Thank you for standing by. Welcome to the Australian Unity Office Fund HY results call. All participants are in listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press star one on your phone keypad when instructed. I would like to now hand over the conference to Ms. Nikki Panagopoulos, Fund Manager. Thank you, Nikki. Thank you. Good morning, everyone. Thank you for joining us and welcome to financial year 2023 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'm joining you from Melbourne. I'm joined by Simon Beake, the portfolio manager for AOF, who is in Sydney. Earlier today, we published various documents on the ASX, including the interim report for the half year ended December 31 2022, Appendix 4D, AOF property book, and the investor presentation, which we will go through this morning. Following the presentation, we will have time for Q&A. Let's 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 Melbourne. Today, I will provide you with an update for the H1 of financial year 2023 activities, update you with the financial results, and provide an update on guidance and outlook. Turning to slide three. During the half year, AOF successfully executed on its strategy to maximize returns for unitholders through asset sales and active management, including progressing leasing and asset refurbishment. During the presentation, I will provide you with more detail on the successful sale of three assets, delivering approximately AUD 220 million of proceeds. Active management across the portfolio, with refurbishments progressing at 10 Valentine Avenue and 150 Charlotte Street. Distribution guidance for the March 2023 quarter of AUD 0.025 per unit. I will speak to AOF's well-positioned balance sheet, which is expected to have over AUD 40 million of cash and no drawn debt, providing an opportunity to return capital to unitholders through a special distribution. Let's now turn to slide four. We successfully sold approximately AUD 220 million of assets. A great result for unitholders. 30 Pirie Street, Adelaide, was sold for a gross sale price equal to the June 30 2022 independent valuation of AUD 73 million. Two Eden Park Drive, Macquarie Park, was sold for a gross sale price of AUD 68.825 million, reflecting an approximate 10% premium to June 30 2022 independent valuation. Both of these assets have settled, with net proceeds used to repay debt. On 16th February, we unconditionally exchanged five Eden Park, Macquarie Park, for a gross sale price of AUD 80.75 million, reflecting an approximate 1% premium to the June 30 2022 independent valuation. Settlement is expected in March 2023. Executing on these three sales has demonstrated our commitment to maximizing returns to unitholders. Turning to slide five. Post-settlement of five Eden Park Drive, AOF's portfolio will consist of five assets with a total value of AUD 316 million. The portfolio will comprise of two value-add opportunities, valued at AUD 170 million, complemented by three high-quality multi-tenanted assets. The multi-tenanted properties are 468 St Kilda Road, Melbourne, 96 York Street, Beenleigh, and 64 Northbourne Avenue, Canberra. Valued at AUD 146 million, have a WHALE of 4.5 years and occupancy of 93.3%. Turning to slide six. The value add properties provide refurbishment and repositioning opportunities. At 10 Valentine Avenue, Parramatta, the marketing and leasing campaign has commenced. Base build works have started, with the first full floor upgrade completed and works progressing on the remaining floors. Design document have process expected to commence in the coming months. Turning to slide seven. AOF provided Funds from Operations of AUD 0.074 per unit and distributions of AUD 0.05 per unit. The results benefited from strong leasing outcomes at the multi-tenanted assets and Property New South Wales continuing to occupy approximately 3,000 square meters at 10 Valentine Avenue. Net tangible assets of AUD 2.22 per unit reflects valuation movement at 150 Charlotte Street, 468 St Kilda Road, and two and five Eden Park Drive. Drawn debt of AUD 103 million is expected to be fully repaid. With the fund expecting to have over AUD 40 million of cash and approximately AUD 80 million of undrawn debt facilities available. Let's now turn to slide eight. AOF provides distribution guidance of AUD 0.025 per quarter and will continue to provide distribution guidance on a quarterly basis until further notice. AOF will continue to deliver on leasing and occupancy outcomes with the pro-construction, asset sales and active asset management. The asset sales provide the potential to return capital through a special distribution, with any potential special distribution to be announced prior to June 30 2023. We remain focused on maximizing returns for unitholders. In closing, I thank you for your time today and for your investment in AOF. We look forward to continuing to focus on maximizing returns for unitholders. This now concludes the formal part of our presentation. I will pass you back to the moderator for Q&A. Thank you very much, Nikki. If anybody would like to ask a question, please press star one on your phone now to raise your hand. Thank you. We have our first question from Milo Ferris from Ord Minnett. Go ahead, please, Milo. Hi, Nikki, Simon. Thanks for your time today. Just a few questions from me. You took three assets to market by an EOI campaign. Any update on that? Are you still looking to sell assets? Thanks, Milo. There's some good questions there. Yes. No, we took three assets to market and those opportunities were considered and assessed by the board, for a number of reasons, didn't progress and that's for a number of confidential reasons. I can't give any more information on those three assets. Your second question, sorry, was... Just if you're still looking to sell further assets. At this point, I think as we said in our presentation, we continue to maximize returns for investors and that is through maintaining a proactive approach to portfolio construction, and that may include asset sales and active asset management. Yeah. Perfect. Thank you. How much CapEx is required for 10 Valentine and 150 Charlotte? Yes, we're currently working through the, as I said in the presentation, 150 Charlotte. We're currently working through the final design documentation. The costings on that haven't been finalized. With 10 Valentine Avenue, we have gone through the base build upgrade, which is just to clear out the, you know, the base build, because they've probably New South Wales left that or with... Sorry, I've just gone blank. Left that with the furniture in situ. The first part of that is to clean and demolish or remove all that furniture, and then the second part of the refurbishment, you know, we'll commit the capital as our leasing progresses. We're still working through the finalization of the design documentation for the entry lobby and services, and we don't have those costings finalized yet. All good. Just a final one from me. Would you be looking to reduce your debt facility? I'll pass to Simon now just to give him an opportunity to answer that. One for Simon. Absolutely. Thanks, Nic. Thanks, Nikki. Thanks, Milo. Yeah, we've actually already reduced the debt facility to a degree, it's a secured debt facility. As and when we sell assets, we are having to reduce the debt facility. As we note within the presentation, as of when five Eden Park settles, we would expect the debt facility to reduce to about, down to about AUD 80 million with as Nikki mentioned during the presentation, the zero drawn debt, AUD 80 million facility available with about AUD 40 million in the bank. Perfect. That's all from me, guys. Thanks a lot. All right. Thank you. Our next question is from Murray Connellan from Moelis Australia. Go ahead, please, Murray. Hi. Good morning, team. Would you mind, just, giving us a little bit of color on the embedded capital gains on the three assets that you've sold to date? Do you want to take that, Simon? Yeah. Thanks, Nikki. Yeah, Murray, the as we disclosed, I think probably about 18 months ago, we did actually describe, you know, the potential capital gain position. Assuming the sub-trusts are wound up, which is our intention by 13th of June, the at a 100% level, the total capital gain would be about AUD 90 million. Thanks. Presumably the special dividends, or I guess your internal discussions around the quantum of the special dividend will take that AUD 90 million into consideration. Yeah. The internal discussions which as Nikki mentioned in the presentation, won't be finalized until June when we actually understand the full year tax compliance, we'll certainly consider the AUD 90 million among a number of other factors, such as the future capital requirements and commitments within the fund. That's great. Thanks very much. Cheers, Murray. Thank you. We have no further questions. I'd like to hand back to Nikki now. Nikki, there's no further questions. Thank you. Well, thank you. Thank you very much for joining us today. I hope that was useful. As I said earlier, we continue to maximize returns for all unit holders. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect. Thank you.