Ladies and gentlemen, thank you for holding and welcome to the BWP Trust half-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. Mark Scatena. Please go ahead. Thank you and good morning, everyone. Thanks for joining us. My name's Mark Scatena, the Managing Director of BWP Trust, and I'm joining you from Perth. With me today is Andrew Ross, the Trust's Head of Property, and David Hawkins, the Trust's Head of Finance. Today we're pleased to announce BWP Trust's results for the half-year ending 31 December 2024. The Trust has released to the ASX this morning its half-year results announcement, half-year report, and investor briefing presentation. This morning I'll go through the presentation before taking questions. Turning to slide three. To commence today, we acknowledge the traditional owners of country throughout Australia and the continuing connection to lands and waterways upon which we depend. We pay our respects to their elders past, present, and emerging. Turning to slide six and highlights for the half. The half saw portfolio momentum continue, supported by strong focus on optimization and profitable growth. In optimizing the portfolio, during the half, the Trust reported like-for-like rental growth of 3.3%. Five Bunnings market rent reviews were completed, achieving a 2.7% average increase, and Bunnings exercised nine lease options. As a result of the nine options being exercised, the portfolio WALE increased 0.8 of a year, or 22%, to 4.4 years. In support of profitable growth, during the half, an agreement was reached for a AUD 14 million Bunnings expansion at Pakenham, Victoria, in addition to an agreement being secured for the AUD 11 million redevelopment and car showroom expansion at Midland, Western Australia. Also, the responsible entity continued to focus on operational effectiveness and our ways of working in an enlarged asset portfolio. In portfolio renewal, we advanced the divestment of Port Kennedy in Western Australia. We completed a non-deal roadshow, debt roadshow, and we increased our engagement with a large-format retail sector in support of customer store network expansion, which includes collaboration on the repurposing of BWP sites. Turning to slide seven and key portfolio metrics. While I won't cover off on all the key metrics here, I'll touch on a couple of highlights, including total income increasing 22.2% to AUD 100.6 million, a weighted average capitalization rate, or cap rate, fell 10 basis points over the half to 5.43%. Net tangible assets at the balance date were AUD 3.92 per unit, which compares to AUD 3.74 per unit at 31 December 2023. Portfolio occupancy increased to 98.7%, up 1.3 percentage points on the prior corresponding period. The weighted average lease expiry, or WALE, increased to 4.4 years, and solar installations now exist on 54% of all Trust-owned properties. Turning to slides nine and ten on financial performance. While I won't spend time on slides nine and ten, they provide an overview of the financial performance for the half, with key metrics focused on income, expenses, portfolio valuation, distributions, investments, and cash generation and capital structure. Two important callouts from slide nine include a net profit for the half of AUD 157.1 million, which included AUD 93.2 million in net unrealized gains in the fair value of investment properties, and which compares to net profit of AUD 53.2 million in the prior corresponding period. An interim distribution of AUD 0.0920 per ordinary unit has been declared and will be made on 26 February 2025, up 2.0% on the first half of last financial year. Turning to slide twelve and the strategic framework that guides our areas of focus. In delivering BWP's objective of providing unit holders a secure and growing income stream and long-term capital growth, the group's key areas of focus align to three strategic pillars of portfolio optimization, profitable growth, and portfolio renewal. Portfolio optimization focuses on optimizing and leveraging the existing network while managing asset repurposing requirements. Profitable growth seeks to expand the core portfolio and assess adjacent growth segments and addressable markets where feasible. And portfolio renewal focuses on active value creation through capital recycling and reinvestment in growth initiatives to complement the core portfolio while maintaining a strong and flexible balance sheet. Importantly, our supporting principles of operating excellence, efficient capital structure, and effective asset management underpin these strategic pillars. And our enablers of commercial discipline, capital allocation and access, sustainability, and active and effective collaboration, in addition to our values of being respectful, responsible, resourceful, and responsive, reflect the behaviors and ways of working that guide our business approach in the areas we invest, the drivers of returns, and how we create value. Turning to slide fourteen. Excluding rental income from properties acquired, sold, upgraded, or vacated and released during or since the previous corresponding period, rental income increased by 3.3% for the half. As is shown in the chart, the growth in average rent over the last ten years, being dollars per square meter, has been supported by an increased contribution of national large-format retail tenants, reflecting BWP's ability to repurpose and tenant effectively should Bunnings vacate an existing site. In aggregate, for the 2025 financial year, CPI reviews will apply to 34% of the base rent, with leases subject to a market rent review comprising 12% and the balance of 54% reviewed to fixed increases of 2%-4%. And turning to market rent review outcomes on slide 15. Market rent reviews on five Bunnings warehouses were finalised during the half, with rents increasing on average 2.7%. And while above the three-year average of 2.3%, we remain of the view that overall the portfolio rent is broadly at market. For the second half of the 2025 financial year, six market rent reviews are scheduled, which are in addition to three unresolved reviews carried forward from the 2024 financial year. Turning to slide 16 and rental mix, WALE and occupancy. The charts illustrate the continued covenant mix strength of the portfolio, driven by Wesfarmers Group and national retailers representing approximately 97% of total rent. In addition, occupancy at 98.7% and an increased WALE of 4.4 years reflect continued improvements in portfolio quality. Turning to slide 17 and capitalization rates. As evidenced in the capitalization rate chart, the half to 31 December 2024 saw increased market transaction activity with three Bunnings Warehouse transactions completed. These were all purchased by private investors at an approximate average cap rate of 5%, with transactions comprising one regional asset sale and leaseback and two metropolitan secondary market transactions. Turning to slide 18 and valuation summary. During the six months to 31 December 2024, the Trust's total property portfolio was revalued, with revaluations performed by independent valuers for 13 properties. The Trust's weighted average capitalization rate for the aggregate portfolio at 31 December was 5.43%, down 11 basis points from 30 June 2024 and down 10 basis points compared to 31 December 2023. Importantly, at 31 December 2024, the average cap rate for the standalone Bunnings warehouses within the portfolio was 5.16%. The cap rate compression in the half and the consequent net fair value portfolio valuation gain of AUD 93.2 million reflect the strength of the Bunnings warehouse asset class. Turning to slide nineteen and independent valuations. The independent valuation movement in the half reflects cap rate compression and rental growth, with a cohort of thirteen independent valuations completed, representing 15.7% of the BWP portfolio value. The average cap rate of 5.64% for the independent cohort was in line with June 2024, with no cap rate change reflecting the impact of West Ipswich and Geraldton valuations due to asset-specific attributes. When excluding West Ipswich and Geraldton, the cap rate of the independently valued cohort decreased five basis points in the half. Turning to slide 20 and the lease expiry profile. In the first half of the 2025 financial year, Bunnings exercised nine of 10 options expiring, which also comprised a number of third options being exercised, taking the effective age of a number of these leases to beyond 25 years. As outlined in August, when assessing the probability of Bunnings exercising any upcoming expiry, we expect Bunnings network decisions to be influenced by store location, physical store format, and lease structure, with Bunnings' potential to vacate often linked to the availability of an alternative site, which includes consideration of planning approval timeframes. Importantly, our near-term expiry peak in FY26 and FY27 reflects the cycling of the initial terms of historic tranche portfolio acquisitions, with these upcoming expiry supported by an improved core portfolio and option exercising history. In addition, these near-term expiries are weighted towards existing or current Bunnings store formats and comprise largely first and second options. When coupled with our assessment of those sites' respective locations, warehouse formats, and lease structures, and there being at most 1.7 years remaining to notify for the FY27 lease expiry cohort, these afford confidence that these upcoming expiries have a good probability of being exercised. Turning to slide twenty-one. This chart shows the Trust's near-term lease expiry and the status of the leases expiring in each financial year. In regards to recent history, nine options representing 11% of income were exercised in the six months to 31 December 2024, with four relating to the 2025 financial year and five relating to the 2026 financial year. When we think of lease mechanics for the lease expiry notification periods for the 2026 and 2027 financial years, of the options yet to be exercised, 33% have a three-month notice period, with 67% having a 6- to 12-month notice period. Turning to slide 22 and core portfolio. The core portfolio represents these properties with stable long-term leases in place and excludes any properties held for sale, currently being repositioned, or where Bunnings has notified of its intention to vacate. As can be seen through the respective charts, core portfolio improvement has been driven by effective asset repurposing and renewal and growth activity. Importantly, the improvement in the core portfolio over the past four years is reflected in the higher proportion of core properties, continued individual asset scale, a high metropolitan location ratio, and improved WALE rental growth and capitalization rates. Turning to slide 24 and Bunnings expansions and key tenant upgrades. Upgrades were agreed in the half at Pakenham and Midland, reflecting strong tenant partnerships and BWP support to drive improved Bunnings' latest store format and customer propositions. Specifically, terms were agreed with Bunnings for an expansion subject to development approval and completion of legal documentation of a site in Pakenham, Victoria, comprising a cost of AUD 14.0 million at a funding rate of 6.5%, with a new 10-year lease to be entered into on completion of works, with six 6-year options. Annual CPI reviews are capped at 3%, with market rent reviews scheduled every 10 years with a 10% cap and collar applied. The expansion will increase total retail area by 4,407 square metres across both timber trade sales and main trading floor areas and is expected to be completed in late calendar year 2026. Furthermore, redevelopment and car showroom expansion works to upgrade the Midland Carco site at a cost of AUD 11 million was agreed at a funding rate of 7.5%. The upgrade includes a new 15-year lease on completion of the works with one ten-year option. Annual rent escalation is at the greater of 3.5% or CPI, with a market rent review to be completed at ten years. The redevelopment of the premises is to accommodate existing and incoming car dealership brands, as well as the addition of new facilities, including a tavern, gym, office, and workshop, with completion expected in late calendar year 2025. Turning to slide twenty-five and alternate use activity. The Trust continues to make progress in the reduced number of repurposing activities in stores vacated by Bunnings, with this reduced alternate use activity reflecting improved portfolio quality and with Hervey Bay providing a template for near-term repurposing activities, which reflects the development capability we have built over time. Of note, other current sales process for Port Kennedy, development application lodgements and leasing campaigns advanced for Noarlunga and Fountain Gate, and rezoning options in review for Northland while securing a new third-party tenant. Turning to slide 27 and capital management. The weighted average cost of debt for the half was 4.4% compared to 4.2% for the prior corresponding half, reflecting the higher interest rate environment. Average borrowings of AUD 793.9 million during the half was 58% up on the prior corresponding half, largely due to the NPR debt assumed as part of the takeover, with borrowing costs of AUD 17.2 million up 63.7% on the first half of last financial year. As of 31 December 2024, the group's interest rate hedging cover was 52.4% of borrowings, with a weighted average term to maturity of hedging at 1.4 years. The group's gearing ratio at 31 December 2024 was 21.4%, which is at the lower end of the board's preferred range of 20%-30%. The lower gearing provides flexibility for the group to take advantage of investment opportunities to create long-term value when they arise. BWP is committed to maintaining a strong investment grade rating for appropriate capital and balance sheet management, with current ratings comprising an A-minus stable rating by Standard & Poor's and an A3 negative rating from Moody's. Finally, a non-deal Asian debt roadshow was completed during the half, with continued investor engagement resulting post the visit. Whilst it's important to call out that our bank facilities with the CBA and Westpac can be extended a further year each year, subject to agreement, during the second half, focus will be on refinancing to support upcoming debt maturities. Now turning to slides 29 and 30 on the outlook. In delivering BWP's strategic agenda of portfolio optimization, profitable growth, and portfolio renewal, BWP's primary focus areas for the balance of the 2025 financial year include continuing to progress the repurposing of vacated properties, filling vacancies, completing store upgrades, extending existing leases through the exercise of options, finalizing market rent reviews, and the continued rollout of energy efficiency improvements. BWP will actively assess and action suitable opportunities to grow the portfolio that will create value for BWP, with a focus on investing in the core retail portfolio to support network, to support tenant network optimization and expansion plans, and partnering with existing tenants to potentially, over time, participate in adjacent paths of the retail value chain. Where feasible, we will recycle proceeds from the investments of non-core assets into growth initiatives while maintaining a strong and flexible balance sheet. We'll continue to focus on lessee relationships to support asset expansions and to optimize available space, and we'll seek to further optimize the cost of capital. In regards to the operating market and environment, the Trust remains well positioned, with rental income comprising largely the Wesfarmers Group, other national large-format retail, automotive and self-storage businesses, and Commonwealth and state governments. Bunnings remains well positioned to provide leading customer value, supported by ongoing productivity and efficiency initiatives, housing undersupply, and net inbound migration continuing to support demand. And Bunnings continues to pursue opportunities to grow the addressable market and customer participation through new ranges, network optimization, commercial strategies, and digital channel growth. Six market rent reviews are to be finalized in the second half, in addition to three unresolved from the 2024 financial year. Finally, consistent with the interim distribution, up 2.0% to AUD 0.0920 per unit, subject to no major economic disruptions or material change in market conditions, BWP provides full year distribution per unit guidance of approximately 2% growth on FY24. And with that, we'll conclude our prepared remarks, and I'll now hand back to the moderator to facilitate any questions, where myself, Andrew Ross, the Trust's Head of Property, and David Hawkins, the Trust's Head of Finance, are available. Thank you. We will 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 the pound or hash key. Your first question comes from Lou Pirenc with Jarden. Please go ahead. Yes, good morning, Mark and team. First one, just on slides nine and 10, could you just go through. It's quite a big difference between your profits of AUD 66 million and your operating cash flow of AUD 53 million. So just curious to see if there's anything there to call out why that is. Not that I can think of, Lou. I'll have to get back to you on that one, if that's okay. Sure. Yeah, no, that's fine. And then, Mark, you talked about continuing to look at investment opportunities. Did you just talk about the market? I mean, clearly, interest from private investors in the asset class is quite strong and at quite tight cap rates. But how does it, I don't know, are you looking at more opportunities at the moment compared to the last few years? Or how is the outlook for inorganic growth, I guess? Yeah, I'll touch on that, Lou, and then Andrew can just cover off on how the property team, how active the property team is. Look, I think we've always said, Lou, that we've been very active, and we've got a big repository of things we look at and targets. We're most certainly guided in the release to the types of assets that we're most certainly interested in. I think the cap rate profile. You've seen some transaction activity increase in the half again as confidence in the outlook, some stability perhaps in the prospect for interest rates and buyer and seller expectations aligning a little more. So we would expect that momentum to continue into the second half. Yeah, Lou, I think we're as active as we've ever been, but we absolutely are focused on delivering the objective of the Trust and to facilitate growth in earnings. And so making sure that the team is up and about as it relates to opportunities, Lou, that's a really big focus. So we looked hard in the half, as we always do. Yes, and we made some offers on a couple of sites which weren't successful, but we'll continue to be absolutely in the market, Lou. I don't know if Andrew wants to. Yeah, yeah. In addition to that, Lou, we're seeing another large-format retail center coming to the market. I've got a meeting with the agents in two days' time. It's something that we would seriously have a look at. We did put in an offer for another large-format retail center back in September, October, and we missed out on that one. There seems to be a renewed level of confidence in the market in 2025. That's the feedback that we're getting from the agents that we're talking to. So I think we'll see increased transaction activity and potentially firming of cap rates from, or particularly from when we did the transaction with NPR last year. Yeah, fair enough. Sorry, Lou. Sorry, Lou, David, the operating cash flow, it's transaction costs relating to NPR that were paid on the 1st of July. The big variance. Yeah, no, that makes sense. And then final question for me. I mean, Mark, you mentioned, or there's on slide 29, you expected to further optimize the cost of capital. Can you maybe go in a bit more detail how you see that? Is that waiting for RBA cuts, or are there other initiatives that you could use to optimize your cost of capital? Well, I think, Lou, it's just an incredibly important focus for David in his role. And I think as we have some maturities that we're thinking about, so how we fund those is important and how we think about the cost structure. And I talk about that in a slightly more broader sense. So making sure that the system is focused on productivity, including the cost of capital, so that over time, if we can fund well and we can optimize that, then of course the addressable market for opportunities grows and we become more competitive in regards to our ability to transact. So just a continued focus, Lou, and making sure that us as a team, we're absolutely focused on that particular element so that there's opportunities that universe does grow. Great. I'll leave it there. Thank you. Your next question comes from Tom Bodor with UBS. Please go ahead. Good morning, Mark. Just following on that last question of Lou's around optimizing cost of capital, I just wanted to check if any of your near-term expiries are the Newmark debt that was sort of in place when you bought the vehicle or whether that's all been replaced since you've sort of consolidated that acquisition. Yeah, so Tom, we refinanced all of the NPR debt on 28th of June last year. So all this debt is actually in BWP Trust head entity. Some of that was short-term funding from the bank, which we'll look to put into a long-term MTN in the coming months. Right. So optimizing doesn't just mean cost. It could be duration and other terms and conditions. Yeah, and looking at how much headroom we're carrying as debt headroom as well and the like. Okay, great. Thanks. And then the other question I had, just one more from me, with the revaluation, which was actually relatively healthy, was that quite concentrated on the Newmark assets, or would you say it was broader than that across sort of the broader portfolio? I think it was AUD 93 million of uplift you saw there. Yeah, Tom, the NPR assets moved by seven basis points. They compressed seven basis points, but the majority of the movement was 11 basis points in the non-NPR assets. Right. So the uplift on NPR was sort of actually less than what you saw across the broader portfolio? Correct. Yeah. And did the NPR evidence inform the values, or did they sort of look through that as a bit of a portfolio deal, one-off distressed type situation? No, no, the three transactions that we've put in the slide on cap rates, that's informed the values on our entire portfolio. That's more recent than NPR. Sure. Okay. So it's fair to say that the NPR evidence was sort of essentially older than the more recent. It's old. Yeah. Yeah, it's not current market. Yep. Okay. That's clear. Thanks very much. Your next question comes from Howard Penny with Citi. Please go ahead. Thank you and congrats on the results. Just following on the other questions, just one item. So we saw expense growth slightly outpacing income growth, and I guess it's because of the higher CPI inflation we've had generally, but perhaps there's also a little bit of NPR effect in that expense growth. Could you comment at all, just looking forward, how you expect those two lines to behave? Obviously, the management fee increased as well, because of increased valuations. There was an increase in basic insurance and land tax as probably the two largest contributors to the increase in the actual other expenses. We think hopefully that should moderate, but it depends on what the government's forecasting their land tax going forward. Great. Thanks for that. Just maybe just elaborating on the options, so FY25 that haven't been exercised and even FY26, just any commentary on the probability of those moving forward, if you can, as far as you can, and maybe just any comments on that? Look, Howard, I'd love to be able to give you a high-quality estimate on the probability, but I think what we've tried to do as we did the full year and a half is explain the composition of the decision-making we think as it relates to Bunnings as the tenant. So the recent history in FY25, those three non-exercisings, they've formed part of the repurposed portfolio, which we're active on now. We've had some good success in terms of option exercising in the half completed. And as I said, in regards to lease format, the actual format and the network nodes, when we look at that within the portfolio, when we look at the duration or, I suppose, the maturity of the lease, the age of the asset that's coming up for option exercising, I think as I called out, it does give us some confidence that we expect that probability to be relatively high. But of course, Bunnings will make its decisions, I think, as we've mentioned before, Howard, in terms of its network plans. But again, when we look at the three attributes that we think Bunnings applies, when we look at perhaps the maturity of those assets, and there's a degree of confidence that the portfolio is higher quality than what it was. I think, again, in the deck, Howard, we've tried to explain why we think the portfolio as it sits today is a high-quality portfolio, so a consequence of that, we hope, and we expect that the probability of option exercising is a little higher as well than recent history. Thanks a lot, and congrats again. Thanks. Your next question comes from Richard Jones with JP Morgan. Please go ahead. Good morning, Mark and team. Good morning. Good morning. On morning. On the new developments that you've announced, good to see a much better yield on cost that you're generating in those projects. Just wondering if you can just talk us through the different lease structures on new leases that are entered into for Pakenham and Midland and just kind of discuss how those terms are negotiated? I'll start, and then Andrew perhaps can cover off. I think with Bunnings, it's like any negotiation. It's most certainly robust, Richard, as you would expect. And the lease structure, as we've guided, I think there's a respect in that revised lease structure that that funding rate is more reflective of the cost of capital, which, of course, that's incredibly important. And then that 10-year lease, we are trying to manage, I suppose, two things, and that is to secure a high-quality tenant like Bunnings and support their network expansion with tenure, and we think the 10-year lease reflects that. Of course, Bunnings is keen, again, those three attributes I mentioned before, to the extent that we can accommodate their tenure over time in a high-quality location like Pakenham, then we've negotiated that suite of options with Bunnings. Then I think, as you see in the standard leases moving forward, that market rent reviews are increasingly capped and collared, and 10% is the upper and lower threshold. The Pakenham negotiation was one of wanting to support the expansion of Bunnings so they can have a larger trade sales area and increase their selling floor, and we're delighted to do that. We're respectful, and they were respectful of our cost of capital. Within the lease structure, we've endeavoured to accommodate a good initial term to reflect our capital investment and then some options that reflect Bunnings' intent to remain in that asset over a long time. That's Pakenham. Carco, I'll perhaps let Andrew touch on, but again, a tenant seeking to absolutely invest and expand their proposition, and that's been a successful repurposing of that asset. We were delighted to work through with them what their intent was, and they've got some ambition for that site. It's well located. It's a relatively vibrant business as it currently sits and wanting to enable, again, the expansion and improvement to their proposition, which has a number of elements in that development. It's a good location. They were seeking some good security and good tenure, and given the investment, we were very happy to execute a 15-year lease and then with an option to give, again, that investment the underwrite that it needs. It's a funding rate reflective of the cost of capital. Yeah, like any negotiation, Richard, they take time. Some of them happen faster than others. We would love to do. We talked to this in terms of portfolio growth and optimization. We would love to do more of these. And we try and bring these to life as best we can. We have ongoing discussions with our tenants on how they would like to optimize their assets. And I think if we can give security, asset proposition improvement, and funding cost align, and we're respectful, obviously, as the landlord of highest and best use, then I think we can come to good outcomes for both lessor and lessee. But yeah, they're long processes to get to those. Thanks, Mark. So that's covered in detail. The only thing you didn't cover was the escalators. So I mean, I look at Midland review greater of three and a half of CPI versus Pakenham CPI capped at three. I mean, you'd rather do the Midland structure every day of the week. Just interested in. Yeah, I think Pakenham's also, Richard, a function of the existing lease, as I mentioned, so there are terms that we'll negotiate as we fund an expansion with our key tenant, Bunnings, and so some of those terms we'll retain, and some of those terms we'll amend, so I'm not sure they're necessarily comparable given the Bunnings lease can be a relatively standard lease in some locations. Okay, and just one other question: Is a buyback a legitimate option being considered? Look, you would expect us, Richard, to be looking at those things, which we do, and we value different uses of capital, of course, and we discuss those at an executive and a board level. It's not something that has been a key topic of discussion recently, Richard, where we're most certainly looking to invest the balance sheet into growth opportunities and to repurpose and optimize the existing estate, so that's been a key focus, but yeah, of course, it's an option that when we're looking to invest, we will compare that perhaps to some capital management, and we'll make a decision based on the best prospects for unit holders, so yeah, it's there on the list of things that we absolutely will look at frequently, but we're optimistic that there are opportunities out there, both in existing and perhaps in an incremental sense, so that's where I think the focus is at the moment. Thanks, Mark. Cheers. Your next question comes from Lauren Berry with Morgan Stanley. Please go ahead. Hey, morning, guys. Just a question on the FY26 options that were exercised in the period. I'm just interested to know if those options were exercised within the standard notice period that you had for them, or were you starting to do some early discussions around renewals a bit earlier along than you would normally? No. It's all within the window that Bunnings has to exercise the option. Okay. So in the next six months, how many of those windows are kind of coming up? Yeah. Sure. So to 30 June, there's four. So if you look at the chart, that's got FY26, and there's 14 yet to be exercised. Four of them will fall in the next period, next half period. And then the balance will all need to be exercised by the 31st of December 2025. So this time next year, if Bunnings has exercised all of those, there won't be any lease expiries in FY26. Great. Thank you. And then the other one is on the Northland lease that you've negotiated. Just interested in the spread between what the new tenant will be paying versus Bunnings and also if there's any CapEx required for the new tenant. Yeah. Lauren, the strategy around Northland is we're going through, and we're going to be lodging this with the state government shortly, is to rezone that property and redevelop it. And so what we've done is we've done a short-term lease, a three-year lease with a tenant with a five-year option, but we can break that lease at any time after the three years. So if we get the rezoning through and we get all our development approvals in place, we can give the tenant notice, and then we can move forward with the development. So the rental is about 20% lower than the Bunnings rent, but we're happy to accept that lower amount given the flexibility that we've been able to negotiate with that tenant. Great. Thank you. And then final one, just on Port Kennedy. Do you have a buyer for that asset, or is it still under negotiation? It's still under negotiation, so we don't have a contract in place. Okay. Great. Okay. Thanks. And sorry, just to answer your other question in relation to the new tenant Northland, there's no capital as part of that, and there's no incentive as part of that. Cool. Thanks, guys. Your next question comes from Adrian Atkins with Morningstar. Please go ahead. Hi, Mark and team. It's really good to see the better returns on the Bunnings development at Pakenham. I know every site's going to be different, but should we expect most future developments to be more like these terms compared to, say, Dubbo, or is it just that Pakenham was just a much better location? Yeah. I think, Adrian, the question in terms of relativity to Dubbo and Lismore, for example, is timing. So again, those developments were agreed before the tightening cycle of interest rates, so in a very different set of circumstances and reflected, again, some prevailing costs at the time. Now, we've secured, or we've committed to expansions with our tenants at a higher funding rate, again, more reflective of the cost environment as it relates to funding, more reflective of our cost of capital. We would hope that that continues. So if we were to secure more investments in terms of expansions with tenants, that would, again, be reflective of our prevailing cost of capital. Okay. Great. And just one other quick one. Just Moody's downgraded your outlook. It's been quite a long time now. Is there any update on what they're thinking? We're actually meeting with them when we do the results briefings next week. So we're continuing discussions with them. Part of the downgrade was relating to the NPR debt being refinanced, which we have refinanced. So now we'll just work through any other concerns they have. Okay. Great. Thanks, guys. There are no further questions at this time. I'll now hand back to Mr. Mark Scatena for closing remarks. Thanks, everyone, for attending today's results briefing, and we look forward to seeing and speaking to many of you over the coming days and weeks. Please reach out should you have any queries. Very happy to discuss anything. Thanks very much, and have a nice day. That concludes our conference for today. Thank you for participating. You may all now disconnect.