Today's meeting is being held as a physical meeting, which allows security holders, proxies, and guests to attend the meeting in person. We will also be broadcasting a live webcast of today's meeting for those stakeholders who are unable to attend the AGM in person. Arena delivered another strong performance in the 2025 financial year, demonstrating the strength of our disciplined investment strategy and focus on sustainable growth. Our commitment to actively managing the portfolio, prioritizing long-term contracted income with embedded growth, and acquiring and developing high-quality properties continues to deliver positive outcomes for both our investors and the communities in which we invest. All key financial metrics were positive, with growth in net operating profit, earnings and distributions per security, total assets, and net asset value per security. This was achieved while maintaining relatively low gearing and a disciplined approach to capital management. The management team have been working hard to improve the quality and resilience of the portfolio. In FY 2025, the portfolio was further strengthened through the acquisition of 11 new properties, the sale of five properties, the successful completion of 12 developments, and the replenishment of the development pipeline. Since listing on the ASX, Arena has now successfully developed 88 new purpose-built early learning centers, enhancing the quality of the portfolio and facilitating access to early learning services for many Australian families. This development activity has also contributed strongly to Arena's consistently strong financial performance, with security holders enjoying average annual distribution growth of 7.1% per annum and average net asset value per security growth of 10.7% per annum since listing in June 2013. During FY 2025, we raised new equity through an institutional placement, security purchase plan, and DRP, and extended and increased our borrowing facility on more attractive terms. These funds continue to support Arena's investment program. Looking ahead to FY 2026, Arena is well positioned to continue delivering on our investment objective and purpose of building better communities together. Our long-term leases and structured annual rental reviews remain a key driver of income growth, and our accretive development pipeline provides additional uplift. These elements, combined with our disciplined approach, management expertise, and commitment to sustainability, reinforce our ability to create sustainable value for security holders and good outcomes for communities. I am pleased to reaffirm distribution guidance for FY 2026 of AUD 0.1925 per security, representing 5.5% growth over FY 2025. Arena's remuneration framework is designed to attract, incentivize, and retain talent by providing market-competitive rewards with incentive opportunity aligned to strategy and performance, thereby guiding the behavior and actions of our executive KMP. Prior to the commencement of FY 2025, the Cultural and Remuneration Committee engaged an independent advisor to undertake a comprehensive review of Arena's remuneration framework. The review confirmed that Arena's remuneration policies and practices were largely in accordance with expectations of contemporary market practice and that of comparable organizations. As a result of this review, the short-term incentive was amended to provide executive KMP with the opportunity to achieve a maximum STI of 120% of target STI to reflect contemporary practice amongst Arena's peers. There were no other changes to the remuneration framework in 2025. For financial year 2025, executive KMP were awarded 107.5% of their short-term incentive, which reflected the delivery of a minimum 25 distribution target of AUD 0.1825 per security, the delivery of FY 2025 DIS above the target range, expected FY 2026 DIS supporting FY 2026 guidance above the target range, and the strong performance in respect of a range of non-financial strategic business objectives across culture, discipline, relationships, and capital deployment, as detailed in our 2025 remuneration report. The financial year 2023 long-term incentive was tested as at 30 June 2025 and 42.9% vested, as Arena's 2025 DIS of AUD 0.1855 per security, which represented a 4.4% compound annual growth rate over the three-year performance period, was in the target range of AUD 0.178-AUD 0.1885 per security, resulting in 85.7% of that component vesting. Arena's three-year TSR ranked below the 50th percentile of the comparator group, comprising members of the ASX 200 A-REIT index over the performance period, and therefore no award was made. We recognize it is important for KMP to be aligned with security holders, not just through the remuneration framework, but also by maintaining a minimum security holder interest. Arena has a minimum security holder requirement for executive KMP, which is set at 100% of their fixed annual remuneration, and all KMP are compliant with this minimum security holder policy. Arena's remuneration framework will continue to clearly link and equitably reward and incentivize the management team of performance-based outcomes and behaviors that reflect our purpose, values, and stakeholder expectations. Arena is strongly committed to diversity at the board table and within the management team. We believe that a diverse team provides for different perspectives and makes us a better organization. It assists with team retention and engagement and helps us meet our stakeholders' expectations regarding attributes of a sustainable company. During 2025, Arena maintained its gender balance target for the Arena REIT board and senior executives using the 40-20-20 model. At last year's AGM, long-standing independent non-executive director and chair of the audit committee, Dennis Waldenberg, retired. Upon his retirement, independent non-executive director, Ms. Helen Thornton, was appointed chair of the expanded audit, risk, and compliance committee. In November 2024, Mr. Adam Tindall joined the board as an independent non-executive director. Adam's depth of experience across investment management and real estate strongly complements the board's existing skills, mix, and experience. Your board has a deliberate and forward-looking approach to ongoing board renewal. Each year, the performance of the board, their committees, and individual directors is subject to review. During 2025, these evaluations concluded that the overall performance of the boards and committees was effective and appropriate to the size and operation of Arena. Our proactive approach to board succession intends to deliver the skills, experience, and perspectives that best positions Arena for future success. I would like to take the opportunity on behalf of the board and the management team to thank Managing Director and CEO Rob de Vos for his outstanding contribution to Arena over the last 13 years, including the last six and a half years as Managing Director and CEO. Rob's leadership has been instrumental in strengthening our investment portfolio, expanding tenant partnerships, and delivering attractive total returns since Arena's ASX listing in June 2013. Rob's integrity, vision, and unwavering focus on positive outcomes for all stakeholders has left an enduring legacy, and we thank him sincerely for his outstanding contribution. We are equally pleased to welcome Justin Bailey as Arena's new Managing Director and CEO. Justin joined Arena in February 2024 as Chief Investment Officer following a comprehensive search process. Over the last 18 months, he has demonstrated deep insight into our portfolio, strong alignment with our values, and has a clear strategic mindset. His passion for the business and commitment to our team and stakeholders positions him well to lead Arena into its next chapter. Since the CEO succession announcement, Rob and Justin have been working closely together to provide a seamless transition, and we will announce the terms of Justin's appointment to the role of Managing Director and CEO to the ASX following this AGM. Before handing over to Arena's Managing Director, Rob de Vos, I would also like to thank our investors, tenants, and business partners for their ongoing support. I would also like to acknowledge and express our appreciation to everyone in the management team who are here with us today for their ongoing commitment and contribution to Arena's performance. Thank you. I will ask Rob to come up, please. Thanks very much, David. Very kind words and good morning, ladies and gentlemen. As you've heard from David, today marks a significant moment for me and an important milestone for Arena's ongoing growth and success. After 13 years with the business and more than half of that time as your Managing Director, this is my final AGM. I'm stepping down today with gratitude for the opportunity to contribute over many years and heartfelt enthusiasm for the future prospects of our exceptional business. I'm pleased to report to you today that financial year 2025 was another year of positive outcomes being achieved for you, our security holders, and for many communities across Australia in which Arena invests. The property portfolio is performing well. We've acquired high-quality new assets, replenished our development pipeline, and our disciplined approach to capital management has positioned the business well to pursue new opportunities in our usual disciplined manner. The long-term social and economic themes that underpin the demand for quality social infrastructure property remain positive, as does Arena's reputation as a trusted partner, which positions the business well to continue to deliver on its strategy and investment objective. In financial year 2025, contracted rental growth transactions and development completions underpinned a strong set of financial results. Statutory net profit was AUD 81 million, up 42%. Net operating profit was AUD 73 million, up 17% in financial year 2024. Earnings per security at AUD 0.1855, up 5.1%, and distributions per security was AUD 0.1825, up 4.9%. Arena's total assets grew by 15% to AUD 1.86 billion, and net asset value per security increased to AUD 3.46. These results reflect both the quality of our portfolio and the hard work and diligence of your management team, overseen, of course, by Arena's senior leaders and board. We continue to maintain a disciplined approach to capital management, with gearing sitting at 22.8% at 30 June 2025 and the capacity to fund the existing development pipeline and new investment opportunities as they arise. The business continues to perform well against its strategy and investment objective. Over the last year, your management team has further sharpened its focus on portfolio quality, divesting underperforming assets and recycling capital into higher quality properties and new development projects. Highlights include selling five early learning center properties at an average 18% premium to book value, acquiring 10 early learning centers and one healthcare property for AUD 129 million, and completing 12 new childcare development projects at a total cost of AUD 83.1 million. As of 30 June 2025, our secured development pipeline stands at 29 projects with a forecast total cost of AUD 227 million, all pre-leased to existing tenant partners and expected to deliver an attractive weighted average initial yield of 6%. Portfolio occupancy remains at 100%, with a weighted average lease expiry of 18.4 years, one of the longest in the Australian REIT sector. Less than 1% of income is due to expire before 2032, and over 60% expires from 2040 onwards. Rental growth has been solid, with an average like-for-like increase of 3.5%, including 30 market rent reviews that delivered an average uplift of 6.8%. Just some comments in respect of sustainability. Sustainability is embedded across all of Arena's business strategies, and we believe that best positions the business to achieve positive commercial and community outcomes. This year, we achieved several significant milestones: zero organizational scope one and two emissions, solar installed now at 92% of the portfolio, a 39% reduction and 47% intensity reduction in scope three downstream leased assets emissions, and achievement of 100% of our sustainability loan margin discount targets for financial year 2024. Further details can be found in our annual sustainability report, which we released in September 25, which provides further information on our commitment to creating long-term value for both our security holders and for the communities in which we invest. I'd now like to provide some comments on the early learning sector. The federal government continues to consider and introduce reforms focused on improving access to high-quality, affordable childcare for Australian families. These reforms are anticipated to increase early learning participation, delivering direct benefits to families and high workforce participation benefits to the economy. Recent investigations into serious incidents of harm, misconduct, and abuse in the sector have resulted in a greater focus by federal and state governments on regulatory measures to improve safeguarding of children and penalize non-compliance. While Arena is not involved in the operation of any services at early learning centers, we strongly support the adoption of enhanced safety measures across the sector, and we are engaging with our tenant partners and support initiatives that strengthen child safety and community confidence. Finally, ladies and gentlemen, some closing remarks from me. Access to childcare and healthcare services are cornerstones of strong communities, and it has been a privilege to lead a business that delivers for both our security holders and the wider Australian community. I would like to sincerely thank our dedicated board, our incredible management team, our partners, and of course, our security holders for your trust and support. As I step down today, I'm delighted that Justin Bailey, Arena's CIO, will succeed me as Managing Director and CEO. Justin is an exceptional leader, and I have every confidence he'll guide Arena successfully into the future. I'd like to invite Justin to address you further on Arena's outlook. It has been a privilege to serve as your Managing Director. Thank you. Thanks, Rob. I'm honored to stand here today as Arena's incoming Managing Director and CEO. I want to begin by sincerely thanking Rob for his outstanding leadership and contribution to Arena over the last 13 years. Under Rob's leadership, Arena has delivered strong and consistent earnings growth. Our portfolio has more than doubled in size, and we've expanded and strengthened relationships with our tenant partners. Rob leaves Arena in a really strong position. Over the past 22 months, I've had the opportunity to work with Rob and the Arena board. I look forward to working with our exceptional Arena team, including our long-serving and our new team members, to build a strong foundation and lead Arena into its next chapter. As we look forward, I confirm our strategy and investment objective remain unchanged, as does our purpose of building better communities together, investing in social infrastructure properties that facilitate access to essential community services. The management team's focus for FY 2026 is active management of our existing portfolio of childcare and healthcare assets, looking for opportunities to extend portfolio well and access market rent growth. Successful execution of our expanded development pipeline in childcare, which secures our investment program for FY 2026 and FY2027, and identifying new opportunities for investment through further development or acquisitions which align with our strategy and investment objective. We also look for opportunities to improve the quality of our portfolio by selectively divesting assets which no longer support our investment objective as we did in FY 2025. We believe our specialised management and development expertise, execution track record, and national footprint are key differentiators for quality operators looking for long-term real estate partners. Social and macroeconomic drivers underpin demand across our key sectors. In early learning, federal policies aimed at improving access to affordable childcare are expected to increase demand. In the short term, the guarantee of at least three days a week of subsidised childcare announced by the government this year starts in January 2026. We know investment in early learning is designed to improve lifelong learning prospects of Australian children, increase workforce participation, improve gender equality, including women's financial security, and increase productivity. As Rob mentioned, recent incidents in the sector have reinforced the importance of robust safeguarding measures in early learning settings. Arena continues to work with our tenant partners and supports initiatives that improve safety and quality in the early learning sector. In healthcare, demographic trends, particularly Australia's aging population, continue to drive growth in the demand for services and, in turn, for high-quality accommodation that supports those services. Arena's outlook is positive. We remain focused on executing our strategy and delivering against our investment objective, providing an attractive and predictable distribution to investors with earnings growth over the medium to long term. I'm pleased to reaffirm Arena's FY 2026 distribution guidance of AUD 0.1925 per security, representing 5.5% growth on FY 2025. In closing, I'd like to thank our board members, our entire Arena team, along with our contractors, service providers, and tenant partners for their dedication and hard work throughout FY 2025. Finally, to you, our security holders, for your continued support and ongoing interest in Arena REIT. I'll now hand back to our Chair. Thank you, Rob and Justin. I now ask if there are any general questions in relation to Arena REIT, including in relation to the financial report, the director's report, and the auditor's report for the financial year ended 30 June 2025, as contained in the 2025 annual report. I note that there will also be an opportunity to ask specific questions related to the formal business of the meeting as each resolution is proposed. Do we have any questions in the room? If not, we do have a question that was sent in prior to the meeting. The question is as follows: If interest rates remain elevated for longer, what specific levers will Arena pull first? Dividend adjustments, capital recycling, or slowing development pipelines to protect investors' returns? Thank you, Mr. Johannes Rikasa. Hopefully, I've pronounced your name properly. I'll address this question. With domestic inflation currently higher than the Reserve Bank target range, expectations of further interest rate cuts in Australia have reduced. In this environment, Arena remains well protected with a relatively low level of gearing at 22.8% as at June 2025, high levels of interest rate hedging at 69% as at June, and a growing revenue base as a result of contracted and annual lease escalations increasing at the higher of a fixed amount or at the rate of the prevailing state-based inflation number. Accordingly, we do not currently anticipate any negative changes to dividends, capital recycling, or development pipelines to protect investors' returns. Just checking if there's any other questions. If there are no more questions, I'll now move to the formal business of the meeting. The first item of business is to receive and consider the financial report, the director's report, and the auditor's report, each for the financial year ended 30 June 2025. This item of business does not require a vote. However, the reports are open for discussion. If any security holder has questions or comments relating to this item, please raise your hand. We don't have any questions. As this matter does not require a vote, we will move to the remaining items of business, which include: one, to consider two resolutions for the company being an advisory resolution to adopt the remuneration report and an ordinary resolution to elect Rosemary Hartnett as a director; and two, to consider three resolutions as separate ordinary resolutions of the company and each of the trusts to grant deferred short-term incentive rights to Managing Director Rob de Vos and to grant deferred short-term incentive rights and long-term incentive performance rights to CFO Gareth Winter. Resolution one is an advisory resolution. Resolutions two to five are ordinary resolutions, which will be passed if 50% or more of the votes cast by security holders present in person or by proxy and eligible to vote are cast in favor of the resolution. Information in relation to the resolutions is included in the explanatory memorandum, which formed part of the notice of meeting. As security holders have already received a copy of the notice of meeting and explanatory memorandum, I propose to take each resolution as read. Security holders or proxy holders holding yellow cards are permitted to vote and ask questions at this meeting. Security holders holding orange cards are permitted to ask questions but not to vote. Holders of white cards are not permitted to vote or ask questions at this meeting. We will now proceed to the resolutions, each of which will be displayed on the screen along with details of the proxy votes received. Following the opportunity for security holders to ask questions relevant to the resolutions, we will then proceed to a poll on each resolution. All undirected votes for which the chair of the meeting holds a valid proxy will be cast in favor of each resolution. We will now move to resolution one, the non-binding advisory vote on the remuneration report. Resolution one and the proxy votes received in relation to this resolution are displayed on the screen. If any security holder has questions or comments in relation to this resolution, please raise your hand. As there are no questions, I will now move on to the next resolution, resolution two, which is the re-election of Ms. Rosemary Hartnett as a director of the company. Resolution two and the proxy votes received in relation to this resolution are displayed on the screen. If any security holder has questions or comments relating to this resolution, please raise your hand. We do not have any questions in the room. I'll now move on to the next resolution, resolution three, the grant of deferred STI rights to Mr. Rob de Vos. Resolution three and the proxy votes received in relation to this resolution are displayed on the screen. If any security holder has questions or comments relating to this resolution, please raise your hand. We have no questions in the room. I will now move on to the next resolution. Resolution four, the grant of deferred STI rights to Mr. Gareth Winter. Resolution four and the proxy votes received in relation to this resolution are displayed on the screen. If any security holder has questions or comments relating to this resolution, please raise your hand. We have no questions. I'll move on to the next resolution. Resolution five, grant of LTI performance rights to Mr. Gareth Winter. I'm sure we'll have a question on this one. Resolution five and the proxy votes received in relation to this resolution are displayed on the screen. If any security holder has questions or comments relating to this resolution, please raise your hand. We do not have a question in the room. Ladies and gentlemen, that concludes our discussion on the items of business. I will now put the resolutions to a poll, following which the votes will be counted. The results of the polls will be announced to the ASX after the close of the meeting and will also be available on Arena's website. I appoint Cassandra Fidel of Arena's registrar Boardroom to be the returning officer and scrutineer for these polls. Each eligible security holder or proxy holder should have received a yellow voting card on registration, like this one here. Yeah. For your votes to be counted in these polls, you must now complete your voting cards. Visitors holding white cards and security holders holding orange cards are not entitled to vote on the polls. Some of the votes cast for and against the resolution must not exceed your voting entitlements. If a proxy holder has been directed to vote in a particular manner by completing the yellow card, the proxy holder will be deemed to have voted in accordance with those directions. Please ask Cassandra if you have any questions in relation to completing your voting cards. Once you've completed your voting card, please place it in the box that will be brought around. We will now undertake voting for anyone who has votes that they want to submit. All right. All of the votes have now been collected. I declare the meeting closed. Results will be announced to the ASX following the meeting. I would like to thank all security holders for attending and invite you to meet with the board and senior executives over refreshments. Given that this is Rob's last AGM as Managing Director and CEO, again, Rob, thank you so much for everything you've contributed to Arena over the last 13 years and six and a half years as MD and CEO. You leave behind a great legacy and wish you all the very best.