Good morning. I'm Gordon Korkie, Fund Manager of Dexus Industria REIT. I'm pleased to present DXI's FY 2025 results and highlight how we have delivered resilient performance, repositioned our portfolio, and continued to create long-term value for our investors. I'd like to begin by acknowledging the traditional custodians of the many lands on which we operate and pay our respects to elders past and present. Today, I'll discuss DXI's investment proposition, key highlights for the year, and our FY 2025 financial results. I'll also share insights into our portfolio's performance and market dynamics before opening up for Q&A. DXI's investment proposition is to generate strong risk-adjusted returns for investors seeking listed industrial real estate exposure. We achieve this by focusing on three key objectives. First, we own a portfolio capable of delivering strong organic income growth. Our portfolio can reach 80% of the population within 60 minutes, making our properties highly attractive to a diverse range of tenants and supporting strong occupancy and resilient income growth. Second, we take an active but disciplined approach to portfolio management to maximize value-adding opportunities while minimizing portfolio risk. Finally, we practice prudent balance sheet management, providing us with the resilience and flexibility needed to invest opportunistically throughout the economic cycle. Turning to the highlights for the period, funds from operations were $0.182 per security for the year, up 4.6% and ahead of our upgraded May guidance, reflecting the strength of our portfolio and our disciplined execution. Distributions for the year total $0.164 per security with a payout ratio of 90%. Portfolio like-for-like income growth grew 5.9%, supported by embedded rental growth, high occupancy, and the full-year benefit of significant leasing success in FY 2024. Leasing volumes doubled year on year, with nearly 210,000 square meters of leasing secured, including 93,000 square meters of development leasing. Continuing this positive momentum, we delivered 44,000 square meters of high-quality developments across Jandakot and Moorebank, with further projects progressing as planned. We have made decisive portfolio changes to support our evolution to a focused industrial real estate investment trust through the expected divestment of BTP in Queensland and the acquisition of a well-located urban logistics asset at Glendenning in New South Wales, which I'll discuss in more detail shortly. Balance sheet remains strong with look-through gearing of 29% as of 30th June, remaining below our target range and providing us with flexibility to be opportunistic and navigate market cycles with confidence. Pleasingly, valuation uplifts contributed to a 3.1% increase in our NTA, reversing prior year declines and reflecting the strength of our leasing and development outcomes. Turning to DXI's recent transactions, in early August, we entered into an agreement to divest our remaining business park asset at Brisbane Technology Park, or BTP, for a net price of $155.5 million. The sale is structured across two transactions and remains subject to capital raising, with settlement expected to occur in August and by November this year. In parallel, we acquired an urban logistics warehouse at 32 Cox Place, Glendenning. This asset is located in a high-demand, land-constrained industrial precinct in Sydney, providing excellent connectivity to Westlink M7 and proximity to Sydney's population growth corridors. It not only enhances our exposure to the Sydney industrial infill market but also offers attractive value-add potential. These transactions mark a milestone in DXI's evolution into a focused industrial REIT, which sharpened our portfolio focus. On the back of BTP's recently improved performance, we are transitioning out of capital-intensive office assets and redeploying capital towards high-quality, high-growth-oriented industrial assets. Post this divestment and acquisition, DXI will be a 100% industrial REIT with improved portfolio metrics, including a WALE of 5.9 years and occupancy at 99.5%. This transition strengthens our cash flow resilience and positions us to capture long-term structural demand in higher-growth logistics markets. Furthermore, these transactions improve our funding capacity, with look-through gearing expected to reduce by approximately five percentage points to circa 24%. Looking more closely at the fundamentals of our investment proposition, at 30 June, our portfolio of 97 assets was valued at $1.5 billion, offering scale and exposure to Australia's key industrial markets through a diversified tenant base. It delivers an attractive and resilient income stream with approximately 84% of income subject to fixed rental increases that average 3.3%, while also retaining upside to CPI, as evidenced by our portfolio's average rental review of 3.5% for the year. We are actively positioning DXI to capture long-term growth in the industrial sector, balancing stable income with development-led upside that supports ongoing earnings and valuation growth. Turning to our FY 2025 financial results. For the year, DXI delivered funds from operations, or FFO, of $57.9 million or $0.182 per security, up 4.6% on the prior period. Like-for-like income growth of 5.9% was supported by average rent reviews and strong leasing outcomes. Development completions contribute positively to earnings, reinforcing the value of our pipeline and supporting future growth. While prior divestments reduced property income, they also lowered net finance costs, helping offset higher interest rates and preserving earnings. Distribution was $0.164 per security, reflecting a payout ratio of 90%. Our NTA grew 3.1% to $3.34, driven by net property valuation uplifts. These results demonstrate the strength of DXI's operating platform and our ability to deliver through changing market conditions. Turning to the balance sheet, look-through gearing remained low at 29% and, as mentioned earlier, is expected to reduce to approximately 24% following recent transactions, providing significant reinvestment capacity. Even if we fully debt fund our current development pipeline, gearing would remain below the top end of our target range, underscoring the strength and capacity of our balance sheet. During the period, we executed $65 million of new facilities and refinanced $199 million of debt, eliminating short-term refinancing risk with no maturities due until FY 2027. Hedge debt averaged 70% during the year. I'm pleased to report a positive valuation outcome for FY 2025, our first since 2022, potentially a turning point in the portfolio valuation trajectory given further interest rate cuts are projected. We recorded a $37.6 million valuation uplift, or a 2.6% increase on prior book values, driven by strong leasing outcomes and development progress, particularly at Moorebank and Jandakot, partly offset by the expected sale of BTP at a 4.1% discount to its June external valuation, with the sale proceeds reflected in our NTA. Cap rate expansion slowed to 11 basis points across the industrial portfolio compared to 63 basis points in FY 2024, reflecting stabilizing market conditions and continued investor demand for industrial assets. Turning to our portfolio performance and market dynamics, our industrial portfolio continues to deliver strong operating performance. Like-for-like growth of 4.6% was supported by average rent reviews of 3.5% across the portfolio and the impact of strong leasing outcomes delivered in the prior year. We secured 110,000 square meters of stabilized leasing with renewal incentives below market and occupancy remaining high at 99.5%. A highlight was the early renewal of two of the largest tenants at Jandakot, covering over 73,000 square meters, materially de-risking our near-term lease expiry by extending leases to FY 2031 and beyond. Our tenants include some of the world's most recognizable brands across a diverse mix of sectors that continue to perform well. This high quality and diversity enhances income resilience, reduces concentration risk, and provides exposure to a broad range of economic drivers. Our top tenant is Westrac, representing 18% of total income, with approximately nine years remaining on the lease. Westrac's long-term commitment is reflected in their investment in Tomago, a flagship facility integrating large-scale solar and automation to enhance operational efficiency and support sustainability. DXI's development pipeline at Jandakot in Perth represents a $230 million investment spanning over 260,000 square meters. We are targeting yields on cost above 6.25% across the pipeline, with potential to achieve incremental returns exceeding 8%. These projects are tailored to meet evolving needs of modern occupiers, with high-spec designs, sustainability features, and flexible layouts to support long-term leasing demand and improve portfolio quality. Our recent development completions include 644 Karel Avenue in Jandakot, which is fully leased at a 6.5% yield on cost, and Moorebank, where four of the six units are now leased. We currently have six projects in active development at Jandakot, with 76% of income already pre-leased at strong rent levels, targeting average yield on costs of approximately 6.7%. DXI remains committed to delivering meaningful sustainability outcomes that generate both environmental and financial benefits. We maintain our carbon-neutral position for Scope 1, 2, and some Scope 3 emissions, supported by renewable energy sourcing and target offset programs. Our sustainability initiatives include rooftop solar, battery storage, and high NABERS ratings, which not only reduce environmental impact but also enhance asset appeal and long-term value. Industrial market fundamentals remain favorable, despite a moderation in demand from the exceptional highs of recent years. Population growth and rising e-commerce penetration are expected to drive incremental annual warehouse take-up of approximately 2.5 million sq m per annum, requiring over 12 million sq m by 2030. Online market share is forecast to grow from 14% to 19% by 2030, with expansion of same-day delivery services further boosting demand for well-located modern logistics base. Elevated land and construction costs, coupled with planning delays, are constraining new supply. Forecast supply for calendar year 2025 has been revised down by nearly 900,000 sq m, reflecting a broader slowdown in development activity. Developers are responding rationally to market conditions, shifting away from speculative builds towards pre-committed projects. This disciplined supply response is expected to underpin continued favorable conditions moving forward. Vacancy rates across Australia's major cities remain very low by global standards, attracting interest from foreign capital who remain attracted by the fundamentals of the Australian industrial sector. In addition, the pace of capitalization rate expansion has moderated, a trend reflected in DXI's own valuation outcomes. These dynamics are supporting stronger asset price discovery and reinforcing investor confidence in high-quality industrial assets. With exposure to core Australian markets and modern income-generating assets, DXI is well positioned to benefit. In summary, we are well placed to continue delivering long-term value for investors, supported by a resilient earnings profile and a strong, flexible balance sheet. DXI's momentum in activating high-quality developments continues to enhance portfolio quality and drive long-term growth. Our positive leverage to lower interest rates should support growth in earnings and NTA moving forward. Despite these strong fundamentals, DXI is currently trading at a significant discount to our NTA and, as such, presents a compelling investment opportunity to access embedded value and future growth. Looking to FY 2026, bearing unforeseen circumstances and factoring in the expected divestment of BTP, DXI expects to deliver FFO of $0.173 per security and distributions of $0.166 per security for FY 2026. Thank you for joining the call. I'll now hand back to the moderator for questions. Thank you. If you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you would like to cancel your request, please press star two. If you are on a speaker phone, please pick up the handset to ask your question. Your first question today comes from David Pobucky from Macquarie Group. Please go ahead. Good morning, Gordon and team. Thanks for taking my questions. Just got the first one on your FFO delivery of $0.182. You modestly beat guidance at $0.181, which you upgraded in May. I just wanted to ask what drove that modest beat to guidance, please. Morning, David, and thanks for the question. Part of it was driven by lower net financing costs. We did commit to some new pre-commitments late in the year and had the ability to capitalize interest on the land that was previously uncommitted. There was also, I guess, a beat against what was coming out of Jandakot through the operating business. Thank you, Gordon. Second question on guidance. Consensus obviously hasn't factored in the BTP divestment, so guidance obviously came in below where consensus was sitting. I just wanted to ask what your estimate of the FFO per share impact is from the divestment, please. I think, first of all, let's just recognize that we just achieved 4.6%, which was a very strong outcome. BTP, as I think you're rightly alluding to, is a very high-yielding asset. It was obviously a very strategic decision for us to sell that asset as we look to focus on becoming a focused industrial REIT and ultimately delivering a stronger growth profile moving forward in probably a less challenged subsector. BTP in itself would have been diluted by somewhere between 5%- 6%. If you were to adjust for that, you'd be broadly neutral on the prior period. Thank you, Gordon. Last question from me. How should we think about the divestment on a cash basis? How do we think about the cash impact post incentives and leasing costs, which is quite important and I would say more important than the FFO impact? I think you just hit the nail on the head, which is a really big driver in terms of the way we thought about the divestment and why we were willing to wear, I guess, a one-off hit to our earnings yield. On a cash basis, we did mention it within our ASX release. It's broadly neutral, and over the medium term, we expect it to be FFO accretive having divested the asset. Thank you, Gordon. Appreciate that. Thanks, David. Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Murray Coleman from Owellus, Australia. Please go ahead. Morning, Gordon. Just expanding on David's question around the divestment of BTP. This obviously, I guess, reduces the relative amount of CapEx that comes through the portfolio on an average year. Just noting that your payout ratio for FY 2026 expanded a little bit. I was wondering whether you could just give us a bit of a feel for what you're thinking in terms of a sort of steady-state payout ratio looking ahead. Yeah. Look, you'll notice that we upgraded our distribution slightly, which reflects, I guess, the enhanced FFO profile on the back of the BTP divestment. When we look through to FY 2026, in holding that distribution and slightly growing it, we ultimately looked through some downtime in FY 2026 attached to two of our larger speculative developments, being at 8 Centurion and Moorebank. Once you adjust that on a stabilized basis, it takes your payout ratio down from about 96% to just below 93%. Looking forward, we'll continue looking to trend that probably towards a 90% type of level over the next few years. Thank you. In terms of the continued developing out of the Jandakot precinct, in terms of the appetite that you're seeing in the market for pre-leasing and leasing of larger sheds more broadly, how are you sort of thinking about the pace of development and that target for practical completion of the entire precinct over the next three or four years? Has your planned development profile shifted at all in terms of the sorts of products that are being delivered? There's a lot to unpack in that one, Murray. Forgive me if I missed something, and please do remind me of what I've missed. First of all, Perth is probably one of the strongest industrial markets in the country at the moment. We've seen really strong momentum in pre-leasing, which is great. We've secured two large pre-leases recently with WALEs of 10 and 15 years. One was pharmaceutical-related and the other food. I think that will really enhance the overall tenant mix within the park. In terms of moving forward, there is obviously further inquiry that we continue to work in. I think you can expect to see further momentum being delivered in the coming months. When we think about our development pipeline that's remaining, there's probably about another $160 million of spend that remains. It's conceivable that that's going to be delivered by FY 2030. Compositionally, we still like a pre-lease strategy, but we are open to specing, I guess, smaller type of product. You've seen that through the delivery of 5 Spartan, which went very well. There's another spec development on foot at the moment where two of the six units have already been released and the remaining four PC later this calendar year. We expect strong outcomes on those. That does then open up some opportunity to contemplate a small unit spec development in the year ahead. That's a good cover. Thanks, Gordon. Thank you. There are no further phone questions at this time. I'll now hand back to Mr. Korkie for any closing remarks. Thanks all for joining the call. Obviously, always open to any contact post-call and look forward to catching up with many of you in the coming days. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.