Good morning everyone, and thanks for joining us for our 2025 full-year results presentation. I'd like to begin today by acknowledging the traditional custodians of the lands and waterways upon which we operate, and pay our respects to elders past and present. Today you'll hear from Keir on the Financials, Andy on Office, Chris on Industrial, and Michael on Funds Management. Concluding the presentation, I'll provide a summary and then open up to any questions that you may have. Dexus is a unique investment proposition with scale across the real asset spectrum. Our high-quality balance sheet portfolio, of mainly Office and Industrial, together with a large diversified funds management business, differentiates us in a competitive market. Each of our sectors is scalable, with the potential for continued strong returns. We also benefit from access to diverse pools of capital through the cycle, with third-party capital accounting for more than 70% of the platform's assets. With our executive team now fully in place, we are well positioned to drive performance across both sectors and funds as we enter the early stages of a new cycle. Our strategy is unchanged. Our vision to be globally recognized as Australasia's leading real asset manager continues to guide our decisions. The Dexus platform leverages our strengths in transacting, managing, and developing quality real estate and infrastructure assets to deliver superior risk-adjusted returns for Dexus security holders and our clients. Our high-quality balance sheet portfolio, together with a large diversified funds management business, continues to differentiate us. Our culture, the quality and scale of the portfolio, and the projects we have underway, coupled with our approach to people, enable us to attract, retain, and develop leading talent to ultimately create value for customers, clients, and our investors. Turning to the FY25 result, we delivered on our guidance and maintained office occupancy well above market, ensuring strong cash flows and AFFO. We had a record year of leasing across the industrial portfolio. Our divestment program is on track, with $1.1 billion divested and gearing maintained at the low end of our target range, despite the impact of devaluations over the past two years. Property portfolio valuations turned positive in the second half as the cycle turned. Our core diversified fund and our shopping center fund outperformed their peers and benchmarks. Against the backdrop of some fund-specific matters that we continue to work through, we're delivering on our fund strategies, divesting assets to facilitate $1.8 billion of redemptions and enhancing portfolio quality. Pleasingly, we facilitated over $450 million of secondary unit transactions and continue to raise equity for growth-focused strategies like DREP. Our medium-term goals align to our strategic priorities of transitioning the balance sheet, maximizing the contributions from the funds management business, and unlocking our deep sector expertise. We are making good progress against each of these goals. In addition to the highlights already outlined, we selectively deployed capital into funds including DREP2 and the DWSF supporting the acquisition of Westfield Chermside, which has reset that fund. We materially reduced costs and closed two sub-scale funds. We strengthened organizational capability with key executive hires and system investments. We achieved strong customer advocacy supported by a high net promoter score. While progress has been slower than we would have liked, we continue to actively explore opportunities for new product launches to position the platform for growth in a recovering market. We remain committed to sustainable outcomes, focusing on our priority areas where we can make the greatest impact across our customers, climate, and the communities. Dexus continues to be recognized as a global leader in sustainability, and some of our sustainability highlights are shown on this slide. Our commitment to sustainability continues to enhance asset quality and support long-term performance. We see this reflected in the choices that our customers make. Recognition is a welcome outcome, but our focus remains on delivering meaningful impact and ultimately long-term returns. I will now pass you on to Keir to cover off on the financials. Thanks, Ross and good morning everyone. Turning to the result in detail. In line with expectations, total AFFO for the year was $484 million, with a distribution of $0.37 per security, reflecting a payout ratio of 82%, aligned with our updated distribution policy. Office FFO reduced marginally as a result of divestments, largely offset by fixed rent increases and the recently completed refurbishment at 123 Albert Street. For the industrial portfolio, the reduction in income was driven by divestments and downtime, as well as the impact of higher one-off income in the prior corresponding period, partially offset by development completions and fixed rent increases. FFO from management operations increased to $155 million, reflecting more than $40 million of performance fees during the year and the benefit of cost savings, partly offset by the impact of redemptions, disposals, and lower valuations. The impact of redemptions is expected to continue into next year, and pleasingly, we have secured circa $35 million of performance fees for FY 2026. Active management of the cost base has resulted in lower group corporate costs for the period. An increase in net finance costs was largely driven by lower capitalized interest following completion of 123 Albert Street, as well as higher interest rates. Higher funding costs are also expected to continue to impact in FY 2026, as the weighted average hedge rate increases. As expected, trading profits were significantly lower this year, and circa $40 million of trading profits post-tax have been secured for FY 2026 from the sale of Brookh ollow and Chester Hill. Leasing CapEx has increased slightly as a result of the impact of higher incentives from office deals struck in prior periods flowing through the portfolio this year, partly offset by the impact of divestments. We are seeing clearer signs that we have passed an inflection point in property markets. Overall, for the 12 months to 30 June, the value of the portfolio declined by 1.1%, significantly lower in contrast to previous periods. Pleasingly, the second half of the year saw valuations increase by 0.4% for Office and 1% for Industrial, demonstrating the quality of the portfolio. Across the broader Dexus real estate platform, approximately 70% of [platform] recorded a revaluation uplift in the second half, reflecting the quality of the wider platform. Moving to capital management, our balance sheet remains strong, with look-through gearing at the lower end of the 30%- 40% target range, providing capacity to fund committed expenditure. We have been active with refinancing, resulting in a weighted average debt maturity of 4.3 years, $3 billion of headroom, and manageable near-term debt maturities. 86% of our debt was hedged during the year at an average hedge rate of 2.1%, providing material interest rate protection. Looking forward, there is $1.5 billion of remaining spend on the committed development pipeline over the next four years, with circa $700 million expected to be incurred in FY 2026. For many years, we have taken an active approach to capital recycling, divesting non-core assets across both the office and industrial sectors to enhance the quality of the portfolio and the strength of the balance sheet. The portfolio is now heavily weighted to premium-grade office assets in core CBD markets, as well as core industrial assets, placing us in a strong position to benefit as the market recovers. Our divestment program, together with the completion of committed developments, will further enhance the quality of the portfolio while maintaining a prudent level of gearing. Thank you, and I'll now hand over to Andy. Thanks, Keir, and good morning everyone. Our $9.7 billion office portfolio continues to demonstrate resilient fundamentals. We maintained occupancy of 92.3%, which remains well above market average of 85.7%. Average incentives were 26.8%, below market and lower than in FY 2024, reflecting the quality of our portfolio and our focus on maximizing long-term value rather than buying occupancy at any cost. We achieved like-for-like income growth of 2%, impacted by downtime and amortization effects. On a face basis, we delivered like-for-like growth of 2.3%. We leased 107,000 sq m across 248 transactions during the year, and our weighted average lease expiry remains healthy at 4.2 years. Looking at our expiry profile, we aim to have no more than 13% of the portfolio expire in any single year. For FY 2026, we're well positioned at 8%. We have leased more than 11,000 sq m at Australia Square during the year, evidencing strong small tenant demand. Much of our near-term expiry sits in assets that are well positioned in their markets, including 25 Martin Place in Sydney and 240 St Georges Terrace in Perth. Our vacancy challenges are concentrated in a small number of assets. The key vacancies we're focused on are 30 Hickson Road in Sydney's Western Corridor at 2% of income and 80 Collins St in Melbourne at 1.9% of income. Our committed office development pipeline continues to enhance portfolio quality. Construction is progressing at Atlassian Central in Sydney, with completion on schedule for late 2026. At Waterfront Brisbane, Stage 1 practical completion is now forecast for late 2028, following prolonged adverse weather conditions and complexities with certain in-ground construction works, which are now nearing completion. We're working closely with our construction partner and customers to mitigate the impact of this delay, while the outlook for the Brisbane premium market continues to improve. Atlassian Central is 100% pre-leased with a 15-year lease and 4% annual increases. Waterfront is 52% pre-leased with 3.4% average annual increases. All committed projects are delivered through fixed price contracts with Tier 1 contractors, providing construction cost confidence and various protections in the case of delay. The office outlook shows encouraging signs that we've moved through the bottom of the cycle. All four major CBDs recorded positive net absorption over the past quarter, with Sydney CBD recording 92,500 sq m, the highest in nine years. Sublease space has continued to decrease and is now close to average levels. Upcoming office supply remains low relative to long-term averages, providing scope for vacancy rates to fall and rents to grow. Office demand is gaining momentum, driven by employment growth, return-to-work trends, and companies centralizing operations. Importantly, positive net absorption is strongest in premium assets. We expect solid, effective rent growth across the key CBD markets over the next three years, the strongest being in Sydney premium assets, where we have good exposure. Our portfolio is well positioned to benefit from this recovery. Around 76% is located in core CBDs, where occupancy and incentives continue to outperform the wider market. We've built strong customer diversification. Our top 10 customers account for around 20% of office income, significantly less than comparable peer portfolios. Our average tenancy size is around 1,000 sq m, and these smaller tenancies generate higher returns with lower volatility. Our portfolio occupancy has consistently outperformed the wider market, with average incentives well below market rates across each of the major CBDs. In summary, we own and manage one of Australia's highest quality office portfolios that performs above market benchmarks. While we've faced some challenges with select vacancies and development timing, the portfolio fundamentals remain sound, and our portfolio is well balanced. The Sydney CBD premium market, where we have the strongest exposure, shows encouraging signs of recovery, which creates opportunity for our well-positioned assets as the cycle progresses. Thank you, and I'll now hand you over to Chris. Thanks, Andy, and good morning everyone. The premium assets in our industrial portfolio continue to perform well, with record leasing volumes achieved across the stabilized portfolio. Occupancy declined this year due to vacancy at select assets, such as Kings Park, which is now leased. As anticipated, leasing for lower grade assets has taken time to materialize. Occupancy by income finished the year at 96.2%. Occupancy by area is above market at 97.4%, and while it has improved to four and a half years. While downtime at vacancies impacted like-for-like income during the year, we expect strong like-for-like growth in FY 2026 on the back of this year's robust leasing activity and the circa 25% re-leasing spreads achieved across the stabilized portfolio. The portfolio remains under-rented at 11.7%, presenting a significant opportunity to grow income. Approximately 25% of leases are due to expire by FY 2027, allowing rents to be reset in line with market. With a focus on improving portfolio quality, we continue to deliver premium industrial spaces across New South Wales, Victoria, and W.A.. The staged pipeline is active, with 10 projects progressing across 190,000 sq m. Looking at our expiry profile, we have de-risked FY 2026 expiry to 7.4% from 14.1% a year ago. We are focused on resolving key vacancies at older stock at Matraville, Greystanes, and Lakes Business Park. Much of our vacancy and near-term expiry are concentrated in prime located assets in areas that represent strategic value-add opportunities that warrant targeted capital investment to enhance leasability and unlock the next phase of growth. Taking a close look at our portfolio, the industrial portfolio is located in well-connected logistics hubs across Australia, positioning us to meet the evolving needs of our customers. The majority of our relationships are held directly with high-value customers, with businesses that are growing or aspire to grow. We work closely with them to solve supply chain challenges through data-led analytics, market insights, and tailored solutions. Around half of our portfolio is concentrated in large-scale master plan precincts that Dexus has developed, enabling operational and development scale benefits. Within these precincts, the rise of e-commerce is driving demand for smaller format last-mile delivery facilities, which complement the larger format assets we develop for major customers. Our assets are designed and delivered for long-term flexibility and operational efficiency, incorporating market-leading sustainability features such as battery infrastructure to support rooftop solar. This approach has enabled us to capture repeat business with leading organizations, including Wesfarmers, Kmart, and Amazon. Turning to the industrial outlook, underlying market fundamentals remain supportive, with demand holding firm amid constrained supply. We've seen a shift from speculative to pre-leasing development strategies as elevated project costs and planning delays continue to impact feasibility and extend delivery timelines. Retail spending is firming and online sales are once again trending upward, driving renewed demand for retailers and logistics providers. These dynamics are expected to support leasing activity in the year ahead. As the market begins to diverge by location and asset quality, our national portfolio is well positioned. The majority of our assets are in sought-after locations and have been developed by Dexus, giving us a strategic advantage through a portfolio of primarily first-generation assets. Thank you. I'll now hand over to Michael. Thanks, Chris, and good morning everyone. Our $35.6 billion funds management business has scale and is diversified across sectors and investor type. We have a proven track record of delivering performance for our clients, which underpins the deep relationships we have with more than 150 institutional investors. In recent years, we've been working through elevated redemptions as some investors adjust their strategies and seek liquidity against a challenged macroeconomic environment, particularly across core products. We have actively divested assets on behalf of our clients to facilitate redemption requests and maintain prudent gearing levels while enhancing portfolios. The market for capital raising globally remains challenged, but there is a cyclical element to this, and the recent improvement in unlisted wholesale fund returns is driving improving sentiment. Having access to diverse pools of capital positions us well as the cycle turns. Turning to funds highlights for the year, as Ross mentioned earlier, our flagship funds continue to outperform their benchmarks. Notably, the $13 billion diversified wholesale fund and the shopping centre fund both materially outperformed for the 12-month period. Following the sale of DWSF's stake in Macquarie Centre, we leveraged our long-standing relationship with Scentre Group to secure a 25% interest in Westfield Chermside, one of Australia's best retail assets, in an off-market transaction, delivering an immediate performance uplift with growth potential. Despite a subdued capital raising environment, we continue to tap into investor appetite for growth-focused strategies, raising funds for DREP2 and deploying capital across DREP1 and 2. We also acquired a further 9% interest in Powerco on behalf of a client, increasing our managed stake to 51%. Several funds and investments also gained recognition for ESG achievements in line with the platform's focus on sustainable outcomes. The leadership team we've put in place is focused on driving performance and fundraising, and over the year, we closed two sub-scale funds, and we are working through fund-specific matters, including redemptions, with APAC litigation underway and a court hearing scheduled for November this year. We continue to explore potential new product launches in line with client demand, and with real estate markets rebounding and the domestic superannuation sector expected to double over the next decade to more than $8 trillion, the funds business is well positioned with high-quality assets in markets which are expected to outperform. Thank you. I'll now hand you back to Ross. Thanks, Michael. Looking at FY 2026, we've refreshed our medium-term goals to maintain momentum against our strategic priority areas. To transition the balance sheet, we intend to deliver key milestones on our committed developments, continue our recycling program with about $1 billion remaining, and continue co-investing alongside clients into sectors with tail winds. To maximize the contribution of funds, we'll continue to execute the opportunity fund strategy, including the final close of DREP2, resolve fund-specific matters, and position the product offering for growth as the cycle turns, and pursue new products and opportunities that will align with client demand. Finally, to unlock our deep sector expertise, we'll focus on delivering strong investment performance across all sectors while maintaining high customer satisfaction and enhancing our talent and capabilities to unlock the full potential of our people. We invest for the long term, and despite the market challenges over the past few years, we are now past the inflection point with valuations turning positive in the second half. Now is an attractive time to be investing in real assets. We expect the next phase of the cycle to be driven by fundamentals, and our platform of high-quality assets and deep expertise positions us well to deliver for our security holders and our clients. Bearing unforeseen circumstances for the 12 months ending 30 June 2026, Dexus expects AFFO of $44.5- $45.5 per security and distributions of $0.37 per security. Thank you. That ends today's formal part of the presentation. We'll now pass to any questions that 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 using a speaker phone, please pick up the handset to ask your question. We ask that questions be limited to two per person. Please rejoin the question queue for any follow-up questions. The first question today comes from Howard Penny from Citi. Please go ahead. Thank you very much, and congrats on the results. I just wanted to ask a question on the office developments. The retreat seems to be becoming more positive on the inflection points. I'm just wondering when you see investors starting to think about the next development phase. I might provide a general comment, and then Andy can give you his insights. Look, I think development in office is still challenged just on the basic economics of construction costs. That being said, I think what we have been pleased on the upside is this bifurcation that we're seeing in the market. For For the very good projects in that very tight part of any given market, clients and customers are prepared to pay pretty much record rents, and we're seeing that with the resetting of rents and things like Waterfront. We're even seeing that in our core investment portfolio when you think about the high level of occupancy we have in the prime part of the market here in Sydney. We're at like 97.7%. I think at the top end of the market, if you can get the rents, it may be possible, but the economics are still challenged on construction costs. Andy? I think. Hi Howard, good question. I think that demand that you're or that dynamic you're seeing where, given the constrained supply outlook in the key markets, it does change the viability potentially of future office developments. I think the first order of impact of that will be that it provides tailwinds to the completion of the developments that are already underway. I think that's going to help us at Waterfront Place. I think beyond that, getting out into 2030, the early 2030s, there will be very focused demand on the next generation of office developments. I think whilst it's sort of easy to say, look, we might get a big glut of developments coming in 2030, I just don't think that's going to happen for the reasons that Ross has outlined. Crossing that, the economic viability of the development, I think, will require some pretty significant growth in office rents and contraction in incentives. There will be development, but I think we need to see the fundamentals in the market play out to a greater extent and materialize before people dust off their feasibilities. I think the pleasing thing for us, if you think about how our portfolio is set up today, is we're going to get all the benefit of that through the further leasing we're going to do at projects like Waterfront Brisbane. We already kind of have our construction price set, and those really strong market conditions at the top end of town, particularly in a market like Brisbane, we're going to get to access all of that for the future leasing we're going to do over the next couple of years. I think we're well positioned, and to the extent the projects start, they're probably going to be the best projects in town. They're going to be those ones in those best locations. We're really reasonably optimistic about things like 60 Collins Street. Thank you very much. Maybe a second question just on third-party capital demand. As far as you can comment, where are the areas that investors seem most interested? Are you seeing that at the moment? Thanks, Howard. We're seeing general interest, I guess, across the board. The higher returning strategies are obviously in demand, they have been, but with reducing interest rates, the core strategies are now coming back into focus. For the funds business, we've seen really positive returns for the last half, and the funds, our funds in particular, are starting to outperform very significantly. The flagship fund, DWSF, outperformed by 4.4% over the year. That has generated quite a lot of interest, and secondary unit sales are up quite significantly as well. Thank you very much. Thank you. The next question comes from Lou Pirenc from Jarden. Please go ahead. Yes, good morning, Ross and team. Two follow-ups to Howard's questions. First of all, where does the redemption queue sit right now? It's consistent with where it was at the half year, around about $3 billion. Great, thank you. On the developments, I noticed that you tightened the expected return on Atlassian Central to the bottom end of the range, but you didn't change Waterfront Brisbane despite the delay. Can you maybe talk through each of those? Yeah, sure, hi Lou. On Atlassian, the yield on cost range that we provided was based on potential outcomes on a series of provisional sum items. Now, as we approach PC, we can provide a tighter range as those provisional sum items are resolved. That's the difference in that yield on cost. We haven't changed the yield on cost at Waterfront Brisbane despite the delays, because we do have some contractual protections in place. As the earlier conversation touched on, the leasing market in Brisbane is improving solidly. Delivering that project at a later point in time could actually help the project economics. Great, thank you. Thank you. The next question comes from Simon Chan from Morgan Stanley. Please go ahead. Good day, guys. Hey, can you give us some insight as to where you think leasing incentives and maintenance CapEx would end up in FY 2026? I noticed that it increased moderately in 2025 to about $190 million. Just how should we be thinking about it for next year? Hi Simon, thanks for the question. We're expecting for FY 2026 that maintenance and leasing CapEx will be broadly in line with where it sits for FY 2025. Within that, there may be a change in the composition with a lower contribution from office given the divestments that we have made and a higher contribution from industrial given the volume of leasing commencements in FY 2026. Great, thanks. My second question is just in relation to just a follow-up on the previous one. I think on Atlassian, you mentioned the yield on cost came down because of a series of provisional sum items. Can you just elaborate on it? Because yield on cost is a pretty simple calculation, isn't it? At a headline level, it's just rent divided by cost. Your cost hasn't gone up per your prezo, still $1.4 billion. Your rent was locked in, wasn't it, when you signed a lease a couple of years ago? What has actually changed? Thanks, Simon. Hi. What's changed is that the initial, your description's right, but given the provisional sum items, and you might recall, we did describe that with this development, we have more provisional sums than we typically do for development, given that it is so innovative. With that sort of large bucket of provisional sums at the outset, we provided a yield on cost range that considered a range of potential outcomes on those actual provisional sums. One way to think about it is that we're resolving the costs of those provisional sums at the upper end of the earlier range, which pushes the yield on cost down to the lower end of the earlier range. The total cost would be at the top, including the full amount of the provisional sums. Yes. Right, okay, is that, and it's got nothing to do with rental income? No, this groundbreaking development is fully let to Atlassian for 15 years with fixed increases. Also worth noting, talking about yield on cost, the yield on cost is calculated on actual costs, but we've already written down the asset, which is reflected in NTA. If you were to think about the yield on completion value, that's going to be more like 5%- 6%. That would make a really attractive risk-adjusted investment, considering those 4% fixed bumps for 15 years. That's very clear. Thanks very much, guys. Thank you. The next question comes from Tom Bodor from UBS. Please go ahead. Good morning, Ross and team. I'd just be interested in, I'm sorry to keep going back to it, but Waterfront, where there are delays and there's known productivity issues in the Queensland market. I'd just be interested in understanding within that development two things. Is the builder seeking material variations given those delays, is the first thing? Secondly, who's on the hook for the lay sales there? Hi Tom. Yes, we have had delays, obviously, as I said, due to adverse weather conditions. We've had 1.4x the average annual rainfall in the past 12 months. There've also been some complexities in the ground. John Holland's doing a terrific job in overcoming those complexities and making up for lost time. You can see on site that the vertical structure is starting to come out of the ground. As I said in the presentation, we're working with them and with our customers to mitigate the impact of the delay. One potential lever there, just to illustrate what can be done, is that by integrating the delivery of a fit-out development, you can save time. Where previously a customer had anticipated doing their own fit-out post-PC, if you integrate that fit-out with base building construction, we can reclaim that period of time, which in some cases can be 10 to 12 months. I think it's important to note that we're not the builder. We selected John Holland as the head contractor because of its technical expertise with this complex build and its strong capital backing. They're doing a great job, not just in moving the program forward, but they're also setting a new standard for sustainable construction. I'm sorry if you can hear that boat in the background. You can definitely expect that for a project like this, we would have negotiated strong contractual protections before the start of the project, and that's exactly what we did. We're not going to go into those in this conversation, that would be unfair to John Holland. Delivering the project in an improving market could actually improve project economics. This is going to be Australia's best office development. It's going to reshape Brisbane's office skyline, and we're really excited about it. That's why we've sort of been pacing the let-up. We're still at 52% pre-let. On the concept of variations in the contract, are they seeking variations given the various issues that you've encountered? There are no extensions of time under the contract for rain. None at all? No, not unless it meets a certain classification, no. Other weather that we have, this is just an ordinary delay. Are they seeking other variations given, I don't know, industrial relations or other issues? No, apart from weather and apart from the complexities in the ground, the program is materially on track. The budget is on track. John Holland is doing an exceptional job of boosting productivity at that site, to the point where they have been working double shifts and working the occasional Saturday. They're as keen as we are to make up for lost time. Okay, thanks. Also, another question on the funds side of things. There's a lot of litigation going on across the board at Dexus. Is that impacting your ability to raise new capital when you go out and speak to investor clients? Thanks for your question, Tom. Look, I think one of the benefits of the platform is it is diverse. I think at a platform the size that we have, we have close to 40 products and strategies. From time to time, you're going to have issues in one or two of those, and that's where we find ourselves now, obviously complicated by some matters in relation to the AMP acquisition, particularly in relation to the APAC matter. In advocating and doing what's in our client's interests, we need to be in a position where we are litigating. That's not our preference, but that is what we have to do to protect our client's interests. I think they understand that. Obviously, that has an impact. It makes some of those strategies difficult to invest in right now. What is really pleasing for me is we're having really good traction elsewhere in the platform. I think we're seeing that in some of the growth initiatives and things like DREP2, which will do the final close in the first half of the year. Thanks very much. Thank you. The next question comes from James Druce from CLSA. Please go ahead. Yeah, hi, good morning, Ross and team. I'm just hoping to build up some of the blocks for next year's guidance. Can we talk about how you think office occupancy is going to trend, industrial occupancy for your portfolio? How are you thinking about funds management for next year, cost of debt, and all those sorts of things, please? Hi James, thanks for the question. If we think about the components of guidance for FY 2026, we're seeing growth in industrial FFO, and Chris made some remarks on the call earlier about the volume of leasing that the team have done. Some of that growth will be offset through a lower contribution from office FFO, predominantly following divestments. We're also seeing a material contribution from trading profits in 2026, having secured circa $40 million post-tax. That growth will be partly offset by an increase in net finance costs as the weighted average cost of debt reverts towards market, as well as a lower contribution from the management business. Outside of that, as we said earlier, CapEx is expected to be broadly in line with FY 2025. Okay, can we get a little bit more specific in terms of what you're assuming around the fund for the next 12 months? Is occupancy going to be in the office portfolio 200 basis points or 100 basis points? Can you provide any color like that, please? There are a number of moving parts, and we've provided a guidance range. In setting that range, we've made a number of assumptions around asset sales, performance fees, trading profits, as well as fund. From a fund perspective, you should assume in 2026, we'll see the full year impact of divestments from the fund's platform, which were weighted towards the end of FY 2025, as well as allowances for asset sales and redemptions throughout the course of 2026. Performance fees will be roughly $5 million lower in 2026. Pleasingly, we secured significant cost savings in 2025. Hopefully that gives you a little bit of color around management ops. I might hand to Andy to talk on office occupancy. Sure, thanks, Keir. Hi James. Even at the 92.3% occupancy, you know, that is lower than we'd like, but even at that number, it's still six percentage points better than the market. We know that we have some FY 2026 customers leaving the portfolio, and that occupancy will drop towards 90% before coming back up to about the same level during the course of the year. Okay, maybe just on industrial occupancy, your peers are sort of reporting 99% occupancy. Is industrial expected to pick up towards that level? Yeah, thanks James. Look, we've had great success in leasing this year, and you will have seen from the result that we're probably almost halfway through our renewal profile or expiry for FY 2026. We do have great momentum. Obviously, our priority now moving forward will be to hone in on that vacancy. It's about 2.6% that sits there, leading to the renewals that we already have great momentum on, and obviously spend time on that accessing the opportunity of underrenting to 11.7%. Some of that expiry profile is a great opportunity for us as well, and we'll spend time honing in that to achieve those mark-to-mark we had last year at 25% releasing spreads. We'll keep the momentum going as a focus. I think just the other point on the industrial portfolio will be just given the sheer volume of leasing that Chris and the team have done last year and accessing a lot of that reversionary potential that sits in the industrial portfolio, which is still materially underrented. It does mean that like for like in 2026 is going to be much stronger than 2025. Yeah, that's a good call. Thank you. Thank you. The next question comes from David Pobucky from Macquarie Group. Please go ahead. Good morning, Ross, Keir and team. Thanks for taking my questions. I just had a follow-up on the office occupancy question. If you can provide a bit more color, please, around some of the vacancy challenges that you quoted earlier. They're concentrated in a small number of assets like 30 Hickson Road and 80 Collins Street. If you could please just expand how they're going. Sure. Hi David. Our vacancy is highly concentrated in those three assets. It's actually more than half of our vacancy sits in those three assets: 30 Hickson Road, 80 Collins Street North, and Australia Square. We're making some progress at Australia Square. We did more than 11,000, it was 11,600 sq m during the year, which validates the small suite strategy. At 80 Collins Street, which is 1.9% of income, we've done about, or not quite half that amount. We've done about 4,500 sq m of leasing there, and that's starting to gain momentum in what is a pretty subdued market down there in Melbourne. The strategy we're deploying there is to take to market an array of options so that we can maximize our addressable audience. What I mean by that is that we have suites pre-built, ready to go. We have whole floor refurbishments ready to go, and a series of warm shells and cold shells ready to go. One of the competitive advantages that space offers is that there is the ability to stitch some floors together to create a meaningful premises size with high-rise views at the east end of Melbourne. There aren't very many options for that. At 30 Hickson Road, similarly, we are deploying a strategy that, I guess it's a parallel strategy. We're seeking floor-by-floor tenants with a range of fitted options because more than 90% of the tenants in the Sydney market last year were looking for fitted-out options. We're trying to cater to that market. The difficulty there is that the larger floors don't subdivide typically very well. We have subdivided one of the floors, and the others are being put to market on a whole floor basis. Whilst at the same time, we can pursue some larger tenant leasing at 30 The Bond. The reason we haven't secured larger tenant leasing at 30 The Bond is because we've lost more than a handful of large tenants that have gone to other properties in the Western Corridor for 50%+ type outcomes. Thanks, Andy. Appreciate the color. Just for the second question, and this is in reference to slide 28, the FUM Waterfall chart between FY 2024 and FY 2025. If you can please just provide a bit more color on the $2.8 billion impact from transitions. Thank you. Hi David. That $2.8 billion relates to the transition of the Future Fund mandate. Thanks for taking my questions. Thank you. The next question comes from Ben Brayshaw from Barrenjoey. Please go ahead. Good morning. Thanks for the presentation. I was just referencing your comments earlier on Waterfront Brisbane, where recent leasing is 30% above the prior leasing at the asset, or recent market rents are 30% above, sorry. Have those higher rents been reflected in the carrying value for Waterfront, or do you see that as potentially incremental to the current underwriting assumptions? Hi Ben. I think it's probably a little bit of both. We mark to market the development book periodically, as you know. The catalyst for that reval will be us securing the next tenant or two at the development. In that context, we're making some good progress with some good tenants that, you know, share the vision for Waterfront Brisbane. They see the opportunity that it creates for their business. At the same time, they accept that the rents and incentives are different today than they were when we started the development. Okay. In the presentation, I think it was Ross mentioned that some funds had been closed or rationalized. Do you have any plans for further transitions or streamlining of sort of legacy fund mandates or products in FY 2026? I think first and foremost, we're very aware that, you know, managing client money is an absolute privilege, and that's not something that we take for granted at all. I think what we're focused on is making sure that we can continue to deliver strong performance for our clients in all of those strategies and ensuring that those products remain relevant to what is, in some instances, changing client preferences and needs. That's not a point-in-time process. That's something that we continually do, and I think Dexus has a great track record at constantly innovating and improving their product set. That's what we'll continue to do. Okay, thanks for your time. Thank you. The next question comes from Sholto Maconochie from MLP. Please go ahead. I have one. Mine's already been answered, so I apologize for just pushing the button. Thank you. The next question comes from Winston Sammut from Euree Asset Management. Please go ahead. Good morning, Ross and the team, and thanks for the presentation. I have a question about incentive levels, and in particular a comment that you made that Dexus's incentive levels are lower than the market. What is the market and what is Dexus's history in level of incentives? I presume that there's a two-tier level in terms of incentives for premium and A-grade buildings and then for lower grade. Is that correct? If so, what is the difference? Hi Winston, it's Andy. Thanks for your question. We try to be clear and consistent in how we disclose incentives from year to year because it's one point where we have been able to deliver better than market outcomes, and we want you to know about that. The market incentives that we disclose and refer to are based on industry research, and they correspond, I think, you can check that for yourself. The incentives that we disclose for our portfolio are representative of all of the incentives and lessor's work it takes to secure a tenant. Our average incentives in the portfolio for FY 2025 were 26.8%, and that's down from 27.9% in FY 2024. You're quite right, there is a divergence in incentive outcome between premium, prime, and the rest. We've provided disclosures around that in the pack on the map of Sydney and the map of Melbourne. We've tried to be really clear and really consistent because it is an area where we are trying to drive incentives down, and we're keen to share our progress with you. Maybe to nail the point, even within the same geography of a Sydney or a Melbourne, within the same CBD, if you maybe compare Docklands to maybe the Paris end or maybe the Western core to the core part of the Sydney CBD, incentive levels on a percentage basis could be as high as twice what they are. I think this is an important point. I think our portfolio is really well positioned in terms of all the work we've done in concentrating our exposures into those very, very good locations. The other point I would just make is it's less about PCA grade, more about location. I think this has been the big change that we have observed in this kind of next part of the cycle. You can have the nicest, shiniest, newest building with all the ESG credentials, but if you're in the wrong part of town, if you're not there where the transport infrastructure is and the amenity is, the reality is you're going to be a price taker on incentives. In a market like this where tenant demand is still weak, that is really, really expensive. Okay, do you see incentive levels looking ahead coming down or staying where they are? In general, I'm talking about. Focus on our portfolio, and I think what we're here to do is to deliver our performance for our shareholders and clients. I think what we've demonstrated is we continue to kind of lead the market on incentives. That's not driven just by the assets that we have curated in the portfolio, but that is also, to be frank, the leasing strategies that Andy and the team are deploying, the types of customers that they're going after, those that really value, I guess, our ability to perhaps deliver turnkey fit-outs or even some of the other work that we're doing around the CapEx intensity of office going forward is a huge focus area for Andy and the team. That is essentially what an incentive should be paying for. It should be paying for facilitating the workspace and workplace experience, and this is a big focus for us. That's how we're thinking about it. We're kind of less interested in writing checks to clients and customers to do it themselves. Okay, thank you. Thank you. The next question comes from Solomon Zhang from JP Morgan. Please go ahead. Morning, Ross and team. Two quick questions from me. Firstly, just on your effective rents for office versus market, please. Where's that sort of spread or over-renting at the moment? The spreads are improving, Solomon. For our portfolio, the spread's done on a face basis, 5.1%, and that was 2.3% in FY 2024. On an effective basis, the spreads are - 10%, and in FY 2024, that was - 16%. The effect of that is that the effective over-rentedness of the portfolio is improving. It's come into 10%, down from 18% this time last year. Just to drill into that a little bit further with Sydney CBD, the over-renting is now just 2%, whereas that was 10% at the end of last year. Makes sense. Secondly, just on the redemption queue, I was a bit surprised to hear it consistent at this rebuild despite, I guess, what looks like you're facilitating about $1 billion of redemptions in the second half. It sort of implies that there's been another $1 billion of fresh redemption requests coming through in the past six months, which isn't insignificant. Is that right? Provide just some color around that, please. Sure. I think with elevated interest rates, core strategies have been under pressure, and as a result, some of our investors have been seeking liquidity. For us, it's something that we really strive to do and we're proud of. It's a key strength of ours, and meeting those redemptions is something that will set us up well for the future as the market turns, and it has turned, and we're starting to see valuations turn. We're starting to see secondary unit transactions improve. They were about $100 million last year, they're about $450 million this year. The buyers and sellers are getting close together in terms of pricing. We're seeing improvements, but certainly there have been elevated interest rates, which have meant that some people are seeking that liquidity. Thanks, Michael. I think that ends all of the questions, guys. Thank you very much for your interest in the company. We look forward to catching up with many of you over the coming weeks. Have a great day.