And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Justin Bailey, Managing Director and CEO, to begin the conference. Justin, over to you. Thanks very much, and good morning, everyone, and welcome to Arena REIT's Financial Year 2026 Annual Results presentation. I'm Justin Bailey, Managing Director of Arena. I'm joined today by our CFO, Gareth Winter, and our Head of Investment and Portfolio, Carla Hayes. For today's presentation, I'll start with an outline of our FY 2026 results. I'll then provide an update on the Edge portfolio. Gareth will talk to our financial results, and Carla will provide an update on the Arena portfolio. Finally, I'll provide a commentary on the early learning sector and the economics of our portfolio before providing our outlook for FY 2027. Our focus over recent weeks has been on the Edge portfolio, which was the subject of our announcement to the market on August 10. We are committed to providing investors with as much information as we can under the circumstances. As you'd appreciate, there are limits on what we can discuss today, as we continue to work with Edge in relation to their lease obligations and potential pathways forward in respect of the portfolio. I want to clarify up front that our FY 2026 net operating income and distributions are not affected. We delayed the release of our full year results to allow us time to complete an independent valuation of the Edge properties, which we saw as prudent under the circumstances. The outcome of the revaluation is reflected in our FY 2026 results and reflects a AUD 24.4 million reduction, or approximately 10% for the properties from our June 2026 market update. We strongly believe in the real estate fundamentals of the Edge portfolio. It's important to distinguish between operator-specific issues and the underlying real estate. These are well-located, modern, high-quality properties in attractive catchment areas that were selected using the same disciplined investment criteria we apply across the broader Arena portfolio. We remain confident in the long-term value of these assets. Given the current uncertainty of the timing of rent from the Edge portfolio, we've adopted a prudent approach to our FY 2027 guidance, which is outlined later in the presentation. Turning to our financial highlights on slide 3. Today, we report net operating profit of AUD 79 million, which is up 8% on FY 2025. Earnings per security increased to AUD 0.1960 for the period, up 5.7%. Net asset value per security increased to AUD 3.60, up 4% on June 2025, and total assets increased to AUD 2 billion, up 8%. We maintained Arena's disciplined approach to capital management in the period. We're hedging in place over 100% of borrowings and gearing at 24.5%. The final installment of our FY 2026 distribution was paid earlier in August, which brings our total distribution to AUD 0.1925 per security, in line with prior guidance. We have continued to actively manage our portfolio in the period. We divested 11 assets for AUD 53.5 million at an 8% premium to book value. We acquired three newly completed properties, and we completed 11 early learning centered developments in the period for a total of AUD 161 million. Our pipeline has remained stable at 29 projects, which we anticipate completing over the next 18 months. These transactions are all focused on improving the quality of our portfolio. Our weighted average like-for-like rent increase for the period was 4%, with 36 market rent reviews completed at an average increase of 7.6%. The value of the portfolio has increased by AUD 47.4 million, or 2.7% over the period. The passing yield for the portfolio is now 5.56%, an increase of nine basis points. These movements are inclusive of the Edge portfolio revaluation. Sustainability remains a key focus for the business. Our solar program means we now have solar on 93% of our portfolio, and we are on track to meet our 2030 interim emissions intensity target. We have had our first Reflect RAP formally endorsed by Reconciliation Australia, and it means our initiatives over the year helped us achieved our full margin discount on our sustainability-linked loan. Turning to slide 6 on the Edge portfolio. As we announced on the 10th of August, Edge failed to pay rent when due on the 3rd of August. We issued default notices under the relevant leases on the 4th. Edge and its lender have up to 21 days to remedy the default. I note that not all properties are subject to the full lender cure period. So on Wednesday this week, we took control of two development properties, which were completed but had not yet commenced trading. In parallel, we have signed term sheets with a leading national tenant for both centers at equivalent rents over the initial 20-year lease terms. We continue to engage with Edge in relation to its lease obligations and potential pathways forward on the balance of the portfolio. But we are prepared to take action to protect our rental income, preserve asset value, and act in the best interests of Arena security holders. If needed, we will look to replace Edge with new tenants that can deliver safe and sustainable childcare services to those communities. All of our legal rights remain in place, and we are actively assessing the full range of options available to us as landlord. But I want to emphasize it is the quality of the underlying real estate that gives us confidence in the range of options available to us. Touching on the portfolio itself, the Edge portfolio comprises 31 properties across Queensland and South Australia. The properties are among the most modern in our portfolio. We are confident in the fundamentals of the real estate, including the locations, proximity to primary schools, the catchments, and contemporary book form, and believe they will be attractive to a range of operators. It is why we chose to invest in these locations. Arena has over 30 childcare tenants across our existing portfolio, and we have very good visibility on the growth ambitions and requirements of major operators across the market from our network. If needed, we are confident we can find replacement tenants for each of the properties in the portfolio. We will look to keep investors informed when it's appropriate to do so, whilst we work to resolve the Edge situation. I'll now pass over to Gareth to provide detail on our financial results. Thanks, Justin, and good morning, everyone. Just turning to page 9 of the presentation, you will find a summary of Arena's operating income statement, which shows an 8% increase in net operating profit to AUD 79 million and a statutory profit of AUD 132 million. There is a reconciliation of net operating profit to statutory profit included in the appendix to the presentation, with the most substantial reconciling items being the periodic revaluation of investment property and interest rate hedges. FY 2026 operating EPS of AUD 0.196 is 5.7% higher than FY 2025, with the key driver of the increase in operating profit being the relative 10% increase in property income from a combination of periodic rent reviews and capital deployment. Like-for-like rent reviews averaged 4%, which is a combination of the minimum annual rent escalations and the market rent reviews. Also contributing to the increase in operating profit with the acquisition of operating ELCs and income from Arena's ongoing program of investment in the ELC developments, including 11 completed in FY 2026. Looking at some other line items, other income is interest income, slightly higher than the prior year due to holding cash proceeds from property sales during the year prior to being reinvested into the development program. AUD 100k increase in property expenses. These largely comprise independent valuation and property inspection costs, and there's been more activity in that area in FY 2026. There's been a AUD 1.3 million increase in our cash-based operating expenses compared to FY 2025, of which approximately AUD 1 million is non-recurring and primarily from the management succession plan and the crossover of the transition of our retiring CEO, the chief investment officer role, and the Head of Investment and Portfolio roles. We also had some IT project costs which we'd expect not to be recurring. The change in underlying operating expenses was otherwise incremental and generally in line with inflation. The increase in finance costs is primarily volume driven, with an average drawn debt in FY 2026 being AUD 70 million, higher than FY 2025, plus incremental line fees on the AUD 100 million facility expansion from the refinance completed in February 2026. The overall cost of debt was relatively stable during the period. Capitalized interest on developments was AUD 4.3 million, which was slightly higher than the comparative period, and this is due to greater volume in the development book during FY 2026. In addition to the higher operating profit, the higher statutory profit of AUD 132 million is primarily due to higher asset revaluations of AUD 47 million, compared to AUD 24 million in the prior period, and a AUD 12 million positive revaluation of the hedge book. We have paid a distribution of AUD 0.1925 for FY 2026, which was in line with our initial guidance and represented growth of 5.5% on FY 2025. Just turning to page 10, a waterfall chart of EPS for the period. The chart demonstrates the relativity of the individual items supporting EPS growth, noting the key drivers of growth remain the periodic rent reviews and the deployment of capital into acquisitions and developments. The main offset being some asset recycling prior to those funds being deployed into new investment, and as I noted earlier, the non-recurring increase in current period operating expenses from the management succession program. Turning to page 11, a summary of Arena's balance sheet. The full balance sheet is in the appendix of the presentation. The key points here are an 8% growth in investment property, being primarily due to AUD 161 million invested in acquisition and development CapEx during the period. Positive asset revaluations of AUD 47 million, offset by AUD 67 million of asset sales and transfers to assets held for sale, which will be recycled into the development program. Net assets per security increased 4% to AUD 3.60 in comparison to June 2025, and gearing at 24.5% remains relatively low and stable. Turning to page 12, its capital management summary. We completed a debt refinancing in February 2026, which increased the facility by AUD 100 million and extended all maturities with additional weighting to four and five-year terms, providing a weighted average term of four years and no expiry before 31 May 2029. Margins were also reduced across all maturities. We have immediately available liquidity of AUD 189 million from the debt facility, which fully funds our development commitments of AUD 121 million, and our relatively modest gearing provides balance sheet flexibility and resilience. Overall hedge cover was increased during the year, including additional forward cover, with hedge cover of 100% at 30 June. The chart illustrates a high level of cover across FY 2027 and FY 2028 and into FY 2029. We will add to the hedge profile for FY 2029 and beyond over time and blend that through the interest rate cycle. The result of the activity in FY 2026 is a small increase in our all-in weighted average cost of debt from 4.1% to 4.2% at June 2026. Finally, I note that Arena continues to operate with substantial headroom in our banking covenants. I will now pass to Carla for an update on Arena's property portfolio. Thanks, Gareth. Good morning, everyone. I am Carla Hayes, Arena's Head of Investment and Portfolio. Today, I will provide an update on Arena's portfolio valuation and investment activity for FY 2026, starting on slide 14. As at 30 June, the portfolio comprised 307 assets with a total value of approximately AUD 2 billion and a WALE of 17.5 years, reflecting the long-dated nature of the income profile. Early learning represents 91% of the portfolio by value, including developments, with healthcare representing the remaining 9%. The portfolio is well diversified nationally and across 36 tenant partners, with no single tenant contributing more than 20%. Together, the portfolio's national footprint, tenant diversification, and long-term triple net lease structures provide a good foundation for long-term rental growth. Moving on to the lease expiry and rent review profiles. As mentioned previously, occupancy for the portfolio was 100%, with a WALE of 17.5 years. There are no lease expiries in FY 2027 or FY 2028 and only 0.7% of income expiring through to FY 2032. During FY 2026, like-for-like rental growth was 4%, with 36 market reviews completed at an average increase of 7.6%. The portfolio benefits from CPI linkage with over 95% of the portfolio subject to CPI-linked or market rent reviews. Portfolio valuations remained stable during the year, and reflective of the prevailing market conditions. At 30 June, the total portfolio recorded a valuation increase of 2.7% on 30 June 2025. The weighted average passing yield expanded by nine basis points to 5.56% as passing rental growth outpaced valuation growth during the period. Following Edge's request for rental relief and default notices being issued, the 31 Edge properties were independently revalued as at 30 June, resulting in a reduction of AUD 24.4 million or 10% from our initial 30 June valuations. The reduction in value is predominantly due to below-the-line adjustments for letting up allowances. The direct market for early learning real estate also remained active throughout FY 2026. During the year, 154 early learning centers traded for a total value of approximately AUD 860 million at an average passing yield of 5.4%, with Queensland and New South Wales providing the deepest markets. Volumes have increased from 98 transactions in FY 2024 to 154 in FY 2026, demonstrating a deep, liquid, and actively traded asset class. Importantly, that market depth provides strong look-through support for our carrying values with the 5.4% average transaction yield closely aligned to our portfolio yield of 5.5% over the early learning portfolio. Completed transactions reflect our disciplined approach to capital recycling, with a clear focus on improving the long-term quality and growth profile of the portfolio. During FY 2026, we acquired three early learning properties for a total purchase price of AUD 19.6 million at a weighted average yield of 6.2%. These acquisitions comprise brand-new purpose-built centers acquired on completion with new 20-year leases to existing tenant partners. In parallel, we divested 11 early learning properties with lower opportunities for long-term rental growth for total proceeds of AUD 53.5 million at a weighted average yield of 5.3%. These transactions achieving an average premium to book value of 8%. These outcomes demonstrate the continued liquidity for early learning real estate and allow us to recycle capital selectively into higher quality opportunities and our development programs. Turning to the development update. Our develop-to-own strategy continues to be a key contributor to portfolio quality and growth. During FY 2026, we completed 11 developments for a total cost of AUD 87 million at a weighted average initial yield on cost of 6%. At 30 June, the development pipeline remained stable at 29 developments, with a total forecast of AUD 228 million, spanning seven development partners, five tenant partners, and six states. The pipeline has a weighted average initial yield on cost of 6%, with AUD 121 million of capital expenditure remaining. The five most recent developments were secured at an average yield on cost of 6.1%. Our approach to development remains highly disciplined, using a fund-through structure with capital committed only after the land development and lease agreements have been secured. There are no Edge centers in the pipeline. Over the past 12 years, Arena has delivered 99 developments. This has represented less than 2.5% of new market supply, demonstrating our disciplined approach to development. We continue to hold 92 of these properties, with the seven divested over the 12-year period due to changing market conditions within the relevant catchments. This track record demonstrates the capability of the team to consistently source and deliver well-located, purpose-built properties, while remaining highly selective on real estate fundamentals. I will now hand back over to Justin. Thanks, Carla. Excuse me. Turning to slide 20, early childhood education and care is an essential community service supported by social and economic policy settings and long-term demographics. Social policy in terms of gender equality and improved learning outcomes for children, and economic policy through productivity, economic growth, and tax receipts. It explains why successive governments have expanded investment into the sector over time. The scale of the sector is significant. Over 800,000 children and 160,000 staff involved in long day care alone, and it's forecast to grow further. The population of children aged 0 to 5 is projected to grow 14% over the next decade, reversing the largely flat trend seen over more recent years. Female workforce participation is up 6% since 2020, which has historically been the major driver of growth in long day care utilization. The dual working parent household is now an accepted structural and societal norm, which relies on childcare as an essential community service. In the short term, we can see a small decrease in the number of children in long day care in the year to March 2026 of around 1.5%. Feedback from operators is this is at least in part due to parents' current concerns about the safety of the system arising from widely reported issues in 2025. The government is continuing to invest in the sector and is itself forecasting 3.6% growth per annum in the number of children in approved care over the next four years, highlighting the potential for near-term growth in demand. Our perspective is that it's important to distinguish between the current changes happening in the sector and the fundamental drivers that underpin it. We see long-term demand and social and economic policy support for the sector, which supports the long-term value of our portfolio. The government continues to invest in a range of measures to enhance quality, accessibility, and affordability in the sector. CCS spend is forecast to grow at 8% per annum from AUD 15 billion today towards AUD 21 billion by 2030. The 3-Day Guarantee and Building Early Education Fund widen access and address undersupplied catchments. This is all about improving access. Extensive safety reforms implemented over the last 12 months are all designed to strengthen safety, quality, and oversight across the sector, which is expected to increase confidence in the system. The extension of the worker retention payment reinforces the government's focus on affordability for parents, but also the economic sustainability of the sector, which is a major employer. Our view is that funding is expanding and the regulatory requirements are rising. Both highlight the importance of modern purpose-built real estate, which supports the delivery of safe and efficient early learning services. Turning to slide 22. Our analysis shows net new supply is moderating in response to market conditions. FY 2026 net new supply of 244 centers is below the prior five-year average of 286 centers. Over FY 2026, there have been 210 center closures, which compares to the prior five-year average of 120, highlighting an increase in the number of centers coming out of the system. Newly developed supply typically has a 12-18 months lag due to construction commitments. It's likely there will be further slowing of supply into the market as new construction starts to ease. Overall, we expect new supply to slow and there to be a higher-than-average number of centers leaving the system, particularly poorer quality centers, which ultimately supports greater overall balance in the system. We expect modern, well-located, purpose-built real estate will continue to perform well as the focus on quality and efficiency from tenants and families increases. Slide 23 provides a summary of key metrics across our portfolio. The purpose of this slide is to highlight the ongoing rent affordability and resilience of center economics. Net rent to gross revenue, our measure of occupancy cost, remains stable at 10%, highlighting the continued affordability of our rents. Average rents per place have increased by 6% to AUD 3,212 per place, which remains well below the economic costs for new childcare centers. The average daily fee, which at AUD 164 has increased by 5.8%, remains below the CCS daily fee cap of AUD 167. As we reported last week, average tenant occupancy across the portfolio has softened from 79.3% to 76.7%. It's worth noting that this is 2 percentage points below the five-year average of 78.7%. Average rent cover, calculated on an EBITDAR to rent basis, is above 3 times. This is higher in FY 2026 than the five-year average of 2.8. As a guide on center level operating margins, I note that Arena's center level operating margin is generally in line with the ACCC's childcare report, which reported an 18%-20% margin for large operators. The data highlights the resilience of the operator economics in our portfolio, even at current lower levels of reported tenant occupancy. Turning to the outlook. Long-term fundamentals for Arena remain positive. Expanding access to affordable high-quality education and care remains at the center of government policy. Long-term population growth and rising community expectations for access to childcare as an essential service continue to underpin the sector. In the near term, we expect the current market dynamics and increased regulation to temper new supply and heighten the number of poorer quality centers coming out of the system. We expect these conditions will highlight the importance of quality and resilient assets in Arena's national portfolio of childcare properties and our disciplined approach. Our operating data highlights the ongoing affordability of our rents and resilience of center economics in our portfolio. Access to that operating data and our proprietary market information positions us to be able to make informed portfolio management decisions. Our priorities for FY 2027 are clear, working to resolve the Edge portfolio to preserve long-term value for our security holders and minimize loss of rental income. Closely monitoring market conditions and focusing on transactions which improve portfolio quality. Progressing our current development pipeline and selectively considering new investment opportunities consistent with our disciplined approach. Maintaining our existing conservative approach to capital management. Our FY 2027 distribution guidance is for not less than AUD 0.18 per security. This approach is considered prudent given the range of potential outcomes relating to the Edge portfolio, which at this point are uncertain. The distribution guidance will be updated as further information on rental income on the Edge portfolio becomes available during the course of FY 2027. In closing, I would like to thank you for your ongoing interest in Arena, and I will now pass the call back to the operator to open for questions. If you wish to ask a question, please press star followed by one on your telephone and wait for your name to be announced. That is star one if you wish to ask a question. We please ask that you limit your questions to one and one follow-up so we are able to take as many questions as possible. Your first question comes to the line of Cody Shield from UBS. Your line is open. Morning, Justin, Gareth, and Carla. Thanks for your time this morning. Just a quick one on this new detail on the tenant operating metrics there. Look, I guess, one item that is not captured is the interest burden that your tenant operators might be facing. How do you think about the sustainability of your rents for operators where leverage might be a bit of an issue at the group level? Yeah, Cody, great question. We thought very carefully about the information that we were choosing to provide today about the tenant economics. What we were trying to do there is to give you the visibility at a center level that ultimately we see profitable tenants that translates into a good amount of rent cover, and that ultimately that rent cover has been sustained over a long period of time. I think that was the main purpose of providing the information that we have. You are right in saying that every tenant has a different business model and every tenant will have a different capital structure in how it supports that business model. We look at the operating data to give us confidence about the profitability and I guess the positioning of our portfolio. But we do have regard to how the wider corporate picture of a tenant is placed. We can, like you, look at the disclosed financial statements of tenants and try to form a view as to whether there are issues that we need to be cognizant or aware of. When we look at the portfolio today, I think what we see is tenants other than this Edge matter, fully paid up and compliant with their leases. We see robust economics in our portfolio for each of our tenants, and that ultimately gives us confidence the underlying value of the real estate that we hold. Okay, great. That's all from me. Thank you. Your next question comes to the line of Leanne Truong from CLSA. Your line is open. Good morning, team. My question, how much of the developments are committed, and why didn't you consider an equity raising given where you're trading? In terms of the developments that we've got on foot, you're right, we've got 29 developments on foot today. We have excess capacity in our current funding to cover all of those developments and a considerable margin. There is no need for us to seek to raise capital to fund any of our developments at this point in time. Oh, sorry. I didn't mean equity raise. I meant buyback. Sorry. A buyback. Yeah. From a capital management perspective, we're always cognizant of options available to us. Obviously, that's one that's going to be under consideration, but we've made no decision in respect to that at the moment. Your next question comes to the line of Murray Connellan from Moelis Australia. Your line is open. Morning, Justin and team. Just hoping you could give us a little bit more color on your guidance, please. Is the current modeling that is covered by FFO, and I suppose what assumptions do you have for the income from Edge or from those centers, please? Yeah. So it is covered by FFO. The payout ratio would be similar to historical levels, which have been pretty consistent if you look back over time. We have assumed, for the purpose of prudence in the guidance, that we have received the July rent, but no further rent is received for the balance of FY 2027, and then we will update the market as the year unfolds and we have more information available to us. From core assumptions perspective, we just picked up the five-year swap rate in the forward interest rate curve, call it about 4.5%. But obviously with high levels of hedging, we are not that exposed to underlying interest rates. And from a CPI perspective, we have basically picked up an average of 3.5% trending down to 3% during the course of the year. I think it is important to note, also from the guidance perspective, that we are holding approximately AUD 4 million of bank security in respect of the Edge leases. And we assume if that rent is not collected in accordance with the leases, that we will collect on that during the course of FY 2027. Got it. Thanks very much. That's clear. Your next question comes to line of Carl Braganza from Jarden. Your line is open. Morning, Justin, Gareth, and Carla. Few questions from me. The first one was, I know it's probably a wide range per asset, but can you give more color on how long average downtime has historically been for your childcare portfolio? Carl, great question. I think what you'll have known from Arena over a long period of time is we manage our forward-looking lease profile very carefully. It is very rare that Arena finds itself in a position where it's having to deal with a vacant property. I'd say a good first point is it's a very rare occurrence. Where we've had instances where we've needed to assign property from a tenant to another tenant, we've found we can do that reasonably efficiently. But we don't necessarily think that is representative of this situation. Here, if we've got a large number of properties that we are looking to re-tenant at a point in time, that potentially could take longer than those scenarios that we've seen in the business in the past. I think at this point, what we've tried to do with the guidance is just provide a prudent message around the AUD 0.18, acknowledging that we will be working hard to obviously minimize any gap in rent over FY 2027, but I can't give you specific metrics or guidance that would help you form that view. Sure. Just a final question from me. You've got multiple tenants who, like Edge, are PE-owned, such as Green Leaves and Affinity. Do you see more risk in those tenants? How do you plan to manage that risk? Yeah, Carl, I think, again, coming back to the lens that we take, we're certainly very focused on how those tenants operate in our properties. By providing the additional information on the tenant metrics today, what we're giving you is a level of confidence that ultimately those tenants, in running those services out of our properties, are running profitable, successful businesses. We look at that and take a lot of confidence from that in that it speaks to the quality of the underlying real estate, and that means the locations, the properties themselves, as well as the performance of the tenant. So I think from our perspective, that is where we spend our time really focused. Ultimately, we've got all of our tenants, other than Edge, across our portfolio that are compliant with their lease terms. We will, of course, monitor the corporate position of our tenants. But at this point in time, we're very focused on the performance of our portfolio, and I think that's what the tenant metrics provides you confidence in today. Thanks, guys. Your next question comes to the line of Callum Bramah from Macquarie. Your line is open. Morning, team. Thanks for taking the question. I just wondered if you can share what you think the drivers were of the failure of Edge as an operator. Is it really the operator? It has nothing to do with the catchment or the built form design? So in essence, you can simply re-lease them to a different operator, get a different result? Callum, I think the question's a really good one. I think the way that I'd answer the question is to say we fundamentally believe the real estate is good real estate, and what we're trying to do in providing the slides on the portfolio today is to give you a little bit more color around that real estate. Out of our portfolio, this is amongst the newest centers in our fleet. We've got good proximity to the sort of things that are really important in childcare, around proximity to primary schools, for example. So ultimately, the value that we see in the portfolio comes from the real estate. I don't want to comment specifically around Edge. Edge is obviously a business that has been on its own journey in terms of growth. It's, I guess, publicly reported that its investors have provided additional capital over time into that business to support that growth. Ultimately for us, when we are looking at this situation, we are looking at the value of the underlying real estate in those communities. And I think because normally in those catchments or when you're developing, you would look at ratios of number of places to number of children in a catchment, et cetera. So I just wondered if those metrics look as favorable as potentially other catchments that you've got as a follow-up. And one other one, just around the income at risk. Can I just clarify, so it's 14% of annual rental income. When we're thinking about that number, is that the sort of AUD 101 million number? And is there any other impacts that we need to be aware of through the P&L? Any costs or that Arena would need now to bear if those were to go vacant? So from an income perspective, it's approximately AUD 14 million per annum. Obviously, we've collected July rent, so it's about AUD 13 million for the balance of FY 2027. And from a cost perspective, there's obviously some variable outgoings. The independent valuation that we received on that portfolio, post the announcement, more recently in August, has deducted those operating or those outgoing costs from the valuations, so effectively provisioned for that. So you wouldn't expect there to be a direct operating expense P&L impact in FY 2027. So simply the AUD 14 million falls through, does it, to the bottom line if it was not to be re-leased? If there was no income on- Yeah those properties, that is correct. Yeah, I think the point is we've collected a month. We've got the benefit of AUD 4 million in bank guarantees to cover rent, so the gap is the balance effectively for the rest of the year, subject to that AUD 4 million. Callum, to answer your question about child per place ratios, absolutely, there's a range of factors that we look at in making an investment into any new community. As we've talked about in other forums, each catchment is of itself. It has its own supply and demand characteristics. We look carefully at each of those catchments to understand what supply is there today, what supply might be coming in the future, and ultimately, how do we position real estate in that market that can capture market and be successful. We look at child per place metrics today and in the future as being a part of the investment decision certainly. We're comfortable with the real estate that we've got in those locations. We're comfortable with the catchments as well, and that over time, if we need to replace the current tenant, then we'll be able to bring other tenants to those properties, and pay the rent. Can I just follow up on that, just to be clear? You do not at the moment see any risk that any of those properties will need to be repurposed, as in there is not sufficient market for them, that they can remain a childcare center. There is none that need to find an alternate use. And just to clarify in there, I think it was great the extra disclosure, so I think the average places is 109. But not being an expert in this space, I understand the sort of sweet spot is most probably around that 90- 100 spots. Are there a number of childcare centers that are materially above that 100, whereby potentially a new operator would want to open them with a lower number of spots, and therefore there is some rent at risk? You are right in that what we were providing the average to say, these are in line with contemporary standards for design and sizing. We would say that the sweet spot for childcare designs today is between 80 and 120 places, would be the range, and there are some operators who target lower in that range. There are some that target higher in that range, just depending on their business model. We are very comfortable with the nature of the portfolio that we have got, that Edge Early Learning, we have got to acknowledge, is a tenant in and operating today. We are comfortable that the designs will suit a number of other operators and that we will be able to let those properties, if required, to alternative operators. But this, Callum, is the nuance for us is we spend a lot of time not only thinking about the quality of the real estate, we spend a lot of time thinking about which operators in the market are looking for exposure to different parts of the market, what their business models are, what they think about different sizes and configurations, and how they approach different markets. So, we stand here today comfortable with the real estate. It is the newest part of our portfolio, if you like, at an average age of 6.7 years. So if Edge Early Learning is not the tenant to those properties, we will look to prove that up over time. Thanks for the presentation. Appreciate the extra disclosure. Thanks, Callum. As a reminder, if you wish to ask a question, please press star followed by one on your telephone and wait for your name to be announced. That is star one if you wish to ask a question. Your next question comes to the line of Mitchell Schinck from Barrenjoey. Your line is open. Hi, morning, Justin team. Just quickly on the Edge portfolio. I know you've mentioned modern properties with these Arena REIT developments or were they acquired with Edge in place? Are you able to just give us a bit of color on the portfolio there? Good to Hi, Mitch. It's Carla. Yeah, it's a combination that's predominantly developed by Arena, but there are a few in there that were acquired as well. Thanks. Maybe just a follow-up as well. I think we're hearing rumors that there's a lot of operators looking to sell out of their operations just to get out of leases. Do you have any operators within the portfolio that are trying to look at a sellout, or have you noticed it being higher than usual, or is it around the same? No, I think we're certainly aware, given wider market commentary, that maybe some operators beyond Arena are looking at exiting certain centers. We provided the additional commentary today on the perspective on the market, because we do see there is a prospect of older and poorer quality centers coming out of the market. Certainly, other than the Edge situation, we don't have tenants approaching us in relation to shutting centers. I'd refer back to the announcement from G8 Education earlier in the year. We had one center that was subject to a request to shutter, but it's not a scene that we're seeing more generally. In fact, we do see a group of operators still looking to grow into new markets, and grow into existing markets. The level of inbound interest that we've had off the back of obviously the news around the Edge portfolio gives us confidence that ultimately there are tenants looking to grow their networks, as well as recognizing some other tenants are looking outside the Arena portfolio to reduce their networks. And maybe just one final one from me, if I may. Do you have any line of sight into the enrollments that you're seeing? The government data appears to be trending down and supply is still running up. How are you seeing the enrollments sort of across the board? Yeah, look, I think you've got the most recent data in the presentation in front of you, Mitch. So I think that's the data to March. So we can absolutely see that bit of softening in occupancy over time. We'll have to work through the year to see how the balance of the year trends up. Thanks for taking them. Your next question comes on the line of Callum Bramah from Macquarie. Your line is open. Hi, team. Sorry, I thought I'd come back again. I just wanted to clarify one thing with you. In the notes to the accounts, it does say that obviously the default of a major tenant can trigger a review event. They've waived that. Obviously, a vote of confidence in them in your financial position, even with the issue around Edge. I just kind of wanted to understand that just a little bit. If you can sort of describe what the potential implications of that, albeit it's waived obviously until September 2027, so it's quite a long way away before you would even have to revisit that. I just wanted to understand a little bit, if you wouldn't mind. Yeah, no, we've retained the full support of our lenders. There was no issue in obtaining that waiver. It's just a part of the facility that does exist in there if there's an unresolved default. There are no conditions around that waiver, so no change in commercial terms or anything like that. At this point, given our very low gearing and high ICR cover, even with the Edge situation, there is no implications from our perspective. Yeah, great. Then, I just wanted one other one. I thought I wanted just a little on the history. Edge has had some issues around suspensions in some of its centers, and I just wanted to clarify, in relation to the most recent ones, is it the same centers being suspended or it's new centers are being suspended for the first time? Yeah, Callum, it's a bit of a mix. So we put a specific reference in the Edge portfolio summary to talk about a particular center that was suspended last Friday. That was a center that had already been subject to a prior suspension for 2 weeks. So the answer is, it's a mix. Clearly, we've been monitoring that very closely. The regulator in South Australia has obviously formed a view. There are a number of situations where they sought to act. So the current status is, I think there are four centers in South Australia that are subject to suspension. Two of them are mandated by the ESB. Two of them were suspensions from the ESB that ultimately Edge has chosen to take a longer period of suspension on. And I assume that when they are suspended, occupancy and enrollment goes to zero. Are you aware of suspensions outside of your portfolio that Edge is subject to? There was at least one other suspension we are aware of in South Australia in a property that was not an Arena property. Thanks a lot. Appreciate the follow-up. Thanks, Callum. There are no further questions at this time, so I'd like to hand back for closing comments. Thanks very much, everybody today to join us for our FY 2026 results call. If you've got any further questions, please feel free to contact Susie, Gareth, Carla, or I, and we look forward to catching up with a lot of you over coming days. Thanks very much. That does conclude our conference for today. Thank you for participating. You may now all disconnect.