Thank you and good morning, everyone. I'm Alex Abell, Fund Manager of Dexus Industria REIT, and thank you for joining us for the 2023 half year result presentation. At the conclusion of the presentation, I will be joined by Joseph D'Urso, Head of Finance for Real Estate Funds for the Q&A part of the session. Dexus Industria REIT has interests in 93 properties across Australia, and we acknowledge that each of these are on the lands of the traditional custodians. I would like to start proceedings by acknowledging the custodians across those many lands and pay respects to their elders past and present, and reaffirm Dexus's commitment to supporting reconciliation. In terms of today's agenda, I will speak for approximately 15 minutes and touch on DXI's strategy and key highlights for the period, the financial outcomes and positioning of the REIT, as well as providing some color on portfolio performance and the dynamics across the markets in which we operate. DXI's vision is to be the first choice for investors seeking listed industrial real estate exposure by delivering superior risk-adjusted returns. The core strategic pillar that DXI is the beneficiary of is the broad capabilities and the expertise of the Dexus Group, which unlocks the key value drivers. With examples including the transformational acquisition of a stake in Jandakot Airport, allowing DXI to gain access to a development pipeline that will enhance the quality of the portfolio over time. Secondly, securing opportunities for DXI to establish ownerships in key locations across Sydney, including Kemps Creek and Moorebank, which have subsequently benefited from record high year-on-year rental growth of 39% in 2022. Thirdly, the divestment of DXI's Rhodes Corporate Park assets in a challenging market, which has reduced income risk and strengthened the balance sheet. This active management approach and focus on returns has been recognized through the share price, which has outperformed the S&P/ASX 300 A-REIT on a one, three, and five-year basis, as well as since the IPO of the REIT in 2013. Let's turn to the highlights for the period. In a challenging environment, we are pleased to confirm we are on track to deliver on financial year 2023 guidance after delivering FFO of AUD 0.085 and distributions of AUD 0.082 per security for the period to December 2022. The resilience of the income continues to be demonstrated with 2.7% like-for-like NOI growth. The quality of DXI's assets, combined with the leasing capability across Dexus, has resulted in 67,700 sq m of leasing being completed, which is another record for the fund. The balance sheet is strong, with look-through gearing of 29.5% below the target range of 30%-40%. After AUD 160.5 million of divestments reduced gearing by approximately 7%. Following the repayment of debt with the divestment proceeds, our liquidity position is particularly robust, with no refinancing event until FY 2025 and AUD 139 million of undrawn debt facilities. As we move forward, the quality of the portfolio and organic growth is particularly important, and I will draw your attention to two key points on the following slide. Across the 93 interests carried at an average cap rate of 5.13% and totaling AUD 1.6 billion, we have a balanced lease expiry profile, as you can see in the chart shown in the top right. This expiry profile is the outcome of curating a portfolio over many years that delivers a resilient income stream whilst also providing the ability to access market rent uplifts from time to time. In the next two years, we have approximately 20% of income expiring, as well as our development projects, which would equate to at least another 5% of the portfolio that we can reset to higher market rents. The pie chart displayed at the bottom right also demonstrates that 45% of the portfolio is linked to CPI reviews, and the average uplift from the CPI reviews during the period was 5.7%, an uplift that will materially benefit future periods. The financial overview I will now take you through confirms that DXI is well-placed as we move into the second half of FY 2023. At the top line, property FFO increased by 27.6%, driven by a full period contribution from Jandakot, which was partially offset by vacancy at Rhodes and its divestment in November. On a like for like basis, the net operating income rose by 2.7%. Net finance costs were AUD 4.7 million higher than the prior period, driven by the cost of debt increasing 110 basis points to 3.4% and a higher debt balance primarily associated with the Jandakot acquisition and development land. The Funds From Operations outcome of AUD 27.1 million was an uplift of 9.2%. Given there were a higher number of securities on issue following the equity raise in the prior period, Funds From Operations per security fell by 9.7% to AUD 0.085. With regard to the balance sheet, net tangible assets per security reduced 2.2% to AUD 3.52, with AUD 4.5 million of like-for-like valuation gains, offset by the loss associated with the divestment of Rhodes. Let's now move to the balance sheet and capital management slide for more detail. The DXI balance sheet is well positioned, with gearing reducing by 4.7% from June 2022 to 29.5% on a look-through basis. This is below our target range of 30%-40%, a position that provides balance sheet flexibility. From a security and certainty of funding point of view, we took out AUD 75 million of new five-year debt facilities and canceled AUD 125 million of near-term maturities. As shown in the chart at the bottom of the page, we do not have any debt maturities until financial year 2025 and retain undrawn debt facilities totaling AUD 139 million. Hedging at period end was approximately 75%, which is 14% higher than the average of 61% during the period following the sale of Rhodes and the subsequent pay down of debt. Dexus revalued 100% of the portfolio as at December 2022. There continues to be positive sentiment for industrial real estate, which is supported by record levels of rental growth that flowed through to the DXI portfolio and drove a like-for-like valuation increase of AUD 4.5 million. Capitalization rates expanded by 20 basis points, largely as the value has recognized weaker transactional markets that have been influenced by the higher cost of ownership, including higher interest rates. After taking into consideration the divestment of Rhodes, the portfolio is now valued at AUD 1.564 billion, which reflects a valuation decline of AUD 26.7 million. Let's take a moment to walk through the performance of the portfolio and the market dynamics at play. The industrial assets within our portfolio now make up 89% of total assets. The 2.4% like for like NOI growth was held back by incentive amortization expenses on assets for the first time. Once we take this into consideration, the FFO equivalent was 3.2% growth. We anticipate this to improve over the full year as the second half benefits from the average 5.7% CPI reviews and the 11.1% re-leasing spreads reported for this period. Key leasing deals during the period included 25,200 sq m at 34 Australis Drive and 10,100 sq m at 1 Westpark Drive, both in Derrimut, Victoria. At Jandakot, we recorded double-digit re-leasing spreads across 9,000 sq m. It is worth noting that there was no downtime associated with any expiries during the period. The total leasing during the period is shown in the chart on the right, and as you can see, the Dexus team completed leasing outcomes almost as high as the previous 12-month period, although this was of course, only for the six months to December. Developments now account for approximately 7% of the portfolio by value, with the pipeline anticipated to total AUD 369 million. The pipeline encompasses interests in 411,000 sq m of future warehousing in Sydney, which last year recorded rental growth of 39%, and Jandakot in Perth South, which recorded 27% year-on-year growth. The strength of these markets underpins Dexus's ability to continue to generate healthy returns. DXI has AUD 94 million of committed spending remaining and another AUD 250 million that we expect that will be activated over the coming 3-4 years. The AUD 139 million of debt headroom, as well as targeted divestments over the coming periods, will be utilized to fund the commitments. We are confident that delivering the development pipeline will improve the overall portfolio quality and generate higher risk-adjusted returns. It is worth noting that we have experienced delays across several committed projects, largely associated with planning, weather, and supply chain events, that has resulted in completions pushing out 6- 9 months. Industrial fundamentals remain attractive, with demand running well above the 10-year average. With manufacturing continuing to be strong, we observe this not only in research reports, but through our own portfolio, where tenants have limited capacity for growth. The vacancy statistics, which are below 1% across the capital cities, and we have included these in the appendix for your reference, as well as the observations that we make across not only the DXI portfolio, but the broader Dexus portfolio. Is evidence that the market remains buoyant and retailers still appear to be securing stock where they can, with inventories continuing to build back towards pre-COVID levels. These dynamics bode well for the DXI portfolio generally, and in particular to our development pipeline, which will benefit from materially higher rents that should flow through to income growth and value creation in due course. Brisbane Technology Park is located adjacent to the Gateway and Pacific Motorways in Brisbane and appeals to many life science occupiers who've supported the leasing outcomes that drove the 4% like-for-like NOI growth during the period. Approximately 6,000 sq m of leasing was completed, materially de-risking the short-term outlook and supporting the 6% cash flow yield, whilst also providing upside potential from lease up of the remaining vacancy. Small occupiers also continue to be attracted to the precinct, with 81% of tenants under 250 sq m either being retained or seeing their space back filled within three months, which is a testament to both our leasing team on the ground and the location and quality of the offering. As we move to the summary slide, I wanted to leave you with three key points on the DXI portfolio and what it means for the outlook. Firstly, our actions throughout this period have ensured that the fund is well positioned in an uncertain environment. We have offset inflation impacts by capturing CPI reviews averaging 5.7% across the portfolio and increased our hedging position through a combination of asset sales and ongoing risk management initiatives that provide a degree of resilience against rising interest rates. Secondly, the portfolio quality and the quality of the tenants that pay the rent that ultimately funds the distribution provides income resilience, which also enables us the ability to capture rental upside through market rental growth. Thirdly, we have continued to be disciplined in how we allocate capital and carry substantial liquidity, a prudent strategy that promotes the balance sheet strength that underpins the long-term success of the fund. I am pleased to reaffirm the FY 2023 guidance statement of AUD 0.167- AUD 0.170 per security of FFO and AUD 0.164 for the distribution, which represents an FFO yield range of 5.5%-5.7% and a distribution yield of 5.4% based off yesterday's close. Thank you for joining the call. I will now hand back to the operator for any questions. 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 Murray Connellan from Moelis Australia. Please go ahead. Morning, Alex. I was wondering whether you wouldn't mind just unpacking the 2.7% like to like NOI growth in a bit more detail, please. Was there much in the way of one-offs there, or is it the I guess the underperformance relative to CPI to a certain extent to do with cost inflation? Good morning, Murray. It's a function of a few things, part of this is related to the last 12-month period. CPI in the prior period was relatively low to where it is now. The CPI reviews that flowed through for the like for like weren't as strong as what they will be this period at 5.7%. The other part was the fact that in the prior period, you may recall that our leasing deals were done 15% off ahead of the prior value or assumptions, which was a key driver of NTA growth, the spread to passing was flat. That did hold back that in NOI growth on a like-for-like basis, and that's why with the 5.7% during this period and across the whole portfolio, the average rent review is 4.5% during this six-month period. That's what I anticipate will drive that number higher moving forwards. Thanks. And then, just for the industrial portfolio more broadly, would you mind commenting on where your rents are on average? Or I guess where you believe your rents to be on average in terms of passing versus market and then also where the value is, have your assets assumed in terms of those rents? I mean, historically, we have almost, without exception, outperformed our valuation rents. We outperformed our valuation rents by 7% during this period with those 11% spreads to passing. As I said in the prior period, we're 15% ahead of our valuation rents. Broadly speaking, the portfolio remains, according to the value is around market rented, and there's different sort of components of that throughout the portfolio. Probably from my perspective, I'm looking particularly for FY 2024 and FY 2025, and the growth that may come through those periods from leases expiring. To provide some color from that, we have some expiries within Melbourne and also in Adelaide in next financial year, where I would expect some quite healthy rental spreads of at least 15%. That sort of makes up about 2/3 of the industrial expiries next year for some color. I would expect that we can continue to outperform those valuation rents, which will continue to enhance our NTA throughout an uncertain period. That's great. Thanks very much. Thank you. Your next question comes from James Druce from CLSA. Please go ahead. Yeah, good morning, Alex. Just to clarify that last question. The rents versus the rents and the vals, what's the gap? I mean, the gap is broadly flat, James, is the short answer. Okay. Yeah. Okay. Go back on the first question. Is there anything else there? You're at 11% spreads, your occupancy's up, and you've leased a lot of space over that first half. I'm just surprised NOI growth isn't a little higher on that like-for-like number. It is a function of what I mentioned to Murray. The other part about NOI that's worth keeping in mind is that that NOI number that we print is a, includes amortization. Some of the deals that we had completed about 18, 24 months ago, did include high levels of incentives which hadn't previously been carried through the amortization line. I've spoken to investors about this over many years, but, typically, when you buy an asset, it doesn't carry any amortization. When you re-lease an asset, you'll start carrying amortization, and that creates effectively an NOI headwind that at the face level doesn't exist, but on an effective basis, it does. That has also played a little bit of a role in holding back that NOI growth, and that's why when you back that out for industrial, you get to a 3.2% like-for-like NOI growth number. Okay. Just on guidance, the sale of Rhodes, that would have been accretive to earnings, I imagine, given the low yields it had and the high cost of debt. Is that correct? it would have. Correct. I suppose Okay. Accretion depends on your lease-up assumptions that you may have made in your model. I mean, it's probably worth just taking a moment to reflect on how we actually come up with guidance in the first place. It's obviously predicated on a variety of outcomes across the portfolio. What we've presented today is what we see halfway through the year, and as I said, we're on track. I mean, the key factors that really sit behind that guidance statement at a property level are renewal outcomes and particularly downtime, which can impact like-on-like numbers and obviously the income nature of the portfolio. Secondly is some development and operational items at Jandakot. They have caused a bit of a drag of approximately AUD 800,000 between those two during the period. We're also paying tax through Jandakot as well. That was about AUD 200,000 for the period as well. There's numerous moving parts within our guidance statement, and those have formed part of it. Obviously there was the lease up of vacancy and other transactions, including Rhodes, which we apply a probability weighting to. Those moving factors have allowed us to restate our guidance for the period and hopefully give you some color on the moving parts. Okay. Do you assume any more devaluations in guidance given you're externally managed or revaluations rather? No, we haven't. If we did, it would flow to 2024 anyway. Yep. 1 more if I may. I noticed the development yields are going up. Some of those projects, you're close to completing. Can you be a little bit more specific on where you think they'll land? Yes. The, the committed developments that we already have underway, the majority of those, particularly at Jandakot, are pre-committed. They'll be delivering yield in the 5.5% range. Where the upside is coming is the rental growth that you're seeing throughout 2022, at the moment we're building a spec facility at Jandakot, which we expect will be able to capture higher market rental growth from that, for example, which will pop us close to 6% or even indeed above it. At Moorebank, where we're going through planning at the moment, clearly there's been some really strong rental growth in Sydney at 39% throughout last year. We expect that to outperform, and hence we've upgraded the yield range in that to 5%-6%. At Kemps Creek as well, where the fund through development is proceeding. It is held up with planning, so that's delayed by about 6-9 months as well. Frankly, it's probably played into our favor in terms of market rents have moved so rapidly in that market that we should be able to crystallize a materially higher yield on cost. Fantastic. Thank you. Thank you. Thank you. Your next question comes from Stuart McLean from Macquarie. Please go ahead. Thanks for your time. Alex Abell, in the remarks mentioned and the materials, potential for future capital recycling, can you just give any more insight there regarding the subsector that you'd be looking to potentially divest? Is it industrial? Is it Brisbane Technology Park? And some of the characteristics of the assets you would be looking to let go. Good morning, Stu. We've always spoken to a number of levers to fund the development pipeline. Brisbane Technology Park, we have spoken about in the past as being a natural funding lever as well as Rhodes. We've obviously dealt with Rhodes, and now Brisbane Technology Park, which continues to, you know, deliver reasonably good performance for us and contribute to the bottom line, is something that we definitely consider. The cash yield that Brisbane Technology Park produces does support the distribution in a healthy way. We, we look at that as well as our ability to potentially crystallize some material gains elsewhere in our industrial portfolio with assets that we have delivered on our business plans, particularly potentially assets we've bought over the last 3- 4 years. We balance up those factors of long term, what do we think really contributes to the portfolio quality and has a good risk-return profile, relative to what we're developing, versus some of the other factors including Brisbane Technology Park, which in isolation would be, would have a material impact on our earnings. We are balancing those things up, as we have done with Rhodes. We've sold that asset, we've managed it through the earnings line, without any material impact. You should expect us to continue to operate in that way and probably look to NTA as a key guide in terms of crystallizing asset sales and not diluting the NTA number materially. Just picking up on that last point, I think it's relatively clear that you're not necessarily looking to sell BTP at a discount to book just to move it on, given the income that you're getting from the asset, you prefer to hold out for book value and continue to hold out that asset for a little bit if need be. I think that's a fair assumption. Yes. I think there's parts of the market that have more liquidity than others at the moment. I think the liquidity, the most liquidity, and therefore the tightest buy-sell spread exists in the industrial market at the moment as well. That's a, that's a fair statement, Stu. Okay. Thank you. The other one was just on the debt book. You canceled AUD 125 million of facilities, and a new AUD 75 million facility there for five years. Was there any material changes in margins there, or terms that is of note? Yeah, sure. I'll hand over to Joseph. He can speak to that. Thanks. Hi, Stu. We took the opportunity as part of the half year to introduce a new domestic lender to the book. There was some very minor sharpening of pricing as part of that refinance process. As Alex alluded to in his speech, we've essentially dealt with all the near-term expiries for DXI. In terms of just that sharpening of price, is that related to margins? Just by how much do you think they moved out by or another way maybe asking it, what's the margin on the bilateral facility, that AUD 75 million facility? The quantum of that, the sharpening is probably immaterial in nature, but reflects the sort of the continued growth in the underlying portfolio and the enhancement of the credit quality of the income that's happened essentially over time as the portfolio continues to grow, particularly with the last sort of 18 months, 12 months of including the Jandakot portfolio in that. From a overall headline level, it's been relatively immaterial, that change. Great. Thank you. Just a final one from mine on Jandakot. To say the majority of the 66,000 sq m is pre-leased. Where would you like that to be as that development comes to a completion? Are you expecting that to be 100% leased upon completion? Secondly, what are the signs that you need to see in order to bring the next leg of the Jandakot development to market? Yeah, we continue to be active in that pre-leasing market. Typically you won't achieve the same rents in a pre-commitment market as you will in the open market. Clearly there's a risk factor of taking a building spec product. At the moment, we're building approximately 25,000 sq m of spec product that won't be delivered until later this year. The other assets are all largely pre-committed. The decision that we'll be making in the coming months will be do we press the button on a few more spec warehouses? I think that's probable that we will do that given the strength in that Perth market. Well, you know, frankly, across all markets, it's certainly there in Perth as well. We are keen to capture that growth whilst it exists. Hopefully that gives you a little bit of color in terms of where it's headed. In terms of the precise numbers, we'll work through that in the coming periods. I mean, we've spoken in the past about a run rate of 50,000 sq m, give or take, per annum. I think that should be your continued assumption for the time being. Great. Thanks for your time, Alex. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Pete Davidson from Pendal. Please go ahead. Hey, Alex, good morning. How are you? Just a question about tenant health and demand. Are you seeing any differences in the size of tenants, the types of tenants, the uses of tenants? Is there any kind of color you can give us there on tenant demand? Yeah, sure. Good morning, Pete. Thanks for the question. I would say there's a few things going on. Small tenants are really squeezed, and smaller units, for example, at Jandakot, one of the strategies we're working on at the moment is delivering smaller units of, you know, 2,000-4,000 sq m, for example, in a bigger warehouse that we can split, and provide some optionality for us longer term as well. They are really getting squeezed just for space, those smaller tenants. Probably 3PLs, the other part of the market that we're seeing particularly squeezed at the moment. 3PLs can be rather difficult to deal with during a tough market, but during a really strong market, which we're in at the moment, they are really desperate for space. We're seeing those 3PL guys just snap up warehouses wherever they can just to secure, their ongoing viability as a business, and so they can continue to provide services to their clients. That's probably a particular squeeze in Sydney and Melbourne on those 3PL fronts, that we're seeing across the market. Okay. The larger tenants, there's no change in demand there? It's just no holes or differences of any kind. I'm thinking there really of e-commerce, which is, you know, appears to be slowing generally. Yes, I certainly hear that anecdotally, and we see it through some of the listed announcements as well. In a physical sense, I wouldn't say they're doing anything particularly material that's going to move the market. I know some of those e-commerce occupiers, like towards the start of last year, for example, were carrying a lot of stock and they have cleared a lot of that stock now. Where space has become available, it's been mopped up by other occupiers, including those 3PLs and, you know, manufacturing. When I speak to some of our tenants, they are extremely busy and have backlogs for two or three years of work. Okay. All right. Thanks, Alex. Thank you. Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.