Good evening, everyone. I'm Marilyn, Head of IR for ESR Group. Welcome to our FY 2023 Results Conference Call. Presenting today, we have Mr. Jeffrey Perlman, Chairman of the Board of ESR Group, Mr. Jeffrey Shen and Stuart Gibson, our co-CEOs, Mr. Ivan Lim, our Group CFO, and Mr. Matthew Lawson, our Group COO. During this time, all participants are on listen-only mode. I will be moderating a Q&A session following the speaker presentation. You may submit your questions anytime during the presentation by clicking on the blue button on the top right-hand corner of your screen. I will now hand it over to Mr. Perlman. Mr. Perlman, please. Great. Thank you, Marilyn, and to all for joining ESR's full year of 2023 results presentation today. I'd like to start briefly on slide five to reinforce the core foundational pillars of the ESR business. We are a best-in-class fund manager with 12 of the top 20 global investors on our platform. We're a leader in a new economy that spans logistics, increasingly data centers, which we'll cover at length today, and new emerging areas of growth like life sciences. There is not another group in the region that is both building and delivering assets at the quality and scale that ESR is, and we combine that with a fully integrated platform across all major markets in Asia-Pacific. It is this combination that attracted the recently announced sizable investment from Starwood Capital, who sees ESR as the preeminent new economy real estate platform in Asia-Pacific. Starwood, in partnership with select ESR co-founders, are now 10%+ shareholders of the company. Starwood is also working with the group as a capital partner as well in Australia, and we believe we can continue to expand that partnership across the region. As many of you know, this transaction also removed the overhang concerns around the founder margin loans as the margin loan facility will be fully extinguished as a part of the transaction with fresh equity. Very positive development and allows Stuart and the team to focus on the execution. Turning to slide six, despite a very challenging market backdrop that included a material change in the interest rate environment, substantial headwinds in China, and a very weak transaction and fundraising environment, we're pleased with how our portfolio is held up and the continued sustained growth in our fund management business. In 2023, ESR delivered higher funds management EBITDA for the year, up 2% sorry, up 2.0% and up 8.9% excluding promote income year over year, which translates into a three-year CAGR of 58% underpinned by our leading new economy real estate platform. Despite a second consecutive year of muted fundraising activity for the sector, ESR has worked closely with its capital partners throughout the year to achieve $7.5 billion of capital raised, which was in line with our capital raised in 2022. Secondly, through consistent cost discipline and despite the rising inflationary pressures, ESR has delivered $35 million in cost savings since the ARA acquisition as a part of its ongoing cost optimization initiatives, thereby boosting funds management EBITDA margins to 79% and 72% excluding the impact of promote income. Thirdly, the group's been focused on delivering on its plan to simplify and streamline its business. To start, it's important to note that there is substantial embedded value in the business. Take something like Kenedix, for example, the leading real estate fund management business in Japan. No question, Japan is incredibly in demand, and our strategic stake has appreciated substantially since it was delisted. This stake alone is worth a meaningful sum, and our job is to get the market to see the value of the full ESR platform. Part of that value is also represented in non-core areas that are being divested. On that front, we signed and announced the sale of the ARA Private Funds business on March 11, the first key non-core divestment with more in the various stages of progress as we work towards hitting the $750 million target we set late last year for the divestment of identified non-core businesses. Most importantly, we've also progressed the LOGOS integration to its final stage with a likely roll-up and integration before the contractual January 2025 date. The potential early completion of this integration would set the company up to deliver on additional synergies and start to open up additional options for shareholder value creation. I'll touch more in speaking of value creation. We will discuss more of this towards the end of today's presentation. Turning to slide seven, as mentioned, ESR has continued to deliver growth in its key metrics. Total AUM increased 7.3% year-over-year to over $156 billion, and fee-related AUM grew to $81 billion as at the end of 2023, up 6.3% year-over-year, with a corresponding increase in the new economy portion. Fund management EBITDA has further increased to a record $579 million on the back of higher asset management, leasing, and development management fees, including strong promote fees of $182 million. With that, our fee-related income as a percentage of fee-related AUM, which we've consistently disclosed, remained high, above roughly 90 basis points. Excluding the impact of promote income, the group achieved a high single-digit growth in funds management EBITDA of about 9%, in line with our market guidance. Over its three-year listing period, ESR has achieved circa 60% CAGR in fee-related AUM and fund management EBITDA. EBITDA and PATMI were lower year-over-year as a result of the impact of lower fair value gains across key markets, as well as higher interest costs as a result of the material change in the rate environment. Those figures are in line with consensus estimates. On the capital management front, where Ivan will cover in greater detail later in the section, ESR's liquidity position remains healthy. While gearing closed year-end at 30.7%, it's actually 28% on a pro forma basis once the previously announced transactions in 2023 are completed, with proceeds applied towards debt repayment. The target gearing ratio for the group is expected to continue to reduce progressively back to the low end of our 20%-30% target using proceeds from the subsequent capital recycling, which we'll walk through shortly. The Board of ESR has recommended the declaration of a final dividend of HKD 12.5 per share, equivalent to $0.016, for the second half of the financial year ended 31 December 2023, as we look to maintain the full-year dividend payout of HKD 0.25 per share. Together with the increased share buyback during the year, it aggregates to just over $350 million in capital return to ESR shareholders. Turning to slide eight, with the contracted divestment of the ARA Private Funds business, which was focused on legacy commercial real estate and hospitality, ESR is increasingly well-positioned as the leading new economy real estate business in Asia-Pacific. Approximately 95% of ESR's fee-related AUM is in APAC, grounded with a strong local team presence, brand premium, and stakeholder relationships in each of our key operating markets. It is both a key differentiator and a competitive strength that has been built and earned over time. The business has become highly diversified across Asia-Pacific, with China down to less than 20% of its fee income from being a substantial portion of the AUM, as many of you remember at the time of the IPO in 2019. Turning to the following slide, a total of $7.5 billion of capital was raised for 2023 despite a challenging year for fundraising. $2.7 billion was in new economy, adding to the new economy dry powder of nearly north of $13 billion. Earlier this year, the group has also successfully launched ESR's first perpetual open-ended logistics core fund in South Korea, achieving a 3.5x equity multiple and nearly 30% net IRR for the Development Fund One investors. This triggered a meaningful additional promote, which will be paid in the next quarter. This is a huge testament to the team's capability and gives us a very valuable permanent capital vehicle alongside the ESR Kendall Square REIT. Apart from the offshore institutional capital, the group has also been highly successful in tapping onshore RMB domestic capital. In the second half of 2023, the group closed an RMB 10 billion China Income Fund, our largest-ever RMB income fund despite the challenging macroeconomic environment. We look forward to working with our capital partners to grow the fund with high-quality assets. With that, let me pass it over to our new Group COO, Matt Lawson, to walk you through some of the key business transformation and simplification focus areas. Matt has historically been previously the CFO of the ESR Australia business, and in 2023 relocated to the group level in Singapore to take up the Group COO position and has done a very strong job to start. So with that, let me pass it over to Matt. Thanks, Jeff. I'll spend some time on the next few slides as we wanted to update everyone on the key shareholder value enhancing priorities, which we articulated in the second half of 2023. First, we are laser-focused on delivering a substantial sell-down of assets from our balance sheet into ESR-managed funds. The team is working hard on closing the $800 million worth of transactions that were announced last year, including the launch of the C-REIT. Further to this, management has also earmarked $1.5-$2 billion of assets and investments located mainly in mainland China, Hong Kong, Japan, and India that are now well-positioned for divestment and syndication. As we will see on the next slide, the aggregate net proceeds from what is already announced, plus these additional asset sales, is sizable and expected to be over $2 billion. Secondly, we are progressing towards our goal of streamlining and simplifying the business through key non-core divestments that should deliver approximately $750 million of net proceeds back to the group. As highlighted, the first big one is the announced sale of the ARA Private Funds business, which delivers nearly $300 million in net proceeds to the group. There are other divestments in progress, and one which we hope to announce soon. Lastly, the company is entering the final stages of the LOGOS integration. More on this in a minute. Let's quickly double-click into each aspect on the following slides. This slide looks at balance sheet optimization. Nearly $1 billion worth of announced transactions on the left-hand side of the page is expected to be completed soon. Further, management has commenced the process of sale and syndication for the next phase of the aforementioned $1.5 billion-$2 billion of balance sheet assets. These planned sell-downs to ESR-managed vehicles, along with the announced non-core divestments, will reduce gearing towards 25% at year-end, and as Jeff noted, on the way towards the low end of our historical gearing target of 20%-30%. The interest savings that would come from the reduction in gearing will add to the potential distributions or provide additional firepower for consistent share buybacks. Turning to slide 12, we wanted to provide a more detailed update on the ARA Private Funds sale. The transaction, which included the management rights to funds with approximately or 22 funds, I should say, with approximately $6.1 billion in AUM, along with their co-investment stakes, delivered a high teens forward-looking EV/EBITDA multiple, along with book value for the co-investment stakes. This transaction was obviously done at a material premium relative to ESR's recently traded multiples, and as stated in the release, will result in a $50 million divestment gain for the group. The charts on the right-hand side of the page show some of the positive pro forma impacts of this transaction in terms of reweighting the business to our new economy core, reducing our gearing, and improving our PATMI. Before I move to the more detailed operational update, I wanted to touch on the LOGOS integration. With nearly a year of preparation, management is progressing well in its combination of two leading new economy platforms into a single unified business. We couldn't be more excited about where this will take us in key markets. In Australia, ESR is arguably the second largest new economy real estate manager and has the largest development pipeline in that market. The combined businesses will have a truly best-in-class management team. In Southeast Asia, growth continues to accelerate, and the group has leading positions in most markets in the region. On the data center side, the two businesses are complementary of one another, which will allow us to capture more of the generative AI demand as it spills over from the U.S. to Asia over the next 12-24 months. Now let me double-click further into the operational performance and provide some updates on our new economy development segment. Stuart Gibson and Jeffrey Shen will then cover in more detail our growing data center business and the logistics performance in our core markets. We delivered a strong set of operating metrics notwithstanding various market-specific challenges, which is a testament to our hands-on approach to property and asset management and the strength of the local teams we have in each market in which we operate. Our new economy assets, built to exacting standards in terms of functionality and sustainability, as evidenced by MIPIM's recent global recognition of our Higashi Ogishima Distribution Center in Japan, remain well sought after by tenants and capital investors alike. Our group-wide portfolio occupancy was high at 91%, or 98% excluding China. We also had record leasing of 5.3 million sqm of space in the year and strong rental reversions of 8.2%, or 14.3% if we exclude China. Development activity was solid in spite of an environment where we saw higher interest rates, higher costs of capital, and escalating construction costs. In total, we had $6.3 billion and $4.2 billion of starts and completions respectively. Our development workbook remains well-diversified with the vast majority of projects located across Japan, South Korea, Australia, and New Zealand. Pleasingly, within a few short months of closing our first-ever dedicated data center fund, nearly 24% of our starts were in the data center space. Data centers also represented 13% of our work in progress, as we expect this number, and we expect this number, will continue to grow given the capital intensity and longer development durations. Overall, our yield on cost for all new economy asset classes remains stable at 6.3%, and development margins are still healthy above 30%. We have maintained nearly full occupancy rates across all of our core markets as well as India, with the exception of China. Leasing momentum remains strong in all major markets outside of Mainland China, and notably leases in Australia and Korea achieve rental reversions of approximately 20% in the year. This significantly mitigated any cap rate expansion for assets in those markets, save for those with longer weighted average lease expiries. Our weighted average portfolio expiry of 4.6 years by income remains well-balanced in terms of stability of earnings, while still allowing us to continue to access positive rental reversions in the years to come. We expect market demand and supply drivers to remain favorable in our core markets such as Australia, Japan, and Korea, and supportive of continued high occupancies and rent growth in 2024. The resilient performance of these markets will continue to mitigate the immediate-term pressures caused by the current weaker consumer sentiment and leasing demand in Mainland China, of which Jeffrey Shen will discuss more shortly. We continue to maintain a well-staggered lease expiry profile, and our customer base remains highly diversified. Our top 10 tenants, who are well-established leaders in their respective industries, contribute about 25% of our total revenue. What is notable from the chart on the top of this page is the number of leading global or regional e-commerce players that contribute to our major tenants, as we see these groups continuing to take market share from traditional retail across all the markets in which we operate. This is further evidenced by the fact that nearly 70% of all new leases signed in FY 2023 was driven by the new economy-related sectors. We have a strong cross-functional leasing coordination structure in place to ensure that our customer requirements are coordinated regionally, and we are maintaining customer-related data centrally and tracking our customer activities to improve the overall service to our tenants. Turning our attention to the new economy development segments, I'll delve a little bit deeper into some detail. With respect to the development starts over the period, 76% of these can be attributable to data centers as well as projects located in Hong Kong, Australia, and New Zealand. Mainland China represented only 2% of total group starts, and we will be very prudent when evaluating any new development starts or new land acquisitions in China. In terms of development completions, 61% were from Japan and Australia, followed by 29% from mainland China. Notwithstanding higher construction costs in many markets in which we operate, development margins across the business have continued to hold at above 30%, and as mentioned, our yield on cost remains healthy at around 6.3%. As we embark on more data center projects and large-scale multi-phased or multi-story projects, our visibility on development fees is increasing as well as growing in relevance. Between now and 2026, we have $8.7 billion of work in progress on our book. As a result of a deliberate strategy to optimize our balance sheet over the past several years, only about 4% of the $14 billion work in progress is being undertaken on our balance sheet. We continue to be the beneficiary of strong interest from institutional capital wanting to partner with ESR in our development and develop-to-core strategies across the region. In conclusion, what is notable about our work in progress is the significant contribution from data centers, which did not exist a couple of years ago and now already contributes 13%. This is a significant ramp-up following the final close of our $1.35 billion data center fund in October of 2023. With that, I'll now hand over to Stuart, who will elaborate more on the data center strategy as well as delve into some of the key markets together with Jeffrey Shen. Thanks, Matt. Good afternoon, everyone. To start with, I'll cover the perspectives on data centers in Australia, Japan, Korea, and more recently India. As mentioned by Matt, data centers are expected to be an increasing contribution to our development work in progress and overall earnings. This is becoming a real growth engine for ESR, with 24% of our full year 2023 development starts. We are really excited by the growth opportunities of this business regionally, with strong demand from customers in Tier 1 and Tier 2 markets such as Tokyo, Osaka, Hong Kong, Mumbai, Seoul, and Sydney. The photograph on our slide is our 130 MW project in Osaka, which is slated for completion in the second quarter of 2025. The entire Asia-Pacific region is becoming a really attractive market for data center development and is expected to remain so for decades to come, given the explosion in data processing demand in this part of the world. As a founder, NVIDIA, said recently, given the growth of generative AI, it expects data center capacity to double across the world over the next five years. Our first dedicated data center fund in Asia is progressing well, and over 40% of the slated facility load of 575 MW will commence construction by the end of this year. We have invested substantially in having a dedicated team working on a 1 GW pipeline at various stages of planning and development across the region. Now, just to bring this to life, as you can see, this is an actual photograph of the diesel generators being installed in our Osaka project, which I mentioned a second ago. Our data center strategy is premised on offering a differentiated proposition to our customers. Our multimodal operating platform has capabilities to undertake various development models ranging from powered shell to joint ventures with operators and hyperscalers, maximizing flexibility and outcomes which enables us to capture growth, scale, and diversification of earnings. This was a differentiating factor with investors when we raised our inaugural data center fund. We're also seeing strong demand from customers for an integrated network of data centers across different markets to deliver consistent standards and value-added services as they scale their presence regionally. As such, we believe ESR is well-positioned and well-differentiated by our local strong know-how and networks and development expertise. We're increasingly confident in our ability to scale and grow this business in partnership with long-term capital partners, with complementary capabilities and networks. Most importantly, we are committed to developing this new growth engine sustainably and will incorporate the latest technologies and renewable energy and deliver the best solutions for our customers. Turning to the key markets, we have achieved a significant presence in the Australian market in a relatively short period of time. Given that we have now established the Australian business in 2018, the market continues to attract strong interest from capital partners given favorable supply-demand dynamics and a stable and transparent market. Upon the deployment of committed capital, we'll oversee assets under management totaling $18.2 billion in Australia and New Zealand, positioning us as the second largest manager in the region. Additionally, with a development pipeline including land bank valued at approximately $12 billion, we could have the biggest development pipeline in the NZ market. Warehouse demand in Australia remains strong, driven by consumption and population growth. The national vacancy stands at 1.1%, that's for the second half of 2023, with Sydney being the lowest of 0.5%. Our portfolio is seeing near-full occupancy with minimal downtime. Overall, our leases in Australia achieve strong market rental growth, which partially offsets cap rate expansion. According to CBRE, superprime yields for the Australian market increased by approximately 100 basis points to 5.8% as of December, and our own portfolio cap rate has largely moved in line with the broader market. With 29% of leases in Australia and New Zealand set to expire in the next three years, the group will benefit from rental upside as these leases expire. The value of our estimated mark-to-market upside for our portfolio is currently 28%. Approximately 25% of our starts and work in progress levels are now in Australia, with some exciting large-scale multi-phased projects to come, reflecting our confidence in the market. As covered by Matt in the earlier slide, we believe that the integration of LOGOS into the ESR business will solidify our market leadership as we look to scale further. Looking now at Japan, the logistics market fundamentals remain robust, characterized by strong tenant demand for Grade A warehouses, particularly in prime urban hubs such as Tokyo and Osaka, where supply is constrained. Global investor interest for high-quality new economy assets continues to be robust, driven by a favorable yield differential. Consequently, cap rates for prime logistics in Tokyo, as indicated by the Japan Real Estate Institute, remain resilient, hovering around 3.8%. We expect occupancy to ramp up in the next 12-24 hours for a phase I-B Sachiura Distribution Center, as supply is forecasted to tighten in the Tokyo region in the next several quarters. Leasing is well underway for a flagship development, Higashi Ogishima Distribution Center, with occupancy currently hovering above 50% and traction being strong. Other notable projects such as Kawanishi, Itami, and Kuki Shobu are in progress with strong traction from potential tenants. Our focus in Japan remains on raising capital for existing pipeline development projects, whereas recycling stable assets into perpetual vehicles being the private Japan REIT and our Japan Income Fund. We are starting to explore the potential of a J-REIT listing. We believe this would complement our perpetual open-ended core fund, Japan Income Fund, to offer an ecosystem of closed-loop solutions similar to what we have in South Korea and soon to be in mainland China. Moving to South Korea, we have established ourselves as a leading logistics fund manager, backed by the largest development pipeline in the market. We are confident of maintaining our market position to capture future growth opportunities. Our business in South Korea continues to do well, underpinned by high occupancy and robust rental reversion rates, particularly in infill markets where supply is limited. We are benefiting from significant reversions. Some are high and above 30%. The strong rental growth will be able to mitigate potential cap rate movements from rising finance costs, which had not been materialized for our core markets yet. We believe that the valuation of core Class A portfolios remains relatively stable, as demonstrated by asset sales we conducted in 2023, which yielded a cap rate of approximately 4%. We anticipate a reduction in market supply over the next few years as construction starts have decelerated rapidly. Moving forward, our portfolio is well positioned to capitalize on reversion of potential, as our in-place rents catch up with market rents upon lease expiring. The bifurcation by investors between properties that can capture the upside in market rents over those with master leases and long tails in place still prevails. Development margins for Korea remain high, above 30%, and we've lined up a good pipeline of development starts in this market. This puts us in a strong position to capture the favorable supply-demand dynamics. As highlighted by our chairman earlier, the debut of our leading open-ended core fund marks a significant milestone for us in the South Korean market. The establishment of the Korea Core Fund now adds to ESR's full range of investment products across a risk spectrum. Now, I'd like to spend the next minute or two to elaborate on the closed-loop ecosystem we have established in South Korea. This is an example of the type of ecosystem ESR aims to establish in all of its key markets where we operate. The debut of our open-ended logistics core fund reinforces our full-cycle product offering in South Korea. We now have in Korea fund structures spanning development, core plus, value add, and two complementary perpetual core vehicles: one, the new unlisted core fund, as well as our listed REIT, demonstrating the value of our closed-loop ecosystem. During the development phase of our project, ESR derives attractive development and asset management fees, development profits, and potential performance fee upon project completion. In this process, we are able to deliver outstanding results for investors. For example, during the eight-year lifespan of our Korea Development Fund One, the fund yielded a net internal rate of return of 29% and an equity multiple of 3.5x. The next phase of this ecosystem commences upon asset stabilization. At this stage, the development fund would either roll over to create a new core fund or select assets that would be syndicated into a perpetual or long-dated fund. This could be either ESR, Kendall Square REIT, or a new core fund. Either the REIT or a new open-ended fund will continue to acquire high-quality income-producing stabilized assets from the extensive pipeline of assets developed by ESR or third-party assets from the market. In addition to the stable and predictable investment and property management fees, as well as leasing fees, throughout the fund's lifespan we can also generate acquisition fees. We also generate a dividend and return on capital via co-investment stakes. Over time, through the process of selling down our co-investment positions, we unlock capital, which allows us to seed new funds, reduce leverage, or enhance equity investor returns. In China, we're looking forward to the C-REIT launch, which will give us the same fully integrated closed-loop system in mainland China. Now, with that, I'm going to hand over to Jeffrey. Thanks, Stewart. In China, our portfolio remains defensive. While leasing demand is subdued due to the slow business growth, China is a vast market with diverse leasing demand across different regions. 70% of our properties are strategically located in the Yangtze River Delta and the Great Bay Area. Demand in these regions remained resilient, primarily due to the large consumer population, as well as new infrastructure drives such as renewable energy and cross-border e-commerce. We expect supply to come down from the high level in 2023, and two years from now this supply to be fully absorbed and stabilized. The team continued to focus on maintaining high occupancy. Rental reversion is expected to be mildly negative in view of accommodative leasing. Going into 2024, we will continue to carefully manage the China work in progress. Many of our work in progress projects are in the Yangtze River Delta region. We have also expanded our products offering, going beyond logistic facility to industry park, to catering to higher-value manufacturing and life science tenants. Development margins are still above 35%, while cap rates for logistics have remained stable, around lower 5% for Tier 1 cities. With PBOC rates expected to remain low for the foreseeable future, we are seeing decent demand from domestic capital seeking and a high return in new economy real estate. Furthermore, the government aims to achieve a 5% annual GDP growth target for this year. We expected more government policy to be rolled out in support of this growth target. Southeast Asia is an exciting market for us. We believe it will be one of our key growth engines for the next decade. The region is home to a large population, over 600 million, with the fourth largest GDP globally. It is also the fast-growing region globally, with GDP expected to reach $5.5 trillion by 2028. ESR has been a very active player in Southeast Asia and since established a presence in six key markets, which include Indonesia, Vietnam, Thailand, the Philippines, Malaysia, and Singapore. Today, we are the leading developer of new economy assets in this region. ESR's Southeast Asian footprint in the region spans three to six million square meters in the gross floor area. The combination of ESR and LOGOS gives us scale and presence, exciting growth opportunities for the group. We are in advanced negotiations to close our mandate Southeast Asia fund. Having a regional strategy is compelling for capital and tenants, as we capture renewed investor interest towards an increasing exposure into new economy assets in this region. Let me hand over to Ivan to provide the financial highlights for the full year. Thank you, Shen. Good evening, everyone. Thank you for taking the time to join us. I will take you through ESR financial performance for financial year 2023. We are glad to report a 6% year-on-year growth in revenue for the year, driven by the continued growth in fee income. This core relates strongly with our growth in our fee-related AUM and is underpinned by our well-established operating fundamentals. The fee income of $737 million includes promote fee of $182 million, and it is worth noting that our recurring fee income, being fee income excluding promote fees, rose 8.8% year-on-year, thereby enhancing earnings resilience. The resultant fund management EBITDA increased to $579 million and comprises almost 60% of the group EBITDA. In addition, group-level corporate costs continued to decline 17% year-on-year, translating to annual savings of $25 million, a good outcome from our ongoing prudent cost management efforts. In a year which was marked by market uncertainty and weakened investor sentiment, the rapid U.S. Fed rate hikes and consecutive increase in interest rates in Australia and Korea have resulted in cap rate expansions, and therefore downward unrealized valuation movement to both stabilized and development assets in these markets. Lower unrealized fair value gains were also recorded for some of our assets in China. Hence, group EBITDA was reduced to $885 million by lower fair value gains and lower divestment-driven gains as compared to financial year 2022. Post-normalization, 27% of the decline in the reported fair value gains and share of profit associates lines was attributable to Cromwell Property Group. For Cromwell Property Group, as disclosed in their first half 2024 results in the end of February, they are making good progress in their execution of AUD 528 million non-core asset sale program. They have recently announced the signing of a non-binding letter of intent to complete the sale of their Polish retail portfolio by 4Q 2024. The latest development shows Cromwell is delivering on their strategy to streamline their business, and ESR views this as a positive step towards us realizing fair value and eventual exit for our 30.7% stake in Cromwell. The impact to group EBITDA carried over to PATMI and coupled with higher interest expenses for the year due to the rate cycle change, these have culminated in a lower PATMI of $400 million for the year. Notwithstanding the lower PATMI that was distorted largely by non-cash movement, from a cash flow perspective, it is key to highlight the underlying 9% year-on-year increase in recurring fee income for financial year 2023. Chairman has highlighted ESR's three-year performance scorecard at the start. Indeed, a 60% three-year CAGR in fee-related AUM, fee income, and fund management EBITDA sets a strong benchmark. We achieved this through organic and inorganic growth, but most importantly, it is an outcome we worked hard as a collective team across all business units in our pursuit of an asset-light strategy. Our fee-related income as a percentage of fee-related AUM exceeded 90 basis points for two consecutive years inclusive of promote fees. What I'd like to point out is that despite the last two consecutive years of macro challenges, ESR has consistently delivered a robust and stable recurring fee percentage of about 65 basis points per annum of fee-related AUM, underscoring the earnings resilience of our business model. As mentioned, fund management margin for the year remained stable at circa 80% on the back of prudent cost management efforts. If we were to exclude promote fees, we secured a 400 basis points margin improvement in fund management EBITDA in the last two years. Earnings resilience continues to be an important driver, and the metrics we continue to place great emphasis on in increasing the group earnings resilience include the growth in recurring fee income excluding promote fees, having the majority of our fee-related AUM being perpetual or long-dated in nature, and achieving a balanced level of fee income diversification by geography. My team also remains focused on our capital management strategies. Beginning with liquidity management, ESR Group has $2.5 billion of cash and committed loan drawdown capacity as at 31st December 2023, which includes the $1.2 billion of multicurrency revolving credit facilities secured with various foreign banks during the financial year. Our credit profile remains strong. ESR holds an investment-grade Japanese credit rating of AA-stable outlook and a AAA-stable outlook from China Chengxin International Credit Rating Co., Ltd., one of the top rating agencies in mainland China. Our relationship banks remain very supportive as we engage them on our financing needs for 2024 and 2025. On asset liability management, we successfully tapped on alternative funding sources, including raising $4 billion of sustainability-linked or green loans and issuing JPY 30 billion of Japanese yen denominated fixed-rate bonds. This enabled us to strengthen the debt currency profile of the group and further diversify away from expensive US dollar denominated loans to 17% of the total debt portfolio as of 31 December 2023. This new financing has also lowered the weighted average interest cost by 30 basis points from 5.6% in first half 2023 to 5.3% for financial year 2023. In terms of balance sheet and interest rate management, as presented earlier, the objective is to reduce the gearing to the low end of our historical target of 20%-30%, with $2 billion worth of paydowns tied to our asset recycling. As we execute this progressively, we are hopeful to reduce our gearing to approximately 25% by year-end and achieve a reduction in portfolio interest costs from the twin effects of a reduced debt portfolio and interest rate cuts. I will elaborate further on this point in the next two slides. The priority this year is in applying $1.2 billion of net proceeds aggregated from, namely, the completion of the 2023 announced project under balance sheet syndication, two, internal cash, and third, the non-core divestment signed in March 2024 to repay $0.7 billion and $0.5 billion of U.S.-denominated high interest over 7% loans maturing in 2024 and 2026. Post repayment, the gearing is expected to decline to about 25%, and we can expect $40 million in annual interest cost savings as a result. Furthermore, we look for active windows in FY 2024 to issue a Panda Bond onshore in China, increase our Japanese source debt, and where it makes sense, enter into fixed-rate swaps to convert some of our floating debt to fixed-rate debt to achieve a more balanced proportion. On the back of this effort, we look to bring down the weighted average interest cost from 5.3% to below 5%. In terms of our balance sheet sell-down in mainland China, we have another $0.5 billion to complete, including the C-REIT listing. We are awaiting CSRC's and SSE's approval and looking to launch the C-REIT by mid to end April for listing by first half 2024. The book building for the C-REIT has been healthy given the quality of the asset. The slight delay in C-REIT can be attributed to waiting for a good time to list given A-share's poor performance in January 2024. The sale of balance sheet assets to a domestic insurance company was partially completed, with the rest and the C-REIT launch targeted to complete in second quarter this year. We have earmarked another $0.8 billion of potential syndication. In all, we look to achieve an aggregate $2 billion in realized capital recycling since the beginning of 2022, and this is just for mainland China alone. We still expect to transact at or above book value. Net proceeds from this would primarily be used to pay down debt and to be used in other key markets. The group remains committed to sustainable value to shareholders. The aggregate of dividends and share repurchase in FY 2023 has increased the capital return to ESR shareholders to over $350 million, or 14% more than the year prior. This includes the proposed final year dividend of HKD 12.5 or $1.6 per share, which once approved is payable on 28 June 2024. This brings the total financial year 2023 dividends to HKD 0.25, equivalent to $3.2, and at a 2.9% dividend yield. I will now hand it back to Stuart to close the presentation. Thank you. Thanks, Ivan. In closing, maximizing shareholder value remains a key priority of the management at the ESR Group throughout, and we are glad that we are well underway in achieving a pure-play new economy real estate platform underpinned by an asset-light business model. We will continue to recycle capital to achieve an optimal capital structure as well as reinvest into new existing fund products, with a long-term view to drive recurring fee income growth. Let's not forget, the last two years have arguably been the toughest two years for real estate since the GFC. We expect this start to change as rates start to stabilize and what would become the new normal. Our immediate focus areas in balance sheet optimization and integration, alongside our revenue and cost strategies, are core pieces of our overall strategy to achieve long-term growth for our investors. Coupled with disciplined cost management, we work towards an improved earnings and cash flow. With our renewed focus on the new economy, we believe that we are well poised for the next leg of growth as we look to capture opportunities and grow a strong APAC leadership presence in 2024 and beyond. Now, let me just pass it again now to our Chairman now for some closing remarks. Great, thanks. Thanks, Stuart. I also just want to spend a minute around the board and management's strong focus on looking at additional options to enhance shareholder value. We remain frustrated by the share price performance and believe there are ways to achieve a re-rating of the company. Starwood's recent investment is hopefully a start in resetting that narrative, and we'll be discussing several initiatives targeted at achieving this re-rating as we progress in the near term. With that, let me pass it over to Marilyn for the Q&A. Thank you, Mr. Perlman. Thank you, gentlemen, for the presentation. Just mindful of time, so let's start the Q&A now. We'll kickstart. Thank you, everyone, for your questions that have been submitted. We'll kick off with the first question being: Congrats on being able to successfully grow your fund management earnings in a challenging environment. Can we please talk about the appetite from investors for ESR's various core and development fund projects in the coming year? And in the second part of the question is: Should we expect ESR to meet or even exceed the $7.5 billion capital raise in 2023? And along with it, what are the mindset of capital partners at this point in time? Sure. Why don't I start on that one, and others can fill in if needed. Look, I think the appetite for development and core fundraising I think it's the right way to ask about it because you should bifurcate it. Core, especially over the last 18 months or 20 months in a rising rate environment where you've had elevated short-term rates and uncertainty on long-term rates, has obviously made core transactions, whether it's REITs, traditional private core, you've seen very, very little transaction activity. With the view that the rate cycle has probably reached its at or around its peak and may start to come down, albeit probably very, very modestly here, I think you're starting to see some core activity increase, as evidenced by the very substantial core fund that we set up in Korea, is a great example, obviously, of that. I'd say I'd put China in a unique bucket because despite some of the challenges on the macro side that Jeffrey was talking about, there's still a lot of liquidity onshore. China is one of the unique markets that has its borrowing costs have come down to about 3%-3.5% at the asset level, so it's the only other positive leverage market in the world, really, besides Japan. So to deliver 6%, 6.5%, 7% cash-on-cash returns for investors is actually achievable for the insurance companies in China at the minute. But I think we probably do need to see the start of some more rate cuts for core activity to start to pick up. I think on the development side, we are already seeing a greater level of interest from capital partners. We think that accelerates into the second half of the year of the capital raised. On the fund side, we would expect probably the composition of the capital raise, that new economy portion, to probably be probably twice what we did this past year, assuming this kind of sentiment continues along the lines. Obviously, we've got a couple near-term ones that are in the process of being raised, which we'll hopefully be able to announce over the next quarter or so. In terms of the mindset of the investors, I think they haven't really deployed a whole lot of capital in the last two years. I think one of the points highlighted earlier is that it really has been a very challenging period for the last two years in terms of deployment. But at the same time, these are groups that do need to deploy capital. They do need to match assets and liabilities. They do need yield. And so as a result, they really need to start to deploy. And we expect, as they manage that vintage risk, that that capital deployment will pick up over the course of 2024, and then we'll probably look back and think that the trough is behind and that activity probably accelerates in 2026 and 2027. It's also directly correlated to, I think, our view on the operating fundamentals in most of our markets that most development has really, there really hasn't been a whole lot of development starts over the last 18-24 months. And so if projects kind of take two years, we're hitting kind of even the maximum supply being delivered in 2023 and part of 2024. And then 2025, 2026, there's going to be very little supply that comes online. So we think that sets up for a pretty good backdrop as you look out over the next few years from a supply-demand perspective. Thank you, Mr. Perlman. The second question that we have is: Can you talk about how much cap rates have expanded for logistics assets in the key markets of Australia, China, Japan, and Korea, and whether we should expect cap rates to continue to expand this year? Yeah, why don't I take that? It's Matthew here. So we've seen the largest cap rate expansion in the Australian market, where we've seen fairly rapid increases in interest rates there. So we've probably seen, on our assets, 70-80 basis point increase, where prime assets in the submarkets in which we're located are probably sitting in the sort of low to mid-fives for quality assets in core submarkets. Whether there's increases in cap rates from here, look, I think where we budgeted is still for a little bit more expansion, but that is expected to be well and truly offset by continued increasing rental rates in that market, where we're still seeing some really attractive rental reversions. The other market where we've seen expansion has been Korea. That was less at about 20 basis points, so cap rates there are probably sitting at about 4.5%. And then generally, in the other markets, China's actually pretty stable. You might ask why is China stable? It's really the reasons that Jeff talked about before in terms of you've now got a very positive spread in terms of over-the-borrowing costs in that market. And if you look at everything that we've sold in the China market, it's been at book value. And then likewise, in Japan, that market has similarly been pretty stable. So we haven't seen any significant cap rate expansion, and cap rates in that market continue to be about 4%. Thanks, Matt. Let's move on to the third question. Can you talk about the changes in yield and cost for new logistics developments in Australia, China, Japan, and Korea? Should we expect returns to compress in 2024? And there's a second part of the question, but maybe we'll just take this part first. Yeah, so in terms of I'll take that as well. So in terms of development yields on cost, I mean, one of the things that we are seeing in an environment where you've got higher construction costs, it's also weeding out some of the competition. So generally, we're still seeing pretty attractive development yields. And so China, we're still seeing 7%-7.5%. In Australia, we're seeing 6.5%. Korea's probably 7%+, and Japan's 5%+. So again, in most of those markets in which we operate, with perhaps the exception of China, we still see some really good supply-demand dynamics at play. Okay, and for the second part of the question, how should we think about the amount of development starts and completions for the year? Yeah, so I think as we look at kind of development starts, we think as we look out right now, the number looks probably pretty similar, that pacing of kind of $6+ billion for 2020 for 2024. Obviously, this is a little bit also tied to the capital partners and their plans, but that feels, given the backdrop, obviously, China being a little bit more muted. Last year, as we said, we did about 10% of our historical starts in China and still delivered, obviously, $6 billion in development starts. So we would kind of use that as a baseline assumption. I think completions, we consistently are delivering now at scale, so we'd expect completions at $4 billion-$5 billion for 2024. Okay. Thank you for that, Mr. Perlman. There are a series of earnings-related P&L-related questions, so this one's for Ivan. How much of FY 2023 income are generated by the ARA Private Funds that's put up for divestment? Maybe I'll take that one as well, given I was involved in the transaction, if that's okay. Yeah, it's Matthew again. So I guess when we did that transaction, we were thinking in terms of FY EBIT. So if you look at the fund management EBITDA that was effectively disposed as part of that transaction, it was about $4.25 million-$4 million and not quite $4.5 million net of all of the associated corporate costs that went with that business. So when SMFL acquired that business, they were really looking to establish a funds management platform. So actually, we divested quite a lot of associated corporate overhead and cost with that particular business. So yeah, so we're probably $4 million-$4.3 million, $4.4 million area of fund management EBITDA was disposed of from FY 2023 numbers. Okay. Thanks, Matt. I think the next one is squarely for Ivan. Any guidance on expected borrowing costs for FY 2024? Yeah. On borrowing costs, we end the year about 5.3%. I did mention we are looking at achieving about 5%. Just to give a little bit of color on this, I did, in my presentation, also mention that we are looking to repay about $1.2 billion of loan through the proceeds from the capital recycling. So that will actually give a saving close to about $40 million-$60 million of interest cost saving. Then the other factors that I did mention is we are at the tail end of the rate hike cycle, and every 25 basis point reduction in the base rate will generate close to about $12 million of interest savings. Thanks, Ivan. I'm mindful of time, so let me just move to the next category of questions. We have a question on, can we please have an update on the progress on the launch of C-REIT and J-REIT, as well as the progress of non-core sales? Yeah, I think just on the C-REIT, as Ivan highlighted, obviously still subject to market conditions, but I think the hopeful expectation is to complete that in the first half of this year and have that listing. We think that'll be an important milestone for the China business and really create a, we think, the highest quality C-REIT in the local market. I think as we look out and it's a very good question on the J-REIT, as we've done in Korea, now China, and obviously, as we've said, we're going to look next towards Japan, the J-REITs have obviously probably not been the best performing of late, but we do see the value in the vehicle, and it's something that we will be contemplating over the next 12 months or so. Thanks, Chairman. The next question is in relation to the point that you made on Kenedix. Really positive to hear about the growth and value of Kenedix. Can you share a bit more on how significant is it? No, look, it's a really good question. I mean, if you look at the investor interest across Asia, and especially as some of that interest has obviously moved from where it had been historically around China, it's really going in two-three places. One is what I would call mature Asia, which is especially Japan and obviously Australia as well. And the next is to other parts of emerging Asia, especially India and Southeast Asia. And so with Japan, it's very hard to unlock for investors. And so Kenedix is really the go-to, I mean, it is the go-to fund management platform in the market, both for REITs and core funds. Seeing, obviously, the scarcity of those assets, when KKR purchased the UBS Mitsubishi REIT management business, I think that had a value of approximately $2 billion. I think it was north of or around 30x EBITDA for it. So there's no question with foreign capital coming into Japan at the pace we kind of expect it to continue, and being really probably viewed as the most attractive market for many of the capital partners to deploy, especially in core in Asia. And again, you have a real spread where you don't have that in other markets. Kenedix is just really uniquely positioned in that regard. And so it is no doubt a very significant and valuable asset for the group and something, obviously, that we're very happy we have, given the continued growth and desire to deploy capital in Japan. Thanks, Chairman. The next question is a very popular question, and it's posed to you. I think we should just flesh this out. This is: Can the Chairman please elaborate on the very last comment he made in the presentation? What are the initiatives to re-rate other than those disclosed in the presentation today? For example, will you consider spinning off your Australian business or selling a minority stake in the business? Look, obviously, it's an important question, one that the board and the management is squarely focused on. And there are obviously several beyond the streamlining of the business, the non-core divestments, and obviously completing the integration of LOGOS. I think that will already present a very succinct business. And obviously, we had been a little bit impacted by the fact that the rate cycle and the environment changed dramatically right after we had completed the acquisition. So with the impending divestments getting kind of completed, as well as the LOGOS integration, that already is a transformed business. So we think that's obviously an important key step. I think secondly to the question of other kind of key alternatives around I think one of them is around listing. Certainly, that is something that the board and management are actively thinking about. Australia, when you look at the standalone Australia business with the integration of LOGOS, I think, as Stuart alluded to, and I think Matt, I mean, this is a really unique business, nearly $20 billion of AUM, largest development pipeline in the market. And these are longer-dated, high-scale, high-value projects like Moorebank and Mascot and a number of others that we have announced or will announce in due course. So certainly, I think investors are looking for probably an alternative to not just only own Goodman in Australia. And I think we see that, and we see the scarcity of both the broader ESR business as a whole, especially as you finish the non-core divestments. That integrated, clear new economy platform, we think, has a real place. One option, obviously, is a broader kind of dual listing and potentially the ability to migrate. But obviously, that's one avenue. Another is, as suggested on the call, potentially the ability to list and really demonstrate what just the standalone value of that business could be. Beyond that, there's certainly other things that we're exploring, which, as we said, we'll highlight more here in due course as well. Thank you, Chairman. I think we only have time for another two to three questions. The next question would be on China. Can you please give more color on China occupancy and whether the lower occupancy is due to new completions or non-renewal of the leases? Sure. I mean, maybe I take this one. I mean, the overall, I think the China occupancy rate, I mean, through all the funds, and it's like 81%. I mean, compare with last year, I think it's like 5%-6% lower. And if you look at the rental reversion, I mean, 2023 versus 2022, I think the 3% lower, I mean, based on the rental reversion, I mean, in China. Thank you, Shen. The other question is on DC. I think this one would be for Stuart. For the pre-leased, DC assets, what is expected ROI yield on cost, and what is the leasing progress for Cosmosquare DDC in Osaka? Yeah. Generally speaking, the yield on cost is usually about 100-150 basis points above our logistics assets. So if logistics assets are 6, usually yield would be 7, 7.5. So usually 100-150 basis points on the BTS. Osaka, I mean, just remember Osaka still has a legacy asset on it, which is 100% occupied by IBM. They're still paying rent right now. Currently, we're developing a brand new data hall, which will be finished next year. We've got strong interest from one cloud player and another from a hyperscaler. So these guys are a bit sensitive about information and data, so I can't mention any names. But when we demolished the IBM building, it does provide for a future pipeline with all 60 MW. So that site is looking very strong. Thank you, Stuart. I think we only have time for one more question. The last question would be, we look forward to seeing Stuart coming back stronger and bigger. What are the management's key priorities for 2024? Yeah, maybe just to start, and Stuart and Jeffrey can jump in. I think as we were very clear in terms of the priorities we want to deliver on the non-core divestments, really get this down to the leading new economy platform in Asia-Pacific. Number two, the continued asset recycling. As the activity now picks up, there's a great opportunity for us to deliver on about up to $2 billion roughly of balance sheet divestments here over the next 12 months. I think thirdly, and this is where Matt has done a really fantastic job, is obviously finding additional cost synergies within the group. And there's more to do on, obviously, that front. And really, I think continuing to invest in the growth of the data center business. Huge potential. As Stuart said and what the NVIDIA co-founder and CEO said, data center capacity is going to double over the next five years globally. And Asia, we're incredibly well-positioned to capture that in a very big way. And I think not just management, but again, at the board level, very focused on creating and delivering on some of these shareholder value initiatives in order to continue to re-rate here going forward at the stock. Yeah, I mean, it's really, really important that we stay the course. As Jeff just mentioned a minute ago, we will continue to divest non-core assets that are really, really superfluous to the business. But the ARA deal that we announced a couple of weeks ago, that just didn't happen a couple of weeks ago. That was a year of discussions. We expect there'll be some more closely followed on the back of that that have been in an equally fairly long protracted stage of discussion. So more divestments. There'll be a big focus on the data center, again, as Jeff said. We think that's going to be huge. We think that's going to be huge across the business. Japan is getting the attention right now. South Korea is getting a lot of interest. Australia, which is a bit land-supplied right now, and South Korea. So more of data centers. And we'll be diving deeper into the infrastructure space. So more to be discussed on that shortly. Thanks, Stuart. Well, I think that's all the time we have. We're overrun by 15 minutes. But thank you once again, everyone, for taking the time to attend our webcast. Thank you.