I would now like to hand the conference over to Mr. Jesse Curtis, Centuria Head of Funds Management. Please go ahead. Good morning. Thank you for joining Centuria Office REIT's Half Year 2026 Results presentation. My name is Jesse Curtis, Head of Funds Management for Centuria Capital. Presenting today with me is Belinda Cheung, Fund Manager of Centuria Office REIT, and Cameron Mullen, Senior Fund Analyst. Also in the room today with us is Grant Nichols, Head of Listed Funds, Tim Mitchell and Peter Ho from our Investor Relations Team, and Jason Huljich, Joint CEO of Centuria Capital Group. Starting on slide three, I would like to commence today's presentation with an acknowledgment of country. We are joining you from 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 the unique culture, and to their elders, past and present. Over the past year, we have seen compelling signs that many of Australia's metropolitan office markets are moving beyond the cyclical trough and entering a renewed phase of recovery. Constrained future office supply, combined with the withdrawal of space for alternative uses such as residential mixed-use, life sciences, and data centers, is expected to drive stronger occupancy and rental growth. These tailwinds reinforce our confidence in the recovery of domestic metropolitan office markets and position COF well for the next stage of the cycle. COF's performance is a strong reflection of this shift, and in today's presentation, Belinda and Cameron will cover: an overview of COF's half-year performance, COF's financial results, specific portfolio highlights, and conclude with a market overview guidance. Moving to slide four, Centuria Office REIT is managed by Centuria Capital Group, which has over AUD 21 billion of assets under management. COF unit holders continue to 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 strong alignment, as Centuria is COF's largest unit holder and the managers' interests are strongly aligned with yours as unit holders. Moving to slide six, COF's longstanding vision and strategy remains unchanged. We aspire to be Australia's leading pure play office REIT. We are focused on generating sustainable and quality income streams and executing initiatives to create value across our portfolio of high-quality office assets within metropolitan and near-city markets that are differentiated by sustainability, amenity, and connectivity. The results that the team 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. I will now hand over to Belinda. Thank you, Jesse, and good morning, everyone. Coming into this financial year, COF had clear priorities outlined across leasing, capital management, and portfolio quality. I'm pleased to share the strong outcomes that COF has achieved for the first time, with key highlights including a near-record period of leasing, effectively addressing the majority of FY 2026 lease expiries, providing additional income security over almost 11% of the portfolio's total net lettable area. Achieving a strong premium on a B-grade office divestment, which will not only improve the existing portfolio metrics and strengthen the balance sheet by reducing gearing, but it also further supports asset valuations across the broader portfolio. And significantly, stabilizing valuations. We have reported a second consecutive period of valuation growth, which has been underpinned by positive market rent growth, some of which is captured in recent leasing executed. These are all indications of a turning point in the metropolitan office sector, reinforcing improved conditions as we move past the valuation trough and into a new cycle of recovery. COF reaffirms FFO guidance range of AUD 0.111-AUD 0.115 per unit and distribution guidance of AUD 0.101 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 9.5%. Jumping to leasing in more detail on slide eight, leasing has been a major focus for the management team, and pleasingly, over 70% of the leasing completed this period were renewals with existing tenants, which minimized potential downtime across the portfolio. We have successfully negotiated 21,500 sq m of renewals and 7,800 sq m of new leases. Significant lease transactions include, at 8 Central Avenue, Eveleigh, 9,700 sq m across a renewal and a lease to a new tenant; at 101 Moray Street, with two renewals across 4,700 sq m; at 100 Brookes Street, two renewals across 3,500 sq m; and at 825 Ann Street, where we did two renewals and one new lease across 3,300 sq m. This leasing has contributed significantly to extending the WALE of the underlying assets, capturing rent growth in the market, and specifically for the Eveleigh and Fortitude Valley assets have generated significant valuation growth this period. As announced in December, COF has exchanged contracts to sell 9 Help Street Chatswood, with settlement anticipated in June this year. Proceeds will be used to repay debt and reduce gearing, supporting the REIT's capital management strategy. Addressing gearing levels of the fund is a high priority for COF, and in the past, we have acknowledged that while asset sales are the more direct way to reduce gearing, we also need to assess the impact to earnings and alignment to our long-term portfolio strategy. This sale will achieve a 12.5% premium to book value and over 12% of IRR throughout COF's ownership period. It also enhances portfolio metrics, reducing exposure to secondary assets, mitigating exposure to near-term leasing and downtime risk for upcoming expiries, and has minimal impact on the REIT's earnings, given the passing yield of the asset is relatively in line with COF's cost of debt. This transaction also provides market evidence, underpinning asset valuations and supports COF's net tangible assets. Let's look more broadly at the Australian metropolitan office markets on slide 10. New office supply remains highly constrained across Australia's metropolitan and fringe markets. With construction costs still outpacing CPI and continuing to push replacement costs to a higher level, new developments become increasingly unfeasible as economic rents rise to levels far beyond prevailing market rents. This economic rent gap is expected to significantly limit future supply, particularly in metropolitan markets where feasibility pressures are most acute. For context, market rents offered by existing buildings in Sydney Fringe are estimated to be circa 64% below the required rent for a new development. At this rate, market rents could take up to a decade to catch up to replacement costs. This price disparity discourages tenants from choosing office developments, shifting demand to established office buildings like COF's assets, which already offer high-quality office space accessible to amenity and transport, while offering superior value in comparison. On the topic of value, we move to slide 11. We estimate the cost to replace a metropolitan A-grade office to be over AUD 15,000 per sq m, over twice the current book valuation of COF. At the current trading price, the implied value per sq m drops to 63% below replacement costs. The implied cap rate for the portfolio is 8.66%, which is 174 basis points softer than our current weighted average cap rate and implies a greater and further softening on top of the 141 basis points of expansion that the portfolio has already endured since peak valuations in 2022. We believe this is widely misaligned to current market evidence and where recent comparable sales have traded. We have provided a sample of comparable sales in Appendix H of the results presentation. I will now hand over to Cameron to take you through the financial results and portfolio overview. Thank you, Belinda. Moving to our financial results on slide 13, COF delivered funds from operations of AUD 33.4 million or AUD 0.056 per unit. Gross property income increased, driven by 3% like-for-like income growth year-on-year. Finance costs increased by AUD 1.8 million- AUD 24.7 million over the first half. The average all-in cost of debt incurred for HY 2026 was 5.2%. COF's expected all-in cost of debt for FY 2026 is 5.4%. COF declared and paid distributions of AUD 0.0505 per unit across the period in quarterly installments, representing a payout ratio of 90.2%. Slide 14 details COF's capital management. As Belinda mentioned, COF has exchanged contracts to divest 9 Help Street Chatswood for a gross price of AUD 90 million. The net proceeds of the transaction will be used to repay debt, reducing pro forma gearing to 42.5%. At 31 December 2025, COF remained 78.5% hedged, providing a defensive position as the RBA lifted the cash rate to 3.85%. This high level of interest rate protection will help shield COF's earnings from further rate-driven volatility. The REIT has a weighted average debt expiry of 2.9 years and no near-term expiries, with the first tranche maturing in FY28. The interest cover ratio for 31 December 2025 was 2.1 times, and the loan-to-value ratio was 46.1%, providing comfortable headroom to our covenant requirements 1.75 times and 60%. COF's portfolio comprises young, quality assets positioned in Australian metropolitan and near-city office markets. COF's portfolio of 19 assets is truly diversified, with no single-state exposure greater than 26%. Importantly, the portfolio is underpinned by the quality tenants, boasting over 75% of portfolio income being derived from government, multinational corporations, and listed entities. The ability to attract quality tenants is reinforced by a large proportion, with 65% of our tenant base being larger corporates occupying space exceeding 2,000 sq m. I will now hand back to Belinda to take you through the leasing and valuation summaries for the period. Thank you, Cameron. A significant reduction in FY 2026 lease expiries was achieved through the leasing efforts through the first half, de-risking this year's expiries by 9.6% to have 3.9% remaining. We continue to focus on leasing existing vacancies and upcoming expiries across the portfolio, especially for the more challenging markets in Docklands and St Leonards. Achieving high portfolio occupancy remains a key management focus, and we are actively seeking outcomes to further improve COF's lease expiry profile, focusing on improving tenant engagement, aligning asset strategies with market conditions, and providing compelling, cost-effective solutions for our tenants. The results we have achieved with leasing completed this half have contributed significantly to the portfolio valuations, which I will talk to on slide 18. I'm pleased to report a like-for-like valuation gain of AUD 42.8 million this half. This marks the REIT's second consecutive period of positive valuation gains, indicating a stabilization trend across at least 72% of the portfolio. Our portfolio's weighted average capitalization rate now stands at 6.92% and reflects a minor 3 basis point expansion from the last reporting period. Despite cap rates pushing out further, market rental growth averaging 4% adopted in valuations have underpinned our valuation gains again this period. We recorded notable valuation gains at 8 Central Avenue, 100 Brookes Street, and 825 Ann Street following the strong leasing outcomes I spoke to earlier. Now turning to sustainability on slide 21, COF continued to demonstrate progress in sustainability initiatives this half, reporting solid progress towards both of COF's environmental targets, maintaining strong building and portfolio credentials through NABERS, which achieved a five-star rating, and GRESB, which achieved a strong four-star result and an improved score from last year, and ongoing commitments to its valued stakeholders focused on tenants and the wider community through social enterprise organizations such as Two Good and Social Traders. The FY 2025 sustainability report and environmental data for calendar year 2025 has been published on Centuria 2025 Sustainability Report, which is now available on the Centuria website. While Australia's prime office markets continue to demonstrate resilience in the short term, on slide 21, we highlight key drivers that are expected to propel the sector to sustained growth over the medium term. Face rents for prime-grade assets are expected to remain on an upwards trajectory, supported by strong occupier preference for modern, high-amenity workplaces, further expanding the rent differential between prime and secondary stock, reinforcing the value and defensiveness of well-located A-grade assets. The strength observed in some CBD leasing markets is also beginning to flow into their adjacent metropolitan precincts, signaling market recovery beyond core CBD locations. At the same time, new office supply will remain tight in metropolitan and fringe markets in particular, constrained by rising replacement costs as I touched on earlier. Compounding this, the market is seeing an acceleration in obsolescence-driven withdrawals as older office buildings are repurposed for alternate use, such as residential or life sciences, and these withdrawals are expected to contribute meaningfully to reducing vacancy rates, tightening market conditions, and supporting further rent growth for existing high-quality stock. Relative to global peers, Australia is also expected to benefit from high population growth forecasts, driving a larger contingent of white-collar workers, and the shift in occupier sentiment towards office-centric workforces reinforces demand for office space. And adding to that, deep discounts to the replacement costs and expectations of sustained rent growth have also contributed to increased levels of interest in the office sector from investors looking beyond the short-term volatility. We provide a few examples of comparable sales again in Appendix H, which demonstrate the changing positive sentiment and returning investor appetite. COF's FY 2026 priorities are outlined on slide 22. Following through from the first half, we continue to focus on maintaining high portfolio occupancy, improve portfolio quality, and preserve a solid balance sheet, maintaining sufficient liquidity and debt covenant headroom. I draw this presentation to a close on slide 23, again reiterating FY 2026 FFO and distribution guidance. Thank you for your continued interest in Centuria Office REIT. I will now hand back to the operator and welcome questions you may 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, it comes from Lauren Berry with Morgan Stanley. Please go ahead. Good morning, Belinda and team. I was hoping you could give us a little bit more on the leasing that you did in the half just in terms of leasing spreads, please. Hi, Lauren. No problem. Leasing spreads for the period are pretty consistent with what we've reported in the past. They were at just over 2% across the average deal. 2% positive or negative? Positive. Positive. Positive. Okay. Yeah. Thanks. Just going back to when you gave guidance late last year, you said that there was no full floor leasing for FY 2026 expiries assumed. It seems like this result you've actually done quite a bit of full floor leasing for FY 2026. So I was just wondering, was this ahead of expectations? Or Or to put it another way, is there any reason why you haven't been able to tighten your guidance since you have a lot more clarity on how the rest of FY 2026 looks? The guidance that we provided last year, the comment that we made to full floor leasing was for full floor leasing of vacant floors, whereas most of the full floor leasing that we've done this period has been for two renewed tenants. So that doesn't contribute to the range. Right. So had you assumed the majority of your FY 2026 expiries would renew previously? That's correct. At the last reporting period, I think we mentioned that there were quite a significant number of deals that were under negotiation. So these negotiations were finalized in this financial period. Okay. Right. Just for the vacant space, do you have any offers out on any of those leases for the second half? There's some when you look at the list of vacancies, most of it really is still concentrated in Docklands and in St Leonards. In these areas, we've mentioned time and time again that they're more challenging markets to lease in. Inquiries do come up every now and then, but at this point in time, we're still pretty far from agreeing anything with a tenant. Okay. Great. Thanks, guys. Thank you. Your next question comes from Cody Shield with UBS. Please go ahead. Good morning, Jesse, Belinda, and Cameron. Thanks for your time. Maybe just a quick one on divestments to start with. I mean, 9 Help Street, fairly good outcome on the gearing front, but do you think you could be trying to do a little bit more here? How's the appetite from buyers? Just generally speaking about the market, I think appetite from buyers is growing compared to the last couple of years. Speaking more specifically to the COF portfolio, 9 Help Street, we chose to sell because the offer that we'd received was really good. It screened really well on multiple fronts, including on the gearing alleviation front. It also has minimal impact to earnings, and selling this asset would improve the overall portfolio metrics. So for this one, it made a lot of sense. For any other assets, these are the types of considerations that we would need to make. I wouldn't rule out selling assets, but at this point in time, we're not actively selling any assets. When a good offer comes up, it's something that we will consider, and we have to take more broadly within our management team to consider. Okay. Sure. Just on property expenses there, I mean, the growth year-over-year looks pretty elevated. Can you talk us through what's happening? Yes. Across the broader portfolio, there are increases in statutory charges, including land tax and council rates, also some insurance costs. But more broadly, COF's got a slightly larger exposure to gross leases in the portfolio. So when there are inflated expenses or when there is inflation with expenses, it's a little bit more pronounced in this portfolio. At the same time, we are carrying a higher average vacancy just throughout the year, and so there's a bit of leakage of expenses from there too as we are recovering less. So just in terms of trend then, I mean, should we assume that it's going to run at a similar rate moving forward, or would you expect it to moderate? I think it really depends on where inflation. Most of this is driven by inflation. If we do more incremental leasing, it will alleviate a lot of that. Okay. Cool. And the spreads there, that 2%, that was fair. I mean, where are incentives sitting at the moment for you guys? For us, across the board, the average incentive is about 35%. It's not too far from what we reported last financial year, with new leases attracting a slightly higher incentive at about 36% and renewals at 33%. Okay. Great. And then just the last one, if I may. Just looking at the balance sheet, you've got a derivative asset there, and your 28 hedging has come up. Can I just make sure you haven't paid any capital for hedging or put in place any non-standard hedges? We haven't made any changes to our hedging portfolio. The way that it's presented this period looks a little bit differently because of one of the options that we've chosen to, well, we've assumed that the option will be exercised by the bank. So it's just presented a little bit differently, but all our hedges are exactly the same as FY2025. Okay. Great. Thanks for the time. No problem. Thank you. Your next question comes from Daniel Lees with Jarden. Please go ahead. Thanks, Belinda and team. Just the maintenance CapEx and incentives in the FFO reconciliation on slide 26, does that include any CapEx associated with the ResetData tenancy at Bourke Street? No, it doesn't. Okay. Thanks. Just another one. Just the cash flow in the accounts, you've got about AUD 22.8 million in payments for investment properties. What does that relate to? That would be a number of different CapEx items across the entire portfolio. Maybe a slightly larger portion of that would be to do with ResetData and the cost to build that data center. Okay. Gotcha. Just finally, with your BBSW assumption within guidance, the 5.4%, does that reflect the latest curve post-yesterday's hike? It does. Okay. Thank you. Thanks, Daniel. Thank you. Your next question, it comes from Murray Connellan with MA Financial Group. Please go ahead. Morning, Belinda, Jesse, Cameron. I was wondering whether I could just expand on Daniel's question from just now. That AUD 23 million of investing CapEx, would you be able to carve out the difference between ResetData for the period at number 818 and the general sort of standard maintenance and for that cost? Murray, it's actually quite an extensive list of CapEx items, I think, to list out in a call like this. Perhaps it's something that maybe we can discuss another time. Sure. Sure. And then just maybe zooming in on the Docklands and St Leonards assets that, as you spoke to earlier on our sort of more than half of the vacancy plus near-term expiries, could you maybe just talk us through what the bulk of those assets look like at the moment in terms of spec fit-outs versus cold shells, etc., and what, I guess, the broader strategy for those looks like going forward? Are they sort of in a bit of a holding pattern waiting for a market improvement, or are you sort of hoping to be opportunistic there? The strategy that we're taking for the different markets will be different. So I'll probably speak to St Leonards first. We've had a bit more leasing success in recent periods at St Leonards, and that's because we've changed the strategy with leasing. Instead of leasing out full floors, we've decided to chop up some of the floors and lease separate suites, and we've had a bit more traction that way. So we'll be continuing to go down this path. With 818 Bourke Street in Docklands, that particular part of the market really is quite challenging because there is quite a bit of supply in that part of the market and demand isn't as strong. So for this one, we already have space that is available at spec. It's ready for a tenant to move into. I think there aren't too many other things that we can do at this point in time. Having said that, we're always on top of any new lease inquiry that comes to market, and we're actively canvassing the market for any new opportunities. Good. Thanks very much, Belinda. Thanks, Murray. Thank you. Your next question comes from Andrew Dodds with Jefferies. Please go ahead. Well, good morning, guys. Thank you for taking my questions. I just wanted to firstly pick up on some of the comments you guys made back in August last year. You were sort of of the view that FY 2026 would be a trough year for earnings. Just given everything that's changed, particularly with the vacancy rate across the portfolio, is this kind of still the view and, I guess, the base case for the group? Hi, Andrew. There's no change to our view of FY 2026 being a trough for earnings. The reason why I say this is because we've always viewed earnings with quite a conservative lens, especially in relation to the vacancies that we have in our portfolio. The vacancies are concentrated in Docklands and St Leonards, and we've always taken, I guess, a conservative assumption with lease-up assumptions, and we haven't really factored very much income just to be conservative over the next few periods. Okay. Thank you. And then just secondly, on the dividend, you sort of called out before that you're not actively looking to sell any assets going forward. I mean, is this not or is a dividend cut not something that's being considered by the board or the management team at the moment? I mean, you sort of called out in your earlier remarks that the yield on today's price is just sub-10%. So the equity market isn't really rewarding you for it. Would it not be sort of prudent to cut the dividend, right-size the payout ratio, and sort of look to de-lever the balance sheet that way? This is definitely something that's been discussed at length on multiple levels, and our view holds firm. We really do think that FY 2026 is the trough for earnings, and we're very cognizant of our long-term payout ratio aspirations of 80%. At this point in time, we've got strong conviction in our forward-looking earnings, but also with valuations, I guess, past the trough and picking up, stabilizing just valuation gains that we've recorded a second period in a row, that combined with the asset quality that we have and our strong conviction over the medium-term outlook for office markets, I think that's just the position that we're taking on distributions. Looking forward, we are looking to grow our FFO at a higher rate than the actual distribution per unit. So we will come back down to our long-term aspiration of 80%. All right. That's very clear. And then just the final one for me, just in terms of your inputs into guidance, I'm just curious as to the BBSW assumption, I guess, today assumed over the remaining or the average rate, I guess, over FY 2026 and potentially how that BBSW assumption has changed compared to August of last year. So that one, I guess, the way that I would phrase this would be our all-in cost of debt assumed for FY 2026 is 5.4%, and this has changed from where we're tracking right now of 5.2%. I think we've got our average hedges clearly disclosed in the PAC, so you can probably calculate from that. All right. That's great. Thank you. Thanks. Thank you. Your next question, it comes from Connor Eldridge with Bell Potter Securities. Please go ahead. Yeah. Hi, Belinda and team. Thanks for your time today. Looks like you had some good leasing wins in the first half. I'm just trying to get a sense on the level of leasing CapEx that was required to get these outcomes. And I guess, would you say you're doing more or less spec fit-outs now than you were kind of 12 months ago? Hey, Connor. Honestly, over the last few years, we haven't done too many spec fit-outs because we already have a lot of fitted-out space. Every time a tenant vacates from space, we'll spend some CapEx to refurbish it. But what that means is it's a very cost-effective way of refreshing space, and tenants these days are very happy to take a secondhand or even a third-generation fit-out. So it's very minimal. With new deals that we're doing these days, I think a lot of tenants are gravitating towards more of a value proposition, so taking an older fit-out and maybe a rent abatement along the way. And I think, I guess, all landlords are pretty cognizant of how much it costs. I talked a lot about economic rents during my speech, but at the same time, the higher cost of construction doesn't just apply to new developments. It also applies to fit-outs. So a brand-new fit-out these days could cost north of AUD 2,000 a sq m, a lot more if you were to include all the trims, and no one in the metro markets can really afford that kind of fit-out these days. So we've definitely been very persistent. That's clear. Thanks, Belinda. Maybe just one more from me. At the last result, you called out sort of record downtimes across the portfolio. I'm just wondering how you're seeing them currently and if there's any particular markets where they're sort of extending or perhaps shortening? Yeah. So last period, yeah, we were talking to downtimes extending beyond what they used to be. I don't think that has changed too much. I think larger users will still take a period of time to commit to large amounts of space. And that's probably one of the reasons why these renewals that we've done this period have been so strong. Given the amount of volatility in, I guess, the external markets, it is a little bit tough for tenants to make big decisions that stretch for long term. So we've seen a bit more success in our renewals for that reason. Great. Thanks, Belinda. Thanks, Connor. Thank you. Once again, if you were to ask a question, please press star one. Question, it comes from Simon Chan with Morgan Stanley. Go ahead. Hi. Good day, everyone. My first question relates to your guidance range. You've had seven months of the fiscal year out of the way now, yet your range remains AUD 0.111-AUD 0.115 per share. Can you just remind us what's driving that range? Most of that range is driven by leasing outcomes for vacancies in the portfolio. Right. But in your answer to one of the earlier questions, you pretty much flagged that those longer-term vacancies such as 818 and 203 Pacific Highway, I don't seem to get the feeling that there's a lot of leases that are close to being done that will then, therefore, contribute to the second half of FY 2026. Am I putting words in your mouth, or am I interpreting what you said correctly? I mean, you are interpreting it slightly differently to what I'd like to put out. The list of vacancies and expiries that we have aren't just all full-floor vacancies. It includes full-floor vacancies, but there are also partial floors that remain to be leased. So those are the ones that we are referring to. Right. Okay. No, because you've already delivered your first-half result today, right, FFO of AUD 33.4 million. Your guidance implies FFO of AUD 68 million for the full year there or thereabouts, implying second-half of AUD 34.5 million, right? But then your guidance range has a AUD 2.5 million range in it. You get what I'm saying? It's just a very wide range of outcomes based on the denominator of about AUD 34.5 million. Hence my question. Are you expecting one massive lease to come in in the final five months of the year that could swing it by AUD 2.5 million? There is potential, but it's too early for us to speculate on the leasing outcome for some of those. Okay. That's fair enough, Belinda. Fair enough. I'll take that. Hey, back on those cash outflows, investing cash outflows, can you just remind us what's the total CapEx bill for ResetData, and has pretty much all of that been spent now? The ResetData development. So there's still more to spend, but the total cost is about AUD 21 million, and we've probably got maybe four more to go. Okay. So the bulk's already gone out the door. That's correct. Okay. Very good. And one last one. Hey, I didn't quite understand your answer in relation to the hedging question that you gave to one of the previous analysts. Can you just elaborate on what you mean by one of the options wasn't exercised but no other changes were actually made to the hedge book? Yeah. Okay. So the way that I'd probably explain this is in our hedge portfolio made up of quite a few different hedges, we had one particular swap that had an option attached to it. The bank had the option to exercise shortening the swap by one year. So last reporting period when interest rates were still forecast to be fairly low or fairly moderate, it was likely at that point in time that the bank wouldn't exercise the option, and so we'd have a slightly longer term. But since then, perception of interest rates or we've already seen the first interest rate hike, we are assuming now that the bank will be exercising their option to reduce the term of the hedge. So we have displayed our hedge profile to reflect that. Okay. So the bank hasn't exercised it yet, but you think they would, and that's been reflected in the latest presentation? That's correct. Okay. That's very good. Thanks, Belinda. Cheers. Thanks, Simon. Thank you. There are no further questions at this time. I'll now hand back to Miss 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 lovely day. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.