Please note that this conference is being recorded today, Friday the 7th, August 2026. I would now like to hand the conference over to your host today, Mr. Ben Ellis, Retail CEO and Executive Director of CQR. Thank you, sir. Please go ahead. Good morning and welcome to Charter Hall Retail REIT's FY 2026 full year results presentation. My name is Ben Ellis. I'm the Retail CEO of Charter Hall and an executive director of CQR. I'm joined today by Joanne Donovan, Head of Retail Finance at Charter Hall. I would like to begin 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 for and connection to country. Turn to Slide Four and our FY 2026 highlights. Today, we are pleased to provide an update on our FY 2026 results and our outlook for FY 2027. FY 2026 was another strong year for CQR, with the REIT continuing to execute its strategy to deliver the highest income and earnings growth from the convenience retail sector. CQR upgraded operating earnings during FY 2026 to AUD 0.264 per unit, an increase of 4% over FY 2025 OEPS. During FY 2026, CQR delivered same property NPI growth of 3%, driven by 3% like-for-like growth across both the shopping center and net lease portfolios. The growth in NTA has also been very strong, increasing to AUD 5.03 per unit, up 8.4% over June 2025. This was driven by strong income growth, the CapEx efficiency of our portfolio, and continued tenant and investor demand for high-quality assets in the convenience retail sector. The combination of strong NPI growth and valuation growth across FY 2026 has resulted in CQR's property portfolio delivering a 12-month total return of 15.8%. CQR's balance sheet gearing is 30.9%. Over FY 2026, we successfully transitioned to a secured debt platform, resulting in a significant reduction in our debt margin by 40 basis points to 1.25%. We also achieved significant improvement in headroom to all debt covenants, and all off-balance sheet debt is neither cross-collateralized, nor was there any recourse to CQR's balance sheet. Our portfolio performance remains strong, with occupancy reaching a record 99.1%. As we'll touch on later in the presentation, collectively, our portfolio metrics are amongst the strongest in the REIT's history. As a result of the performance of our portfolio, CQR expects FY 2027 operating earnings of no less than AUD 0.273 per unit, representing growth of no less than 3.5% on FY 2026, and distributions per unit to be no less than AUD 0.264 per unit, also representing growth of no less than 3.5% over FY 2026. Turn to Slide Five and the REIT strategy. CQR's strategy remains focused on delivering the highest property income and earnings growth from the convenience retail sector. We do this by investing in dominant convenience retail properties, including convenience-based shopping centers and net lease retail assets anchored by major leading tenants. Our convenience-based assets are dominant in their catchments and are focused on non-discretionary goods and services, delivering resilient performance throughout all economic cycles. Additionally, the net lease portfolio benefits from capital-efficient triple-net and double net leases, strong tenant covenants, long WALE, and inflation-linked annual rent reviews. Turn to Slide six. Charter Hall has Australia's largest convenience retail platform, with 169 retail specialists around Australia managing approximately AUD 18 billion of convenience retail assets across more than 900 properties. I'm proud of our team's dedication and their disciplined focus on maximizing asset productivity and driving strong income and value growth for CQR's unitholders. We believe Charter Hall's integrated platform of property, finance, and investment specialists focus on the objective of driving income, earnings, and valuation growth for our investors is a clear competitive advantage to CQR's unitholders. Now turn to Slide seven. CQR remained disciplined in its capital recycling program, strategically reallocating capital into high-quality convenience retail assets offering attractive income growth and enhanced capital efficiency. During the period, CQR increased its investment in the Charter Hall Ampol Partnership 1 to 49.9% and invested AUD 251 million across the high-quality shopping center portfolio of Gympie Central, Whitsunday Plaza, and Armidale Central at an average yield of 6.7%. Post-balance date, CQR further expanded the portfolio through the acquisition of the exceptionally strong trading Woolworths-anchored Yeppoon Central in Queensland for AUD 65.3 million at a yield of 6.5%. During the period, CQR also completed the sale of its interest in Retail Partnership No. 6 to CCRF and finalized the divestment of Lansell Square. Post-balance date, CQR settled the previously disclosed sale of Arana Hills in Queensland, Kings Langley in New South Wales, Butler Central in W.A. for AUD 210 million at an average yield of 5.3%. Turn to Slide eight. CQR continued to execute on its portfolio curation strategy throughout FY 2026, further enhancing the quality, resilience, and diversification of the portfolio. In 2015, CQR's portfolio was entirely neighborhood shopping centers and was valued at AUD 2.2 billion. Today, CQR's convenience retail portfolio has grown to approximately AUD 5.3 billion and has been strategically curated to approximately 50% high-quality shopping centers and 50% net lease convenience retail assets that benefit from inflation-linked annual rent reviews, long WALE, high-quality tenant covenants and CapEx-efficient triple net leases. As a result of this deliberate portfolio transformation, CQR now offers stronger income growth potential throughout all economic cycles, lower capital expenditure and outgoings leakage, greatly enhanced tenant covenant quality, and a greater diversification than all sector peers. Turning to Slide nine. Slide nine highlights how CQR's long-term portfolio curation strategy has enhanced portfolio quality and delivered sector-leading income and earnings growth. In the five years prior to our portfolio curation, CQR predominantly consisted of neighborhood shopping centers with poor lease structures and a lower proportion of anchor tenants paying percentage rental. Over this same five-year period to FY 2019, the average NPI growth of the portfolio was a modest 1.9% per annum. It was also CapEx-heavy, with an average capital expenditure of AUD 75 million per annum, representing approximately 2.8% of the total portfolio value. Through Charter Hall's active management and disciplined capital recycling, convenience retail shopping center NPI growth has increased to 3% in FY 2026. This improvement has been driven by a combination of factors, including the disposal of lower growth assets, increasingly stronger supermarket lease structures, and a sector-leading percentage of supermarkets paying turnover rental. The addition of net lease convenience retail assets has not only further strengthened the portfolio performance through strong net effective annual rent growth linked to inflation, but because of their triple and double net lease structures, have significantly reduced CapEx requirements for the CQR portfolio. Today, we not only benefit from stronger NPI growth, but our portfolio CapEx has reduced to just 0.5% of portfolio value. The result is a portfolio generating higher income growth with significantly lower capital intensity, supporting stronger and more sustainable earnings growth for CQR investors. Turn to slide 10. Not only has our strategic portfolio curation driven an acceleration in income growth and CapEx efficiency for CQR unitholders, it's also created significant equity value growth. CQR's original invested equity on a like-for-like basis in the net lease portfolio has grown by 35% or AUD 317 million, delivering an equity IRR of over 18%. These returns demonstrate that the net lease retail portfolio has not only improved CQR's income quality and resilience, but has also been a meaningful driver of NTA growth and total value creation for unitholders. No other portfolio in the sector can speak to these results. Importantly, it is the access to off-market deals generated by the Charter Hall platform that delivered these opportunities to CQR. Access to the Charter Hall platform is a unique benefit to CQR and its shareholders, I'd like to thank the Charter Hall team for their ongoing expertise and support in driving market-leading property returns for CQR unitholders. Turn to slide 11. Slide 11 again demonstrates the benefits of CQR's ongoing portfolio curation to higher growth, higher quality assets in both the net lease and convenience-based shopping center sectors. Whilst cap rates remain relatively stable from June 2020 through to June 2026, CQR's portfolio value on a like-for-like basis has increased by 32.9%, demonstrating both the quality of our portfolio and the benefit of portfolio curation towards assets with stronger income growth and CapEx efficiency. Put simply, CQR's valuations have grown by 32.9% through genuine rental growth rather than cap rate compression. This NTA growth delivered for CQR unitholders is a demonstration of our stated strategy in action, which is to deliver the highest income and earnings growth from the convenience retail sector. I'll now hand over to Joanne to talk through the financial results for the period before moving on to the operational performance in some more detail. Thanks, Ben. Good morning. Our operating earnings can be found on slide 13. CQR delivered same property NPI growth of 3%, supported by 3% like-for-like growth across both the shopping center and net lease retail portfolios. Finance costs increased during the period, largely reflecting acquisition activity, while CQR's weighted average cost of debt is 5%. Operating earnings were AUD 0.264 per unit for the year, up 4% on FY 2025. Distributions were AUD 0.255 per unit, up 3.3% on FY 2025. Turning now to slide 14 and the balance sheet. NTA per unit increased by 8.4% to AUD 5.03. This was largely driven by favorable net valuation uplift. Strong valuation and income growth has delivered a 12-month levered portfolio IRR of 15.8%. Our key valuation metrics are shown on slide 15. The portfolio has delivered a net valuation increase of AUD 248 million or 4.9%. This reflects shopping center net valuation uplift of AUD 147 million, together with net lease valuation growth of AUD 101 million. The portfolio-weighted average cap rate is 5.45%, firming 29 basis points over the year, or 16 basis points on a like-for-like basis. This reflects the continued tenant and investor demand for high-quality convenience retail assets. At 30 June 2026, 71% of the portfolio was externally revalued. The remaining energy and fuel portfolio will be revalued following the annual rent review based on the September 2026 CPI print. This will further support both income and valuation growth. Slide 16 highlights our capital management. CQR completed the refinance of its balance sheet debt to a secure debt platform in February 2026. The refinance reduced debt margins by 40 basis points to 125 basis points and extended the weighted average debt maturity, while also providing greater financial flexibility and covenant headroom. Covenant LVR is now 65% and is on a balance sheet basis. All off-balance sheet debt is neither cross-collateralized, nor is there any recourse to CQR's balance sheet. Balance sheet gearing is 30.9% on a pro forma basis. CQR remains highly hedged, with 67% hedging in FY 2027 and 46% in FY 2028, supporting earnings visibility in the current interest rate environment. I'll now hand back to Ben to provide the operational update. Thanks, Jo. Turning to slide 18 and the portfolio summary. Our diversified convenience retail portfolio has grown to AUD 5.3 billion. Portfolio WALE has increased to 7.1 years with major tenant WALE of 8.9 years. As noted earlier in the presentation, portfolio occupancy has reached a record high of 99.1% and is now broadly balanced between convenience-based shopping centers and the net lease portfolio. Turn to slide 19 and our strong tenant covenants. The portfolio remains underpinned by strong tenant covenants and broad retail category diversification, heavily weighted to non-discretionary spend. CQR's top 10 tenant customers are now all major anchor tenants, representing 61% of total portfolio rent. The quality of this roster is market leading and underpins CQR's earnings resilience. Turning now to slide 20 and our net lease portfolio. At financial year-end, the convenience net lease retail assets represented 49% of CQR's total portfolio by income. These assets are all triple or double net leased, meaning they are free of any material capital expenditure and provide a true net effective yield for CQR investors. They continue to complement CQR's convenience-based shopping center portfolio, providing diversification benefits, enhanced tenant covenant quality, and greater income security. No other Australian REIT offers this compelling mix of a true net lease long WALE convenience retail asset portfolio alongside high-quality convenience-based shopping centers. It is also worth noting, as Jo touched on, that the majority of our energy and convenience assets have their annual rent review based upon the September 2026 CPI print. Following this rent review, the energy and convenience portfolio will be revalued and is anticipated to deliver not only strong inflation-linked rental growth but also further NTA growth for CQR unitholders. Moving to slide 21 and our supermarket anchors. Across the supermarket operators, we remain well-balanced between Coles and Woolworths and continue to partner with Aldi. Strong trading supermarkets remain the foundation of CQR's convenience-based shopping center portfolio. During the period, supermarkets delivered strong MAT growth of 3.6%, up from 2.5% in June 2025. Supermarkets in turnover are within 10% of reaching their sales threshold is now at 89%, an all-time portfolio record high. This achievement supports stronger long-term rental growth for CQR and shows the benefit of active portfolio curation to drive the highest income earnings growth from the convenience retail sector. Turn to slide 22 and our specialty tenants. Over the period, specialty tenant sales productivity reached an all-time high of AUD 11,748 per square meter, with occupancy costs reducing to 10.9%, showing the strong sales growth of our tenants and providing capacity for ongoing and consistent rental growth. Notably, CQR's specialty shop retention rate increased to 86%, setting another record for the REIT and reinforcing the value of our portfolio to our retailers. We completed 416 leasing transactions, achieving positive leasing spreads of 4.1% across the specialty tenant portfolio. CQR's specialty leasing spreads continue to compare favorably with our retail peers, demonstrating the strength of tenant demand given the growing productivity of our convenience-based shopping center portfolio. I'd like to take the opportunity to thank the Charter Hall Retail team for another strong year. It is the quality, talent, and culture within the team that allows us to achieve these results. Slide 23 looks at our ESG highlights for the period. CQR has operated at net zero scope one and two emissions since 1 July 2025, with sustainability initiatives continuing to support customer outcomes, capital attraction, and long-term value creation. Across the portfolio, 19.5 MW of solar is installed across 76% of suitable shopping center roof space, supported by 15.4 MWh of battery capacity across eight sites, which is an increase of 4.1 MWh over FY 2025. We also recognize the important role our centers play in their local communities. Remain focused on creating shared social value through national and local initiatives, including support for vulnerable women, First Nations engagement, and broader community partnerships. Finally, turn to slide 25 for outlook and guidance. CQR has now curated the portfolio to its target mix of approximately 50% high-quality shopping centers and 50% high-quality net lease retail assets. This balance provides a stronger and more resilient platform for earnings growth through increasingly strong tenant covenant quality, a diversification of rent review structures linked to inflation, and CapEx-efficient lease structures, allowing us to achieve our stated strategy to deliver the highest income and earnings growth within the convenience retail sector. Based on the information currently available, barring any unforeseen events, CQR expects FY 2027 operating earnings to be no less than AUD 0.273 per unit, representing growth of no less than 3.5% on FY 2026. Distributions per unit are expected to be no less than AUD 0.264 per unit, also representing growth of at least 3.5% over FY 2026. At CQR's closing security price on the 6th of August 2026 of AUD 4.06, this FY 2027 distribution guidance represents a distribution yield of 6.5%, which remains attractive in the context of CQR's income resilience and growth profile. In closing, I'd like to add the following remarks. The outlook for convenience retail remains highly compelling. Australia's population is expected to grow by more than 1 million people over the next three years, while new retail supply is forecast to reach a 30-year low. This imbalance between demand and supply is already evident, with convenience retail portfolios across the country operating at near full occupancy and tenant demand for space in high-quality locations continuing to increase. Supported by these market dynamics, CQR's portfolio is strategically positioned to capture the benefits of population growth, urban densification, and constrained supply, underpinning further growth in asset productivity and reinforcing the strength of the results delivered today. That ends the formal presentation. With that, I now invite questions. Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone, wait for your name to be 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 Solomon Zhang with UBS. Your line is open. Morning, Ben and Joanne. Thanks for your time. I just wanted to ask about your EPS guidance and the baseline of 3.5% growth. Just wanted to understand whether this includes any net acquisitions or capital recycling initiatives at positive spreads between your acquisitions divestments or if that presents upside risk. good morning, Solomon. No, we are not forecasting any acquisitions or divestments in our 3.5%. Great. Just on your payout ratio, you've effectively held it from FY 2026. I just wanted to confirm, is this going to be the new normal going forwards given the net lease capital drag is lower? Would you provide a bit of a range? Would it be, you know, 95% or 97%? Just any comments there would be great. No, it sits as more than appropriate, you're exactly right, Solomon, except there is no capital drag from the net lease portfolio. Pure net effective rent growth and 100% payout to investors, which is incredibly invaluable, particularly given, you know, we're heading into a period where 82% of our portfolio's got its rent review in the net lease sector off this upcoming September CPI print, which is going to be really strong. Thanks, Ben. Thank you. Please stand by for our next question. Our next question comes from the line of Howard Penny with Citi. Your line is open. Thank you, Ben and Joanne. Just on portfolio curation, the trend moving forward, we've seen it obviously move from 39% net lease retail in 2025 up to 53%. Just thinking about the incremental new dollar invested from a CQR perspective, could we expect that to continue to be pushing a higher ratio of net lease retail by any chance? Yeah, thanks, Howard. Look, we currently sit at about 49% by income in that net lease space, as I just said in the previous question, that's really valuable considering the CPI print that's about to come through driving, you know, really strong EPS growth without any capital drag for CQR investors. In terms of incremental dollar, look, the reality is we will always invest money where it's best to grow accretion for CQR unitholders. We are diversified, and we're able to look at multiple sources of property transactions underpinned by the Charter Hall transaction team that we get access to. The opportunity is there across all of them, and there's no set parameter which way we'd look. It's all about accretion to earnings. Great. Thank you very much. One of the themes we're picking up from the retail side is in pubs in particular, there seems to be a potential opportunity for the owners of these pubs to sell down the properties side and create value for their own investors. That's been an area where CQR has invested previously. Are you seeing opportunities in that space at the moment? Look, we've obviously been very defined in anything we do in the net lease space, Howard. We always partner with best-in-class governance and quality of retailer. Like you said, there's been a very successful transition in respect to sale and leaseback portfolios. As we said in the presentation today, CQR has benefited from 35% growth in invested equity in sale and leaseback transactions with major retailers across the service station and the hotel investment sector. That's been absolutely market leading. We see that sale and leaseback opportunity as a huge plus for CQR, given Charter Hall is the market leader by a long way in sale and leaseback transactions. Well, thank you, Ben, congrats on a great set of results. Thanks, Howard. Our next question comes from the line of Simon Chan with Morgan Stanley. Your line is open. Oh, good day, Ben. Good day, Jo. Hey, Ben. A good result in the supermarkets. Thank you. In particularly the turnover rent part, I just wonder, what portion of the turnover rent that you're collecting now are within touching distance of being capitalized into the base rent and therefore will become more secure going forward? Look, to be honest, Simon, it's a rolling five-year basket. It all comes down to when the lease expiries are. It's not quite linear, but you could assume that effectively one-fifth every five years capitalizes into base rent. Okay. That's clear. Hey, in your closing remarks before, you talked about how retail supply is 30-year low, yada, yada. Yep. How has that manifested in your lease negotiations, I guess, in particular with the anchor tenants? Can you swing your weight around a little bit more now going forward, in that whole gross lease, net lease argument, or you think we're actually not there yet? Look, I think it's a topic that's going to be discussed a lot. Obviously, we've been pretty active in renegotiating our anchor tenant lease over a long period of time away from those gross leases that you see out of the portfolios. My view on that, Simon, is that as time goes on and the scarcity sites increase and lease expiries come around, there'll be more discussions to be had with the major tenants about improving the recovery rate and growth rate for investors in the sector. I see that as a potential tailwind. Cool. My last one is just on the specialty tenants performance. Perhaps you could explain this to me. The occupancy cost stepped down a bit. Yep Which is great. I think it was 11.5% at the half year. It's now 10.9%. Yep. Your MAT growth is only 3%. Average rental increase is 4%. Leasing spread is like almost 5%. Just mathematically. It's- It's come down 50- 60 basis points. It's just a bit funny. It's just compositional too. It depends on what has come in and out of the portfolio over the periods. Okay, it's not a like for like comp, the specialty number. Well, it is like for like, every time you get through a period where something comes into the like for like basket or comes out of it obviously comes through that number. The reality is it's a snapshot point in time. The simple fact is we have got a more productive portfolio. It's a record sales density, occupancy costs forever has sat around that sort of high tens, low elevens number, nothing's going to change. It just shows the sustainability of this portfolio to capture rent growth as and when it comes through. As you touched on earlier, the scarcity of supply is not just a discussion for anchor tenants. It's going to be a massive discussion for specialty retailers seeking out high quality locations that trade at these sort of levels. We see that as another tailwind. That's great. Thanks, Ben. No worries. Thank you. Our next question comes from the line of Tom Bodor with Jarden. Your line is open. Morning, Ben, Jo. Thanks for your time this morning. Just one from me on this September CPI print. You've sort of mentioned a couple of times and how it's going to be quite positive for vals and the like. Yep. If I look at your convenience portfolio, cap rates sort of fairly tight, sort of 4.78% for BP, 4.89% Ampol, 4.92% for Endeavour, ALH Group, and the 10-year bond yield's at 4.97%. I'd just be interested in, appreciate the rent growth will be strong, but how are you thinking about cap rates in light of the 10-year being more elevated more recently? Sales evidence drives valuations and current sales evidence through all the net lease sector shows that if anything, our cap rates from the high side, to be frank. We've actually demonstrated over the six-year period that that net lease portfolio has had the most resilient cap rates over that whole period. You can see that in the slide. We've generated nearly 40% valuation growth across net lease because there's no CapEx, there's absolute rent growth through inflation, and I think that that's a very strong and compelling factor. Private investment market, which is the major investor in these type of assets, look at the underlying risk associated with an asset. They look at the rent growth, our net lease portfolio's right up the alley for all those people, and that will continue to drive interest and valuation growth, beyond just, obviously, rent growth that's going to come through with the September CPI print. Okay, thanks for that. I guess the flip side of a high inflation print is the debt cost part of the P&L. Sure. Just be interested in your thoughts around how you're thinking about managing that big step down and hedging into FY 2028. We've always managed it, Tom. I think we have this discussion every time we meet, in that we are very prudent and diligent in the way we go about putting in place hedging. We've always had a view that we monitor the market effectively on a daily basis, looking for opportunities. If you rolled back and looked at our hedging profile three years ago, four years ago, it would look almost exactly the same. We've always been able to manage it in a prudent way to capitalize on the rent growth generated by our portfolio. Ultimately, we've just upgraded earnings during FY 2026 to 4% OEPS growth, and we've now got it not less than 3.5% OEPS growth. The sector generally is in a fantastic position with a lot of rent growth coming through and a lot of investor demand for this product. Very comfortable with where we're going and very comfortable that with the biggest transaction team, the biggest treasury team in the country actively working on this, we'll be well-positioned. Great. Thanks very much. No worries. Please stand by for our next question. Our next question comes from the line of David Pobucky with Macquarie Group. Your line is open. Good morning, Ben, Jo, and team. Thanks for taking my questions. I just wanted to go back to one of the prior questions in terms of the REIT strategy, given you've now reached your target portfolio mix. Just curious to understand how you think about the next leg of value creation over the next three to five years. Will it be driven primarily by organic earnings growth, further capital recycling, increasing exposure to partnerships like CCRF? Just keen to dig into that a little bit more. I think we've been on a long journey, David, about recycling and curating our portfolio to have an asset base that will capture the most rent growth in the subsector of convenience retail. We will categorically benefit from the growth in the sector through whether it's inflation in the net lease portfolios and lack of CapEx, whether it's the demand for space in high-quality shopping center locations, as evident by our record results in respect of retention, sales growth, et cetera. For us, having the biggest platform in the country, AUD 18 billion, 169 people across the country driving that, I think the organic growth outlook is really strong. Clearly, being part of the broader Charter Hall platform, as and when opportunities come up, CQR gets the benefit of looking at these and having the potential to invest in them, subject to accretion and capacity. there's no one hard or fast rule, but I think, once again, the fact we've been able to demonstrate incredibly strong NTA growth and all the value we've created in equity from the net lease portfolio, our OEPS guidance last year and this year, just actually demonstrates that the organic growth in this portfolio is strong, the capacity to continue to access fantastic deals is strong, and I think that we will continue to look at all opportunities to try and grow the highest income and earnings growth from the convenience retail sector for our investors. Thank you. Just the second one from me, just on CCRF. How should we be thinking about the earnings and the NTA opportunity for CQR from the fund reaching its target scale? I don't think the fund has a target scale. I think the demand for the sector's huge, I've said it before, I've never seen more investor demand, both domestically and globally, for the convenience retail sector. That's because you get very high effective rent growth. look, the reality is, as CCRF scales up and it utilizes available debt capacity to do so, you're going to see earnings accretion for CQR. I think we're very fortunate with our stake in CCRF, and I think we're looking forward to seeing that continue to grow and drive earnings accretion for CQR unitholders. Thank you. Just the last one, just on the balance sheet, pro forma gearing at 30.9%. Just your view on that level, and the capacity for growth going forward. Thank you. Yeah, no, look, I think it's fantastic where we sit. In reality, as we've talked about, I actually foresee continued strong valuation growth coming through, if only just through the strong income growth we're going to generate. Obviously, as and when opportunities come up, yeah, there is capacity to invest in them to drive accretion for CQR unitholders. It'll be case by case and opportunity by opportunity. Thanks, Ben. Appreciate your answers. Thanks. Please stand by for our next question. Our next question comes from the line of Richard Jones with JP Morgan. Your line is open. Oh, good day, Ben. Just a follow-up to the question on CCRF. It looks still like there's minimal gearing in the fund, and it actually looks like there's been almost no acquisitions in the fund in the second half, and your divestments look like they've been delayed a little bit to go into next financial year. Are you able to just talk about what your current cash return is on your investment and how much undrawn capacity sits within the fund, and how that may change your return as those funds are deployed? Look, you can definitely talk to David about CCRF when we get to the group results, but it is certainly scaled considerably over the time. It still has significant debt capacity to continue to scale considerably. We obviously disclose what our net equity and share of earnings out of CCRF are in our accounts. Ultimately, as we just said before, as that utilizes its debt capacity to gear up and drive further accretion to earnings for CQR, it's going to be a tailwind. Okay. Just interested in your feedback around retail sales through June and July. Have you seen any noticeable slowdown? Maybe can you call out how discretionary versus non-discretionary has performed over those two months in your portfolio? Yeah, we've seen no noticeable slowdown whatsoever. In fact, the reality is we are nearly all of our sales are non-discretionary. Obviously that sector's performed incredibly strongly and it continues to do so, and it will grow even more strongly as population and lack of retail supply continues to create demand. The discretionary component is a bit softer than non-discretionary, but for us it's tiny. I mean, you think about it, something like clothing and apparel is less than 1.5% of our total sales. It's minuscule. We will continue to focus on non-discretionary retail. We'll continue to focus on growing the sales in that sector, and we'll continue to focus on owning the best assets in that sector to maximize value from it. For us, it's very consistent and I expect that to continue. Yeah. Well, thanks, Ben. No worries. Thanks. Please stand by for our next question. Our next question comes from the line of Murray Connellan with Moelis Australia. Your line is open. Morning, Ben, Jo. Just a quick follow-up on David's question on gearing. Would it be good to get your thoughts on comfort levels, I guess, where we are in the interest rate cycle? Balance sheet gearing's at 31%. There's a comment in the director's report around the target gearing for shopping centers being at 30%-40% and the target gearing range for the convenience net lease portfolio at 40%-50%. Yeah. I guess we're just keen to hear what I guess where you would like to see gearing go medium term. Also do you think about this on a look-through basis as well, just in terms of the interest rate exposure, or is balance sheet going to be more the focus? Balance sheet's absolutely the focus. None of our off-balance sheet debt facilities are cross collateralized, nor have they any recourse back to CQR's balance sheet. In terms of your first question, we're really comfortable with gearing. We think it's very appropriate and most importantly for us, Murray, if you look at what's happening from a growth perspective in terms of value growth driven by income and also investor demand, this portfolio naturally de-levers and de-levers fast because of that incredible demand for convenience retail assets at this point in time. We're really comfortable. We don't think that there's any concern whatsoever, and more importantly, we think appropriate to have some level of higher gearing in a portfolio which is triple net, incredibly strong covenants, got absolute rent growth through inflation-linked rental growth. There's zero maintenance and incentive obligations whatsoever. These are absolute net effective rents. This number printed today is absolutely before we revalue the service station portfolio, which is 29% of CQR's total portfolio, most of which will benefit from an inflation-linked rental growth print based off September's CPI. If anything, it's going to continue to come down in line with the valuation growth. Would you be happy to deploy here and see it go higher? Look, we'll do everything on a risk-adjusted basis, and we'll look at it on a case-by-case basis. It's not about would we or wouldn't we? It's all about what is the most risk-adjusted measure for us to best allocate investment capital towards driving accretion to earnings in CQR's on and off-balance sheet investments. Got it. That's clear. Thanks, Ben. No worries. As a reminder, ladies and gentlemen, that is star 11 to ask the question. Our next question comes from the line of Winky Tan with Morningstar. Your line is open. Hi. Good morning, Ben and Jo. What are the average yields for acquisitions and divestments that you've done in FY 2026? I'm just wondering if you see more opportunities to do this kind of earnings accretive activity in the market, given your earlier comments about how currently in convenience retail and net lease retail, the cap rates is pretty low right now. Hi, Winky. We've pretty well disclosed what we've bought and sold. The reality is, if you look at our divestments relative to the acquisitions, we've obviously got earnings accretion off that whole activity. That's been a feature of driving earnings growth for CQR and also we've been able to curate the portfolio beautifully towards something with higher income growth for investors. In terms of the current market, look, Charter Hall has got an absolute unique knack of being able to source opportunities that are very well bought and quite often well below market values. Where that opportunity occurs and where we can actually drive accretion to CQR unitholders, of course, we'll look at it. At this point in time, we haven't guided to anything, and we'll just take that case by case during the course of the year. Great, thanks. No worries. Just curious whether your supermarket turnover include any online shopping orders that are fulfilled in the store, or is it purely just transactions within that happen in the store? All of our supermarket leases include online sales that are transacted from store. Yep. Great. Thanks, Ben. Please stand by for our next question. Our next question comes from the line of Andrew Dodds with Jefferies. Your line is open. Oh, good morning, guys. Look, a lot of it's already been sort of covered off on, Just if we look at some of the metrics on the table on page nine, shopping center NPI growth of 3% in 2026 compared to 1.9% in the five years leading up to 2019, Then just the proportion of CapEx as a percentage of total assets. I mean, is this how you kind of think about the portfolio on a go-forward basis- Totally Do you think that there's scope to kind of improve these numbers a bit further? Oh, look, I think there's always scope to improve your NPI growth. There's no doubt about that, We've talked a lot about why that's the case. Obviously, the net lease NPI growth is based upon the prior year's combination of CPI prints before and post that sort of December period. That will accelerate this year going forward because obviously where we're sitting at the moment, I mean, I think CPI printed last time at 3.8% and New Zealand was 4%, so that's going to be a tailwind for us. In terms of CapEx, there's a couple of things going on here. One is obviously we have a lot less assets that require CapEx, and the second thing is the quality of our existing portfolio is so much better. We have always continued to reinvest it in properties in a prudent way, which means we do not have to go and spend mountains of useless CapEx, let's be frank, to try and just justify holding tenants in place. Our assets are in great condition, and that's going to be a consistent theme going forward for us, and I think the team's done an amazing job in that regard. All right, guys. Thank you very much. That's all from me. Thanks, Andrew. Thank you. Ladies and gentlemen, at this time, I would now like to turn the call back over to Ben Ellis for closing remarks. Thanks all for dialing in. I think it's been a great year for CQR. We're looking forward to another fantastic year in FY 2027. I look forward to talking to you all during the course of the next couple of days and wish you a good day. Thank you.