Thank you for standing by, and welcome to the BWP Trust 2022 full year results briefing. Your lines will be muted during the briefing. However, you will have an opportunity to ask questions immediately afterwards, and instructions will be provided on how to do this at that time. I would now like to hand the call over to the Managing Director of BWP Trust, Mr. Michael Wedgwood. Good morning, everyone, and thank you for dialing into our full year results webcast. Before I start, I'd like to acknowledge that this meeting is being held on the traditional lands of the Whadjuk people of the Noongar Nation. I'd like to pay my respects to elders past, present, and emerging. BWP Trust acknowledges the traditional owners of country throughout Australia. We've released to the ASX this morning our full year results announcement, our annual report, and the presentation slide, which I'll go through now, before taking questions. Andrew Ross, our Head of Property, and David Hawkins, our Finance Manager, are also here on the call and will be available to answer any specific questions at the end of the presentation. I should say that this is the first time we've actually been able to be in the same room together for one of these presentations for the last two and a half years. It's good. If we start on slide five, and that summarizes our full year outcomes. Total income for the year ended 30th of June 2022 was AUD 153 million, which was slightly ahead of the prior comparable period. The Trust continued to be well positioned through 2022, with the significant majority of rental income exposure to Bunnings and other national large format retailers. There was portfolio rental growth during the year from scheduled increases and additional rents from completed developments, and that offset some loss of rent while properties are being repositioned from the divestment of Mindarie property and from a small amount of COVID related rent abatement in the first half of the year. Distributable profit for the full year was AUD 117 million. That was the same as the prior corresponding period. Included about AUD 2.8 million in capital profits, and that was compared to AUD 3.5 million in the prior year. On the basis that we pay out 100% of our distributable profit, we are utilizing some realized capital profits to maintain the distribution while we're repositioning some of our ex-Bunnings properties. The full year distribution for FY 2022 is AUD 0.1829 per unit, and that's in line with the prior corresponding period. NTA increased about 18% for the year, with increases in value of a number of properties in the portfolio from cap rate compression and rent increases. Most of that increase occurred in the first half of the year. The Trust property portfolio generated 3.3% like-for-like rental growth on an annualized basis, and that's reflecting the increasing quarterly CPI that occurred over the 12-month period. Portfolio cap rate reduced to a bit over 5% at 30th June 2022, and that was from 5.65% at 30th June 2021, and that resulted in a portfolio value uplift of about AUD 372 million for the year. Our recent Bunnings Warehouse property transactions have included one at Mount Isa on a cap rate of 4.29%, one at Swan Hill on a cap rate of 4%, and one at Nowra on a cap rate of 3.9%. They're all regional stores and reflect the continuing tight cap rates for Bunnings property. That continuing strong demand through the year provided the valuation support for the portfolio for the positive portfolio revaluations during the year. Portfolio WALE as at 30 June 2022 was 3.9%, and that's reflecting that a number of properties in the portfolio are either in the back half of their initial term or they're in option five or six-year option periods. In our view, it doesn't reflect the underlying risk of vacancies in the portfolio. Bunnings' business model cares a lot about location. Bunnings mostly determines the location of its properties, the building configuration, and sets the lease terms. As a result, Bunnings generally occupies sites for a long period of time. It's really mainly changes in the products that Bunnings is selling and who it's selling them to that from time to time results in them needing to change locations in some areas. 14 market rent reviews were completed during the year, 10 of which were Bunnings Warehouse properties. Options on seven Bunnings properties were also exercised. At 30th of June 2022, there were 73 properties in the portfolio and 97.5% occupancy. Gearing at year-end was about 15%, and the cost of debt at year-end was about 2.7%. While it's not clear to us what will transpire over the next six-12 months in terms of the economy, we are assuming there will be continued volatility as central banks continue to adjust their settings, and also, consumers and businesses adjust to higher costs, which, you know, we've been seeing for a little while now. We think we're in a fairly good position regardless of the external environment. The Bunnings properties in the portfolio are mostly consistent with Bunnings' current format, or are in areas where it's difficult to expand or find alternative sites. A number of the properties in our portfolio have, and are continuing to benefit from increasing land values, and that's because of their location. While it doesn't necessarily directly impact valuations which are based on cap rates, it certainly has an impact on potential future use in the event that Bunnings does move out of the properties. Over time, we are seeing more and better options for repositioning ex-Bunnings properties, and we expect that to continue to evolve. Even in recent times, we're not seeing any change in that regard. You know, we're still seeing very good level of inquiry for any properties that we're looking to reposition. 55% of the trust income is CPI-based, so we are positioned to benefit from higher inflation and for how long that remains to be the case. Rest of the income is mostly 3% fixed annual increases, so that provides good balance in the portfolio also. We're pretty comfortable with low gearing in this environment because it's not entirely clear what will happen to asset values over time. We feel with low gearing now, if there is some movement in asset values, it won't have a major impact and vice versa if there's movement in property valuations, it may create more opportunities for us to grow. I'll just turn now to slide six in terms of providing an update on sustainability or our sustainability actions. We've actually reported net zero Scope two emissions for the year ended 30th of June 2022. For us, electricity usage is the main contributor for Scope two carbon emissions for any of our properties. Because of the structure of the leases, tenants are responsible for the significant majority of the electricity usage and the associated carbon emissions. The Trust's responsible for electricity usage in common areas at some of our properties and also electricity at any vacant properties or properties being repositioned. We purchased green electricity for seven properties during the year where we are responsible for some electricity usage, and through that, we reduced our carbon emissions from 177 tons to 120 tons for this year just gone. We also purchased a small amount of, or small number of carbon credits, to offset the residual emissions so that we could say that we are net zero, and we've had that independently reviewed. Through solar generation on some of those properties, we actually avoided 392 tons of CO2, which is well in excess of our actual emissions. Most of that electricity generation is utilized by tenants of those properties. We also. The reason why we end up with some residual emissions is that the solar and power usage can occur at different times of the day. Technically you can't offset them. That is the reason why we needed to buy some carbon credits just to offset those residual emissions. Just to finish up on that, the trust doesn't have any Scope one emissions because we don't produce anything. In terms of Scope three emissions, I think we and probably most other companies or businesses are still working through what Scope emissions are the responsibility for us. That's not straightforward, understanding that. If I now turn to slide eight, we just show a summary of our results. The one thing I will note, our management expense ratio increased very slightly from 0.36% - 0.64%, and that was really a function of the increased asset values during the year. For 2022, most of that increase in management fee was actually offset by lower borrowing costs. Other expenses remained pretty stable during the year. Slide 9 and 10 are also summaries of our financial performance. I'll go to slide 12. We show the outcomes of 10 Bunnings market rent reviews that were finalized during the year. The overall outcome was slightly ahead of passing rent. Eight of those reviews were determined by an independent valuer and were a function of the available market evidence for each property. This was particularly the case for the Belmont property in Perth. The Fairfield Waters and Smithfield properties in Queensland, those reviews were negotiated, but again were based on what market evidence was available to support the rent at that property. We certainly don't look at individual property outcomes as an indicator of the rent for the whole portfolio as there are and will always be some variation at a local level. At this point in time, we remain of the view that the overall portfolio rent is broadly in line with market. We have a number of market rent reviews in determination at the moment, which we expect they'll get resolved over the next few months. Turning to Slide 13, we show the like-for-like rental growth for 2022 of 3.3%. We show that or we'll compare that over a number of years and also provide the breakdown of that. Certainly, we're starting to see the effect of higher inflation coming through in that like-for-like rental growth, and I guess that will continue for as long as higher inflation is in the market. As probably most of you know, you know, we have anniversary dates for our leases occurring throughout the year. It does take time for the portfolio CPI to get closer to the headline inflation numbers because it, you know, there's a bit of a lag while until such time as anniversary dates occur. Slide 414, we just show the chart that we normally show in terms of cap rate trends. That's remaining fairly consistent and obviously, I've talked before about the most recent sales are still in the very low 4% range. I mean, we don't know exactly what's gonna happen to cap rates as we move forward. We would expect if there is any adjustment in cap rates, it'll take time for that to get reflected. Possibly what might happen first is you get a slowdown in transaction activity. So that would also result in, you know, in a delayed change in outlook for Bunnings properties, we think. Slide 15 provides some information on that slide in terms of our revaluations in the period to June 2022. There were 14 independent valuations and 59 internal valuations. Cap rates on 22 properties tightened, 47 remained the same, and this is in the second half. Cap rates on four properties increased. The four properties where cap rates increased were Lismore and Rocklea, and they were both flood impacted earlier in this calendar year. For a period of time, it makes sense to soften those valuations. The other two were Wagga and Fountain Gate, and they're properties where Bunnings has indicated it may vacate, and it's still a few years out. Once we understand Bunnings' intent, we do start to adjust the valuations until such time as we've worked out their future use. Slide 16 just shows the independent valuation results. You can see on that slide the properties where cap rates have tightened, for the other properties other than Wagga are, you know, they're all well positioned and strongly performing Bunnings properties. We're already, we thought, valued at market. Slide 18, as we do normally, we just provide a snapshot of our core portfolio of properties and some metrics around that. There's currently 65 properties that we would consider to be core in the portfolio. The balance are properties that are either being repositioned or ones where Bunnings has indicated at some point in the future, it's going to move from. I mean, that 65 includes obviously Bunnings properties where we think Bunnings will be there for some time, and it also includes repositioned properties that we want to retain in the portfolio. Slide 19 shows the weighted average lease expiry profile in a graph. The next period when a number of properties will be getting to the end of their current option period or current first term is 2026. You know, as I've said earlier, from our perspective, we don't look at that as an indicator that Bunnings will be moving out of a number of properties. We look at each property individually. Then on slide 20, we've shown the properties that are expiring in the next three years. At this point in time, Bunnings hasn't made us aware of any pending vacancies on properties on that list. We're working on that basis. On slide 21, we have shown the details of a proposed upgrade on the Lismore Bunnings Warehouse store. I mean, we showed this same slide at the half year. But we've shown it again because it's information that's also in our annual report. I would say that construction or the starting of that upgrade did get delayed because of the flooding that did occur in Lismore and at our property earlier in the year. We're the store's back open and trading, but we're still waiting for confirmation from Bunnings when that upgrade will start. Slide 22, we've just shown there some changes to the upgrade terms for the Coburg Bunnings Warehouse store. This proposal was originally approved by the BWP board in December 2019, and I think we mentioned it at that time. Bunnings didn't proceed with the upgrade then, so they came back to us a while ago to sort of revisit the upgrade, and we've agreed those terms that are on that slide. On slide 24, we just, I guess, provide a brief snapshot of any properties that we're either repositioning or looking to reposition in the next few years. Port Kennedy, we've had a leasing campaign underway for a little while to reposition that property for large format retail. We're actually making pretty good progress. In this stage, we've got commitments in place for over 80% of the retail space. We're awaiting confirmation of DA approval, which we should get in the next fairly short period of time. After that, we can finalize details for construction and proceed with getting that property sorted out. Belmont North, that property has been leased to the government as a COVID vaccination center while we were sorting out its longer term use. That lease ends this month. The property's rezoned, and it allows for a supermarket to trade on the site as well as other retail and some other uses. We're still working through that in terms of what that property is going to look like. We do expect to lodge a DA application this financial year to potentially significantly reposition that site for mixed use. Morley, there's actually been a temporary lease also in place on that property to the government, but it was the Australian Electoral Commission, and that also expires this month. We also have a leasing campaign underway for a mixed use development on that property, and we're making quite good progress on that, and hopefully we can talk about that possibly next time we catch up. Hervey Bay, we have had a Bunnings. Bunnings is still trading from Hervey Bay. It's building a new property next door. We have had a leasing campaign underway for a little while with a view to repositioning that property for large format retail. We currently have 90% of the space re-leased or committed to lease. We're in very good shape, and we're just going through. Well, we're still waiting for final DA approval on that site, and we're just going through all the final construction costs and whatever. We're very happy with how that property has progressed and in terms of what that leasing profile is looking like. Albany is leased to Bunnings until October 2024. We're still looking or reviewing some longer term options for that property. In the interim, Bunnings has actually opened a Tool Kit Depot store at the property, which Bunnings can do within its existing lease, but we're not sure whether that will turn into a longer term proposition for the property or not at this stage. I mean, Tool Kit Depot is a new brand Bunnings has launched, which specializes in, well, as it says, for tools for tradies. It's a good use for their property, and it's good for us to get exposure to that Bunnings brand as well. Fountain Gate is leased to Bunnings until 2025. I mean, we have talked about that property before. It's a very well-located property in a very strong commercial and retail area southeast of Melbourne. In the event Bunnings does move out in a few years' time, we do expect to get a pretty strong outcome with that property, and we're just working through the best use of it at the moment. It's a bit the same with Northland, which is leased to Bunnings until August 2025. We're still working through how best to position that property. That property may have a shorter and longer-term best use. We're working through that at the moment, but we would expect to be in pretty good shape in terms of what needs to happen next on that property when Bunnings moves out. The last one on the list is Wagga, and that's still leased to Bunnings. Well, Bunnings are still operating from it for a few years yet. As I think we've talked about before, we are aware they're trying to finalize a DA on another property in Wagga. Our property is in a pretty strong commercial area in Wagga, so we would expect to get a fairly good outcome. Wagga, as a regional center, is very, very strong, with a lot going on there, so it's a good place to retain an interest from a property perspective. Turning to slide 26, our debt facilities. I mean, I won't go through all that in detail. The one thing I will note, our hedging at the moment is about 55%, and we were higher. A fair or most or all of our hedging at the moment is actually fixed rate bonds. We did have a bond that matured a few months ago, so that brought the hedging down to its current 55%. At the time it matured, the yield curve was very steep, so we didn't look to replace any hedging at over that time. We're just continuing to monitor that for any opportunities when it actually makes some sense to put a bit more hedging in place. I mean, we're not uncomfortable with it at 55% because of our low gearing, but equally, if there's opportunities that make sense, we would probably take advantage of them because the yield curve is still moving around quite a bit at the moment. Slide 27 is just a graph, I guess, of our debt maturity profile. We have nothing maturing for a few years. Two of our bank facilities we can roll forward each year if we just need to negotiate it with the bank. We're in reasonable shape in terms of our debt maturity profile as well. Last slide is slide 29, and that's our outlook. Look, from our perspective, we remain pretty well positioned operationally with the majority of our rental income from Bunnings and other large format retailers. Obviously, you know, it doesn't matter what business you're in, it's you know, it's not clear exactly what the economy is gonna look like over the next six, 12 or 18 months. Our exposure is to very good business models, and we'd expect them to continue to trade pretty well in most economic environments. In terms of Bunnings properties, I mean, we're not expecting in the short term any significant sort of change in demand for Bunnings Warehouse properties. I mean, the Bunnings covenant is still getting very strong investor support. As I said earlier, you know, what could happen is transaction activity slow down, if you know, higher interest rates prevail and also if higher construction costs prevail. I think that would be likely to happen, or more likely to happen before there'll be any real step change in valuations, unless something happens in the market that, you know, we're obviously not aware of at the moment. We do show on the slide just a half-yearly breakdown of the number of rent reviews over the year. Our focus for this financial year remains the same. It's mainly in terms of our existing properties, and it's filling any vacancies in the portfolio, progressing all those store upgrades that I've already talked about, extending leases with Bunnings if it makes sense to do so, and also just completing those market rent reviews. That being said, I mean, we do continue to look for opportunities to grow. I mean, for us, you know, at very tight cap rates, we've found it harder to find good valuation creation opportunities. I mean, one side of volatility is it does create opportunities. You know, I guess we're having to participate if there is any disruption in the market. Finally, I mean, subject to there being nothing else COVID-related or any other major disruption in the Australian economy, the trust expects to be able to have a distribution for 2023, similar to the distribution for the year ended 30th of June 2022. As we've done in the last couple of years, if we need to, we will use a bit of capital profit to support that distribution. That's all I just wanted to go through with those slides. I'll hand back to the operator, and we'll take any questions that you have. Thank you. We'll now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. Your first question comes from Lauren Berry from Morgan Stanley. Please go ahead. Morning. Thanks, Michael. First one from me. You did mention on the call that you had some flood impacts. Are you able to let us know how much that was and whether those tenants are back to paying full rent? Yes, Lauren, and thanks for the question. Yeah, there were both the Lismore property flooded or everything in Lismore flooded, and also Rocklea in Brisbane. I mean, in terms of they're both back up and trading, I mean, typically with if any Bunnings property floods that, generally there's little or no sort of structural damage. It's more stock racking and I guess some of the equipment in stores, depending on how high the floodwater goes. I mean, there's obviously insurance in place, and so they're both Bunnings Warehouse stores, so there's insurance in place that the tenant has to pay, or has to cover. Both of those properties were up and running in a fairly short period of time. I mean, we did have some insurance exposure at Lismore, and we're still sort of working through how much that was. But that's, I mean, that's covered through a self-insurance, so it doesn't have a short-term impact on BWP. There's no short-term financial impact as a result of those flooded properties. Yes, they're paying rent. Great. Yeah, obviously the CPI coming through in FY 2023 should be pretty good for your rent growth. Just wondering if those CPI reviews would be enough to offset the lost earnings from those three properties that are gonna go vacant in the first half. Actually, I don't have those two numbers to match each other. Look, actually, I'll- I guess, are you seeing, you know, positive NOI growth into FY 2023 despite the vacancies? We will see obviously growth in the portfolio, but there will be offset by vacancies. It just depends on the. Sorry, we're just getting some numbers as we're speaking. Perfect. Yeah, our overall rent for 2023 should be higher than 2022. Okay, cool. Sorry. That took me a long way around to get there. Yeah. No, that's fine. The cost of debt, are you able to break up the margin versus what you're expecting on the base rates for FY 2023 in your forecast? Look, we don't disclose our margins because we have separate relationships with our banks. Yeah. I think what you should assume for margin, well, look at the five-year sort of bond rate or margin on a five-year bond. I mean, those margins are pushing out a bit at the moment, so we're obviously in a better place than that because any bonds that we have in place, we've had in place for a little while now. So we're certainly on the right side of the current five-year bond rate as a sort of a proxy. We should expect a step up in the all-in cost of debt. Uh, y- in FY 2023. Yeah, you will. You will see a bit. I mean, at the year-end, we were at 2.7%, so we'll be over 3% in FY 2023. Okay. Okay, cool. Are you planning on divesting any assets for the capital profits released- Uh- in FY 2023 or? No. No. No. Okay. Cool. All right. That's it for me. Thank you. Thanks, Lauren. Thank you. Your next question comes from Lou Pirenc from Jarden. Please go ahead. Yeah, thank you. Good morning. Just to follow up on your guidance, do you expect a similar level of capital returns, or do you think it needs to go up or down? Look, it varies throughout the year, and it will vary based on the timing of upgrades. To say a number now, I don't think is helpful. I mean, we find every year we budget. Well, if we think we need to, we budget a number, and by the year-end, the number is entirely different because it just moves through the year, depending on the timing of when these things happen. Okay. To follow on Lauren's question, the 1.4% that you quote on your fixed or hedged debt, is that all in or is that before margin? That's before margin, Lou. That's- Cool. Just the entire fund. Can I ask you, CPI-linked rents, are they capped in any way or you get full impact on CPI? Andrew, you take that one. Generally, across the portfolio, it's not capped, but I think we've got one or two legacy cappings on CPI, but it's quite high. Are they above 10? No, they're not capped above 10. They're capped below 10. Okay. There's not many, Lou, at all. Great. Thank you. Then just to clarify, and I may be missing something. On page 12, you talk about the 0.8% market rent reviews on those 10 Bunnings leases. But on page 13, on the 4% of market rent reviews, it's 6.4%. What's the difference there? Lou, on slide 13, we assume that any market rent reviews that have been completed were actually completed on the day of their market rent review, rather than a lag. What we're saying is, 4% of market rent reviews for the year ending 30th of June 2022 were completed, and of those, they had a 6.4% increase. On the other slide, some of those properties are from different periods, from earlier periods that have just taken longer for the rent review to be finalized. Okay, great. Just a broader question, you know. With rising construction costs and therefore, I imagine replacement costs, at what point can you start pushing your rent reviews more aggressively to reflect that? I guess with the nature of our leases, you can't because it's based on, you know, available evidence. I guess with higher construction costs, you know, some of the other effects of it, I mean, it may have an impact on Bunnings wanting to relocate to other properties, and those sorts of things. You know, that's probably where you would more likely see the effect on rent rather than something that we can actually do through the lease, because we can't really, you know, negotiate that through the lease unless there's some market evidence. You've got to look at the broader going to change that market evidence. Great. Thank you. Thank you. Your next question comes from Edward Day from Moelis Australia. Please go ahead. Good morning, guys. Just a couple of follow-up ones. On the market rent reviews, given some of those, reasonably dated, I think a couple years old, do you effectively have to make whole, you know, effectively square that up? We accrue what we think could be the outcome from you know the date of the market rent review. I mean, the only adjustment that needs to be made once it's been determined is if it's either higher or lower than what we've been accruing. But it normally, we're probably not materially different from you know from the actual outcome. In other words. Right. Yeah, you don't necessarily see major impacts. Yeah. Okay. You know, given we're in a heightened CPI environment, would you expect this to flow through to stronger market rent reviews? Well, Ed, we have to just go back to the evidence. If the evidence is showing higher CPI numbers, then we use that evidence. Yeah. I guess, yeah, by definition our rents or if other properties are CPI linked and their rents are going up, those rents are part of our market evidence for whichever property we're reviewing. Yeah. Okay. You mentioned construction costs briefly. Could you just perhaps give some color around, you know, the impacts you're potentially seeing on some of your assets that you're repositioning? Yeah. Look, right at the moment, we sort of haven't had to commit to anything at a significantly higher cost. But it, I mean, we had some upgrades with Bunnings, and I guess Bunnings is looking at its construction costs in those regards to see whether that all still makes sense. For us, I mean, we're certainly very conscious of it and we're, you know, where we've got the room to, we're looking at things through the design process and those sort of things to look at ways in which we can do things to, I guess, minimize the impact of construction or higher construction costs if they're around for a while yet. I mean, I guess the one thing it could do in the shorter term is just delay the start of construction obviously as you're having to work through this and you're having to firm up construction costs with builders and things. I think in the shorter term, you're more likely to see it in a delay to projects starting rather than projects not happening. Great. Thank you. Thank you. Your next question comes from Annabel Atkins from J.P. Morgan. Please go ahead. Oh, hi, Michael, and thanks for today. Just wanted to clarify the question asked by Lou. With that 54% of leases linked to CPI, you're saying generally none are capped to the 2.5% that you've got on the Coburg and Lismore leases? Correct. Yeah, that's it. Yeah, absolutely. Okay. Just to, I guess, clarify that specifically, Annabel, in Bunnings' most recent leases on properties that it's been selling over the last year or two, or maybe it's 12-18 months, it has introduced this CPI capped at 2.5% in terms of its new leases. I mean, we don't have any of those leases other than these couple of upgrades where we've agreed to it. What it's, I guess in terms of relevancy, in terms of the overall Bunnings lease, what it's replacing on new properties is what was a 2.5% annual fixed increase. What they've done is capped it at 2.5%, but made it CPI. Our CPI leases are, you know, older leases, so they're uncapped. Yeah. Okay. Yeah. Understood. Thanks for that. Just another clarification question. On slide 21, you refer to a funding rate of 4% on your Coburg and Lismore development. Should I be reading that as a fund, like a debt cost or a yield on cost? It's a yield cost. Okay, great. Just in terms of the upcoming developments, you gave great color to a lot of those projects. When should we expect construction to start on these? Are we aiming for FY 2023 or 2024 on most of the lease? Well, I'll just go back to that slide. I mean, Port Kennedy will be this financial year. Belmont North, probably not, and Morley, probably not. Hervey Bay will certainly be this financial year, and the rest are further out. Yeah. Both Belmont North and Morley, they're quite significant sort of redevelopments or repositionings, which, you know, it will take a bit of time to get us into a position where we can start construction. Yeah. Okay. Thanks so much, guys. Okay, thanks, Annabel. Thank you. Your next question comes from Howard Penny from Citi. Please go ahead. Good morning. Thank you for the presentation. Just two quick questions from me. The first one is just fleshing out the buyers and sellers driving the cap rates at the moment. Could you provide any more detail of who's active at the moment in the market? Look, Howard, there hasn't been that many transactions, certainly in the last six months. There's only been about three, and two were regional properties, and if I remember rightly, they went to private investors. Nowra, I think Nowra. Charter Hall. Yeah, Charter Hall bought Nowra. They're the only three. There is actually a property being marketed at the moment at Hoppers Crossing in Victoria. And that's a very large Bunnings. It'll be interesting to see how that one goes. Actually, you know, that will be a bit of an indicator of where the market's heading. Great. Thank you very much. Just one extra one from me. Just looking forward, you know, as the leases come up for renewals and that, you know, are Bunnings indicating a preference to maybe moving away from CPI-linked leases towards fixed? Have they made any kind of indication of what they're thinking in that regard? Yeah, look, Howard, I think the answer to that question is what you... The best way to answer it is to talk about the leases on new Bunnings properties because that's generally the direction they're wanting to head. That, you know, over a period of 24 or 25 years, that has changed quite a lot. It started as open-ended CPI increases. It then went to 3% fixed with caps and collars on market rent reviews. In more recent years, it went to 2.5 fixed with longer periods between market rent reviews, but caps and collars in the most recent ones of this, CPI capped at 2.5%. Certainly, that's the direction that Bunnings is heading. I guess in a strong market, Bunnings has negotiated those terms. I mean, certainly when it comes to upgrades, it is based on an existing lease and the existing terms in that lease. So that any variation from that in our regard takes into account the specific nature of the property, I guess the future use of the property and what we think provides the best value outcome. Particularly for upgrades, it doesn't represent a step change in our thinking. It's very much a property by property sort of evaluation, if you like, in terms of what we think provides the best outcome. Does that answer that question? Thank you very much, and well done on the results. Thanks, Howard. Thank you. There are no further questions at this time. I now hand back to Michael Wedgwood for closing remarks. Well, thanks everybody for participating in the call, and if you have any follow-up questions, feel free to reach out. Yeah, I hope the rest of the reporting season goes well, and we'll talk again as we need to. Thank you very much. That concludes our conference for today. Thank you for participating. You may all now disconnect.