Ladies and gentlemen, thank you for standing by, and welcome to the Charter Hall Long WALE REIT 2024 half year results briefing. At this time, all participants are on a listen only mode. There will be a presentation followed by a question and answer session, at which that time, if you wish to queue for a question, you will need to press star one one on your telephone keypad and wait for your name to be announced. Please note that this conference is being recorded today, Thursday, the eighth February, 2024. I will now like to hand the conference over to your host, Mr. Avi Anger, Fund Manager. Thank you, sir. Please go ahead. Good morning, everyone, and welcome to the Charter Hall Long WALE REIT Results Presentation for the first half of financial year 2024. Presenting with me today is Scott Martin, Head of Long WALE REIT Finance. I would like to commence today's presentation with an acknowledgement of country. Charter Hall acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects to elders, past and present, and recognize their continued care and contribution to country. The format for today's presentation is that I will start with an overview of CLW and key highlights for the period. You will then hear from Scott, who will provide an overview of the financial performance of the REIT. I will then return to provide an operational update and portfolio overview and provide an update on guidance for FY 2024. We will then offer the opportunity for questions. Turning to slide four. Today, CLW has a best-in-class AUD 6.5 billion diversified real estate portfolio, consisting of 546 properties. Our portfolio continues to be diversified by tenant, industry, geography, and property type, which contributes to the stability of our cash flow. Our properties were leased to 84 tenants across Australia and New Zealand and diversified across Long WALE retail, office, industrial, social infrastructure, and agri logistic sectors. 53% of the income of the REIT comes from triple net lease properties. This is an important feature of our portfolio, given that under a triple net lease structure, the tenant is responsible for all outgoings, maintenance, and capital expenditure. In addition, 78% of our portfolio is located in markets on the eastern seaboard of Australia. Turning now to slide five. The portfolio features a long-dated average lease term of 10.8 years, which enhances the security and continuity of income of CLW. CLW has a high-quality income stream generated from blue-chip tenants, with 99% of the tenants of the REIT consisting of government, ASX-listed, multinational or national businesses. Our largest tenants are Government, Telstra, BP and Endeavour Group. All the leases in our portfolio have annual rent increases, providing strong year-on-year income growth. This consists of a mix of fixed and CPI-linked annual increases. Our income growth benefits from increases in inflation, with 52% of rent increases across our portfolio linked to CPI. This is particularly attractive in the current inflation environment, with a weighted average increase income across our CPI-linked leases of 5.4% in FY 2024. The average fixed increase across our portfolio was a high 3.1%. Turning now to slide six and key highlights for the period. I'm pleased to report that we delivered operating EPS of AUD 0.13 per security for the first half, in line with FY 2024 operating earnings per security guidance provided of AUD 0.26 for the full year. Our NTA at 31 December is AUD 5.14 per security. The portfolio delivered a weighted average rent review of 4.3%, benefiting from the 52% of income of the REIT being CPI linked. CLW has a long WALE of 10.8 years, providing security and continuity of income to our investors. The portfolio is sitting at an occupancy level of 99.9%. We transacted AUD 145.8 million of divestments during the half, with the proceeds to be used to reduce debt, and we remain focused on prudent capital management. During the half, we refinanced and extended AUD 820 million of debt, which added 2.2 years of additional term to these facilities. At 31 December, the REIT has a weighted average debt maturity of 4.7 years, with staggered maturities to a diversified lender pool. 82% of drawn debt of the REIT is hedged, providing protection against the risk of rising interest rates. Turning now to slide seven, and environmental, social, and governance. We remain focused on implementing sustainability initiatives across our portfolio and consider ESG as a driver of long-term value for investors and tenant customers. As a business, we've taken accelerated climate action. Charter Hall recently announced that it is targeting net zero carbon by 2025, having accelerated our Scope 1 and Scope 2 targets by five years. Additionally, CLW has been focused on clean energy, with 2.5 MW of solar installed across its portfolio, an increase of 500 kW since FY 2023. Further, the office properties in the portfolio have 100% grid-supplied electricity sourced from renewable sources. CLW's predominantly modern office portfolio features high environmental credentials, including 5.3-star NABERS energy and 5.2-star NABERS water ratings.... CLW remains committed to aligning with best practice frameworks to support transparency and disclosure. The fund achieved a score of 77 in the 2023 GRESB assessment, which ranks CLW first amongst its peers, demonstrating our commitment to transparency and continual improvement in ESG performance of the fund. I would now like to hand over to Scott, who will provide an overview of the financial performance of the REIT. Thank you, Avi, and good morning to everyone on the call. Turning to slide nine, which provides a summary of the REIT's earnings for the FY 2024 half year. Net property income has increased by 4% compared to the prior reporting period, which has been driven by the portfolio's contracted rent reviews, which was partially offset by divestment activity, which occurred in the prior corresponding period. Operating expenses have remained stable period on period. However, finance costs have continued to increase, driven by a 1% increase in the REIT's weighted average cost of debt from 3% in first half FY 2023 to 4% in first half FY 2024. Both operating earnings per security and distributions per security for the half year were AUD 0.13, in line with our guidance released to the market. Turning to slide 10 and the REIT's balance sheet position at 31 December 2023. During the current reporting period, the REIT divested the Australia Post property in Kingsgrove for a total consideration of AUD 39.25 million, which represented a 9.3% premium to the prevailing book value. A further AUD 105.3 million of investment properties have been contracted post-reporting date, with settlement forecast to occur in the March 2024 quarter. These investment properties were carried at their contracted sale price as at reporting date. The REIT independently revalued 94% of its investment property portfolio in the current reporting period, with a net property valuation decrement of AUD 306 million recognized as at 31 December 2023, representing a net valuation movement of 4.5%. The net property valuation movement has been the main driver of the movement in NTA, which has decreased by 8.7% from AUD 5.63 per security at 30 June 2023, to AUD 5.14 per security at 31 December 2023. Turning to slide 11, which provides a summary of the REIT's capital management initiatives. The REIT continues to have a mix of debt funding, with approximately one-third of debt sourced from capital markets long-term issuances, and the remaining two-thirds from foreign and domestic banks. Moody's has reaffirmed its Baa1 investment-grade credit rating for the REIT. The REIT has total facilities calculated on a look-through basis of AUD 3.1 billion, which will be drawn to AUD 2.7 billion post the settlement of the contracted divestments at 31 December 2023, which Avi will cover later in his presentation. During the current reporting period, the REIT completed AUD 820 million of look-through debt initiatives, including AUD 270 million of balance sheet debt facilities were extended by 2.1 years, from FY 2026 to FY 2029. A further AUD 500 million of balance sheet debt facilities were extended post-reporting date by 2.3 years, from FY 2027 to FY 2029, and the debt facility for the LWIP portfolio was extended by 1.9 years from FY 2027 to FY 2029. These debt initiatives have extended the weighted average debt term from 4.5 years at June 2023, to 4.7 years at December 2023, with staggered maturities over a six-year period from FY 2027 to FY 2032. Balance sheet gearing was 34.5%, and look-through gearing was 41.2%, which have been calculated to include the impact of unconditional or settled divestments, which have occurred post 31 December 2023. As at 31 December 2023, the REIT's weighted average cost of debt was 3.9%, based upon look-through drawn debt of AUD 2.7 billion and look-through hedging of AUD 2.2 billion at an average hedge rate of 1.9% for FY 2024. During the current reporting period, the REIT took out a further AUD 300 million of hedging with a forward start date of June 2026, to increase its hedging profile in FY 2026 and FY 2027. As at the reporting date, the REIT has 82% of drawn debt hedged, with a weighted average hedge maturity of 2.1 years. I will now hand back to Avi to provide an operational update and portfolio overview. Thank you, Scott. Turning now to slide 13 and recent portfolio transaction activity highlights. During the half, we undertook some portfolio curation, divesting AUD 145.8 million of property with in excess of AUD 500 million of divestments in due diligence. The divested properties were across industrial, office, and retail sectors. We've capitalized on the strong investor demand for industrial properties, selling 3 properties at attractive pricing, being Australia Post facility in Kingsgrove, Coates Hire in Kingston, and Veolia facility in Campbellfield. Notwithstanding the tougher market for office transactions, we sold the office building at 40 Tank Street in Brisbane, with some additional office properties included in the additional AUD 500 million plus currently in due diligence. Whilst there is a lower level of investor interest for office properties at the moment, the quality of CLW's portfolio means that there are still attractive properties for investors in the office portion of our portfolio. We also disposed of the Redbank Travel Centre in Brisbane, which is considered as non-core to our portfolio and assists in providing liquidity to reduce debt. Turning now to slide 14. In the following slides, I would like to provide an overview of our portfolio and outline some key attributes of the portfolio. Slide 14 is our portfolio overview. At 31 December, the REIT consists of a portfolio of 546 properties, valued at approximately AUD 6.5 billion, with 94% of the portfolio independently valued at December. The portfolio average cap rate is 5.08%. This compares to a cap rate of 4.41% in December 2022, a change of 67 basis points over the 12-month period. The portfolio is virtually fully occupied, with an occupancy of 99.9%, with a long-dated WALE of 10.8 years, 31 December. The properties in the portfolio feature a blend of annual lease review structures, both fixed and CPI-linked, resulting in a weighted average rent review for FY 2024 of 4.3%. Turning now to slide 15, and an outline of our tenant customers and the tenant diversification of the REIT. Our portfolio of long WALE properties is leased to high-quality tenants including government, Endeavour Group, Telstra, BP, Inghams, and Coles. The REIT's largest tenant exposures are to government tenants and best-in-class pub and bottle shop operator, the AUD 10 billion Endeavour Group. In the telecommunication sector, we've partnered with another best-in-class operator, the AUD 46 billion Telstra Corporation, which includes our portfolio of 37 exchange properties on long triple net leases. Our BP Australia and New Zealand portfolio of 290 properties on long triple net leases, provides us with exposure to the resilient fuel and convenience retail sector. We also have a high proportion of tenants operating in the non-discretionary grocery and food sectors, such as Woolworths, Coles, Inghams, Arnott's, and Metcash. Turning to slide 16, and the industry diversification of our tenant customers. Within our overall portfolio, approximately 99% of tenants are ASX-listed government or multinational or national corporations, with the vast majority of these tenants operating in non-discretionary industries. The REIT's major sector exposures are to government, pubs and bottle shops, telecommunications, grocery, fuel, and food manufacturing. Turning to slide 17. As can be seen from the chart on this slide, the REIT's portfolio has a long-dated lease expiry profile and reflects a low-risk position relative to our peers in the sector. Our portfolio WALE is a long-dated 10.8 years. We have minimal lease expiries in the medium term, and we are in discussions with a number of tenants with expiries in FY 2026 and beyond, regarding lease renewals and extensions. We continue to work to push out our expiry profile as far as possible to the right of this chart, both through portfolio curation and negotiating lease extensions with our tenant customers. These preceding slides demonstrate the resilience and strength of our portfolio. Our portfolio WALE, quality of tenants, and proportion of triple net leases provides better downside protection and more resilient income streams for our investors. Turning now to slide 19. I would now like to provide an update on earnings and distribution guidance for FY 2024. Based on information currently available and barring any unforeseen events, CLW reaffirms its FY 2024 operating earnings guidance of AUD 0.26 per security and distribution guidance of AUD 0.26 per security. Based on yesterday's closing price, this represents a distribution yield of 6.9%. Finally, I would also like to acknowledge and thank the teams of people across the Charter Hall platform that contribute to the performance of CLW and the results today. The Charter Hall group provides the REIT with access to a high caliber team of experts across all areas of the REIT's management and provides CLW with access to a best-in-class management platform. That concludes the presentation, and I would now like to invite questions. Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone and then wait to hear your name announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Steven Tajir with Barrenjoey. Your line is open. Hi, Avi, Scott. Thanks for the results today. Just wanted to talk about what your guidance may be factoring in regards to potential further asset sales. Should we expect any impact in FY 2024, or is that something that could come through in FY 2025? Hi, Steven. Avi here. Thanks for the question. Look, we're not, we're not anticipating any. You know, we've reaffirmed guidance today for FY 2024, so we're not anticipating any impact to delivering on that from those, from those asset sales. It will depend on timing, but at this stage, you know, the ones that are in due diligence will settle towards the end of the year, so we're not expecting any impact. Sure. Thanks. And just, another question from me, if I can. Can you just talk about what asset classes may be within that AUD 500 million that are within DD? And, probably early days, but, you know, expectations around premium discount to book, should we expect something similar to what's been achieved over the first half? ... Yeah, look, it's a, we're not gonna give details of the properties that are in due diligence. I can say that, that, you know, there is a diverse range of properties across most of our asset classes, actually, that involves, but we'll provide more details around those sales and the metrics around those when they actually exchange. Understood. Thanks. Thank you. Please stand by for our next question. Our next question comes from the line of Simon Chan with Morgan Stanley. Your line is open. Oh, good day, Avi. Good day, Scott. Hey, just got a follow-up question on the asset sales. What sort of how do you come up with the list of assets to sell? I mean, the reason for the question is, I look at the stuff that you sold, and a few of them seem to be very short WALE, you know, short by your standards, right? Like 1 year, 2.7 years, et cetera. Is that a strategic choice, like, to turf the shorter WALE assets or, you know, it just so happens that they were the ones that you could find a buyer for? I think it's a mix. It's a mix in that, Chanie, probably, you know, as you say, some of those, you know, we've achieved really good appreciation in those, you know, some of those industrial assets, and we're, you know, happy to move those on at very attractive pricing, and there are certainly buyers for short WALE industrial. You know, some of the office assets we're selling are also, you know, short WALE, and there are buyers for that at the moment as well. So, it'll be a mix. It'll be a mix in terms of the portfolio going forward that we're selling of some short WALE and some long WALE. It's... But obviously, we sell some short WALE assets, it improves our WALE as well, which is a benefit to the REIT. Can you perhaps give us a bit of a comment on, like, a bit bidding tension, just for the assets that you've sold? Like, you know, the type of players. Are they overseas, domestic, syndicators, high net worths? You know, and yeah, and what was the other room like? Look, of the assets we sold, that we announced today, the AUD 146 million odd, Yeah ... They're all institutional-type buyers other than the small Veolia, the AUD 7 million, AUD 7.1 million asset was a private. But other than those, they're all, you know, institutional scale buyers. And there was good interest, you know, particularly industrial. There's very strong interest for industrial at the moment. Okay, that's great. Thanks. Thanks, Avi. Thank you. Please stand by for our next question. Our next question comes from the line of David Pobucki with Macquarie Group. Your line is open. Hi, good morning, guys. Can you hear me okay? Yep, loud and clear. Thanks for your time this morning. Maybe just following up from the prior few questions around the divestments or potential divestments. Would you mind just expanding on potential timeframe there? And I know you just mentioned the strength in industrial at the moment, but if you could also touch on the depth of the transactional market across the different subsectors, please. Yeah, sure. So the first part of that question, David, the assets that we've sold and settled the Kingsgrove asset prior to 31 December, as we announced. The balance of the AUD 146 million has either settled or will settle over the course of the next month. And then, of the assets in due diligence, we'd expect those to have settled by at the latest, say, 30 June, if all those transactions proceed. In terms of the transaction market, you know, we've had, you know, I think there's good interest at the moment. I think, you know, as I mentioned in my, in my speaker notes earlier, we, the type of office assets we own, even though you'd say, you know, the office market's a little bit more subdued than it, than it was, you know, they're still... We're still getting quite a good level of interest in some of our office assets, given the type of assets we own, which is, which is encouraging. The industrial transaction market has been strong, last year and has come back into the new year, very strongly. There's a range of buyers looking for industrial, quite a, quite a deep, pool of buyers at the moment looking for industrial. Across the other asset classes we have as well, given the quality and type of assets we own, there is good interest for, you know, many of the type of assets that we do own. Thank you. Maybe just a couple more, if I may, please. Rent reviews appeared to have remained strong. Is there any further insight you can provide on, on like-for-like NPI growth, please? Well, yeah, for me, for the full year, you know, we've said FY 2024, we're looking at 4.3% average rent reviews, which is a combination of that, you know, fixed and CPI. And with the strong CPI, you know, we're able to deliver that level of growth. So, you know, it'll be somewhat a function of where CPI goes from here, but it's nice that we have that mix, roughly half fixed, half CPI. So we benefit when there's high CPI, and we also benefit, you know, previously in a lower inflation environment by having a reasonable portion of fixed. So, you know, we also have, you know, as you're probably aware, you know, a large market rent review coming up in a few years' time on our pubs. That'll also provide some strong income growth when we are able to realize that as well. There's some upside in that income going forward. Thank you. And just last, last one from me. You refinanced some debt this half. If you could just give a little bit more color around how the conversations are going with lenders, in terms of that, please? Yeah, thanks, David. Look, the conversations were very easy. We've got a great relationship with our lenders, so those extensions went through without any issue. So it was a really straightforward process from our perspective. Okay, thank you. I'll turn it over. Thanks, guys. Thanks. Thank you. Please stand by for our next question. Our next question comes from the line of Grant McCasker with UBS. Your line is open. Good morning. Just following on from that question, can you talk about pricing of the extension? Was it in line with the existing debt facilities? Yeah, look, it's broadly in line, Grant. You know, maybe 5 basis points across the platform, so. But very much in line. Okay. Touching on the asset sales, so you've got 500 in DD. Is that, is that a target? Or like what's the, what's the end goal here? Where do you wanna see leverage as we move through the cycle? Yeah, look, it's Avi here, Grant. I think if we're, you know, should that 500 complete, which, you know, all indications at this stage that it, that it will, that'll take our look-through gearing to circa, you know, 37%. So, you know, I think that, that creates plenty of headroom and, and gets us in a really comfortable position going forward. So for this type of portfolio, you know, you'd be very comfortable around those levels. Okay, great. And then just one further question: you spent AUD 20 million on the portfolio and investing cash flow, so where are you spending money on the portfolio at the moment? Yeah. Grant, there's like, of that AUD 20 million, there's a AUD 6 million of maintenance CapEx for the period, and then the balance is, you know, development CapEx, largely related to the Metcash facility, which should be fully completed by June of this year. So moving forward into FY 2025, you got that back to that annual run rate of sort of AUD 8 million-AUD 10 million of maintenance CapEx. Okay, that's clear. Thank you. Thanks, Grant. Thank you. Please standby for our next question. Our next question comes from the line of Richard Jones with JP Morgan. Your line is open. Thank you. Good morning, Avi. Thanks for the presentation. Sorry to harp on the asset sales, but it's obviously not an easy market for transactions. We've seen a number of your peers kind of have exchange contracts that have taken a long time to settle. Some have fallen over. I'm just interested in how confident you are in the progress of the AUD 500 million of assets in DD that you've called out. Well, thanks, Richard. Thanks for the question. Look, as you say, you know, we're not, we can't bank it until it's exchanged unconditionally. So, yeah, but we are very encouraged by the progress being made, by the quality of those buyers, and their substance, and their track record. So at this stage, there's no indications that they won't complete. But, you know, we need to complete those deals, and we're working hard to do that. And we're, you know, reasonably confident at this stage that they will complete. Can you call out what the largest dollar value is on one of those assets? I'd prefer not to. At this stage, I'm not giving details around that portfolio, so... Okay. But it's fair to say that the liquidity is better in that kind of AUD 30 million-AUD 60 million dollar bucket, is it? Yeah. That's all. Yes, there's obviously the smaller assets. There's more, more liquidity. Yeah. Just a final question. Just in terms of your annual escalations, can you just remind us the timing from a subsector perspective and how that impacted valuations in the first half across the different asset classes? So are you referring to when the CPI reviews happen and when the fixed reviews happen? Is that the question? Correct. Yeah. Yeah. So the ma- I'm just interested in the- Yeah ... in the valuation by subsector, which vary quite a lot. So if you- Yeah. Yeah, so you probably see there, we had, you know, small uplift in the pub and BP portfolios as a result of the strong rent review that we achieved in September. They're both CPI portfolios, so they have September rent reviews or based on September CPI, which then flowed through to the December vals. So that's probably, you know, that's the impact there. But yeah, the vast majority of our CPI reviews are based off a September and December prints, so they all happen in the first half. Okay, and then any comments then on... Obviously, office and industrial were impaired a lot more than those two. Just, any feedback there? In terms of the rent reviews that we get- The vals ... in our portfolio? What's the question? Yeah, the vals and also, I guess, yeah, the impact that, obviously, rent growth is strong in industrial- Yeah ... but you've got a long WALE, so the impact of mark to market is a long way off. Just kind of any comments from the valuations across industrial. Yeah, well, the industrial vals, you know, they've already, you know, come, the cap rates have come back on those, and the vals have adjusted. So we've seen that over the last two periods, in June and December vals. But, you know, the market rents across those portfolios are still growing strongly, and the valuers do take that into account in their DCFs. Obviously, when they do the 10-year DCFs, and in the cap rates, they apply as well to those portfolios, given the quality of tenants and that reversion that will come, you know, at lease end. But as you say, there's some of those are longer dated leases will take a bit longer to realize, but that value is still going to be there. Those, you know, our industrial portfolio, when you look at it, and the quality of the tenants, location of those assets, the in many instances, you know, their strategic value to those tenants, you know, they're very valuable assets that will continue to grow in value over time. Good one. Thanks, Avi. Thanks, Richard. Please stand by for our next question. Our next question comes from the line of Ben Brayshaw with Barrenjoey. Your line is open. Yeah. Hi, Avi. Scott mentioned on the call that the hedging profile has been topped up for, I think he said, the next couple of years, but the average hedge duration hasn't really changed over the last six months. So I was wondering if you could just talk, maybe philosophically, about how you're looking to position the hedge book and whether you see opportunities to extend that into the future. Yeah, look, Ben, look, obviously, we do have high levels of hedging in place for FY 2024 and 2025, and as you're right, we did start to address our hedging profile in 2026 and beyond by taking out some forward start swaps at market. Yeah, we'll continue to look at opportunities there. So I think you'll see the hedging profile increase in those outer years. I think the other thing to factor in is the AUD 500 million of asset sales. Once they push through our hedge percentage, it increases in those outer years as well. So it's a work in progress, and we continue to monitor it. Yep. Okay, great. Just on valuations, Avi, could you maybe provide some feedback on the weighted average discount rate across the portfolio based on the most recent valuations? Just where that sits, please, just in the context of obviously higher bond rates now and a focus on unleveraged required returns? Average discount rate across the portfolio is about 6.5%, so that, that expanded over the period by about 25 basis points. So that, that's across the whole portfolio. So bearing in mind, you know, we have some, you know, some of those assets are, you know, almost, you know, Telstra, things like Telstra Exchange is a virtually infrastructure like assets with their CPI, plus 0.5% growth profile and very long dated leases. So you have to take that in the context of the overall portfolio, but that's, yeah, that's where we're sitting at the moment. Just on the industrial and logistics portfolio, the average cap rate's circa 4.7. Where does it stand from an initial yield or passing income perspective? Which asset is that? Sorry, which one was that? The industrial? The- Yeah. The industrial and logistics. Yeah. So I'd say, look, at the moment, it's probably given the, the income growth or the rent growth you're seeing in the market, and the fact that our rents were set, you know, some time ago, given the long dated nature of the leases, you know, I'd say our, our portfolio is under-rented in, in the industrial, and as those leases come to maturity, I'm sure there's gonna be upside in those rents. Yep. Okay. Thanks, Avi. Thank you. As a reminder, ladies and gentlemen, that's star one one to ask the question. Please stand by for our next question. Our next question comes from the line of Alexander Prineas with Morningstar. Your line is open. Thank you, and thanks for the presentation this morning. Just following up on some of the comments about parts of the portfolio that are potentially under-rented. You've said industrial is one, also potentially the pubs area of the portfolio. First of all, wondering if you know, we've seen some of the other REITs kind of quantify that in terms of making estimates of you know, how under or over-rented a portfolio is. Wondering if you're able to quantify that to any degree? And secondly, if you can just comment on sector by sector through the portfolio, you know, similar to the comments you've made, whether those subsectors in the portfolio are overall under-rented. Hi, Alexander. Thanks for the question. Look, I think we, we haven't given the proportion or split by sector in terms of the level of under-renting, but I will. I'd like to make, you know, this comment. When we, you know, Many of the portfolios that we acquired, like the Telstra Exchanges, the pubs, they are, and the Telstra, and the BPs as well, we acquired those at levels that represent, you know, very high underlying land value and where we feel the rents were set at, at sort of below market or at or below market, and they've since, you know, given rental growth and land value increases, they're probably below market. So we like. That's what we look for. We like to acquire properties where we're buying things with high underlying land value, where that's gonna grow over time, and we're getting, you know, effectively, income producing land banks, where we're getting a good income stream that's growing in many instances by CPI or CPI plus half a percent, and at the same time, that land is appreciating over a long period as well. So that's sort of how we like to think about those portfolios and, and where, how we're gonna realize value for our investors over the long term in those. Okay. All right, and second question, just around the asset sales that were contracted but haven't yet settled, but you commented that the disposal prices were in line with the December book values. Can you just comment on how much those book values moved over the six-month period? For the-- Just for the assets that were disposed of? No. Well, we're not. No, I don't have that calc, but you can, I mean, you can see what's in our book today, and then what the June. You can have a look at the June results. You should be able to. That's clear what the movement's been. Oh, okay. So they're disclosed on an individual asset basis in the- They are. in the disclosure? Yes. Okay, thanks. Thank you. That's it from me. Thank you. Thank you. Please stand by for our next question. One moment, please. All right. I'm showing no further questions in the queue. I would now like to turn the call back over to management for closing remarks. Thank you, everyone, for joining today. I appreciate your interest and questions. I look forward to catching up with many of you for one-on-one meetings over the course of the next couple of weeks. Thank you.