Dear customers and shareholders,
ESR KendallSquare REIT aims to solidify its position as the leading logistics REIT in South Korea and build a balanced business portfolio even amid the rapidly changing environment.

Despite the unprecedented challenges posed by the COVID-19 pandemic, we have established a sustainable growth model both domestically and internationally, as well as achieved outstanding results. However, we believe that despite the rising global prominence of South Korea, the modernization of logistics assets in our country is still lagging. As such, ESR KendallSquare REIT will lead the way as the representative logistics REIT of South Korea, standing up to even the most developed countries.

We will focus on expanding our portfolio and enhancing the value of our assets to ensure steady revenue and maximize returns for our investors. With the strong support of ESR Group, which holds the largest logistics assets portfolio in the Asia-Pacific region, we will strive to constantly develop our assets and increase shareholder value.

ESR KendallSquare REIT is committed to fostering and maintaining strong partnerships with our tenants, local communities, and other stakeholders. We aim to prioritize the needs and benefits of our customers and shareholders while working toward sustainable growth. We appreciate your continued support and encouragement.

Sanghwoi Bae

CEO, KendallSquare REIT Management