Evening, everyone. I'm Marilyn, Head of IR for ESR Group. Welcome to our first half 2024 results conference call. Presenting today, we have Mr. Jeffrey Perlman, Chairman of the Board of ESR Group, Messrs. Jeffrey Shen and Stuart Gibson, our co-CEOs, Mr. Philip Pearce, Group Deputy CEO, Mr. Matthew Lawson, our Group COO, and Mr. Ivan Lim, our Group CFO. 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. As a reminder, the company remains in an offer period. As such, we are not in a position to provide nor express comment on any information or opinions outside of the announcement dated thirteenth of May 2024, and the subsequent monthly update announcements. As required under the Takeovers Code, the company will continue to make monthly announcements, setting out the progress of the discussions until a firm intention to make an offer under Rule 3.5 of the Takeovers Code, or if there is a decision not to proceed with the indicative proposal. Further announcement will be made by us as and when appropriate or required under the listing rules and/or Takeovers Code, as the case may be. I'll now hand it over to Mr. Perlman. Mr. Perlman, please. Great. Thank you, Marilyn, and thanks to all of you for joining ESR's first half twenty twenty-four results presentation today. To begin, I'm pleased to announce that ESR has once again been recognized as the largest real asset manager in Asia Pacific in the latest twenty twenty-four ANREV Fund Manager Survey. This is the second consecutive year of receiving this accolade and is a strong testament to the Group's capabilities as the leader in New Economy and data centers in Asia Pacific, and even more so with the completion of the LOGOS founder interest roll-up, which the team will cover a bit later in the presentation. Before we dive deeper into the presentation, I'd like to start with the profit warning statement that was issued last week. The Board of ESR issued the profit warning to highlight the decrease in profit for the current period, which is primarily attributed to, as we had highlighted, the non-cash asset revaluations and a lack of promote fee income in the current reporting period. These are obviously reflective of the current market conditions and not of the core operating earnings or the expected long-term performance of the Group, which you'll hear about over the course of today's presentation. Let me first start by double-clicking into some of the headwinds and see how the environment is likely set to change over the next 12 to 18 months. No doubt, the business has been navigating a very complex environment over the past two years. The rapid increase in US interest rates by over five hundred basis points has substantially dampened the activity in the real estate sector, whether in the US, Europe, or even in Asia Pacific, and it's having a real impact on asset revaluations. This has also delayed the timing of planned exits and hence promote fees from various funds. It has also slowed down the pace of balance sheet asset sales and non-core divestments. That being said, the group has still done a very good job of maintaining all of its core new economy AUM with the setup of highly successful long-term, open-ended core funds or REITs. We still obviously wish the market was more conducive to selling down assets faster, and the expected near-term rate cuts may very well be a catalyst on that front. More on that in a minute. Secondly, muted LP transaction activity, which has not only affected capital raising and core real estate transactions since the start of the rate cycle change, it's now also weighing selectively on development starts in some markets. Given the sustained level of higher rates, capital partners have opted to take a wait and see approach to see how much of the higher rates will impact the economy and ESR's key markets and corresponding development yield expectations. Interestingly, Matt will highlight a bit later that development yields for new projects continue to tick up in all of our core markets, which is a very positive signal. But capital partner activity needs to rebound off the bottom in order to get back to a more normalized development activity level. Thirdly, mainland China is going through a very difficult macroeconomic environment, where soft leasing conditions have impacted valuations and also the ability to sell down more of the completed balance sheet assets, which still need to achieve their leasing stabilization. Jeffrey Shen will elaborate further on mainland China in a bit. We're expecting a gradual recovery from this point forward, as new supply into the market is now quite limited. Hence, leasing should pick up, albeit we don't expect a V-shaped recovery. On the domestic liquidity front, more active RMB insurance capital is also expected alongside this recovery, but the big question on China is when the green shoots will start to show. Another headwind is the resulting inefficiencies that persist in having to divide our own group resources between our core and non-core businesses. Despite these clear challenges, the outlook in the next twelve to eighteen months is likely supportive of a recovery in fundraising, the growth in EBITDA and earnings.... As short-term rates are likely set to start to come down, it would support a rebound in asset values and consequently fund exits and promotes. It would also support a similar rebound in development starts and be a stronger catalyst for the execution of the remaining balance sheet asset sales, as well as the remaining non-core divestments. With a more streamlined business, the team is poised to intensify its focus on new economy initiatives as the ramp-up of the data center and infra platforms are accelerated. Stuart and the team will speak about how AI is transforming the data center opportunity in Asia right now, in the same way it has in the U.S. over the past several years. And lastly, with the roll-up of LOGOS now complete, management and the board are focused on unlocking approximately fifty million in additional cost synergies across the group. The team believes it can deliver on that. I'll now hand it over to Stuart. Over to you, Stuart. Thanks, Jeff, and good afternoon, everyone. So just to reiterate, today, ESR is not only the largest real asset manager in APAC, it is also among the top ten real estate asset managers globally, with a total AUM of $154 billion as of the thirtieth of June 2024. ESR has established a strong track record of over 20% in average realized net IRR and over 2x net equity multiple for its fund investors. Its performance is the bedrock of any fund manager's business. One of ESR's key strengths lies in experienced and committed leadership team that has been driving growth and value for its shareholders. ESR's leadership in the New Economy space is cemented with the full integration of LOGOS. The unified platform has a New Economy AUM of $72 billion and a solid runway of growth over the long term. ESR's business is built for growth as a wave of digitalization is slated to transform the APAC region. As Jeff highlighted, the demand for data centers is expected to grow significantly on the back of increasing reliance on digital technology, cloud storage, and the rise of AI, especially AI. ESR's robust data center capability is underpinned by more than two gigawatts of extended pipeline. This puts us in a strong position to capitalize on this wave of big AI deployment and grow to be a major player in the region. Our multi-model approach is flexible and allows for tailored solutions for different markets and operator requirements. This is a clear differentiation versus our peers. Not to mention, ESR's broader development-led business that is well supported by the largest new economy workbook in APAC. ESR's funds management platform is well diversified across major APAC markets. It owns and manages 50 million square meters and $80 billion in fee-related AUM in the first half of 2024, with a three-year CAGR of 32%. The group remains focused on achieving a sustainable growth in fee-related AUM and fund management earnings. With the expectation of rate cuts on the horizon, we would expect real estate activity to pick up considerably. We expect this to be driven by long-term growth in logistics properties, data centers, and renewables. Now, let me take you through ESR's key performance for the first half of 2024. Starting with funds management. As Jeff mentioned earlier, the fee-related AUM was $80 billion as of the thirtieth of June, and the fee income to the group was $254 million. Fee income and fund management, EBITDA, excluding promote fees, has stayed resilient. Base fee income as a percentage of fee-related AUM remained at approximately 70 basis points. Notably, our fund management EBITDA has increased by 21% on a three-year CAGR basis amid persisting headwinds. The group is pleased to have raised $2.3 billion during the first half of 2024, despite a tepid fundraising environment. This continued support from existing and new fund investors is much appreciated and valued. As of June 2024, the group has substantial uncalled capital of over $23 billion that is ready to be deployed to grow fee-related AUM. 55% of this in our various New Economy vehicles. Deployments are ongoing across all markets, albeit at a cautious pace, given the current environment. On the development front, more than 1.2 million square meters of newly developed assets in Japan and mainland China came on stream in the first half of the year. Now, given the oversupply in selected submarkets and weaker demand in China, we expect a slightly longer runway to achieve target stabilized occupancy for these new high-quality assets. Overall, though, leasing momentum continues to remain robust, with nearly 4 million square meters of renewals and new leases in the first half. Some of that were short-term leases in China, though Matt will provide more details later in the presentation. Development activity has adapted to a more cautious pace, given the capital partner sentiment, as per Jeff's earlier comments. With $1.3 billion of starts and $1.5 billion of completions in the first half of 2024, data centers increased to 34% of starts and accounts for about 14% of our $13.1 billion development workbook. Projected development margins have increased to 33.5%, with a projected yield on cost of 6.7%. Again, Matt will provide details for later on in the presentation. Now on to the financial and capital management front, where I will cover in greater detail later in the section. ESR's first half earnings were impacted by reduced fair value gains and mark-to-market movements, which are non-cash in nature, as well as the lack of promote fees in the reporting period. The group's gearing had increased slightly to 32.3% as of the 30th of June, 2024. However, the gearing has unchanged at about 30% upon the completion of the newly contracted sale of the ARA Private Funds business, which closing is imminent and the formal launch of the C-REIT. On the back of proactive interest rate management efforts, the weighted average interest cost is 4.9%, an improvement from 5.6% in the prior year. The business is set to benefit from any near-term rate cuts from the Fed later in the year. I'm now gonna hand over to Phil to cover the update to the key business priorities. Thanks, Stuart, and good evening, everyone. As mentioned by Stuart, I'll provide more details on the progress we've made in our key business priorities, with our clear objective of focusing the business on the New Economy. First, we continue to focus on optimizing our balance sheet through asset sales and syndication to ESR-managed vehicles. Secondly, we have made significant progress on our key goal of streamlining and simplifying the business through key non-core divestments. And finally, as Jeff has previously mentioned, the company has completed the acquisition of a minority interest in LOGOS well ahead of the 2025 deadline, which will enable us to further streamline the business. We continue to execute and focus on optimizing the business. The business will be well positioned for its next phase of growth. This will be centered on our emerging platform of data centers, infrastructure and renewables, and our sizable and well-diversified network of logistics, assets, and development pipeline. The proceeds of $1.2 billion from the completion of 2023 announced asset sales in China, syndication of balance sheet assets in other regions, and non-core divestments announced in March 2024, along with cash on balance sheet, will be used to fund working capital and repay debt. The proceeds will come from the 2023 announced asset sales in China, ESR's C-REIT, which has received approval from the CSRC and the Shanghai Stock Exchange for listing. Also, we have been progressively completing the sale of various Chinese balance sheet assets in the Renminbi Income Fund, along with the syndication of balance sheet assets in other regions such as Japan, Hong Kong, and South Korea. In terms of non-core divestments announced in March 2024, we have completed the sale of the ARA US Hospitality Trust and its manager in July this year. The ARA Private Funds business is substantially complete, where the majority of the CPs have been satisfied, with one remaining regulatory approval pending. We expect this to close very soon. The divestment of the European platform in Cromwell Property Group align with our strategic priorities for the company and will allow the company to focus on its core competencies in Australia and New Zealand. It has been well received by the market, and we will continue to evaluate this business and look to unlock value at the right time. On July twenty, two thousand and twenty-four, ESR announced the acquisition of the remaining shares in LOGOS from the founders ahead of the January 2025 target. The early integration will position the company to deliver a unified New Economy platform across the Asia Pacific. We believe we can deliver additional cost synergies of circa 50 million and open up further opportunities for shareholder value creation. This cements ESR's New Economy leadership position in the APAC region, with a total New Economy AUM of $73 billion and a development pipeline of more than $13 billion, which is the largest in APAC region. The united platform also puts the ESR on a pathway to be the number one New Economy manager in Australia and New Zealand. It consolidates our position as the market leader in the key Southeast Asian markets and bolsters our leading position in South Korea. In addition, the unified data center business is expected to be a key growth driver for ESR moving forward. John Marsh, one of the founders of the LOGOS business, will be remaining with the business and will assume a new role of Chair of the Australian and New Zealand business, as well as the infrastructure business. ESR's infrastructure platform is expected to grow further over time, and at present, it has over a billion of equity raised and importantly, various in-country renewable energy joint ventures in operation. The execution of asset recycling and business simplification outlined previously will put ESR in a strong position to capitalize on the next wave of growth opportunities. Through a focus on delivery of our high quality and well-located modern logistics facilities, as well as newer business lines such as data centers and the renewables platform. We are setting the business up to capitalize on the expected growth in cloud data storage as a result of the adoption of AI. As highlighted in recent report by Moody's, global data center capacity is expected to double over the next five years. In the APAC region, it is expected to grow at 20% CAGR to circa 25,000 megawatts by 2028, supporting investment of over $500 billion. The ESR's data center platform is one of the fastest growing in the region, which has been built from the ground up over the past three years, and significantly has included the launch and closing of our first data center fund with in excess of $1 billion of equity raised for that fund. We are also pleased to report that our maiden data center development project in Japan, which is featured on this slide, is on track to be ready for service in May two thousand and twenty-five. Now, Stuart will be covering in more detail our data center business and growth strategy later on in the presentation. Turning to our development workbook. Our robust development workbook, alongside our emerging infrastructure renewables platform, serves as key growth catalyst for the medium term. Our workbook is one of the largest in the APAC region, and the robust pipeline of projects will ensure ESR's future growth as we keep delivering high-quality assets that meet the needs of our customers. Notably, as we have talked about, data centers are going to be an increasingly significant contributor to development going forward. In line with our stated asset light strategy, more than 95% of our workbook is within our managed funds. Our workbook has grown over the past years as we provide our capital partners with a unique proposition to partner with a leading developer of grade A logistics facilities in gateway cities in Asia-Pacific. Our local presence, extensive customer network, make us a partner of choice for global real estate investors. There is good growth potential in ESR's infrastructure and renewables platform, where we look to leverage the adjacencies with our new economy real estate business to grow this platform. We are positive on the growth potential of this platform, which is underpinned by key mega trends such as decarbonization and digitalization. Our focus is centered on four key pillars of decarbonization, digitalization, de-globalization, and the circular economy. The infrastructure team is working on both investment and platform growth opportunities as we speak now. I will now hand over to Matt, who will work through ESR's operating performance. Thanks, Phil. I'll start by elaborating our capital raising activities this half. As Stuart has mentioned, we raised $2.3 billion of capital in the first half of the year, which is more than two and a half times what we raised in the same period of last year. This conveys our strong capital execution capabilities in what continues to be a subdued fundraising environment that's basically at trough levels. According to PERE data, this year is expected to be one of the lowest years for fundraising for private real estate, in fact, the lowest since 2012. Fortunately, logistics and data centers remain the preferred asset classes, and for ESR, about 70% of the $2.3 billion that we raised was in our new economy mandates. Our value proposition as APAC's largest real estate manager and our integrated funds management and development platform continues to put us in a strong position with investors who are looking to stay invested or to build more exposure in the APAC logistics and data centers over the long term. ESR-LOGOS REIT recently announced the acquisition of two properties from other ESR-managed funds, one asset in Japan and another in Singapore. This is testament to the value created by our closed-loop ecosystem. It does appear that we've reached the end of the interest rate hiking cycle in most markets, and any cuts from here to base rates should increase the attractiveness of our core and perpetual strategies that are important for building earnings sustainability. There exists a backlog of third-party portfolios that should come to the market as soon as rates start coming down and can be offered with a positive leverage to buyers, and we feel we're uniquely positioned to acquire these portfolios together with our capital partners. So some of the key operational metrics were touched on earlier, but I'll flesh these out a little bit more on this slide. So the portfolio occupancy for the group's new economy assets stood at 87%, or 94%, excluding Mainland China, as at 30 June 2024. Impacting the portfolio occupancy in this half has been a couple of very large asset completions in Japan, which is not a pre-lease market. However, leasing momentum for these assets is sound and progressing well. If we exclude Mainland China and the impact of these newly completed assets, the portfolio occupancy would have been a healthy 97%. Leasing activity remained robust, with 3.9 million sq m of renewals and new leases for the first half. Now, this is an increase of more than 85% compared to the same period last year, albeit with some short-term leasing in China. Weighted average rental reversions remained positive at 10.7%, and excluding Mainland China, this number increases to 19.4%. In Mainland China, the weakness in the property sector, coupled with high supply of warehouse space, have negatively impacted the leasing environment. Although tenants in China remain cautious, the team has worked really hard to progress the lease renewals and replacements. Rental reversions came in negative as the team continues to prioritize occupancy while providing flexible leasing. Jeffrey Shen will discuss more on the challenges we're facing in the China market, as well as its outlook shortly. Rents in South, in South Korea and Australia continue to show the highest growth, with rental reversions of approximately 24% and 28% respectively. Given the quality and location of our assets, we're confident occupancies for newly stabilized assets in mainland China and Japan will improve as these markets reach a better supply-demand equilibrium. Overall, we maintain a well staggered lease expiry profile of 4.6 years by income, as well as a diversified customer base. Our top ten tenants include many prominent global, and regional e-commerce companies, as well as global third-party logistics providers, which you can see on this chart. Our strong multi-market relationships and major multinational and national tenants underpin our leasing efforts amid softening global demand. The chart on the bottom of this slide is a case in point, which shows how we have grown our pan APAC relationship with one of the world's largest online retailers. We have supported their expansion across Japan, India, Australia, and Singapore, growing our total leased area to this customer to nearly one million square meters of GLA, including pre-leases. In Australia, this relationship has led to a development pipeline of over three hundred thousand square meters, making the tenant one of Australia's top three customers on completion of the current developments. This includes a multi-level facility in Melbourne, only their second robotics fulfillment facility in Australia, and at over two hundred thousand square meters, it's expected to be the largest single logistics facility in Australia on completion. Turning to development, activity. Development activities continued at a more cautious pace this half, as capital partners have had to navigate changes to interest rates and consequently a higher cost of capital. The positive of this change in the market is that development yields on new projects have continued to go up, and I'll elaborate more on this in a moment. In total, we've had $1.3 billion of starts in the first half of FY 2024, and $1.5 billion of completions. 34% of our development starts relate to our data center business. As Phil noted, we do expect the data center business to be uneven, given its scale and lead time. However, there's little doubt in our mind that their contribution will grow with respect to our overall starts and work in progress. In terms of geographies, 26% of our starts were in Australia and New Zealand, 23% in India and Southeast Asia, and 17% were in mainland China. With respect to mainland China, we remain prudent when evaluating any new developments and only with strong capital partner support. The majority of our development completions in the first half were in Australia, followed by India and Southeast Asia and mainland China. Our new economy development pipeline is the largest in APAC region, as Phil touched upon, at over $13 billion. So looking at our development economics. Despite the challenging operating environment, we're pleased to report that our projected development margins are increasing in pretty much every market in which we operate, and on a blended basis now stands at 33.5%. This represents an improvement of more than 150 basis points from a yield, from a year ago. Yield on cost also increased to about 6.7%. The improving development returns are a function of continued strong rents, stabilization in construction costs, and in many markets, lesser competition from merchant developers. I will now hand it back to Stuart to elaborate more on our data center business, among other things. Thanks, Matt. On this slide, I want to show you a snapshot of ESR's competitive edge that underpins our confidence in further scaling up the platform with the AI wave, which is hitting APAC. Dedicated and experienced in-country teams executing on our DC strategies, we've made significant strides in scaling our DC platform since inception in March twenty twenty-one.... Our six core strengths are our multi-model approach, our dedicated team, our expertise in design reflecting our commitments to ESG and innovation, our strong relationships with our customers, and our track records in development in the APAC region. Our multi-model approach is powerful in enabling us to deliver bespoke solutions, both in business model and service provision, to our clients, and adapted for both operator requirements and unique attributes in each market we operate in. We believe this is a significant differentiation to our peers. Our data strategy continues to scale. Our first lot secured projects under ESR-DC Fund I, totaling 375 megawatts, is on track in terms of planned construction, and we look to execute the second lot of projects totaling an additional 200 megawatts across another three sites. In addition to executing on the secured projects for the ESR-DC I, we have several immediate priorities. These include full completion and integration initiatives with LOGOS, pursuing an expanded pipeline with operators and hyperscalers across our markets in APAC, capitalizing our land sourcing and aggregation capabilities to deliver large campus projects, and broadening our product delivery to include core fund strategies that we see as managing both high quality of third-party assets and their own development assets in time. Turning to our key markets, I will cover in detail more on what is happening on the ground and the respective team's key priorities for Australia, Japan, and South Korea before turning over to Jeffrey Shen. Capital partners. Year to date, we've successfully raised over $1.4 billion from both new and existing investors across the three new development ventures. With interest rates expected to taper and transaction activity increasing, we aim to deploy around AUD 1.5 billion of unallocated and uncalled capital across both development and core plus strategies. Leasing activity remains robust, with Australia experiencing one of the lowest vacancy rates globally. CBRE anticipates continued rent growth, driven by low vacancy rates. We are positioned to capture over 20% embedded rental reversions in Australia as existing leases expire and are marked to market. For Japan, the Japanese logistics market continues to demonstrate resilience despite a large amount of new supply over the past year and rising vacancy rates. Looking ahead, the Japanese logistics supply pipeline is forecast to moderate. We've seen pockets of oversupply in Japan before, and we expect the demand gap to be filled in the next twelve to eighteen months amid more limited supply coming online. We continue to strategically fill our development pipeline with rezoning projects, which gives us a much lower land cost basis, while also focusing on traditionally strong areas and high demand sectors poised for robust growth. In South Korea, we're the leading logistics fund manager, and our portfolio continues to do well at near-full occupancy, achieving over 20% average rental reversions. Looking ahead, there is a significant reduction in future supply due to constrained debt and equity development capital, especially for merchant developers. This creates a great opportunity to expand our development pipeline with attractively priced projects, generating 7% plus development yields. Our near-term priorities include accelerating capital recycling efforts, and the REIT market is also set for recovery, driven by potential rate cuts. With that, I'll hand it over to Jeffrey. Thanks, Stuart. I will now cover the key market of Greater China, India, and Southeast Asia. Our China portfolios remain stable and defensive. Also, leasing demand in the market has slowed due to the weaker business growth. We are seeing some signs of stabilization. E-commerce customers continue to expand, and we see new demand coming from high-end manufacturing, including the EV auto parts suppliers. 70% of our properties are in the Yangtze River Delta and the Greater Bay Area, and the leasing demand in this area remain healthy. Excess supplies from the 2021 and 2022 vintage of new projects is gradually being worked through. The team has secured more than 300,000 square meters of new space to largely establish new economy tenants with cross-border operations. Development activities were carefully managed and only within our fund. With lower PBOC rates, we are seeking decent demand from the domestic capital and are working on the sale of eight assets worth at least $400 million to domestic investors in the second half of 2024. A key milestone for us in China is the potential listing of the C- REIT in the second half of this year, which will help to reduce our balance sheet exposure and provide a future takeout vehicles for balance sheet asset. ESR entered into the India market in 2017 and has been steadily growing as the market matures. Today, our footprint in India covers 10 cities, 22 sites, and nearly 3 million square meters in GFA. Demand for warehousing in India remains strong, with a focus on investment-grade facility that offer better specifications and infrastructure. It is one of the ESR key strengths. Government initiatives like the Make in India and the Production Linked Incentive Scheme and boosting the country's manufacturing activities, and the demand for manufacturing and warehouse space that can cater for this. In the next six months, we plan to develop 500,000 square meters of GFA across the four development sites and are exploring potential data center projects. In Southeast Asia, we have leading development and asset management platform. Our key markets, including Indonesia, Vietnam, Thailand, Malaysia, and Singapore, covering more than 3 million square meters. One of our key projects, DSV's new corporate headquarters and warehouse in Singapore, is progressing well and is on track to complete it by the middle of 2025. This is the first acquisition under our Pan Asia Core Plus venture in Singapore. The recent proposed acquisition by our REIT, E-LOG, of 51 stakes in a property in Singapore, shows our commitment to supporting the growth of the REIT. As a group, ESR continue to deliver on our ESG commitment in line with our three key pillar ESG framework. To touch on one key highlights from the first half of each of those three pillars, 46% of our employees are female, an improvement from 45.4%. We have installed 48 megawatts of roof solar power capacity and over 100 EV charging station in the first half of this year. We achieved a first decile ranking for ISS Governance QualityS core, up from the eighth place and putting us into the very top of our peer group. I will now hand it over to Ivan, who will cover our first half financial performance. Thank you, Shen. Good evening, everyone. Thank you for taking the time to join us. I will now take you through ESR financial performance for first half financial year 2024. Fee-related AUM remained at $80 billion as at 30th June 2024, of which 63% are in perpetual and core capital. ESR Group funds management segment revenue or fee income for first half FY 2024 was $254 million, and contributed over 80% to the total revenue. Excluding promote fee, fee income was 5% lower year on year, mainly due to slower development progress and project delays in Japan and Korea. However, excluding the impact of foreign exchange fluctuations, fee income was essentially flat, and the base fee income as a percentage of average fee-related AUM was approximately 70 basis points. Core asset recurring fee income from asset management, investment management, and property management grew 7% year on year, underscoring the resilience of the fund management platform. Correspondingly, fund management EBITDA margins, excluding promote fee, stay resilient at approximately 70%. As you can see, the group underlying business remains healthy despite absolute trough activity in the market. As outlined in the profit warning announcement, like our peers, the decline in statutory profit was mainly due to non-cash item and the absence of promote income in a reporting period. These are reflective of current market conditions. They do not reflect the core operating earnings. To facilitate a like-for-like comparison with last year, we normalize the following. First, the $97 million loss related to the divestment of ARA US Hospitality Trust. Second, our $45 million share of fair value loss reported by Cromwell Property Group, which has earlier been identified as a non-core business. As such, the adjusted PATMI for the period was -$58 million. If we were to exclude the $60 million revaluation loss from the three balance sheet asset to be spun off to ESR REIT, the PATMI would have been negative. Oh, should be positive, sorry, not negative. So on the capital management front, we remain focused on capital recycling to reduce the group gearing towards the low end of our targeted range of 20%-30%. Our capital recycling efforts are ongoing, although at a slower pace, given the market conditions. Meanwhile, we are currently executing on the staggered refinancing and planned repayment of the debt amount due to the second half of the year. We have tapped lower margin financing to refinance more expensive U.S.-denominated debt. This reduced the weighted average interest cost to 4.9% from 5.6% in the prior year. The group will benefit from a reduced interest expense and a faster pace of capital recycling with the U.S. Fed rate cut. To put this in perspective, an expected 100 basis points of rate cuts will translate to about $50 million of interest rate savings for the group. The planned capital recycling from balance sheet and non-core divestment is ongoing. Currently, about $1 billion of transactions are pending completion, and another $2 billion are in the pipeline. Net proceeds will be used to pay down debt to reduce the group's gearing. The group's liquidity position remains sound. We have been proactive on the capital management front. We are putting in place a five-year $2.5 billion committed sustainability-linked loan facility. We have greenshoe options of $500 million. The loan facility is expected in the second half of the year. As you can see, we are well backed by strong support from our relationship bankers, a testament to our underlying core earnings and asset-light approach. I will now hand it back to Stuart for the concluding section. Thank you. Thanks, Ivan. Thanks, Ivan. Just to conclude with a few points before we move on to the Q&A section. As Jeff highlighted at the outset, the current market conditions have been very challenging over the last two years. That being said, the outlook in the next 12-18 months is increasingly supportive of a recovery in various fronts. Lower short-term rates will provide the biggest market catalyst in development starts, transaction activity, and asset valuations, followed by the APAC growth in artificial intelligence, which is why we're doubling down on new economy development and funds management business in preparation of a market recovery, and with a strong competitive advantage in new economy, real estate fund management in the APAC region, these would underpin the continued strength of our underlying business and future growth in core operating earnings. Now, with that, we can now move to the Q&A section. Thank you, Stuart, and thank you everyone on the call for submitting your questions. We shall now commence our Q&A. We'll just kick off with the first question. Congratulations on the fundraising efforts, considering the challenging environment. Now, given the expected drop in interest rates that we are seeing, are we seeing more interest from investors for core or core plus funds or development funds? And the second part of the question is, can you please share which part of the ESR business excites management the most, in the coming year? Why don't I take the first part of that question, and maybe Phil takes the second part. In terms of the core and core plus, I guess if we look at what happened when interest rates started to go up, they first impacted those core plus mandates initially, and then, as we've also reported, I think a second order to that was that they started to develop impact our development funds. So I think as we start to see interest rates come down, I think we'll probably start to see the reversal of that situation. We're certainly expecting that the core plus perpetual type mandates that we operate should become more attractive in a lower interest rate environment. In terms of the markets that we're most excited about, I mean, obviously, I'm obviously biased, as I come from Australia, but I think from the group's perspective, with the integration of the LOGOS business, the combined Australia, the ESR Australia business is probably the biggest beneficiary of that. The combined business has, you know, just over $15 billion of fee-paying AUM, and in addition to that, there's a $12 billion development pipeline, that's all US dollars. So that's obviously a very, very significant opportunity and growth there for the business, and the business becomes, you know, the biggest in terms of AUM within the ESR business, and ultimately, the market fundamentals are still very strong in that market. We've got strong capital support from our capital partners. We've recently raised additional capital for our development partnerships. We've got core capital available to us. And obviously we've got a big development pipeline and a, you know, a much bigger team. Then in addition to that, and Stuart can obviously talk about data centers a little bit more, within the Australian business, there are some data center opportunities that we will be looking to unlock over the next couple of years, which will obviously complement what we already have. And then, you know, bringing the ESR and the LOGOS data center teams together obviously gives us a significant capability in that area. Yeah, I mean, just to expand on data centers, to put it into some perspective, my fund manager's viewpoint, if you consider these assets are about five times the cost of your average warehouse that we would build in most of our markets, you can see the impact that would have on earnings, just purely from a fee business. So we're very, very excited about the potential for the future of the data center business all across APAC. Okay. Thanks, Matt, Phil, and Stuart, for your responses. The next question, which is also related to fundraising. Previous guidance for 2024 was to double fundraising in new economy funds, from the $3 billion raised last year, and for us to please provide an update on this guidance. Yeah, sure. So just for clarity, we raised $2.4 billion in new economy last year, so a little bit less than the $3 billion quoted in that question. Year to date, we've done $2.3 billion total, of about 70% of which was new economy. So you know, if you double that number, we're not quite gonna hit you know, the double of what we did last year, but we're certainly gonna exceed what we did last year, I think we're pretty confident of that. And then if you think about it from a I mean, the other really important part of this is deployment, and I think we feel really confident. You know, we've got $13 billion, sorry, $23 billion of uncalled capital across the group. As we start to think about interest rates coming down, we expect that investors are gonna become more excited about deploying that uncalled capital in our new economy mandates. You know, as they start to see a bit of an inflection point in the market and hopefully capture what could be a trough period in most markets. Thanks, Matt. The third question on the list. Can you please comment on the yield on costs and the development margins, and whether we expect to see a material change going forward? Yeah. So we'd elaborated on slide 22 on the yield on costs and development margins. And I think what we're seeing across the board is that, you know, for the reasons I articulated during the presentation, you know, we're seeing a lessening of competition. I think in almost every market, we've either seen construction costs no longer go up, or certainly in some markets, we're starting to see construction costs come down at the same time when supply is coming out of the market. Generally speaking, you know, cap rates have also moved up in most of these markets, but yields on cost have moved up more. So as a consequence, our development margins are improving. And I suspect that will continue going forward, given what we're looking at, underwriting on new developments. Thanks, Matt. The next one is on rental reversions. Can we give a little bit more color in terms of the rental reversions in Australia, Japan, Korea, and China, our key operating markets? Yeah, I'll start off, Marilyn. I'll start with Australia, and then I'll probably let Jeffrey talk about China and Stuart talk about Japan. In terms of Australia, we have seen significant rental growth over a three- or four-year period. And, you know, we've been getting close to 20-25% or 25-30% rental reversion in the portfolio as leases come up to renewal. So there's still that built growth in the portfolio, and we expect that to continue for some time. Although the rental growth itself has, you know, obviously tapered to what it was. It's still positive, probably more like a 4-5% rental growth, but there's still significant rental growth, reversion growth in the underlying portfolio. In terms of Korea, it's actually a very similar story to Australia, and I suppose there's not a lot of supply coming to that market. So there's once again, within that portfolio, there is significant rental growth, and similar to Australia, approximately 25%. And they may be able to unlock that a little bit quicker than us in Australia because their lease weighted average lease term is probably shorter. But Jeff, do you want to talk about China? Sure. I mean, in China, I mean, the during the last six months, we still we can see if you look at overall market, probably, I mean, the because China is big, so different markets do have the different, I mean, the situation, but generally speaking, it's around still negative. I mean, the negative around 10%-20%. And because our most of our portfolio is located in Yangtze River Delta, as I mentioned, and the GBA plays, so generally, I mean, the I think we record the rental reversion is like negative 10%, around 10% about the rental reversion, and then that's based on our existing portfolio. Yeah. On the Japan story, I mean, all throughout this period of rising interest rates, and hopefully we're at the peak now, we didn't see any cap rate expansion in Japan. It just never occurred. You know, Japan's still in a relatively low interest rate environment. There's huge demand for the product in Japan. So, you know, we've actually seen rental rates year on year for the past two or three years, 3-5% in growth per year. On reversions, kind of somewhere between 7-14% on rental reversions. So there's good positive growth in Japan market. I mean, there are pockets of softness around about the Western Tokyo areas. Osaka is strong, Nagoya is strong. You know, by and large, Tokyo Bay is very strong, as I say, with the exception of one or two pockets where there's been a bit of oversupply. ... Thanks, Stuart. We have a few questions coming in on data centers, so let me try and summarize it. So, data centers, they have been a major rerating catalyst for ESR since the peers. Can you please share with us more about ESR's data center development pipeline? And what are the key markets that's where this pipeline will come from? Yeah. Thanks, Marilyn. Yeah, I mean, on the data center side, you know, we're operating right now in Japan, South Korea, India, and Australia, and we're looking at other opportunities in other markets. But, you know, the nexus of the data center business for ESR at the moment is Japan. In terms of looking at the pipeline, we've got 375 megawatts of projects underway in the development pipeline right now. We're gonna add another 200 megawatts of projects to that within the next two quarters. So that would give you, I mean, somewhere in the order of about $7 billion in gross development values. So, I mean, that is just gonna grow and grow as AI becomes, you know, as AI gets rolled into APAC region. Still, currently, we're mainly serving the cloud and the hyperscalers, but AI definitely has a place, and it's coming into APAC region. Thanks, Stuart. The next question is also for you, on Japan. It's one of the crown jewels of ESR's business. Would you be able to share about the land banking and development opportunities in Japan, as well as appetite from investors, for new Japan funds? Yeah, I mean, we don't land bank as such, but for the last five years, we've had a fairly sizable rezoning program, where we basically rezone land from agriculture or forestry or other industries, specialized industry into semi-industrial, so that's paid off very well for us. I mean, these are very much private off-market deals, which really need specialized skill sets, and we told the company, you know, to have those in-house skill sets several years ago, so in terms of land bank, I would say, on average, every year, we're rezoning about 50-80 hectares of land. Generally, that takes about three years. By the time you put the application in, until it drops out, to be in a position where it's ready to go into production, it's usually a three-year cycle. So as I said, every year, about fifty to eighty hectares pops out of the production line, which then comes into service. In terms of the funds that we're raising, you know, we've got a very strong development pipeline in Japan. You know, it has been impacted by construction inflation. You would probably say that construction inflation, last two and a half years, probably peaked at 40%. We would say, you know, it's kind of plateaued off. We're hoping to see some signs of softening next year, but as at the moment, you know, we still haven't seen that. Interest rates, as I said, despite the recent rise by the Bank of Japan, we haven't seen an impact on our borrowing rates as of yet. We haven't seen any impact on cap rates. As I say, cap rates are holding up very firmly, so nothing has been expanding, so overall, the development pipeline is robust. With you know, hopefully, now an interest rate cut in the U.S., overall raw material costs will come down, and hopefully, that should feed into a softening in construction costs in twenty twenty-five. Thanks, Stuart. The next question on the list is pertaining to the C-REIT. Can we please obtain an update on the proposed listing of the C-REIT, and what are the reasons for the delay in the listing? Thanks, Marilyn. Maybe I'll take this question. So the C-REIT, we've gotten the approval from CSRC around June thereabout. The market. The softness of the other C-REIT performance in the market, you know, more are trading below their issuance price, which is currently impacting the market significantly. Even this is such a high quality our portfolio on our side, we want to make sure that it is the right backstop to do it. Thanks, Ivan. The next question is pertaining to China. So, this one's for Jeffrey Shen. When should we expect the China logistics market to bottom and recover? And what are the signs that management is actively monitoring to turn more offensive in China? Sure. Thanks. I think it's still hard to say in this moment, I mean, when the whole market, I mean, the logistic market and the real estate market can come back. I mean, we do have seen some kind of signal, like, like the I mentioned, the rental reversion, and then it became more and more stabilized, I mean, in the last six months. But based on different cities, different market, I mean, there's still slight, some kind of the different. So generally speaking, I think we are looking, we are watching at the macroeconomy, the rebounds, the real signal of the macroeconomy rebounds and that will relate our business in these sectors. Thanks, Shen. The next question is for Ivan, pertaining to expected borrowing costs. Please provide guidance on expected borrowing costs for the group for the second half of 2024 and FY 2025. For the expected second half interest rate costs, I think will range between 4.5% to 4.8%. Beyond 2024, 2025, you know, think the group is expecting is hitting below 4.5%. Based on, you know, based on rate cuts, say, this could be lesser. Thanks, Ivan. The next question is on LOGOS. Post-completion of the remaining interest in LOGOS Property Group, can you please share with us some examples of how the business can be streamlined, and where the 50 million cost savings will come from? Thanks, thanks, Marilyn. Yeah, look, thanks for that. Obviously, LOGOS was run as a very independent company with an independent board, which meant, you know, there's a number of areas. There's obviously a head office, so I suppose there's a fair degree of rationalization that can go on there. And then I suppose the other big area of duplication clearly is in the Australian market, and we've already started work there in that regard. But I think it's probably worthwhile pointing out the 50 million is not just associated with the LOGOS. We, given the current environment, as a group, the management team is looking to take costs out of business, across the board. So it's not going to be just confined to the LOGOS business. So we are looking to, you know, obviously streamline the business generally, have a more efficient business, and a more focused business, as a result of that. So hopefully that answers the question. Thanks, Phil. There is another follow-on question for the C-REIT. What will be the expected size and how much will come from ESR's pipeline actually that will come from ESR's assets? It's currently 100% held in our balance sheet, so, upon listing of this C-REIT, you know, we recycle close to about, you know, 66% back, you know, and then our core, core investment, you know, close to about 34-35% in the C-REIT. There's one question, the next. Thanks, Ivan. The next question is on promotes. Sorry, just let me combine the questions. The question here I have is: Can you please share with us the amount of embedded, promotes performance fees that have yet to be recognized through the P&L? Promote yet to be recognized in the P&L, you know, it depends on, you know, the cycle of the fund, right? So, currently, you know, if you look at the rate cycle, right now, we are at the tail end of the rate cycle, and then, you know, Fed is expecting more rate cuts. And arising from that, you know, we'll crystallize more, you know, promote, you know, down, down, you know, as we progress and as when, you know, we, we. As, as and when, you know, we can, you know, crystallize based on the agreement, you know, on the LP agreements. Thanks, Ivan. The next question would be: can you please share a bit more color on the cap rate movements and our expectations going forward in each of our key operating markets? Yeah, why don't I take that. So overall, we've seen on a weighted basis our cap rates move out since December of last year by about 20-25 basis points. So that's sort of across the board. I think that if we look at the major markets in which we are operating, I think it's fair to say Australia is pretty much at the end of that cycle. I think there's maybe still a little bit of pressure on those really long WALE assets. But pretty much at the end of the sort of cap rate expansion cycle. As it relates to Korea, likewise, any cap rate expansion continues to be absorbed by good rental growth in that market. Japan really hasn't seen much in the way of cap rate movement. And likewise, even China. So notwithstanding in China, you know, cap rates have moved out a fair bit. They're also being cushioned to a large extent by much lower borrowing costs in that market. So, that's probably a rundown on all of the major markets. Thanks, Matt. Next question. How much of an impact do you think rate cuts will have on activity in twenty twenty-five, in FY twenty twenty-five, if they do come through? Yeah. So, it's somewhat of a virtuous cycle. So, as I articulated before, we have seen, you know, a real slowdown in activity as it relates to our core and core plus ventures first, and then more recently, some of that had started to flow through into our development funds. So, we do expect there'll be a sort of positive feedback loop if interest rates start to come down. And I think, again, we start to feel that first in the core and core plus mandates, because developments, you know, held up a little bit better. Really, in those core and core plus mandates into twenty twenty-five, you know, we're starting already to have conversations with capital partners that had previously looked for liquidity or weren't ready to deploy. We're starting to have some pretty positive conversations around those sort of strategies. Again, it's gonna be good for the development business as well. It should just really start to unlock a lot of that uncalled capital that's been sitting on the sidelines, given the uncertainty and the fairly rapid increase in the cost of capital over a relatively short period of time. Thanks, Matt. I'm just my very, very mindful of time, so I'll just take... We'll just take one more question. As always, I always leave the most interesting questions to the last. The question is for Mr. Jeffrey Perlman. Congratulations on your promotion to CEO of Warburg Pincus, and, well, you know, can you comment on whether ESR will be losing your insights and expertise? Yeah, no, my intention. Thanks for the question. I don't know if I necessarily expected that one. But you know, my intention is to continue to remain on the board of the company and continue to, you know, add value where the team sees fit from my end. So yeah, we'll continue to stay on the board of the company. Okay, I think with that, thank you everyone for making the time to attend, the webcast and call. Bye. Thank you. Thank you. Thank you.