listing will take place in the second half of this year. With that, I'll hand it over to Stuart and Jeffrey, who'll cover the operational performance for the first half of the year. Thanks, Jeff. Good afternoon, ladies and gentlemen. I'm going to spend the next few minutes talking about our performance in the 3 business segments, namely, investment Fund Management and New Economy development. Jeffrey will then double-click more detail on the business performance in our 4 core markets, China, Japan, Korea, and Australia. To kick off, coming to slide 13, ESR's dominant position in Asia is underpinned by core focus in the New Economy, which also fuels the growth of our alternatives and REIT strategy. With Goodman Group's latest earnings announcement around their pivot beyond logistics to data centers, I think public investors will start to see what our private capital partners have already known about the ESR business for a while. It is the go-to platform to invest at scale in logistics and data centers and new exciting opportunities in life sciences, high tech, industrial, renewables. These are all highly synergistic, we believe we have built a very unique platform to capture these opportunities. Looking at the first investment segment, the group occupancy rate at the end of June continues to be resilient at 92% overall, but 98% for units excluding China. We have maintained nearly full occupancy rates in the other core markets and India. Candidly, despite strong leasing in 2022, our newer assets in China have been slow to ramp up, given the hangover from last year's COVID-19 policies. We expect the lease up to likely take 6 to 12 months longer, depending on locations. Given our exposure to Tier 1 cities, which Jeffrey will discuss shortly, we are not overly concerned. This is quite different than those groups who have heavy exposure to Tier 2, Tier 3 cities, which will likely see some negative rent growth given the supply-demand imbalance. Our leasing momentum remains strong at over 2 million square meters. We achieved a 10% weighted average rental reversions for in-place contracts. This has been especially strong for us. For example, Australia, 19%, South Korea, 20%, and India, 23%. Apart from China, which will require more time for the assets to stabilize, we would expect tight vacancy rates in the rest of our markets to underpin continued outside rental growth. The leasing demand for our portfolio remains healthy. The top five leases secured by area during the period amounted to 595,000 square meters, which is up nearly 6% year-over-year. Shein, in particular, took on 2 times more space compared to last year. That's in addition to over 100,000 square meters of space leased by notable Japanese and Chinese, 3PLs, and e-commerce players. Our portfolio fundamentals remain robust, with a healthy weighted average portfolio expiry of 4.7 years by income. Overall, we continue to feel confident our portfolio remains well positioned to capture the potential outside of rental growth in the coming 18 months. Coming to our Fund Management segment, as Jeff said, we are committed to growing our existing and new capital partner relationships to raise and deploy capital across multiple New Economy and alternative products across the region. We have raised $2 billion of capital this year to date through 15 mandates, with further raises expected in the second half of the year. Although 2022 has been a very difficult fundraising environment, investors remain keen to allocate to APAC, and while we face timing delays in execution and completion, our experienced team continues to manage this effectively. The group remains well positioned to expect to navigate capital raising to be completed in the next 6 months. In terms of dry powder, we continue to be in a strong position. At the end of June, our dry powder was nearly $20 billion, remains available for deployment, of which two-thirds is New Economy. Despite our challenging environment, we are on track to deliver our fundraising targets. We have listed some of the funds the team is actively working on above. Our $1 billion data center fund was upsized to $1.3 billion and is expected to likely bring in 1 additional investor to successfully close out the fund to $1.5 billion. We also achieved our first close of the development fund for the Indonesia assets and secured a new Vietnam partners mandate. Turning to the New Economy development segment, which is such an important catalyst for the group as we look forward, our workbook remains robust at $13 billion, with $3.8 billion in new development starts and $2.2 billion leasings for the first half of 2023. Yield on cost remains stable at 6.5%. Margins are still above 30%, which is consistent with the profit margin from divestments we're making this year. The development pipeline has grown 8% year on year, with over 90% focused in Tier 1 gateway cities in our key markets, and over 70% planned to complete between 2024 and 2026. A key point to highlight here is that only 4% of the $13 billion work in progress is held on the ESR balance sheet. As Jeff mentioned, this has been a very concentrated effort by the group over the past several years to bring this down, and it's great to see the fruits of our labor. The group's strong development pipeline, as we featured in the last earnings call, includes a number of sizable landmark projects across the region. These include the ESR Kawanishi Park in Osaka, Kawanishi site, the ESR Cosmosquare OS1 data center project in Osaka, the Brooklyn project in Australia, and the Shanghai Yurun projects. Jeffrey will look at one of our latest projects, Amazon Robotics Fulfillment Center in Melbourne, that was announced on August the 9th. This is another landmark project undertaken by the Group in Australia and reinforces our position as a leading player in the Australian market. We have come from nowhere nearly 5 years ago to now having over $20 billion of logistics AUM, with the largest development workbook in the market, comprising work in progress of $3.6 billion and a land bank to be developed out over the next several years of $2.5 billion. One key area of growth in our development segment is within our data center business. From a cold start barely two years ago, our current pipeline is over 1 gigawatt across gateway cities in APAC, such as Tokyo, Osaka, Shanghai, Beijing, Seoul, and Sydney, of which 560 megawatts is acquired or earmarked for our inaugural data center, Fund 1. Around half of the projects is slated for start by the end of 2023, and the rest progressively in 2024 into 2026. The pipeline has potential to further increase the subsequent fund raise. Finishing in slide 24, this gives you a better picture of some of our largest development starts year-to-date, including our flagship cold storage, $1.7 billion cost project in Hong Kong, and our 30, 30 megawatt data center project in Japan, as well as the title completions, firstly, Higashi and Sachiura B in Tokyo. With that, I'm going to hand over to Jeffrey Shen. Thank you, Stuart. Good evening, everyone. I would like to share our perspective on each our core market in the next slides. Starting with China, it is important to note that we have been very selective with our portfolio. Hence, our assets are mostly located in Tier 1 and Tier 1.5 cities, where we see long-term growth potential. The economic recovery post COVID-19 has been slower than expected, therefore, demand has been weaker than we would have liked. This has resulted in some of our recent completion, completed assets facing extending period in which full stabilization, although we include them in the stabilization of the calculation.... Demand is still strong in main economic hubs areas like Yangtze River Delta and the Greater Bay Area. It is driven by strong activities in new industry and across all e-commerce group. Despite a near-term pressure, China is still an important market. We believe the positive long-term economic drives and deep onshore liquidation will continue to drive both future growth. In the short term, we expect market supply to peak in 2023, and the market to face rental pressure, especially in Tier 2 and Tier 3 cities. However, we believe our portfolio is resilient enough to withstand these pressures. Our local China team is closely managing the business on the ground. Key decisions affecting our leasing, development, and land acquisition are being made dynamic. A good sign is our development margins. They are still stable at over 35%. Additionally, our assets level borrowing costs are down to 4%, and in some instances, even lower than that. Most important, we have never witnessed such a robust level of onshore appetite for our assets. The recent core fund of RMB 10 billion that we announced earlier this week, is testament to that, with more to come. Looking now at Japan, our business continued to grow from strength to strength. We are happy to report completion of phase 1B of our Sachiura Distribution Center, as well as Higashi Distribution Center in the first half of 2023. Other notable projects as Kawanishi and Ichikawa are also in progress. Investor appetite for high-quality industry space remains strong in Japan, drawn by the positive yield spread, and cap rate, and the value are holding as well, up well. We're very assertive in where we carry on our assets. We also have strong pipelines of development start in the second half of this year, and we continue to active pursue land rezoning opportunities in Japan, a core competitive advantage of the group. Given our strong existing portfolio and deep pipelines of development project, we are starting to explore the potential of J-REIT listing. We believe that will complement our perpetual open-ended core fund, Japanese income fund very well. Despite the market that has been hardest hit by the rapid increase in rate, our South Korea business continued to perform well. Our portfolio is well located in the Greater Seoul and the Greater Busan metropolitan areas, achieving strong rental version of about 20%. Valuation of these logistics assets, of these quality assets continuing to experience pretty tight, high cap rates, given the embedded and the dating of the portfolio, as well as these tenants rolling over their second leasing circle. With the strong rental growth, investors prefer the property that are able to capture the upside in market rent over those with master leasing and long lease in place. cap rates for these assets are materially different and rightful. When you look at the market, there continue to be significant oversupply in two areas, in transport and cold storage facility in the wrong locations. Investors fell in love with the Excel underwriting, and then promoted way, too much cold storage space to justify the development yields. Fortunately, our team was able to avoid these issues are on the defense and offense right now. We view that situation to an opportunity to weed out undercapitalized developers from the market. As we shared during the ESR Group Investor Day, the large e-commerce companies continue to grow rapidly and are consolidating their space needs, together with investors on the other end. This is a clear performance for logistics assets, for quality assets, and therefore a price to follow. Lenders are only willing to support new projects done by experienced and well-capitalized developers such as ESR, we have few such competitors. Similar to Japan, we have lined up a good pipeline of development starts in the second half of this year. Development margins are still above 30%, land has substantially repriced to the 2019 levels. Australian is an exciting market for us. As Stuart mentioned, we have now emerged as a development partner of choice for the largest e-commerce companies. The market continues to have a favorable backdrop, significant undersupply, which reflect the current vacancy rate of 0.6%. This is one of the lowest vacancy rates seen globally. Our portfolios is being nearly fully occupied with minimal downtime. Leasing renewable are securely exposed to 20% reversion rates, and we are seeing broader rent growth well in excess for that. We continue to manage and develop large-scale and large tech projects driven by e-commerce. This is achieved as we partner with our customers to deliver the optimal solution to meet their needs. As Stuart mentioned earlier, we are excited to emphasize on our new landmark project in Melbourne. This is a new partnership with LOGOS, Amazon Australia, and AustralianSuper to develop a second Amazon Robotics Fulfillment Center in Melbourne. Set to be the largest warehouse to build in Australia, spanning over 200,000 square meters across four levels. This project is significant on many fronts and undercost our ability to support our key customer with high-end quality offering, powered by technology. Along with the Moorebank Intermodal Precinct, and now the second Amazon Robotics Fulfillment Center, our capable to deliver end-to-end real estate solution to that scale and that distinguish us from our competitors. Right now, I hand over to Ivan to provide the detailed financial report. Over to you. Thank you, Jeff Shen. I'll take you through the financial performance for the first half of 2023. On page 30, as mentioned by our Chairman at the start of the call, we are happy to report a strong growth in our AUM and in our Fund Management EBITDA. It has been a key focus for us to recycle capital from our balance sheet asset and deploy it into funds that generate stable, recurring fees for the group over the long term. Starting with the Fund Management segment in the middle. Fund Management EBITDA grew $41 million or 14% to $339 million, driven by higher recurring fee revenue and lower costs, with the added boost from $136 million of promote income, which represented 34% of fee income for the period. This is in spite of lower acquisition of less than $10 million for the first half, compared to $30 million the year before. A result of the muted investment activity across markets that Jeff highlighted earlier, as well as weak effects for Asian currencies. We expect to receive 100% of the promote in cash in the second half of this year at the closing of the transaction in the quarter. An impressive 82% margin, which was 400 basis points higher year-on-year, contributed 55% of the total segment EBITDA before corporate costs and other income, excluding the promotes fees, was even higher by 600 basis points year-on-year. The investment segment EBITDA on the left is lower, as highlighted in the past two earnings calls. This was expected and is a result of our proactive capital recycling. Rental income post the sale of our balance sheet asset in 2022 has declined by $25 million and will continue to decline as we progressively sell down more assets. In the same period last year, we had a one-off tax investment income and gain, which arose from this transaction, as well as the divestment of the ARA Korea fund. The development segment decline year-on-year was mainly due to conservatively taking lower fair value gains at this stage. In China, we experienced timing delays going back to last year's COVID-19 issue and a longer expected period to lease up and stabilize new assets. In Australia and Korea, we accounted for 30 basis points of additional cap rate expansion to our properties. Having said that, the blended average cap rate for the portfolio remained unchanged. Development margins continue to hold up at slightly above 30%. The percentage contribution to total segment EBITDA is relatively stable at 25%. The adjusted group EBITDA for first half of 2023 amounted to $550 million, post corporate costs and other income. We also achieved lower corporate costs of $55 million, compared to $62 million a year before, 12% drop year-on-year. We spotlight fee-related AUM on this slide, or what we previously called adjusted AUM. This total AUM, excluding associates, are levered up, and a levered and core capital is more meaningful measure against fee income recorded under our Fund Management segment. Over 60% of our fee-related AUM relates to all listed REITs and private core funds, which are perpetual or long-dated in nature, and hence further enhances the group earning resilience. A key area for the finance team has been on the group proactive capital management. As our Chairman has stated, we witnessed a change in the market as the rate regime started to change in first half last year, and we have worked hard to position ourselves well to address this changing environment. I'm glad that with the support of our relationship banks and backed by our investment-grade balance sheet, we have in place a robust portfolio to address the liquidity needs of the group. As one of our key highlights outlined at the start, the ESR Group now has $3 billion of cash and committed loan drawdown capacity. That $3 billion is sufficient to cover our aggregate loan repayments for the next 3 years without any further asset recycling or non-core divestment. Strong position given the current market environment. ESR Group recently debuted our first JPY financing with a JPY 30 billion floor and an effect attractive blended rate of sub 1.4% on the back of our JCR credit rating. We also put in place a $1 billion committed revolving credit facility that will provide the group with great flexibility with our proactive capital recycling and allow us to hold less cash than we had historically held, given the current higher base rate and cost of borrowing for us too. Now that majority of the group debt refinancing needs for 2023 has been taken care of, our weighted average debt maturity is now 5.3 years. The weighted average interest cost for the group has increased to 5.6%, inclusive of bridging fund costs. Excluding the bridging fund cost for current projects, average interest cost for the group would have been 5.2%. We will look to maintain the steady state interest cost for FY 2023 in the region of between 5%-5.5%, as guided, and then look to optimize even further once rates stabilize. This will be achieved through the refinancing of high cost loans with lower margins loans and through better asset liability management strategy. In terms of capital management metrics, the net debt to total asset ratio has increased to 27.6%, with our impending contracted divestment, it will reduce to 25% in the coming months. Apart from Japan, China is the other market we look to execute our asset liability management strategy. As an update, the group has now mandated onshore lenders for potential issue of panda bonds to tap on the onshore RMB liquidity. This is to be welcome and will further diversify lending sources for the group. In a nutshell, let me highlight how we continue to focus on optimizing our capital management to drive returns in the long term. Capital allocation, being the other side, the equation of capital management is equally important in generating the ROE for our shareholders. Together with the proceed from capital recycling, we look to allocate more capital into New Economy developments as a key focus and via developments and core funds formed to generate stable and recurring earnings. As part of the group asset light strategy, we seek to retain only a small portion of the group balance sheet for development for an outsized return, with a view to recycle them into funds or REITs. Fortunately, the environment continues to get better in terms of what the returns we are seeing for new projects. Lastly, as Jeffrey highlighted, we will continue our focus on selling down our non-core investments. I am also pleased to report that we are on track in terms of our guidance on balance sheet asset recycling to deliver more than $1 billion of for financial year 2023. Year to date, we have delivered almost $1 billion, and there are more in the second half of the year, including our potential C-REITs, which would really add to this figure. Our commitment to capital recycling is no more apparent than in China. As at 30th June 2023, the ESR Group balance sheet included $3.1 billion of investment properties, the bulk being Greater China assets. Since the start of last year, we are on pace to recycle up to $2 billion of assets, including in Hong Kong, all of at or above book value. This will include the upcoming sell-down of assets, mainly to the C-REITs and 6 properties into the RMB income fund, worth RMB 0.3 billion that was announced yesterday. Thereafter, the balance sheet investment properties were reduced to $1.8 billion, comprising one-third being completed properties and two-thirds being properties under development. With a strong liquidity onshore, we will likely take advantage in bringing this down further. With this, I hand the presentation back to Stuart. Thank you. Thanks, Ivan. Moving on to the ESG front. We continue to pursue our ESG goals, which are aligned to the three pillars, the key pillars under our ESG framework and 2030 Roadmap. For example, under the social domain, we have implemented voluntary leave for all employees to support the group's community development efforts. This translates over 4,000 days across the entire group. On the environmental front, we have installed close to 100 megawatts of rooftop solar power capacity on our assets as part of our overall decarbonization efforts in the transition to net zero. Our RMB 10 billion income fund allows us to further our decarbonization efforts by increasing the rooftop solar power generation for selected assets of the portfolio. In line with the group's ESG 2030 Roadmap to set up 1,000 megawatt or 1 gigawatt of solar power capacity on the rooftop assets. In terms of our commitments to sustainable financing, we have secured approximately $4 billion of sustainability-linked bonds today, strengthening our leadership in sustainable financing. Guided by our enhanced group ESG policy, we continue to sharpen our focus in driving ESG efforts towards an enlarged group. To conclude, in terms of the way forward, as we all know, the landscape we are presently in is rapidly evolving. After more than a decade of quantitative easing, we are now in an environment where interest rates are back to higher levels and possibly for some more time. We actually see that as a good thing. Maybe a bit frustrating in the short term, but a world without free money means delivering alpha matters. We have realized a track record of nearly a 20% IRR and a 2 times equity multiple for our investors. Track record is becoming more differentiating for us going forward. Investors seeking growth and returns will continue to allocate to APAC, which has the highest GDP growth potential with inflation in check. With these investors continuing to be substantially underweight in APAC, as well as preferring New Economy real assets, where demand is backed by long-term favorable secular trends, this is what ESR offers them. REITs in APAC are expected to continue to grow over time, both in developed and developing markets. Investors consolidating relationships with leading managers is also boosting ESR strong position across APAC. No other real estate manager has a more robust integrated development and Fund Management platform, with bespoke solutions across the suite of development for private real estate manager REITs at ESR, all powered by a strong capability in the New Economy. Last but not least, senior management continues to pay close attention to cost efficiencies, liquidity flows, and balance sheet strength, which are of critical importance, particularly during uncertain times. With that, I thank you for joining the call, and I'm going to hand you back to Marilyn to begin the Q&A session. Thank you, Stuart, and thank you to all for sending through your questions. If you'd like to submit a question, please click on the dark blue hand icon on your screen in order to submit. Let me start with the first one, being, "Congratulations on another strong set of results. How do you feel about the disconnect on your share price, particularly in light of what you've done so far in transforming the balance sheet and getting your Fund Management EBITDA to over 50% of the group? You know, thanks for the thanks for the question, and, and certainly, this is top of mind for all of us, just given the I think the question beyond, you know, the disconnect from a intrinsic value we think of the company. If we just kind of took a step back and, you know, made a parallel to other key peers, including Goodman Group, for example. If you, if you kind of look at the companies side by side, with the continued progress we've made on funds management side, you know, ESR's fee AUM is now about 50% higher than Goodman's. Fee-related revenue would be over 2 times more. If you break down into kind of AUM as a whole, even in the home market of Australia and New Zealand, AUM would be about equal, but the work in progress, the WIP, would be 50% more for ESR in the local market, and a third more than Goodman Group globally, and about 3 times more in an Asia-Pacific context. Platform EBIT is about the same, which really incorporates the development earnings, as well as reflecting kind of operating expenses across the platforms. Yet, and I think to the question, you know, Goodman's market cap is about 4 times that of ESR. I think this is the the part where I think there are some structural considerations, obviously, with the the current listing in Hong Kong, which we've highlighted, you know, previously, and it's something that we continue to evaluate as a company and as a board. Certainly in our view, we we don't we don't see why, in any way, that there should be that level of of separation between the two companies, especially if I had probably laid out those same data points, and I didn't mention which company had which market cap and associated metrics. I think, you know, it would be a very different outcome and result. I think this is something that is top of mind, and we continue to obviously evaluate ways to further close the gap, and, and to close that gap, hopefully very quickly. Okay. Thank you, Jeff. The second question: Can you provide an update on investor appetite for core and development funds? Are investors still on the sidelines? Yeah, it's a, it's a really good question. Look, I think the, the data, and, and I kind of referenced it early in the presentation, I think the data is pretty loud and clear. Even just year-over-year, as the uncertainty started to creep in, even in the first half of last year, we're still down in terms of fourth core plus transaction activity in Asia Pacific in the first half, over 40%, year-over-year. That activity, when you have still elevated short-term rates, I mean, you've got a U.S. 2-year at, you know, just over 5% at the start of the week. You've got a, a 10-year, you know, still at, you know, almost 4.4%. It's certainly kind of weighing on capital partners and investors as they think about transacting in core real estate. We do have some recaps going in as across the portfolio. I'd say that actually remains pretty encouraging because I think the quality of the underlying assets, it's a unique opportunity for institutional investors to get access to, I think, portfolios that would have otherwise been very challenging. Broadly speaking, that activity continues to remain quite muted. I think as Ivan said, just even from a transaction activity perspective, despite the outperformance in the Fund Management segment, you know, we delivered less than kind of $10 million in acquisition fees in the first half of the year versus kind of $30 million in the first half last year. I think we're gonna start to see that at rates. I think we're approaching kind of terminal value here in rates. I think as that starts to come into focus, as I've always said, real estate is a transactional asset class. Pension funds, insurance companies, sovereigns, and others will need to... they need yield, they need to transact in, in real estate. We've probably identified coming, as rates do come into focus, probably upwards of $20 billion of portfolios that will need to come to market in, in various shapes and sizes. Given the, you know, committed, but uncalled capital that we have available, the dry powder, we think we're in a really strong position to try to take advantage of that as that, as that starts to, as I said, as the rates start to kind of come more into focus. In the meantime, we are still kind of transacting in core real estate. Obviously, the, the RMB fund in China is a big, a big example of that. We expect even more recaps to happen of stabilized assets into longer-term core vehicles in the second half of the year. Okay. Thank you for that, Jeff. In fact, this is, the next one is a related question. Well, should we be expecting decline in asset values by year-end? You know, how much has development margins yield on cost for new developments fallen by? Yeah. So, happy to take that, and Ivan can jump in as well. But no, we don't see a decline in valuations for the second half of the year across our portfolio. I think, to what Ivan highlighted, we didn't have that in the first half. We just had a more conservative approach to the revaluations. But we still expect, because again, when you're-- if you just take the development segment, for example, when you're taking raw land that costs $1, you add construction costs of $0.50, and that's worth over time, you know, $1.80, that's the profit that's being kind of generated over that part. And so we still expect positive revaluations. I think it's, it's all about on a relative basis on, on that front. In terms of development margins, as we said, they continue to remain quite healthy across the markets. We're still sitting in terms of our WIP at a weighted average yield on cost of about 6.5%. That still implies 30+% development margins on, on that front. We've seen, and I think we continue to, as we, as we talked earlier, I think we continue to carry our assets at pretty conservative valuations. You know, cap rates, you know, for example, in China, it's still approximately about 5.4%, Japan at, at 4.1%. We've seen many trades in the mid 3s on that front and even lower to an extent. Korea and Australia, we've pushed out by an additional 30, 30 basis points. If you compare and take kind of, you know, how we've carried our assets in Australia, they're still about 30 basis points wider than both Charter Hall and Goodman Group in the listed market. I think, you know, overall, we feel pretty good about, again, having taken care of the assets, in terms of the potential for revaluations. You know, just to put it in perspective, China for a second, you know, we're now borrowing at the asset level, in the 3s, in fact, in the low 3% range, even for development loans that we've been taking recently. If you think about, again, still where the C-REITs trade, it's the only other positive leverage market in Asia outside of Japan. There's, there's probably some, some room in those assets, obviously, beyond what I described in Japan, as well. In terms of kind of the underwriting of new projects, just to kind of cover off the yield on cost point. You know, the changing environment is creating opportunities as land has kind of repriced in a number of markets. you know, in Korea, our targeted yield on cost is, you know, high 6s, approaching probably even closer to 7% again. Australia, you know, new projects are getting underwritten at around 6% yield on cost or above, and China, at kind of mid to high 7% yield on cost. you know, as, as we kind of highlighted earlier, this is a really good opportunity, we think, in the market, to potentially be deploying capital at some of the best underwritten returns that we've seen in a while. Great. Thanks, Jeff. The next few questions that have come in are in relation to China and DC. Maybe let us tackle the one on China. First question on China would be in relation to our China RMB Income Fund. Can we get some details in terms of the newly set up income fund, in terms of the percentage investment into that fund? You know, do we expect any future transactions in China? Sure, Tia. Thanks. I think the, as I mentioned, the presentation, the, the Chinese impact of this is not really industrial scale, but we have to take more stabilized for investing. In this case, outside this, the set on that. I mean, the, it's Yeah, we are expecting one, the acquisition related with the, I mean, the stabilized assets from, from our, the market and from our development fund or actually we have next 6-18 months. Yeah, I think, you know, just to add, one or two points to, to what Jeffrey highlighted. I think this was a really important milestone. You've heard us consistently, talk about the desire to, to bring down our, our co-investment percentage. And I think, a credit to, Jeffrey and the team on the China front of, of now, raising such a sizable fund. This is probably, would be the lowest that we think co-investment percentage we've seen in the local market, for a sizable RMB vehicle. And we also think, associated with it, that this capital can get deployed, pretty quickly, given the, the pipeline, as Jeffrey said, of both, assets and ESR ecosystem as well as, on the market. Really, an important vehicle with a highly reputable, you know, local institutional investor and a great relationship with it going forward. Okay. Thanks, Jeff, and thanks, Shen. For the second part of the China question, this is in relation to operational metrics. For China, do we see pressure in terms of our occupancies? Also, the second part would be on deployment into second half and into 2024. Can we give some color on that? Is the deployment a, a China question or a broader deployment question? Oh, yes, actually, yeah. Yeah. Excuse me. Yeah, I think that will be for, for the entire, not that really again. Yeah. Sure. Maybe to start on Jeffrey, spend a little more time on China. I think, you know, I think Jeffrey framed it up really well in terms of, I think, around this time or I guess in the fall, you know, we were very clear, I think, that we felt that this would not be a V-shaped recovery in China, and it hasn't been. I think to what Jeffrey said, it's probably even weaker than any of us anticipated. I think part of that is a little bit about, you know, buyer confidence on the for-sale residential side. You know, home values represent, you know, 70% of people's net worth. When you have an impact on still the for-sale residential space, that has a spillover effect in terms of consumer confidence. We see that, and I think everyone sees that in the e-commerce company's results. You're seeing all the small ticket items being sold, but really almost none of the bigger ticket items being sold. And that's obviously starting to, you know, infect obviously other parts of the economy and certainly some of the demand on the leasing side. I think, you know, Jeffrey can kind of frame up. I think 2023 is an interesting year from our perspective in China, given it's probably the highest in terms of kind of supply. It will probably be the peak in terms of supply, and probably obviously one of the more challenging from an overall demand perspective. That starts to kind of reverse itself coming out of that. Maybe, Jeffrey, it's worth elaborating on that. Sure. Yeah. I think on the general, because most of our existing opportunity assets, the Tier 1 and Tier 1 and a half, with that, as Jeff mentioned, on the overall speaking, the leasing and operation in China, team is manageable, and especially from the leasing side. Yeah, of course, we can see some of the supply in this moment is at Tier 2 or Tier 3 cities. We can see it's a peak on the supply during 2023 in this moment. I think that overall, for the Tier 1, we still achieve nearly 90% of the occupancy rate, and for the Tier 2 is around 80%, 82%-85% on the overall occupancy rate. That's the general operation situation in China. Sorry, there's a second part to the question, which is on deployment. Deployment. Actually, before that, maybe, we do DC first. Sure. On DC, the question here would be, the 1 megawatt facility load that we mentioned in our slide, is that also a secure pipeline? What are our ambitions around our DC businesses? Yes, I think I'll, I'll start, and maybe Stuart can, can jump in. I think when, when we quote that figure, I mean, this is assets, you know, land that, that we control and power that, that's controlled. I think, you know, at times, others put out kind of numbers, but I think it's, it's a hypothetical figure based on, you know, pipeline of, of land and, and assets that they don't kind of control. That, that, that is very much within assets we control. Maybe, Stuart, if you want to elaborate on the overall DC business and, and progress on it. Sure. I mean, when we are quoting the figure, 1,000 megawatts or 1 gigawatt, as I said in the narrative earlier on, most of that is actually land which we own is under contract to ESR. That's land with confirmed power and fiber as well. You know, pipelines, some pipelines do become gold, but the overall bulk of that is clearly identified. There are 5 projects underway right now, and we have a very, very clear visibility on the pipeline for projects for the balance of 2023, 2024, and even going up to 2025. We'll get high conviction on achieving that target. As I said, we can point you to a map and give you the addresses of most of the land that makes up that 1 gigawatt. Thank you, Stuart and, and Jeff, for taking that question. The next question that came through is in relation to Japan. What type of acquisition or investment opportunities do we see in Japan? Japan is in a fairly unique position. If you look at the average cap rates that we quoted when we gave our December through year earnings of 2022, the average cap rate quoted for Japan then was 4.08%. Today, as of June 2023, it's 4.05%. You're still seeing cap rate compressed in Japan. Japan is in a fairly unique position that it, it's kind of in its own bubble right now in terms of interest rate, availability of non-recourse financing. You're still seeing cap rate compression. You're now witnessing rental growth. You know, for anyone who tracks the Japan market in the last 20 years, you practically signed a 5-year or 10-year lease at flat rental rates. Several years ago, when it was a deflationary environment, a flat rate was actually a positive. That's a positive in terms of real term returns. Japan, it, it's largely unaffected by the rest of the global macroeconomic issues that are prevailing right now. That liquidity, that debt is still there, and actually even more than previous years. We're seeing a lot of investors with serious interest in putting money in. The, the, the, the, the most talking asset class in Japan today are logistics, data centers, and hospitality. Now, we're, we're the biggest developer of 2 out of those 3. We're in a great position to capture that money coming into the market. Japan, it's kind of business as usual, to be quite honest. Something is different from previous years. We're getting quite positive and healthy rental growth. Okay. Thanks, Stuart, for, for that question, for that response. My apologies. The next question, that I have is, in terms of, the, capital, interest rate, any guidance on, on borrowing costs for the remainder of the year? Thanks, Melanie. what I guided here in my presentation, if you, you know, the, the, the, as of the end of June, the all-in weighted was 5.6. If you strip off the transitionary balance sheet, you know, interest cost is about 4 percent. it's about five point. you know, I have been guiding the market, you know, to land around 5-5.5. That's, that's the, the, you know, for the, for the all-in interest product. Thanks, Rui Hua, for, for that kind response. Apologies, I needed to go back to the, the earlier question, which Jeff was pointing out earlier. There was a question on, can you share more color in terms of the capital raising, on the capital raising front and also on the deployment, front? Yeah. Sure. On the capital raising, despite obviously a substantial reduction in capital raising. In fact, if you remove globally the $30 billion that Blackstone raised in their opportunistic fund fundraising for real estate vehicles would be down, you know, north of probably 60%. If you look kind of last year in an already kind of muted fundraising market, you know, ESR raised 1 out of every 4 dollars in Asia Pacific. We've raised, you know, $2 billion already this year. I think as Stuart highlighted, you know, we expect that to accelerate in the second half of the year, just given several mandates we have ongoing. We wouldn't be surprised if we were actually even in a tougher environment this year than last year, to be able to raise kind of that or above the capital, the $7.6 billion that was raised last year. That, that continues to feel pretty good despite a number of capital partners that are obviously have taken a step back and a wait-and-see approach to the market. I think deployment, you know, we kind of highlighted. I think deployment still, again, has a similar dynamic vis-a-vis capital partners. Obviously, some are more active than others. You know, the mistake that at times, you know, capital partners can make in, in this, in these type of environments is they're investing all the way to, to the top end of the cycle, and then sometimes they may wait till until the market's kind of fully recovered to start investing again. That's what at times can deliver suboptimal returns or below kind of benchmark returns. So part of, you know, we continue to express to our capital partners, and I think a number of them are, are heeding or looking to heed that advice, is you have to continue to kind of invest into the downturn. It's impossible to kind of call the, the trough. At the same time, you know, some of the repricing that we've seen gone on, that, that's gone on, this is quite an opportune time to be investing in new projects. You know, look, deployment in 23, we would expect deployment to be stronger in 24 than, than ultimately in 23. Part of that, again, is a function of, we would like to think that rates would have come much more into focus as we go into as we go into 24. If you kind of told us candidly, sitting in the end of August this year, that we still wouldn't know where terminal value was on rates and what that overall picture was gonna look like, I think we'd all sit here being pretty surprised and humbled by that by that out. Thank you, Jeff. The next question is in relation to AUM growth. What kind of growth can we expect for the second half in terms of fee-paying AUM? And on a related note, what are our thoughts in terms of DPS? Yeah. Maybe kind of taking the first part. I think from a, we think about it more from an overall AUM context, that because sometimes, you know, you, you don't have full visibility on when it becomes fee paying, i.e., when the deployment occurs associated with it. But I think, you know, we're, we, we still, as we sit today, are looking at for, for the full year, kind of high single-digit growth in AUM. It's very consistent with what we had said kind of going into the year, that this was a year that's probably not a 10%+ AUM growth year. This is, you know, in a market that we're all living through. If you, I think, stack up again our capital raising activities versus our peers, I think that would still continue to show significant outperformance. I think our expectation is still this is more looking at, looking like, you know, closer to high single digits, you know, for, for 2023. I think in, in terms of DPS, i.e., you know, distribution per share, you know, I think as we demonstrated, as we highlighted when we initially initiated the dividend policy, that we were looking, to probably stick with a fixed dividend, for the first, you know, few years. As the balance sheet and that capital, recycling, and asset transformation, was complete, we'd probably then start to look more into a payout ratio.... Now with a fixed dividend, that doesn't necessarily mean it needs to stay the same. It can still kind of grow. Obviously in a market with still uncertainty, the board felt that this was a prudent and appropriate dividend that could be paid for out of operating free cash flow, which is also an important element, and still leave adequate capacity to continue to buy back, continue to buy back stock, just given t1:48he current trade performance of the stock year-to-date. Thank you, Jeff. We just have a handful of questions more to go. The next question is with this in relation to our non-core assets, whether there is any update on that front? Yeah, I think, I think we covered that one, you know, earlier on. You know, look, we have some, you know, positive discussions ongoing. You know, as and when, you know, we have kind of announcements around that. Certainly, we've got a team that's very focused on this. I think we've been, maybe, you know, I would say, positively surprised by the level of, of interest and engagement on several of those assets. As we said, we'll, we'll continue to keep everyone abreast of that progress and of those details. I think what Ivan said is especially true, just given the strength of the balance sheet, the liquidity that the group has, it puts us in a unique position. These would be these non-core divestments that we don't need. You know, the goal isn't just to sell them down, to say to the market that we sold it down. We wanna, we wanna make sure we're getting full and fair value for those divestments. Again, we do feel pretty good about the level of engagement that we have on, on, on those non-core assets. Okay. Thanks, Jeff. We have the next few questions, common questions. I'll just, in relation to Sabana REIT. I'll just summarize it in a question. Could we have management comment on the recent Sabana REIT internalization? Given how things have unfolded, what would be the impact to our ESR's fee management? Yes, you know, happy to, happy to cover that. You know, first, and, and maybe just to re, re-clarify the question, I think we referenced it as an internalization. To be clear, the internalization has not, has not been approved. That would require a, a, a change of the trustee, material amendments of the trustee, which would require, you know, a 75% vote of unitholders. First, from an ESR perspective, we continue to remain the, the manager of, of the REIT, obviously pursuant to the guidelines that MAS had given us in terms of how the REIT needs to be managed from when we first ac-acquired the interest in Sabana. I think secondly, as it relates to the, you know, materialness of the management EBITDA, to be clear, you know, we earn less than SGD 1.5 million, as it relates to the EBITDA from the management entity. So, you know, in the context of over $1 billion of LTM EBITDA for the group, is obviously highly inconsequential as it relates to that. That being said, you know, we think how the REIT is managed is very important, and given that we remain the largest unitholder of the REIT, we want to ensure that, that that's handled appropriately. You know, the trustee has not removed us as the manager. As we've said, you know, internalization, as it requires, it would require 75% vote, is highly unlikely. In which case, you know, I think, you know, we'll have to kind of see where it all goes from there, on that basis. But again, level of materiality is, from a group perspective, is, is, negligible, you know, $1 million of a, $1 billion plus of, of EBITDA. But I think, you know, the extension of that question, which we have, you know, gotten, is, you know, do we see an impact to, you know, how we think about, externally managed REITs in general? The short answer is, we think that there's really not going to be a material change in thinking in the market in Asia as it relates to externally managed REITs for a couple reasons. One, is real estate is much more closely held in Asia than it is elsewhere around the world. So the ability to grow REITs, the ability to secure financing for for REITs, is highly dependent on the sponsor of said REIT. So we, we, we simply don't see that really changing. If you look at kind of the alignment that comes with the sponsor being a meaningful unitholder of the REIT, you've already seen situations even just over the last 12 months. Highly, you know, reputable, internally, managed REITs, doing things that obviously really surprised unitholders to their detriment. Part of that was because of the misalignment necessarily of not having a true sponsor who owns units directly in the REIT, and is highly incentivized by the growth and long-term success of creating unitholder value in the REIT. Again, again, I think this is a kind of a subtly unique one-off situation, with an unfortunate reality of some of the information that was kind of put out in the market. That, I think when you parse through it, taking, for example, that you could have $40 million-$50 million of cost synergies by internalizing the manager, when the manager only makes today $1.5 million. I'm not quite sure what time periods people are, are working off of, but that would certainly require a lot longer than, than was, articulated to the market. Look, we'll, we'll see how it kind of continues to, to play out. Again, we remain the largest unitholder of the REIT and, you know, something we're gonna look at and, and focus on very, very closely. Thanks, Jeff. There's just 2 more questions in queue. What are the group's key concerns for the rest of the year? Which markets are we most optimistic? You know what, that's a really good question, and Jeffrey and Stuart should jump in as well. I mean, I think, in terms of what keeps us, you know, what keeps us up at night, you know, one is, is, you know, the next set of negative news that comes out of China that seems to, as Stuart likes to say, we don't get any of the benefit of being listed on, but only sometimes only the negative of all the news that comes out of China these days. I think, you know, there's, there's an element of that. But kind of putting kidding aside, I think it's, it's positioning ourselves with really the next set of projects and aligning ourselves with the right set of capital, as I mentioned, because in 12, 18 months, over the next 12 to 18 months, as rates come into focus and real estate starts to transact meaningfully more, we can really create a dual engine of growth to the business beyond what's really been a development-oriented business. The ability, as we did with the Milestone Portfolio successfully with Blackstone, the ability to plug more of those stabilized assets into our portfolio, leveraging our leasing capabilities and operational strength as a business, is gonna be a huge advantage for us. We create, you know, real economies of scale associated with it. We, we, we think that's one, that's both keeps us, you know, focused, and on our toes, but at the same time, I think it makes it, you know, quite, quite optimistic. Maybe it's worth in terms of areas of excitement for us, maybe it's worth Jeffrey admitting on kind of life sciences, and then, you know, Stuart can highlight a bit more on the kind of infra and renewable side. Sure. Yeah. I mean, I mean, in all the asset class we are managing, I mean, in China, we do see the opportunities in the, in the life science sectors, in the Tier 1 cities especially like Shanghai, Shenzhen, this area. Based on our local development activity and through our long-term relationship with some MNC clients like, like we have signed, like we have in Suzhou and Shenzhen right now. We are exploring such kind of greenfield development opportunities in, in the life science sectors in, in China. We can see some of the high, high-tech industry, our tenants are moving in some of the sectors, like the components, like, renewable energy sectors. These are all... That is why we have the one of our largest park in Suzhou, related to life science and this PV renewable energy side. These are all the opportunities we can see in, for example, in China. We also see the opportunities in the different market access class. I mean, I mean, I would just add a couple of points to what Jeffrey just said. I mean, you know, in the economies that we operate in, infrastructure is something that really in the rest of the world. I mean, you can never have really enough infrastructure. Infrastructure is a great secular trend. It's also a very good defensive trend as well. Whether it's digital infrastructure, whether it's more traditional, highways, roads, toll bridges, airports, ports, it's something that we're going to go deeper and deeper into. The $1 billion that we got from the Export-Import Bank of China, I mean, that's just the beginning. It's basically opened up a new chapter of which is going to be a lengthy investment process for us over the next several years, because these are infrastructure projects, you know, by definition, they're very, very high CapEx projects. You know, which, which essentially means they're going to be fee rich. We are the largest developer in the APAC region. You know, we have more boots on the ground than any other developer in the region. So it makes perfect sense, you know, that we can actually, we, we can actually have the people to source the deals. We've now proven that we can source the capital. So you're definitely going to be hearing a lot more from us on the infrastructure side. So, so whether it's power... It's all very complementary because the data centers that we're developing, they need green energy. You know, whether it's wind, whether it's solar, you know, we're going to be developing a lot of projects in our infrastructure, business. It's all very complementary to our main core business of logistics, data centers, and cold storage. Okay. Thank you, gentlemen. The last question, I think, is a great question. Congratulations to Mr. Perlman for your promotion. Will ESR be keeping your equity going forward? Yeah, I think this is a very kind question. Not, not unless there's something that I'm aware of. You know, continue to remain, obviously actively involved, with the company, and, you know, I don't foresee that to change anytime soon. Okay. With that, let's conclude our call today on behalf of the senior management of ESR Group, we thank everyone for having joined us today. Thank you. Thank you. Thank you.