Okay, ladies and gentlemen, it's 12:00 P.M., so we'll kick off. I'd like to start by thanking you all for coming to our beautiful design studio and listening to our results presentation, and I'd like to welcome all those people that are online. A lovely photo there of the Maersk building at Oakdale West, some 28,000 square meters, and a 5,000-meter spec just beside it, so very happy with how that estate is going. Today I'll start by providing an overview of our results and our key achievements for the first half. Mark Ellenor, our Chief Operating Officer, will provide an overview of divisional performance. Grant Douglas, our Chief Financial Officer, will then take you through the financials in more details. Then I'll return to talk to you about the outlook and take any questions. We always like to talk about our safety performance first up, and we've come a long way in the last 20 years, I have to say. Our total recordable injury rate, which is the injuries per million hours, was slightly up to 10.8 in the first half, up from 10.0 in the same period last year. Across our operations, there was one lost-time injury during the half in Australia and two in North America. Over the longer term, sustained decrease in injuries has been achieved through disciplined implementation and safety management systems and procedures, together with behavioral leadership and safety training. The behavioral leadership is one of the more recent key areas of focus that we've been working on, and we really have to be successful in that area if we're to get the safety statistics down into the areas that we really want to achieve. But having said that, at this point I'd say I'm very proud of where we are because I think we're equivalent to most top companies in Australia, and it's particularly hard, of course, in a manufacturing environment. Looking at the headline results, as we announced in December, we incurred a significant non-cash devaluation within our property trust during the period, and there was a small loss on one parcel of land in M7. If we hadn't put that through, our earnings would have been approximately, I'll just say approximately, about AUD 100 million after tax. Anyhow, that resulted in that devaluation resulted in the group statutory loss of AUD 52 million and an EBITDA loss of about AUD 40 million. If we excluded the property revaluation and the sales, the EBITDA was about AUD 210 million, and we'll go into that in more detail a bit further on. I'm very pleased to announce that the EBITDA increased in building products both in Australia and significantly in North America, and I think that's quite an achievement considering the conditions that we are facing out there. Net debt was reduced during the period, and our gearing remained stable at 18%. The slide on the screen provides further details on the earnings across the group. The property revaluations, there was a large positive in the first half in 2023 and a large negative in the first half of 2024, and that distorts the relative operational performance across the two periods. The first half last year also benefited from the sale of Oakdale East into the Industrial Property Trust and delivered AUD 263 million profit. This year there was a M7 sale, which delivered a AUD 16 million loss. I mentioned a moment ago, excluding the impact of those property revaluations and property sales, the EBITDA was AUD 210 million, down 9% on the prior period. Across the operating divisions, building products EBITDA was up, as I said, in North America and up 43%, sorry, up 43% in North America and also up in Australia. Within property, a continued increase in the net trust income was more than offset by decline in development profits as the Oakdale West estate nears completion. Investment earnings were also down on the prior period due primarily to our contribution from the New Hope Corporation. Looking at dividends, we're very proud of our dividend history, and over a very long period of time we've been able to provide stable dividends. As I've mentioned to many of you before, there was only the one year in 1975 that they ever went down, and other than that they have been steady or up for now 48 years. Now this year, in the first half, the dividend was increased by a further AUD 0.01 to AUD 0.24 or approximately 4%. The record date for that dividend is the 10th of April, payment on the 1st of May. In addition to the dividend growth, we have achieved a superior long-term return for our shareholders. Based on the share price at the end of the period, the company had delivered shareholder returns of 12.9% per annum for 25 years, incorporating both dividends and share price appreciation. That means AUD 1,000 invested in Brickworks in 1998 would be worth over AUD 20,000 today. If you look at all those periods, we've managed to exceed the All Ordinaries Accumulation Index. Our strong shareholder returns are supported by long-term asset growth. Our assets include our investment in Soul Patts, which is valued at AUD 3.3 billion, the property trusts with net assets of AUD 2 billion. Our building products operations in Australia and North America, we're just looking here at net tangible assets of AUD 608 million, and we've identified three large parcels of land within building products that are identified for potential development and on an as-is, where-is type basis. They've been valued independently at AUD 384 million. So if you add up that and then take our debt of AUD 615 million off, that gives us net assets of about AUD 5.6 billion or about AUD 37 a share. On the right-hand side of the table, you'll see a few little lines there and a few little comments that let's that the difference between that and what our net assets per share are in the books at AUD 19.34. And that includes that we don't have the full market value of some of the development land as well as our investments and, of course, our deferred tax liabilities is the difference. Okay, I'll now hand over to Mark, who'll give you an update on the operational performance. You got your own pages there, Mark? Yeah, good. I was just going to set this up for you. Yeah, the podium is tall these days. Thank you, Lindsay. Looking at property, despite the impact of devaluations on the reported result, there were a number of key achievements for property during the period. A highlight was receiving development approval for Oakdale East Stage Two in Western Sydney. Given the limited supply of appropriately zoned and approved land in Western Sydney that is available for large-scale industrial development, this is a significant milestone, and it comes at a time when other major developments are facing delays. As we have previously announced, we have already secured a significant lease pre-commitment for the first facility at this estate. Development work continued at Oakdale West during the period, and this estate is now approaching completion. With a gross asset value of AUD 1.7 billion, this is our largest estate, and its completion by the end of the current financial year will represent the culmination of over five years of development activity. Looking at the property result in more detail, strong demand is driving unprecedented growth in market rent for industrial property in Western Sydney. Rental incomes across the portfolio during the period was up 17% to AUD 81 million, driven by contracted increase and new developments. However, high interest rates resulted in a significant increase in borrowing costs. After including borrowing and other costs, net trust income was AUD 51 million. Brickworks' 50% share of this income was AUD 25 million, up 4% on the prior corresponding period. As I just mentioned, development activity within the Industrial JV Trust was focused on the Oakdale West estate, including facilities for Maersk and EBOS, as well as two speculative units. Progress on these facilities resulted in a development profit of AUD 48 million being recorded. In December, we announced the sale of our 50% interest in the M7 Hub, one of the estates held by the Industrial JV Trust. This sale delivered AUD 117 million in gross proceeds to the Brickworks and resulted in a AUD 16 million loss due to the sale value being below the 31st of July 2023 book value. The transaction was able to be executed quickly, tax efficiently, and with limited transaction costs. The M7 Hub was one of the first sites developed within the Industrial JV Trust and is the smallest of the fully developed estates. When all facilities were completed in 2012, Brickworks' 50% interest in the M7 Hub was worth AUD 46 million. Therefore, the sale represents a 154% increase since that time. The non-cash devaluation was AUD 233 million and resulted from an independent valuation process completed in December. The valuation loss reflects an increase in cap rates across the portfolio to 5.1% from 4.1% at July 2023. The devaluation in the first half follows AUD 615 million in revaluation gains that were recorded in the prior five years as rates compressed. Including the revalues and property sales, property delivered an EBIT loss of AUD 178 million for the first half compared to a profit of AUD 453 million in the prior corresponding period. The total value of leased assets held across the property trust was AUD 4.3 billion at the end of the period. The trust also holds a further AUD 971 million in land that is currently under development. After including borrowings of AUD 1.3 billion, total net asset value is AUD 3.9 billion. Brickworks' 50% share of net asset value is almost AUD 2 billion. Gearing was 25% at the end of the period. The gearing increased following the sale of the M7 Hub, with the sale proceeds being distributed to Brickworks and existing debt maintained within the trust. Additional borrowings were also used to fund the continued development activity at Oakdale West. As I said, and on the screen, a key highlight for the period was receiving development approval for Oakdale East Stage Two. The main master plan of the estate is on the screen. With Oakdale West almost completed, the Oakdale East Stage Two precinct will be one of the only large-scale shovel-ready industrial developments in Western Sydney. Brickworks proactively brought forward the release of this estate by consolidating brick manufacturing at Horsley Park in recent years. Work is well underway on the rehabilitation of the site. The initial 58,000 square meters pre-committed facility is forecast to be completed by mid-2025. Strong demand for serviced and land capable of accommodating facilities of over 30,000 square meters provides an opportunity to develop the remaining 193,000 square meters of gross livable area within four to five years. Land supply challenges are also exacerbated by increasing construction and financing costs and a range of planning and approval issues. All these factors have driven up for prime rent industrial property in Western Sydney by 55% in the past two years. We estimate that the current passing rent within the Industrial JV Trust of AUD 147 a square meter is now 35% below the average market rent of AUD 225 a square meter. Including the Brickworks Manufacturing Trust, the current annualized rent across our portfolio is AUD 172 million. At market rents, the rent potential of the property trust assets once fully developed is around AUD 340 million. This includes an additional AUD 31 million in rent from the completion of Oakdale West. This will be realized over the next two years as facilities are completed and tenants are secured. At this estate, 78,200 square meters of new facilities are already committed to tenants, leaving just 60,500 square meters available for rent. An additional AUD 57 million in rent is expected from Oakdale East Stage Two. This will be realized over the next five years as this estate is built out. A mark-to-market rent uplift of currently leased assets would deliver an additional rent increase of AUD 79 million. This will be progressively realized over a longer period upon lease renewals and reviews. Around 35% of existing leases have rent increase caps, which has the potential to extend the time to achieve full market rent on those facilities. The forecast growth in rent will require no further capital from Brickworks, with the value of our land contribution at Oakdale East being matched by development funding from Goodman. In addition, the low gearing levels within the Industrial JV Trust will allow debt funding as required. Just turning to investments, which includes a 26.1% interest in Soul Patts and a 16.5% interest in FBR Limited. Investments delivered an underlying contribution of AUD 76 million for the half, down 24%. During the period, cash dividends of AUD 48 million were received from Souls, down 13% on the previous corresponding period. The prior period included a special dividend of AUD 14 million. Excluding this, cash proceeds from normal dividends were up by 17%. The combined value of our market investments was AUD 3.261 billion at the end of the half, up 4% or AUD 140 million. Our shareholding in Soul Patts dates back to 1968. Soul Patts is now Australia's leading publicly listed investment house with a broad asset exposure, as shown on the chart on the left of the screen. Soul Patts have delivered outstanding returns with annualized total returns including dividends of 13.8% per annum for the past 25 years. This represents outperformance of 5.2% per annum versus the ASX All Ordinaries Index. In Australia, building commencements continued to decline in the first half of 2024 financial year in response to high interest rates and a reducing pipeline of work from the HomeBuilder program. Nationally, detached house commencements were down 18% with declines of 10% or more across all major states. Although the decline in commencements has been significant over the past 12-18 months, there have been a healthy pipeline of projects under construction in most stages throughout the first half. Over the past two years, building timelines have been extended due to supply chain delays and labor constraints. As a result, the usage of bricks and roof tiles on site is now typically allowed in commencements by six months or more. Nationally, multi-residential commencements have stabilized following several years of decline, and non-residential building activity has varied significantly across the country, with increases in New South Wales and Western Australia offset by declines in Victoria and Queensland. Revenue for the half year ended 31st of January was down 11% to AUD 323 million. Excluding the impact of closed operations in Western Australia, revenue was down 9%. The decrease was broad-based, with sales volume adversely impacted by the lower building activity in key markets. EBIT was AUD 23 million for that period, and EBITDA was AUD 52 million, up 5%. Improved margins were the result of price increases and productivity improvements across most operations. In addition, the closure of our brick operations in Western Australia largely eliminated the significant losses associated with those operations. The exit of brick manufacturing in that state, followed by the closure of Austral Precast and the sale of Auswest Timbers in recent years as the business focuses on portfolio optimization and margin improvement. A range of additional initiatives were impacted during the half to further streamline operations. This included the consolidation of Austral Bricks and Austral Masonry into one operating division, a restructure of Bristile Roofing, and a rationalization of divisional support functions. In total, these initiatives are expected to deliver annualized savings of AUD 15 million through a reduction in headcount of approximately 100 staff. Commissioning works progressed at the new Plant Two at Horsley Park during the first half. The plant is meeting expectations and is now operating at about 95% of our design capacity. Turning to North America, where activity has been mixed during the period, varying significantly by region and segment. A 12% increase in single-family segment was offset by a 15% reduction in multi-residential and a 14% decline in non-residential commencements. Our key regional exposure in the Midwest, the Northeast, and the Mid-Atlantic combined with these three regions would make up about 19% of our total sales revenue. Building activity in the Midwest and Mid-Atlantic regions has been relatively strong over the past six months compared to the lagging Northeast. Brick sales volume in North America was lower during the period due primarily to a significant reduction in sales to the oversupplied Texas homebuilder market. Despite this decline in sales volume, revenue of $224 million was broadly in line with prior corresponding periods due to a combination of price increases, a mix towards higher-value products, and strong sales growth through our vertically integrated retail divisions. EBITDA for the half was up 43% to $21 million, and EBIT was also up significantly to $6 million. Margins are recovering following the implementation of strong price increases in response to significant cost pressures across the supply chain over the last 18 months. The business made strong progress on key strategic priorities over the period, with the five-year rationalization of our plants now complete culminating in the closure of our Landmark Stone plant in Kentucky in December. This subscale and highly manual operation produced a complementary range of bricks, but, with increased labor costs, was no longer viable. In the first half, the dry upgrade was completed at our Mid-Atlantic plant. With strong demand for our unique molded product, this plant is expected to return or has returned to full production from this month. Before I move on, I'd like to expand briefly on the significant steps we've taken to reshape our building products business both in Australia and North America. In Australia, we've made significant new plant investment over a number of years, and this program is now largely complete. We now have world-leading brick and masonry plants in Western Sydney. This follows prior investment and consolidation in Victoria and major upgrades at our brick plants in Queensland and South Australia. Looking ahead, we require limited new investment in our brick plants over the medium term. We have also simplified our business with the exit of underperforming operations in recent years. This has resulted in a more focused portfolio of higher-returning assets. Since 2018, there has been a reduction in operating sites from 33 to 20, and following the most recent restructuring, a reduction of around 500 employees equating to 34% of the Australian workforce. In North America, our plant rationalization program has resulted in the closure of 9 plants, and we have now integrated new bolt-on acquisitions. While disruptive to the business in the short term, the end result of the process is a more efficient plant network and a more focused capital investment program. As shown on the screen, the program has resulted in an increase in brick utilization of 75%, up from 46%, a significant reduction in the average age of our kiln, and a 29% headcount reduction across this business. Now I'll hand over to Grant for the financials. Thanks, Mark. As Lindsay mentioned, the underlying group EBITDA, excluding revaluations and land sales, was AUD 210 million for the half. Underlying EBITDA was a loss of AUD 40 million after including the large non-cash property devaluation. After depreciation and amortization, the underlying group EBIT was a loss of AUD 84 million. Total borrowing costs were AUD 39 million, and there was a large tax benefit of AUD 87 million. This resulted in an underlying net loss after tax from continuing operations of AUD 37 million. Significant items decreased net profit after tax by AUD 15 million, and I'll discuss these more in detail in a moment. In addition, discontinued operations contributed an after-tax loss of AUD 1 million for the period. This is primarily related to closure costs as we finalize our exit from Austral Precast. Turning to significant items, the table on the screen shows the significant items in more detail. The key items are restructuring and site closure costs of AUD 6 million net of tax, mainly relating to employee severance payments associated with the restructuring activities in building products both here and in North America. Plant relocation and commissioning costs of AUD 6 million associated with the new Horsley Brick plant through the half. A non-cash impairment of AUD 3 million, mainly related to the closure of the Landmark Stone plant in North America and a wind-down of our Wacol roof tile plant in Queensland. There was also a AUD 10 million cost in relation to deferred taxes for a Soul Patts holding, and we picked up our share of Soul Patts significant items, which was AUD 14 million. From a cash flow perspective, total operating cash flow for the half was AUD 54 million. That was up 16% from AUD 46 million in the prior period. Although higher, cash generation was impacted by the plant commissioning, restructuring costs, and the higher borrowing costs together with an increase in working capital. Capital expenditure of AUD 37 million was incurred. This was down on the same period last year. This included construction of the new brick plant in Sydney, so the finalization of that, major projects at Rocky Ridge and Adel in North America. As Mark mentioned, the major capital program has been ongoing for the past few years and is now largely complete. We made dividend payments of AUD 64 million in the half. From a key financial indicator's perspective, net tangible assets per share were down 3% over the period to AUD 19.34. This reflects the impact of the statutory loss on the dividend payments made in the period. Shareholders' equity decreased by AUD 86 million to AUD 3.5 billion, which represents AUD 22.87 a share. Net debt was down to AUD 615 million, down AUD 37 million over the period, and gearing remained steady at 18%. I'll now hand back to Lindsay to discuss the outlook. Thank you, Grant. While we can never forecast what sort of black swan events may happen, each of our businesses is in a very strong position for the longer term. We've seen in the property trust over the last number of years that there's this trend to e-commerce, and I'm sure each of you finds in your households there's more parcels turned up every week, and that, of course, requires warehouses behind it. What we're also finding in that market is that there's quite a supply of under 5,000-metre type warehouses, but there's a great shortage in parcels of land for larger warehouses. We went to a lot of trouble to accelerate the movement of our Plant Three to the new Plant Two, but that allowed us to release the Oakdale East property, and that means that we're on the market with virtually no competition in that particular segment. The other competing areas, Mamre Road, is a couple of years away. There was a big sale that went through last week near Badgerys Creek Airport, and once again, it's a few years away. So we've got a couple of years when I think we can take advantage, and we're in a lot of discussions with interested parties on larger-sized warehouses. In our operating divisions, the building products in Australia and North America, we've completed this major investment program and have also completed the major rationalization of the operations over the last five years, and that puts us also in a very strong position there. Looking more closely at the situation in Australia, you'll all see the daily reports about the level of immigration. It's most probably the highest it's been since World War II. We see that there's very little rental vacancy, and we see that construction has been winding down. So that puts us in a situation that housing has got to run strong to the end of the decade. Otherwise, there'll be rows of tents in Hyde Park because there's just nowhere for people to live. I anticipate that things will turn once we start to see interest rates drop for people who can't afford it, but I'd say that there'll be a number of people out there at the moment who are prepared to commit for a house as long as the interest rates don't go any higher. What we're starting to see, reports start to come in here, particularly here in Sydney, of people that are interested in buying, they can afford it, as long as interest rates don't go any higher, and the numbers are starting to pick up through the display homes here. In North America, we've spoken previously about how 70% of the people who have a mortgage have a mortgage that's under 4%. The current mortgage is about 6.5% in the U.S., but actually stabilized some 18 months ago in late 2022 because they ran off the 30-year bond rate. And so what that has meant is there's virtually no existing housing coming on the market. Once again, high immigration, very low vacancy rate in most areas. I mean, it's a big country. There's variation across the country, of course. And so if you want a house the only way you can get one is to buy a new one. And you look at all the volume builders, they've seen very significant upturns, 30%-40% in their demand in the last sort of 6-12 months. And of course, infrastructure has been very strong. We measure that by what's called the Billings Index, the Architectural Billings Index, and that it has been running strong. In the areas that we operate, Mark and I were just looking at some graphs this morning, the areas we've operated where there had been a bit of softness, it's returning. That's very encouraging for us because a lot of our product, most probably two-thirds of our product, goes into that premium part of the market. Finally, of course, our investment, Soul Patts, is expected to continue and deliver stable and growing stream of earnings over the longer term, how they have had done for the last, basically, was it 55 years? It's been a fabulous investment for Brickworks, and they've done a brilliant job over there. That's all I've got to say at this point in time. If there's any questions, I think Mel, you're going to call them out. Sorry? Would you like to do online questions first? Yes, that might be best. We'll get them out of the way. Yep. Question from Colin Dennett. Can management please explain more why the M7 Business Hub, clearly a prime property asset, was sold off? For a growing property trust, that decision and reasons given so far do not make good commercial sense. Quick, tax-efficient, and limited transaction costs barely sound reasoning. Yes, good, good question. Thank you for that question. When we did the Oakdale East, the value of that property was such that we had anticipated that we would get a cash balancing payment, if you like, as we put that into the JV. Now, at the time, it was about 18 months, two years ago, the construction finance was very tight, and we realized that we wouldn't be able to get the finance for the construction of these warehouses and these commitments that we've got today. I think we've turned over our first parcel of land there. So that left us about AUD 100 million that we didn't receive. Then at the same time, the plant that we were building so we could get off that site cost us about AUD 70 million more. And there was some other things we did, including a part because we were letting our land go, we bought a parcel of land for future clay reserves. So all of that meant that we were in a higher debt level than we were happy with, particularly as we're heading into a downturn. We evaluated all our available properties. We didn't want to sell any that had significant upside through development. But this particular property was the original estate. It was the oldest one. They were all smaller scale, three to 5,000 meters. So maybe an area was more competitive, but they'd all received significant rental increases. And the fact that we could transact quick and not pay tax, we may have looked at it a little bit different to others, but it cost us AUD 46 million, and we sold it for AUD 117 million. So we're really quite happy with the outcome over that period of time. Question from Lee Power at UBS for you, Lindsay. Please talk more on the rent increase caps on current leases, level of cap, sites they apply to, and how long they last. That's quite a detailed question because, as you know, there's a lot of properties in the trust, and it may be one lead that we can handle better at the analyst presentation where we can go through the properties property by property. But generally, and I've got Megan here somewhere in the audience, percentages have got a cap, 25%, 30% would have a cap? 35%. 35%. The others are either inflation or a set, but it depends also too how long the lease is. And so they vary from ones that the rents are rolling over now to others that have got quite a significant period of time on it. Also from Lee. How long do you believe the air pocket will last in Australia before we see the significant building boom in your outlook commentary? Well, I think the main concern we have with us building enough homes, or as a matter of fact, building enough of anything, is the length of time it takes for the approval process. The bureaucracy has really slowed this down, and it's not just housing. It's everything. It's gas, electricity, everything. So that's a major problem that the government really needs to focus on. And I know there's a lot being done here in the state government by cookie-cutter designs and rezoning entire stretches of areas on main roads where there's a metro. So I'm hoping that those planning changes will come through, which will help things accelerate and maybe make housing more affordable. But I would anticipate that if we've got greater interest in display homes now, that that would translate into increased work in the new year. And if we see a lower interest rate, and there's been talk today that there may be some interest rates this year, that will then bring in another group of potential buyers once they start seeing interest rates fall. Question from Liam Schofield at Morgans. The weighted average number of ordinary shares has a deduction for the reciprocal interest we sold, 17 million shares. I can't recall this deduction in the FY23 result. What does this relate to? I think I'll hand that one to Grant. Thanks. Yeah, so that is obviously a change we've made this year, and we have restated the comparative. So historically, we've always dealt with the circularity of earnings, but we haven't adjusted for the circularity of the actual shares that we own in each other. That historically hasn't been a problem because you're using a higher denominator effectively to work out your earnings per share. So in a profit situation, you're reporting a lower EPS than you would be if you had removed the circularity. Given we went into a loss this period, we took the view that we would get that corrected because effectively, it would have understated the loss that we would have reported. It's a similar reciprocal change that you'll have seen in Soul's made a couple of years ago as well. So we're basically aligning practices there, and it's the most conservative calculation. And it's complying with the standards. And it's complying with the standards. Yeah, correct. Question from David Loggia. Any updates on the unutilised land at Craigieburn and also in the US? Well, the one in the Mid-Atlantic parcel of land, we're trying to get approval to increase the height of the size of the warehouse that we can build. If we can increase the height, we've approved, what, 37, 38 feet? We want to go to 45 or something. Yeah. If we can get that extra height, it obviously means the land's worth significantly more. And so we're holding off to get that. Yes, I know the Craigieburn one has been a long story. Those who have been following us would know that we consolidated the factories in Victoria in the 2000s, and that made that land available. Initially, we thought we would be able to get residential, but the government had a different opinion on that. It's a great block of land. It's got a freeway through the middle of it. We've then moved across to looking at industrial, and industrial values have come up in Victoria. So it's maybe not as significant a difference between residential and industrial as you might think. And so we're working in partnership with Goodman to see if we can get that rezoned, but I still think it's most probably a couple of years away. It'll be a great parcel, by the way, when it comes through. It's a huge parcel of land, 180-odd hectares. I think it can take, Megan, correct me, 600,000 square meters. Is that right? More? 600? Close to the level area? Yeah. So it's a massive parcel of land. No further questions online, Lindsay. Okay. To the audience here, any questions? Okay. There's no oh, okay. One over here. Yes? Just on the cap rates for the estate, where do you see that settling long-term? Do you see that dropping back down at all to the 4% level, or do you see this more as a stabilized level? Good question. I guess most people have been concerned in the last six months that it might go out a bit more. But because of those rent increases coming through, I'm hopeful it's going to hold where we are. It's just a matter of seeing some transactions in the market to come through so that the valuers don't have to go back to first principles. They can do it by that. But a lot of people I got asked earlier in the day about that went up, but why aren't we seeing the if the rents have gone up so much, why haven't we seen it? But I said if we were down, let's say 4%, we're going to 5%. That's a 25% increase. And so we haven't got that much of the rent through. If it wasn't for the rental increases, that cap rate expansion would have been much more. Yeah. No more questions? Yes? Last one. Just maybe going back to these questions earlier. You spoke previously that 70% rental uplifts in your property trust will come through in the next three years. Is that still the case, or has that sort of changed over the last time? So 70% of the value uplift, you're saying? Through development you're talking about, or of the rental? Yeah. Just the rental uplift and getting it market to market. Yeah. I don't think our position's changed on that, Megan. Do you think we'll get 70% of it in that period of time? It sounds like high, actually. Yeah. But I can't believe that number. Just one more question. You were in the property trust as well. You said 25%? Yes. Yeah. In terms of how you look forward, you've got the one big Oakdale East Stage Two development that's still going ahead for the next couple of years. Do you see that gearing any different going forward, or you're happy with how it's at? Look, I'm happy where the gearing is. We wouldn't want to see it too much higher. But at the moment, the issue as I was sort of explaining in that previous question is that that land had no facilities completed on it. So there was nothing to borrow. So that's why we left the money in that to do that initial development. So the first few developments, we don't need any borrowing. There was the cash in that particular estate to cover the construction. It'll only be in the latter stages that we'll need to take on borrowings to complete the construction in the latter stages. And that becomes a bit hard to predict in three to five years what the interest rates, cap rates, and everything are. So yeah. No other questions? Okay. If not, okay. Well, thank you very much for joining with us, ladies and gentlemen. We'll be here for a while to answer any one-on-one questions you may have. Thank you.