Good morning. Thank you for joining Centuria Office REIT Jesse Curtis half-year 2025 results presentation. My name is Jesse Curtis, Head of Funds Management for Centuria Capital Group. Presenting today is Belinda Cheung, COF Fund Manager, and Grant Nichols, Centuria Head of Listed Funds. Also present in the room today is Jason Huljich, Joint CEO of Centuria Capital Group, Tim Mitchell, Group Head of Investor Relations, and Cameron Mullen, Senior Fund Analyst for COF. Starting on slide three, I would like to commence today's presentation with an acknowledgement of country. We are joining you on the lands of the Gadigal people of the Eora Nation. Centuria manages property throughout Australia and New Zealand and pays its respects to the traditional owners in each country, to their unique culture, and to their elders, past and present. Despite the prevailing challenges in the office sector, there are a number of growth drivers pointing to improved tailwinds in the medium term. We are seeing increasing adoption of office-centric work mandates, population growth underpinning a larger white-collar workforce, and limited new office developments tapering future supply. These all point to strong future tenant demand and are driving a shift in investment sentiment towards the office sector. Adding to this is investment in transport infrastructure, such as the Sydney Metro and Brisbane Cross River Rail, which we believe will also improve the commutability, especially to metropolitan and near-city office markets. COF has a young, diversified office portfolio that is well-positioned to benefit from these trends. In today's presentation, we will cover an overview of COF's first half performance, COF's financial results, a portfolio overview, and concluding with a market outlook and guidance statement. Moving now to slide four, Centuria Office REIT is managed by Centuria Capital Group. Centuria has over AUD 20 billion of assets under management and employs a significant team of professionals around the country dedicated to maximizing unit holder value. Top unit holders benefit from Centuria's deep real estate expertise, including a fully integrated property, facilities, and asset management platform, synergies across the group's office real estate portfolio, and as Centuria is COF's largest unit holder, the managers' interests are strongly aligned with yours as unit holders. I will now hand you over to Belinda to provide an overview of COF's long-standing strategy and performance over the half. Thank you, Jesse. On slide six, we strive for COF to be Australia's leading domestic pure-play office REIT, with a primary focus of delivering income and capital growth to investors from a portfolio of high-quality Australian office assets within metropolitan and near-city markets that are differentiated by sustainability, amenity, and connectivity to accommodate the demands of office buyers. Office tenants continue to show clear preference for prime-grade assets exhibiting these key attributes, which underpins the continued leasing inquiry we have experienced to date. The results that we present today reflect the execution of this strategy, supported by the deep real estate capability of the broader Centuria team to drive value for unit holders, which I'll cover in the next slide. During the first half, we continued to execute on COF's three key priorities. First, to address occupancy and WALE of the portfolio. As Jesse mentioned, since 2020, the office industry has weathered numerous headwinds, yet Centuria has actively addressed and mitigated significant expiries within the COF portfolio. Centuria's internal leasing team has worked closely with external agents to lease more than 12,600 square meters across 23 deals, representing almost 5% of COF's total portfolio NLA. This has resulted in 92.2% occupancy and a WALE of 4.2 years. This includes leasing success at 201 Pacific Highway, St Leonards, and 818 Bourke Street, Docklands. We are pleased to report that COF has agreed lease terms with new tenants across approximately 4,000 square meters in these buildings. Secondly, as previously reported at the beginning of the period, we completed an AUD 862 million debt refinance in addition to successfully renegotiating debt covenants, debt extensions, and no change to margins, all evidence of strong lender support for the COF portfolio. COF maintains sufficient liquidity and debt covenant headroom, with no debt expiring until FY 2028. The third priority is constructing a high-quality portfolio. Management strives to enhance the underlying asset by unlocking opportunity to create further value. This half, COF commenced work to construct a 1.1-megawatt edge data center in the Docklands asset, with completion expected by the end of FY 2025. The conversion of the previously vacant office suite to data center infrastructure has resulted in a 10% uplift to the asset valuation, which will also mitigate the impact of existing vacancy in the building. For FY 2025, we reaffirm both earnings and distribution guidance. We believe COF offers a compelling investment opportunity based on current market pricing, which I will delve into on slide eight. The replacement cost of any built form has increased by our estimate of at least 40% in the past four years, spurred by rising construction costs across materials and labor, as well as financing and leasing costs. Our hypothetical development feasibility for an A-grade Sydney Metro office building is estimated to cost over AUD 15,000 per square meter to construct. This is more than double what COF's current valuation is, at just under AUD 7,000 per square meter. Given COF's current trading price discount to NTA, the implied valuation is even less at around AUD 5,500 per square meter, which is almost 1/3 of the estimated replacement cost. It is worth noting that the implied valuation of the COF portfolio is even less than today's estimated construction cost alone, not even taking into account land value and financing costs. On slide nine, we dive into how we expect replacement costs to affect future office supply. Construction costs have outpaced CPI at a significant rate since 2021. The spread is now substantial and may take many years to remedy. The wider the gap, the smaller the margin developers will be able to recognize. Development may be feasible if required economic rents are achieved, but current estimates show these rents have increased around 60% since 2020, which is materially higher than where current market rents sit. This is especially evident in the metropolitan and fringe markets in which COF has exposure to, where the market rents are coming off a much lower base. Brisbane Fringe is a clear example of this. Despite being the market with the most significant improvement in vacancy rates, high volume of positive net absorption indicating strong tenant demand and strong employment and population growth projections, there is still no construction coming out of the ground for office because the required economic rents are beyond current market rates. Tenants also already have access to a market of modern, high-quality, and cost-effective fitted-out solutions to choose from. For slide 10, there has been a significant shift in occupier sentiment in recent times around the return to work and the future of office. Office-centric work mandates were first driven by some large corporations, followed by the large banks, and then the New South Wales Government in August. Some of these organizations have even started to benchmark staff remuneration to office attendance, highlighting the priority that employers are now putting on physical presence to boost productivity, foster better collaboration, and encourage positive mental health and well-being. It's worth noting that the Fortune 100 companies which mandated office attendance for their workforce have experienced greater equity growth compared to companies with remote-centric policies. Another expected driver of future office demand is the strong population growth for Australia over the next 10 years. Out of all developed nations, we are expected to have the second highest growth, adding close to four million to our total population. Real estate maps from CBRE indicate that this could equate to almost 3.2 million square meters of additional office space demand in that time, which is equivalent to the total of the Adelaide and Perth CBDs. Moving to slide 11, there was a significant increase in the capital transaction volumes from 2023 to 2024. The total volume of office sales increased by over 70% from 2023, indicating a potential turning point in the cycle, with investors recognizing the undervaluation of the office sector. The combination of declining future office supply faced with growth in occupier demand, dramatic increases in replacement costs, asset valuation declines from moderating, and bond yield softening contribute to the narrowing gap between buyer and seller price expectations, bringing liquidity back into the capital markets from both local and international investors. Office market sales globally still remain at low levels compared to the long-term average for transaction volumes. However, the Australian market has shown greater resilience in valuations and other sales metrics compared to the U.S. and European markets. Return to office, strong demand fundamentals, and expected long-term economic growth underpin the value proposition of the Australian office sector. Moving to our financial results on slide 13, COF delivered funds from operations of AUD 34.7 million or AUD 5.8 per unit. Gross property income, direct property expenses, and interest expense decreased primarily due to the asset divestments executed in the previous financial year, as well as subsequent debt repayments. For the first half of FY 2025, the average all-in cost of debt incurred was 5.4%. COF declared and paid distributions of AUD 5.05 per unit across the period in quarterly installments, representing a payout ratio for the half of 86.9%. We expect this to even out to about 85% at the end of the financial year. Slide 14 details COF's capital management. At the beginning of the half, COF completed an AUD 862 million loan refinance with existing lenders, which resulted in a number of beneficial outcomes. First, debt covenant requirements were renegotiated. The interest cover ratio, ICR, was reduced to 1.75 times from two times. The maximum loan-to-value ratio, LVR, was increased to 60% from 50%. These covenant requirements provide sufficient headroom to the 31 December ICR of 2.5 times and LVR of 43.9%. Secondly, debt duration was extended to over four years from two years, meaning there is no debt expiring before FY 2028. The debt refinancing was executed with no change to margin, demonstrating our lender's strong ongoing support for the COF portfolio. Now turning our attention to COF portfolio starting on slide 16. We believe the COF portfolio provides quality, highly connected, and affordable office space that is consistent with the style of workspace that both occupiers and investors increasingly seek. That is, new generation buildings that provide high-quality accommodation with healthy, lifestyle-oriented work environments, efficient floor plates, improved amenity, while being competitively priced. Furthermore, there is increased demand to be located in areas that provide efficient commutes to improve employee satisfaction and attract the best talent. When looking specifically at the COF portfolio, it has been positioned to deliver on many of these qualities by offering a young portfolio with an average age of 18 years, high-quality assets with 93% meeting A-grade specification, highly efficient buildings with a five-star average NABERS energy rating, significant geographic diversification providing exposure to Australia's high-performing office market, locations that are easily accessible by both public and private transport with generous car parking availability, and a price point that is relatively affordable. Moving on to the portfolio overview on slide 17. COF's portfolio comprises young quality assets positioned in Australia's metropolitan and near-city office markets. The resilience of the portfolio in recent times is attributed to COF's geographic diversification. COF's portfolio of 19 assets is truly diversified with no single state exposure greater than 26%. Importantly, this portfolio is underpinned by the quality of tenants, with more than 77% of portfolio income derived from government, listed, and multinational tenants. The ability to attract quality tenants is reinforced by a large proportion, about 65% of our tenant base, being large corporates and government occupying space exceeding 2,000 square meters, dispelling some misunderstanding that only CBDs attract larger tenants and better tenant covenants. Over 50% of ASX 200 listed companies are headquartered in metropolitan or regional office markets. These metrics point to Centuria's active in-house management capabilities, as detailed on slide 18. Since COF listed in 2014, Centuria's management has had a strong and consistent focus on maintaining occupancy of the portfolio each year, and this period is no exception. Despite facing a challenging leasing environment with higher market vacancy rates across a number of markets, we have continued to maintain portfolio occupancies at above market levels and improved the resilience of the leasing profile by pushing out leasing expiry. In recent years, we have demonstrated various strategies applied to target higher occupancy, including improving tenant amenity, aligning asset strategies with market conditions, appointing dedicated leasing specialists focused on each market, conducting higher and better use assessments, active tenant engagement, and finding cost-effective solutions for tenants in meeting their fit-out requirements. A combination of these strategies has resulted in some leasing success in our more challenging markets, with leasing completed this half at both 201 Pacific Highway and 818 Bourke Street. On slide 19, we look at the value-add opportunities explored at 818 Bourke Street, Docklands. We are pleased to welcome Australia's next-generation cloud services and AI provider Reset Data to our tenant customer base. Construction is underway to convert underutilized office space into data infrastructure, and by the financial year end, we anticipate work to be completed. This is an example of Centuria seeking alternate use and ways to diversify income streams, and at this asset, the introduction of data center rents can help address some of the existing vacancy in the building. Turning to slide 20 and COF's staggered lease expiry. Achieving high occupancy is a key management focus, and we are actively seeking outcomes to further improve COF's lease expiry profile. The leasing completed during the period helped push out the FY 2025 and FY 2026 expiries and maintained portfolio WALE at 4.2 years. We continue to focus on existing leasing expiries and upcoming vacancies across the portfolio, particularly at 818 Bourke Street and 201 Pacific Highway. While we are currently seeing decent levels of tenant demand and inquiry in a number of Australian office markets, there still remains a number of markets exposed to challenging leasing environments. As reported at the FY 2024 results, we have not assumed any income in our guidance from full-floor vacancies for the remainder of FY 2025. Moving to valuation on slide 21, COF externally valued 13 of its 19 assets as at 31 December 2024. The portfolio weighted average capitalization rate expanded 19 basis points to 6.77% over the first half, which represents the highest cap rate of COF's comparative peer set. This has resulted in a 1.4% decrease or AUD 27.6 million decrease from the June valuation. We are pleased to note 37% of portfolio valuations increased or stabilized in the six months to December. Following the revaluation, COF's net tangible assets, or NTAs, is AUD 1.72 per unit. As I mentioned earlier in the presentation, COF's average valuation at that 31 December 2024 was under AUD 7,000 per square meter. Replacement cost is more than double this and almost triple what the implied valuation would be based on COF's recent trading price. Now turning to sustainability on slide 22, COF continued to demonstrate its commitments to environmental, social, and governance initiatives and improved sustainability performance by participating in the real estate GRESB assessment, achieving a strong score of 80 out of 100. COF continued tracking to its targets, including targeting zero Scope 2 emissions with 100% of its portfolio Scope 2 electricity sourced from the equivalent of 100% renewable electricity by 2028 and eliminating gas and diesel use from its operations by 2035 where practicable. During the period, we continue the electrification process for two assets in the portfolio. We are committed to improving the portfolio's energy efficiency and are pleased to achieve a five-star NABERS sustainable portfolio index rating. This is also supported by ongoing solar projects, which were completed to the most applicable buildings. The environmental data for calendar year 2024 has been published in the Centuria 2024 sustainability report, which is available on the Centuria website. I will now hand over to Grant to cover the market overview on slide 24. Thanks, Belinda. As it's been discussed, we are optimistic on the medium-term outlook for Australian office markets, given they are well supported by a number of growth drivers. First, we anticipate a significant reduction in future office supply. The feasibility for new developments has been materially impacted by rising construction and finance costs, as well as soft cap rates, drawing economic rents well above prevailing market rents in most Australian office markets and virtually all metro markets. Complementing this supply reduction, we expect office demand to increase due to the shift in occupier sentiment towards office-centric workforces. Over the last half, many large corporations, financial institutions, and even governments mandated office attendance, referencing the need for centralized workers to drive more innovation, collaboration, and productivity. Adding to future office demand is population growth. Australia has the second highest projected population growth among developed nations, with 15% growth for almost an additional four million people expected in the next decade. CBRE estimate each additional million people will give rise to 800,000 square meters of office space demand. Based on these assumptions, office space generated from population growth alone could reach 3.2 million square meters over that period, which is the equivalent of the current Perth-CBD combined. Government commitments to build additional transport infrastructure, particularly the Sydney Metro and Brisbane Cross River Rail, enhance the commutability of workers to metro and fringe locations. We expect a number of COF assets located in Sydney's North Shore, South Eveleigh, and in the Brisbane Fringe to benefit from this. The combination of these growth factors contributes to positive tailwinds for many of the markets COF is exposed to. However, in the near term, vacancy rates and tenant incentives remain at elevated levels, which suggests there may be some time before these tailwinds translate into material rental growth. Despite this, we have seen increased levels of interest from investors who can see beyond any short-term volatility. Higher transaction volumes in 2024 compared to 2023 indicate a narrowing price gap between buyer and seller expectations, providing evidence of growing positive sentiment and investor appetite returning to the office sector. I'll now hand back to Belinda to conclude with the FY 2025 priorities and guidance. Thanks, Grant. COF's FY 2025 priorities are outlined on slide 25. Looking ahead, we will continue to focus on maintaining high portfolio occupancy, improve portfolio quality, and preserve a solid balance sheet, maintaining sufficient liquidity and debt covenant headroom. Concluding on slide 26, COF reaffirmed FFO guidance of AUD 11.8 per unit and distribution guidance of AUD 10.1 per unit, with distributions expected to be paid in quarterly installments. Based on COF's recent trading price, the distribution guidance equates to a yield of 38%. Thank you for your interest in Centuria Office REIT. I will now hand back to the operator and invite any questions that you might have. Thank you. 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. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Lauren Berry from Morgan Stanley. Please go ahead. Hi, Belinda. Hi, everyone. Just hoping you can give us a bit more color on the deal that you've done with ResetData. In particular, what kind of CapEx you might need to fund that deal in terms of incentives, and also what rental uplift and the timing of when it might come through? please. Yes, sure. The information is fairly consistent with what we reported last period. The deal with ResetData, it's a 10-year lease with the lease commencing towards the end of FY 2025. In terms of incentive, it's about a 20% incentive, but a lot of the data infrastructure work that we're putting in there at the moment are landlord works. In terms of quantum, it's about AUD 15 million to construct a 1.1 megawatt data center. So just to be clear, you are funding the AUD 15 million out to the end of FY 2025. Is that correct? [inaudible] a nd that's equivalent to a 20% incentive on the 10-year deal? No, the incentive is a separate portion. So the incentive is the rent abatement that will be provided to the tenant. The CapEx works are their landlord works. Right. So you're considering that as development CapEx. Correct. Okay. Cool. And then on the CapEx and incentives that you run through in the first half were pretty light. Is that a timing issue? Do you expect that to be higher in the second half? So the majority of the CapEx that we note in the appendices relates to tenant incentives, which will be based on leasing. What we've mentioned in the past as well is leasing can be lumpy, especially in the current market environment. So, it's quite difficult to be able to project what it will look like in the second half, especially for deals that are still inquiries at the moment that haven't eventuated. Okay. Great. And then final one for me. The first half, your NPI came down, but your expenses were flat. Are those higher expenses, I guess, a bit of a theme coming through at the moment impacting NPI growth? Could you just talk about how you expect those property-level expenses to trend? Yep. I might just comment on the gross property income first. So that difference is mainly due to divestments that we made in FY 2024. The assets that we sold that year were mainly higher-yielding assets. And with the expenses, yes, a portion of that expense movement is driven by higher property rates costs, so land tax-related. Okay. So you won't see a benefit in the actual quantum of expenses, even though you've sold the assets? Part of that has been recognized, but it is also offset by inflation in a lot of costs and utilities. Got it. Thank you. And it's a trend we've noticed over the last period. Thank you. Your next question comes from Tom Bodor from UBS. Please go ahead. Morning, Belinda. Just picking up on the construction costs around the Reset Data deal with the abatement. Just wanted to get a sense as to how you feel about that in the context of your gearing now being 43% if you rounded to the nearest whole number. Is that something where you're prepared to see that trend higher, or would you like to keep it at that level or see it reduce? And what would be your path to get there? Would you consider selling assets to fund this? Thank you for your question, Tom. In relation to gearing, the first thing I do want to mention is our debt covenant requirements. So as part of our debt refinance, we renegotiated debt covenants and our LVR covenants are now 60%. So where we are tracking right now, we still have sufficient headroom to that covenant. What we're seeing in the recent valuation cycle is a portion of the portfolio also stabilized. About 37% of the portfolio has stabilized. So increased valuations are stable, which for us is an indicator that perhaps we are reaching the bottom of the valuation cycle. And what about just sort of funding the CapEx? I mean, mechanically, if you spend that money, that will go higher unless they'll increase. Are you comfortable with it sort of going into the mid or upper 40% range? So the way to think about this Reset Data or the data center works is the yield that we're recognizing on this project is close to 14%, and it has also contributed to positive valuation growth. So we've recognized 10% valuation growth in 818 Bourke Street. Yep. Okay. Thanks. Yep. No, I mean, I get that. It's around, what, AUD 19 million of valuation uplift, but you're also spending AUD 15 million. [inaudible] Okay. And then the other one I just wanted to just cover off on is the interest rate swap delivery disclosure. I couldn't find it in the accounts anywhere. Looks like you've topped your hedging up. Just was wondering why that disclosure is no longer provided. And sort of subsequent to that, have you done anything like paid money for it, paid capital for it in the money swaps, or any non-denominated hedges entered into? So the disclosures in the financial statements, you'll notice this year that the investment property table and the derivatives note have been taken out. This is just as part of an exercise to simplify the financial statements for the half-year interim period. The swaps that were done during the period, there are a number of swaps that expired during the period, and we needed to do some top-ups. During the half, we did notice that there were periods where it looked more favorable to exercise some hedging. And even the second half, there may be more volatility in markets external to Australia. We just thought it prudent to put in some additional hedging. So were there any capital amounts paid for that hedging, or were there any non-standard terms like caps or collars in the hedging that you've got? No, they're all vanilla swaps. All vanilla swaps that we've done without paying anything extra. Okay. So then the AUD 1.9 million payment for borrowing costs, is that just upfront costs associated with the refinance? That's right. They're debt establishment costs. Okay. Thanks. Thank you. Your next question comes from Murray Connollen from Moelis Australia. Please go ahead. Hi. Belinda, Grant and Jesse. Just on the data center rollout or the rollout of data center space at number 818, was wondering whether you might be able to quantify what proportion of that AUD 15 million was spent during the half, please? Hi, Murray. We have spent about AUD 3 million to date. Thanks. And then have you done any work as yet around whether it might be possible to roll out this sort of product in other buildings? So at the moment, I'm sure ResetData are looking at a number of assets across the wider Centuria portfolio. However, within the COF portfolio, there are no assets in the pipeline for anything further. Got it. And then just lastly, would you be able to give us any color on leasing spreads around the leasing that was done in the last six months, please? Yes, definitely. So over the last six months with new leases, we've seen across new leases and renewals, we've seen positive spreads. New leases, about 3.3%, and renewals saw a spread of about 1%. Perfect. Thanks very much. Thank you. Your next question comes from Connor Eldridge from Bell Potter Securities. Please go ahead. Hey, Belinda and team. Thanks for your time this morning. Just looking out to FY 2026, there are quite a few significant expiries, particularly 8 Central Avenue and 101 Moray Street. Just wondering if you could perhaps give some color on the nature of these expiries here and how comfortable the team is with securing renewals? Hi, Connor. Yes, no problem. So at 8 Central Avenue, one of our larger tenants is the New South Wales State Government. We're currently in these negotiations with them for that space. At 101 Moray Street, this is a few different tenants, but with the large majority relating to the co-working space that we have in that building, which is operating very well at the moment. So we're also starting to have leasing discussions with those tenants. Great. Thanks. Just perhaps one more, just on distributions, the payout ratio continues to sort of sit in that 85%-90% of FFO range. Just curious if you expect to carry that same ratio moving into FY 2026 and beyond? Difficult to guide to FY 2026 at this point in time, but we have mentioned for the last few reporting periods that it is our intention to review distributions and trend that payout ratio down over time. Okay. Thanks, Belinda. Thanks, team. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question, it comes from Daniel Lees from Jarden. Please go ahead. Hi, Belinda. Just a question on the NOI growth. I think you usually disclose the comparable growth on the FFO slide in the pro forma. Just wondering if you can comment on that at all? Yes, I can. Comparative NOI growth on a like-for-like basis was about just under 3%. Great thanks. And also, just on the spreads you disclosed in that last question, were they effective or face? They're face. Okay. Did you have any comment on the effective spreads? It depends from fast market. Okay. No problem. And also, just one more question, if I can. Did you have any plans to review the portfolio at the moment? Any plans for further asset sales that you can comment on at all? At this point in time, despite gearing being at slightly higher levels, we are comfortable with where it's sitting, especially considering that debt covenants or debt covenant requirements, LVR requirements are at 60%. So nothing. Okay. Great. Thanks. That's all from me. Thank you. Your next question comes from Adam Calvetti from CLSA. Please go ahead. Hi, Belinda. I'm going to reference the result. Is there any space being sublet in the portfolio? What percentage is it, proportion of occupancy? It would be quite minor. Definitely less than 1%. There's very little space being sublet. Yep. No, great. Thanks. And just on valuations, I mean, I think it only expanded about less than 20 basis points in the cap rate. We've seen 100 Harris Street and 40 Miller Street and North Sydney being demonstrated at 8.25% and 7.8% on the cap rate front. How does that compare to some of the New South Wales assets in the portfolio? I mean, some of those assets at St Leonards and Chatswood, which are still held on seven. Do you expect further devaluations? For those assets, it's hard to comment on where valuations will be for the next period. But for the assets that you did list out, I do want to point out that size impacts liquidity. The average size of the COF's assets, they're quite small compared to the assets that you've listed. So we perceive our portfolio to be mainly consisting of smaller-scale assets that do have a deep buyer pool. And last year, we went to market with a number of our assets and proved that there was buyer appetite for our style of assets, and we were able to execute these sales at close to full values. Yeah. Okay. No, great. Thanks for the color. Maybe one more, if I may, just on the uplift on the ResetData lease, if you compare it to what an office rent would have been. Is it able to quantify that on a per square meter basis? On a per square meter basis, it's, one second. Yep. So from an income perspective, if you did have to calculate it on a square meter basis, it's about AUD 5,000 a square meter. But when it comes to data center leases, that really shouldn't be the metric that we're using to compare. Data center leases are built based on the IT load rather than the quantity of space that's being used. I think it's important to also know that the data center we're building, it's using liquid immersion cooling technology, which means you can fit a lot more IT load in a much smaller space. So if you're comparing to the typical data center, the air-cooled data centers that we have in a lot of Sydney, you can't compare it on a like-for-like basis. That rate really varies quite greatly. Yeah. Yeah. Is it expected that an incoming purchaser is to adopt that as a change of use as a data center going forward when they're potentially doing their feasibilities? I'm just wondering if there's some risk there at the end of the 10 years, at least that Data might not renew, and they might have a fall in valuation. Is there any thought on how it might be able to sales campaign? I mean, to answer that quite simply, yes, there is always a risk, but this risk is something that we'll have to face in 10 years' time. In the 10 years leading up to it, Reset Data will prove to pay rent, continue paying rent to COF. But just in light of all the news that's happening at the moment and the uptake in AI, we're really optimistic about the future of this converted office space. Okay. No, great. Thanks for that. Thanks, Belinda and team. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Belinda Cheung for closing remarks. Once again, thank you for your interest in Centuria Office REIT. If you have any follow-up questions, please contact Tim Mitchell or myself. Thank you, and have a nice.