Good morning, everyone. Thank you for joining us and welcome to financial year 2022 half year results announcement for the Australian Unity Office Fund. My name is Nikki Panagopoulos, and I'm the Fund Manager for AOF, and I am joining you from Melbourne. I am joined by Simon Beake, the Portfolio Manager from AOF, who is in Sydney. Earlier today, we published various documents on the ASX, including the interim report for the half year ended 31 December 2021, Appendix 4D, AOF's property book, and the investor presentation which we will go through this morning. Following the presentation, we will have time for a Q&A. Let's now turn to slide two. Before we start, I would like to take this opportunity to acknowledge the traditional custodians of the land our properties are located on and pay my respects to elders past, present, and emerging. I come to you today from the Wurundjeri land here in beautiful Melbourne. Turning to slide three. Today, I will provide you with an overview of the first half of financial year 2022, update you with the financial results, provide an update on the portfolio's opportunities, and provide an update on financial year 2022 guidance and outlook. The image on this slide represents a render of the repositioning opportunity at 10 Valentine Avenue, Parramatta. I'll talk to this opportunity further through this presentation. Now let's turn to slide four. It is pleasing to advise that AOF is on track to meet full year guidance with funds from operation for the half year of AUD 0.095 per unit and distribution of AUD 0.076 per unit. Pleasingly, occupancy increased by 1.2% to 96.9%. The increase in occupancy was driven by strong leasing outcomes, with 4,500 sq m leased during the first half of financial year 2022. This equates to 5% of the portfolio and was largely driven by small to medium enterprise tenants looking for affordable accommodation with good amenity and easily accessible by car and public transport for staff convenience. At AOF's financial year 2021 results, it was announced that we would divest 32 Phillips Street, Parramatta to enhance the fund's portfolio construction, and I am pleased to announce that we successfully sold and settled the property for AUD 66 million, a 5% premium on the 30 June 2021 independent valuation. On 17 January 2021, AOF announced that it had terminated the merger implementation deed with the diversified property fund. I will also provide further information on AOF's continued focus on maximizing unitholder returns in the coming slides. Turning to slide five, AOF's future portfolio considerations. The fund's multi-tenanted property performed strong during the first half of financial year 2022. Strong leasing resulted in occupancy increasing to 95.7% with a WALE of four years for the multi-tenanted property. Since 31 December 2021, a further 2,000 sq m of net lettable area has been executed and is under signed heads of agreement. The portfolio also offers a once in a generation refurbishment and repositioning opportunity at three properties following the expected lease expiry of the fund's three largest tenants. The expiry represent 51% of the fund's NLA and 59% of gross income. The expected expiry will put pressure on the fund's ability to deliver sustainable distributions. The funding of the opportunities also requires consideration. To continue on to focus on maximizing returns, three options are being assessed. They are to deliver the refurbishments and repositioning while maintaining strong occupancy for multi-tenanted assets. To divest some or all assets and return capital to unitholders. To consider a portfolio sale via corporate transaction. Let's now turn to slide six and explore the three options further. The portfolio offers optionality for maximizing unitholder returns. Firstly, maintaining a high occupancy in multi-tenanted assets provides sustainable income from approximately half of the portfolio by area. The remaining assets provide refurbishment and repositioning opportunities with various initiatives underway, including a development application which has been lodged for a refurbishment strategy at 30 Pirie Street. As represented in the image on this slide, development approval is in place for a new 28,000 sq m office building at 10 Valentine Avenue. A development application is underway for refurbishment and redevelopment at 10 Valentine Avenue, and a refurbishment and redevelopment master plan for 150 Charlotte Street is being developed. Separately, we're also considering the portfolio construction and assessing whether unitholder returns can be maximized through divestment of some or all assets with capital return to unitholders. Submissions have been received from real estate agents and are being assessed. We expect to appoint agents in the week commencing 7 March. The fund has also received inbound inquiries from a party with engagement commenced and confidentiality agreement signed. Information has been provided to enable parties to assess if a proposal for AOF or its assets can be submitted. Let's turn to slide eight. AOF had a strong first half financial year 2022, with FFO of AUD 0.095 per unit, a 3.2% increase driven by fixed rent reviews and increased occupancy. Distributions of AUD 0.076 per unit were in line with full year guidance. The profit for the year was AUD 6.8 million, which is thirteen million reduction from the December 2020 half year due to the revaluation of 150 Charlotte Street, which I will discuss further shortly. The fund's NPA is AUD 2.67 per unit. Turning to slide nine. All assets were independently valued with an overall decrease of AUD 3.6 million. The portfolio capitalization rate firmed by 7 basis points to 5.77%. 5 Eden Park Drive in Macquarie Park and 64 Northbourne Avenue, Canberra, experienced valuation growth driven by strong leasing outcomes, improved occupancy and capitalization rate compression. The valuation of 150 Charlotte Street, Brisbane decreased as the major tenant, Boeing Defence Australia, signed a non-binding heads of agreement at another property. The valuation reflects increased letting up and capital expenditure allowances. The capitalization rate also softened by 25 basis points to 6.25%. Turning to slide 10. The capital structure of AOF remains robust. Gearing at 31 December 2021 was 21%, an increase following the settlement of 96 York Street, Beenleigh. Current gearing sits at a conservative 26%, with AUD 167 million of debt drawn against AUD 250 million of debt facilities. The 31 December 2021 cost of debt of 3.8% reflects that only 53% of the debt facility was drawn. Assuming fully drawn, the cost of debt would have been 2.4%. There remains significant headroom to the debt covenant. Let's turn to slide 12. The AOF portfolio offers dual opportunities. Value add opportunities at 2- 10 Valentine Avenue, 30 Pirie Street, and 150 Charlotte Street are supported by five income-producing multi-tenanted properties with strong WALE of four years and occupancy of 95.7%. Turning to slide 13. In assessing the value add refurbishments and repositioning opportunities, we note that the Fund's largest three tenants, representing 51% of NLA and 69% of gross income, have lease expiry between June 2022 and June 2024. The expected vacancies at the three pro-properties offer a once in a generation opportunity to refurbish and reposition them to their former PCA A-grade status. All three assets were constructed in the late 1980s, with two of the assets underpinned by Property New South Wales and Telstra since construction. The continued occupancy provided for limited repositioning opportunities to date. All three assets are exceptionally well located, offering good amenities and accessibility within metropolitan and major CBDs. The assets offer good natural light and sweeping views with transport and infrastructure at their doorstep. 10 Valentine Avenue and 30 Pirie Street also sit on island sites. Turning to slide 14 and delving into the detail of the value add refurbishment and repositioning opportunities. The initiatives being considered are. At 10 Valentine Avenue, as a vacant property, a re-leased opportunity exists to increase the floor plate by circa 3,000 sq m, taking the total NLA to in excess of 19,000 sq m. The adjoining property to Valentine Avenue provides the opportunity to construct a development-approved 28,000 sq m office tower with strong environmental credentials. The combined property, forming Valentine Place, creates a premium campus-style office offering. Turning to slide 15. 30 Pirie Street offers an opportunity to be repositioned to current PCAA grade, creating a workplace in the heart of the Adelaide CBD that is attractive to tenants while delivering flexible workplace solutions and sustainability initiatives. 150 Charlotte Street offers a short-term opportunity to refurbish the ground floor amenities and a longer-term opportunity which includes the possibility of future site amalgamation. Turning to slide 17. AOF active management has seen 4,500 sq m of leasing during the half year, which equates to 5% of the portfolio NLA. The leasing has driven a 1.2% increase in occupancy to 96.9% from 95.7% as at June 2021. 64 Northbourne Avenue and 5 Eden Park Drive were particularly active, with half of the portfolio leasing completed at these properties. The occupancy at 64 Northbourne Avenue increased by 14% to 94.4%, with 5 Eden Park increasing by 4% to 100%. I am also pleased to announce that the last vacant suite at 64 Northbourne Avenue has just been leased, delivering 100% occupancy upon execution of lease agreement. Our active management acquisition and divestment strategy has resulted in the successful divestment of 32 Phillips Street for AUD 66 million, 5% above prior independent valuations and 96 York Street, Beenleigh was acquired. The property is an A-grade office building leased to the City of Logan for 10 years from February 2022. Turning to slide 19. I am pleased to confirm FFO guidance of AUD 0.18-AUD 0.185 per unit and distribution guidance of AUD 0.152 per unit for financial year 2022. Our focus remains on maximizing unitholder value. To achieve this, the near-term priorities are to maintain our active management strategy on the multi-tenanted assets, delivering strong leasing and occupancy outcomes, progress refurbishments and repositioning opportunities on the value-add assets, and assess the divestment of some or all assets by individual sales, portfolio sales, or a corporate transaction. In closing, I thank you for your time and for your investment in AOF. We look forward to continuing to advance the property's priority business and providing an update to investors in due course with a focus on maximizing unitholder returns. This concludes the formal part of our presentation. I'll now pass you back to the moderator for Q&A. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Murray Connellan from Moelis Australia. Please go ahead. Hi. Good morning, Nikki and Simon. First off, was just wondering whether you could provide a little bit more color on current strategic directions. Maybe just on some of the considerations you're taking into account with regards to the fund's strategic future. For instance, would disposal offers or offers from outside parties to acquire some of your buildings at current asset values be favorably considered, or is it still too early to say? Thanks very much for your question, Murray. Yeah, look, I think as we've disclosed, we are undertaking the process and looking at three options. In being able to determine you know the best option to maximize value for unitholders, we need to assess the three options individually. Taking you know individual asset sales separately without having assessed the three options is probably a bit premature. Thanks. Just a similar question, although, you know, I apologize if, yeah, I suppose you've already answered it to a certain extent, but I was just wondering with regards to the repositioning plans at 30 Pirie Street and 10 Valentine, would your expectation be that those repositioning plans commence upon those assets becoming vacant or, you know, once again, is that all subject to the strategic plan being firmed up? Yeah, no, that's a very good question. Yes, we are, you know, assessing those options and those refurbishment options and we would progress, you know, 10 Valentine if it was to become vacant and assuming development application, you know, was achieved, we would progress on that basis. 30 Pirie Street, you know, the work can commence, you know, at any time subject to council approval and tenant engagement. You know, we'd be able to manage that providing that was the strategy forward for that asset. Great. Thanks very much. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause a moment to allow for any final questions. The next question comes from Leanne Truong from Ord Minnett. Please go ahead. Good morning. Just a question via the asset sales or corporate transactions. When do you expect that to be finalized? Like, a rough time period? That's a very good question, Leanne, but at the moment we are assessing these options. The timing for the conclusion of these options is probably a little bit unclear at this moment. You know, we are engaging with parties on a corporate transaction and hope to appoint the agent, as I said, you know, commencing or sometime next week to start the asset sale investigation process. You know, from a timing perspective, it is dependent on the market, and it is a bit unclear as we sit here today. Yeah. I guess can you go through the merits of potentially an asset sale versus a corporate transaction, you know, divestment fees involved or, you know, removal of responsible entity fee. Like, have you considered that, and which one would be the best outcome? Well, that's what we're assessing at the moment, Leanne. I think it's, without having all the information, it's about maximizing unitholder value and understanding, you know, the cost and the time and the timing of any transaction that all comes into the equation and also the certainty of a transaction. You know, all that needs to be taken into consideration. I guess, can you remind us what fees are involved for an asset sale versus, I guess, a corporate transaction? You know, what you had in your PDS versus those different costs. Yeah. Well, an asset sale would be, you know, your leasing fees and all, any other, you know, costs associated with marketing the assets for sale. It'd be, you know, your normal transaction costs, that's an individual asset sale and also it would apply to, you know, a portfolio sale and, with regards to a corporate transaction, well, that's, you know, a discussion for the manager and, you know, we, the trust team doesn't pay any fees. We're not aware, you know, and that's, you know, something for the manager to be discussed with. Okay. Yeah. Just to follow up as well with obviously, 10 Valentine Avenue and 30 Pirie, have there been any indications in between, particularly for 10 Valentine Avenue, of what the government's going to be doing there? Yes. Well, that's, you know, as we previously disclosed, the Property New South Wales, they didn't exercise their five-year option. We haven't been engaging. We did put a proposal to them for a three-year option on the basis that we understand that they're looking to come to the market for a large occupier holding. We're not engaging with that, with the Property New South Wales at the moment on that. It's our expectation that, you know, it's probably highly likely that they would vacate. We do know that their RFP for the 30,000 sq m-35,000 sq m of occupancy is still being finalized and that should come to the market in the next three months. It has been delayed, as you know, we've previously disclosed, really because COVID has sort of they needed to reassess their opportunity and their occupancy requirement in light of all the, you know, COVID hybrid working, you know, changes that have occurred. It is coming to the market, so that opportunity still exists. Thanks for that. That's it from me. Thank you. There are no further questions at this time. I'll now hand back to Ms. Panagopoulos for closing remarks. Thank you. Thank you all. Thank you for joining us this morning, and I hope that you found it useful and thanks for your time. I look forward to seeing you or hearing from you again.