Thank you for standing by, and welcome to the Ingenia Communities Group FY 2021 results presentation. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Simon Owen, CEO. Please go ahead. Good afternoon, everyone, and thanks for your attendance today. I'm excited to be presenting another really strong result for Ingenia. The past 12 months has been an incredibly challenging period for Ingenia, as it has for all businesses across Australia. It is pleasing to be reporting the group's best result ever since Ingenia was created in 2012. Putting aside the challenges of COVID restrictions, domestic and international border lockdowns, and supply chain challenges, the resilience and quality of our portfolio construct has continued to shine through. Even more pleasing is that the outlook for Ingenia, once we work through the current restrictions in New South Wales and Melbourne, has never been stronger. Through COVID, the overwhelming focus has been on prioritizing the safety and wellbeing of our residents, our guests, and our employees. At its essence, Ingenia's business is underpinned by cash rents, much of which are supported by Commonwealth pensions and rent assistance. This is supplemented by the low risk, high velocity, and profitable development of rural and outer ring metro lifestyle communities, geared towards the rapidly growing number of downsizers and young retirees across the East Coast of Australia. COVID has certainly impacted and disrupted elements of our business model, but it has also accelerated macro trends and consumer behaviors, which are hugely positive for both Ingenia's immediate and longer-term growth aspirations. Pre-COVID, our business model was already uniquely leveraged to the intersection of three key thematics: an aging population, a continuing housing affordability crisis, and several generations of Australians downsizing or retiring with limited savings beyond the family home. Through COVID, we can see a few more longer-term thematics emerge. A flood of people, both downsizers and families, flocking to the regions, and especially the coast, seeking space and quality of life. Secondly, several generations of Australians holidaying at home, many for the first time ever, and appreciating the amazing experiences that our country has to offer. Ingenia is highly leveraged to these thematics and uniquely poised to become a key beneficiary. I look forward to exploring these concepts a little further with you over the next 10 minutes, as well as talking through some of the key highlights from today's announcement. Joining me on the call today are a number of the Ingenia executive team, including Scott Noble, our CFO, Natalie Kwok, our Chief Investment Officer, Justin Blumfield, who heads up our lifestyle and rental communities business, Matt Young, who leads our holiday park business, and Donna Byrne, who heads up investor relations and sustainability. Today, Ingenia announces an incredibly strong result, which demonstrates the incredible momentum in our operations. Our earnings before interest and tax are up 31% to AUD 94.4 million. Our earnings per security are up 7% to AUD 0.238 per share. Our operating cash flow is up over 100% to AUD 137.6 million. Over the course of the year, we settled an industry-leading 390 homes. We've also closed on over AUD 200 million of acquisitions in the past 12 months. Even more exciting are some of the lead indicators, which clearly point to continuing growth in the current year ahead for Ingenia. We presently have over 317 new homes contracted or deposited, which underpins a significant component of this year's development earnings. At the same point last year, we had 205 contracts and deposits on hand. Hence, we are really well-positioned for the current year. We presently have over AUD 200 million of acquisitions contracted or deposited, pending completion of due diligence and final board approval. We also have a further AUD 250 million of acquisitions under assessment or consideration. Our deal flow remains really strong. Our development pipeline stands at over 4,220 home sites, which even allowing for the record number of settlements just recorded, this is up over 40% on the pipeline in place last year. Before we go into the details, I'm just going to make a couple of comments on what we're currently seeing in the sectors and markets within which we operate, as well as our strategy moving forward. I'll start with a couple of the challenges we're experiencing at the moment, and namely, the impact of COVID on our holiday communities, the impact of COVID on our lifestyle and development business, and what we're seeing with supply chains. COVID has currently caused the closure of all of our holiday parks in New South Wales and impacted travel plans in other states. We continue to receive rental income for annuals and permanent residents who reside in many of our holiday communities in New South Wales, which typically covers the fixed costs of running the park. Lockdowns are presently costing the group approximately AUD 400,000 in lost revenue per week. Typically, at least 50% of these canceled bookings are rolled forward to future dates, thereby preserving the cash flow. School holidays are scheduled for the second half of September, and this is a key period for our holiday business. Assuming that in Sydney we remain in lockdown, then the cost of this would be an additional AUD 1 million-AUD 1.5 million in lost revenues. At this stage, Ingenia is working towards a November reopening of our holiday parks in New South Wales in time for the peak summer markets. To date, COVID lockdowns have had minimal impact on sales or development activities in our Lifestyle Communities business. There has been some minor disruption on the New South Wales Central Coast. However, we only have two relatively small expansion projects in market, which are scheduled, in total, to deliver approximately 40 settlements over the balance of the year. There has been no discernible impact to date in our key development markets of Victoria and Queensland, which will collectively account for the bulk of new home settlements in the current financial year. Without exception, the biggest challenge currently being experienced by Ingenia is on global supply chains and the rising costs and lack of availability of key building materials and labor. Home framing materials, being particularly timber and steel, are really tight in availability, and prices are pushing upwards, sometimes by as much as 50%. The availability of building crews in regional markets like Hervey Bay is also very challenging. However, notwithstanding these challenges, Ingenia does have long-standing relationships with our core builders. To date, we have committed or contracted over 75% of our total new planned home starts for the current financial year and are seeking to close out the balance in the coming months. Development margins to date have remained broadly intact as cost increases have been offset by the rising residential property market. Certainly, we have had to pay away some margin expansion. However, our new home rents are also making up for this. On a positive side, I thought it might be good to start with slide five. Lifestyle Communities remains our highest priority and absolute core focus. Ingenia is supremely positioned to be a key beneficiary of the continued aging of the population, which every day sees some 700 Australians turn 65, and that will continue for at least the next 30 years. Our opportunity is not only about being a beneficiary of the increasing number of active retirees and downsizers, but also increasing market penetration. Today, less than 1.5% of Australians over the age of 65 live in a Lifestyle Community. Ingenia also sees significant opportunity to grow our market share as well. We are a key beneficiary of a buoyant residential property market. As I've spoken previously, it is not a uniform surge. There is a strong preference for detached housing over apartments. It's an owner-occupier upswing, with growth really being led by first home and changeover buyers, encouraged by low interest rates, steady employment, and government stimulus packages. Detached housing in lifestyle locations seems increasingly preferable, and as you can see in the chart on the bottom right-hand corner of page five, the price growth being achieved in the regional markets of New South Wales, Victoria, and Queensland has materially outstripped their respective capital cities. On page six, we have mapped out the median house price and price growth achieved over the past 12 months in our core development projects, as well as a few new planned communities. Seven of our existing 10 projects in market have experienced price growth over the past 12 months of at least 20%, with several materially above that level. Today, our core bottleneck remains finding the land and accessing the necessary approvals. Our sector remains supply-constrained, and the demand continues to escalate. On page seven, we briefly discussed the strategic opportunity of our holidays business, which will be a key beneficiary of increasing levels of domestic travel and closed international borders. Our expectation is that demand for domestic travel will remain very strong for at least the next three to four years, and that our network of holiday parks, typically offering beachside, low-density, open-air accommodations, will be a key beneficiary. There are now over 741,000 caravans and campervans registered in Australia, which is an all-time high, and wait lists for new caravans typically extend beyond 12 months. Across Ingenia's entire holidays portfolio, which is one of the largest in Australia, we only have a total of 2,213 caravan and camping sites. Hence, as Sun is now experiencing in the U.S., the demand for quality caravan sites will greatly exceed available supply moving forward. On page eight, we have updated the industry landscape, which has obviously undergone some significant change in the past six months, with the acquisition by Stockland of the Queensland-based boutique lifestyle village developer, Halcyon. On page nine, you can see it has been a very acquisitive year for Ingenia, with 12 acquisitions, predominantly being existing communities that we closed in FY 2021. A further six settlements in the past six weeks. We also have a seniors rental community in Victoria scheduled to close in the coming weeks. As I noted previously, Ingenia presently has a further AUD 200 million of acquisitions under conditional contract or offer subject to confirmatory due diligence, and another AUD 250 million of sites and communities under preliminary assessment. It is anticipated that these acquisitions will be funded through existing committed debt and cash on hand, our funds management business, and via our development partnership with Sun Communities. On that note, I'm now going to hand across to Scott to talk through the financials and capital management. Thanks very much, Simon. Good afternoon, everyone. Look, I'm really pleased to present this really strong set of numbers today in light of the difficult start to the financial year. Just talking to slide 11, we have a growing rent roll that underpinned our strong cash flow, a balance sheet that positions us well to maximize opportunities, and we have excellent visibility on FY 2022 sales revenue, with record levels of deposits on hand. The growth in our rental sites and a strong second half performance for both our holidays and development business were the key drivers of strong revenue and EBIT growth. The 105% increase in operating cash flow to AUD 137.6 million also benefited from positive working capital movements as we reduced our inventory and increased tourism deposits. Underlying profit increased 31%, with underlying EPS growing 7% to AUD 0.236 per security. The result includes AUD 3.4 million of JobKeeper. It also includes AUD 3.3 million of unusual costs. These items have been removed from the stabilized margins of each segment. A final distribution of AUD 0.055 per security has been declared, bringing the full year distribution to AUD 0.105 per security, an increase of 5% on last year. Turning to slide 12, FY 2021 EBIT grew 31%. We delivered improved margins across the business as further scale improvements were obtained. This year, we have split our lifestyle and holidays business into two separate segments to reflect the growing contribution from each business and our new management reporting structure. In our lifestyle rental business, which comprises our land lease communities and Ingenia-owned permanent rental communities, EBIT increased 43% to AUD 16.5 million, with stabilized margin growing 170 basis points to 48%. Lifestyle development EBIT increased AUD 6.2 million on the prior year, with 32 additional settlements within Ingenia, with a strong contribution from the group's successful Latitude One, Plantation, and Hervey Bay projects. Pleasingly, at 30 June, sales deposits and contracts on hand grew 32% from 31 December, providing good visibility of the group's FY 2022 sales revenue and earnings. Ingenia Gardens continued to deliver strong cash flow and improved margins, ending the year with high occupancy of 96%. Our Ingenia Holidays business, which includes all tourism and mixed-use communities, EBIT increased 57% due to strong domestic travel demand and from our new assets acquired during the year. The stabilized margin for this business grew 650 basis points on prior year. Corporate costs include AUD 1.1 million of non-recurring business development costs. Excluding these costs, normalized corporate costs grew 22% on prior year, driven by a growth in insurance premiums and additional costs to support the growth of our asset base. Underlying cost growth remained below the growth in EBIT. Turning to slide 13 on capital management. The group's balance sheet is in a strong position to maximize opportunities to grow the business and fund our development pipeline. While we started the year with an historically low level of gearing, we moved toward our target gearing range through identifying, completing, and integrating over AUD 215 million in acquisitions in the financial year, with a further AUD 48 million in acquisitions completed since 30 June. We successfully refinanced AUD 350 million of debt facilities at reduced margins and entered into a new seven-year debt facility with the Clean Energy Finance Corporation, committing Ingenia to meaningful energy and carbon reduction targets. At 30 June, the group's LVR was 22.2% compared to our covenant of 55%, growing from 8% at the start of the financial year. The weighted average debt maturity was 5.3 years. The average cost of drawn debt was 2.1%, and 50% of our debt was hedged. Turning to slide 14, this provides an overview of the valuations of our investment properties. Capitalization rates of our lifestyle rental and holidays portfolios continue to sharpen on the back of increased corporate activity in the sectors. Lifestyle rental cap rates reduced 74 basis points to an average of 5.91% over the year, driven by the increased recognition of the quality of the cash flows this business enjoys. Transactions of high quality lifestyle assets continue to be strongly contested. In particular, Stockland's recently announced acquisition of Halcyon at sub 5% yield portfolio for further valuation upside. Quality holiday parks are performing extremely well and have also started to experience cap rate compression, with key operators focused on expanding their footprint. The average capitalization rate for our holidays portfolio sharpened by 28 basis points over the year to 7.79%. Our Ingenia Gardens portfolio valuations were positively impacted by higher average occupancy and portfolio cap rates sharpening to 9.25%. The high capitalization rates on our Ingenia Gardens and holidays portfolios still remain an outlier in the property sector. Thank you. I'll just now pass back to Simon. Thanks, Scott. I'll now move to page 17 and just touch briefly on development. Home settlements finished the year with 350 settlements in the headstock, along with another 30 inside our Sun-Ingenia partnership and 10 within our funds management business. We've also experienced another really strong start to the year with 34 new home settles and a further 330 homes contracted or deposited. Our margins slightly expanded over the course of the year, driven by both scale efficiencies and a resident preference for generally larger homes. I'll now touch briefly on lifestyle operations, which is on page 19. Across our lifestyle business, Ingenia has 3,681 permanent rental homes and villas, which is up over 24% on 12 months ago as a result of acquisitions, development, and community expansions. Total earnings from our lifestyle rental business were AUD 16.5 million, up 43% on the prior year, and we've been able to further improve the operating margin by another 170 basis points out to 48%, with further growth expected in future periods. The margin expansion has really been driven by a combination of rent growth and scale leverage as our revenues grow at a faster rate than our costs. We're also able to grow our rents on a same-store basis by around 3.2%, up to AUD 189 per week. That was through a combination of contractual rent increases, rolling market reviews, and rent resets when homes turn over. Rent growth for the period was impacted by state government imposed rental pauses in Victoria and Queensland, as well as lower CPI and general COVID sensitivity. On page 20, we feature our Ingenia Gardens seniors rental business. Earnings in that portfolio grew by 6.9% to AUD 10.9 million, principally driven by occupancy being maintained at near all-time high levels of 95.8%. As I noted previously, Ingenia has contracted to acquire another garden-style rental community in Victoria, and we expect to close on that in the coming weeks. I'll now move on to Ingenia Holidays, which is on pages 22 and 23. Ingenia now owns and manages one of the leading portfolios of holiday parks in Australia, and on the East Coast, we have a network which extends from Torquay on the Victorian surf coast right up to Cairns in tropical North Queensland. Earnings for our holidays business was AUD 28.7 million for the year, up 57% through rate increases of 36%, occupancy increases of 14%, and multiple acquisitions. I'll now touch briefly on our funds management business, which is on page 26. Funds management will be a key growth driver moving forward as we look to launch a new AUD 100 million fund later this year. Funds management provides Ingenia with additional capital flexibility in terms of how we fund our growth. It's highly accretive to earnings, and we also retain the last right of refusal over the communities within each of the existing funds, should the funds ever be wound up. Finally, I'll now close on page 31 with outlook for the group. The group is really well positioned for another strong year of growth. We have a record number of 330 deposits and contracts on hand, on top of the 34 settlements already recorded this year to date. We have over AUD 200 million of acquisitions under conditional contract and a further AUD 250 million being assessed. We have a very strong balance sheet offering significant undrawn for committed capacity, and we have a development pipeline of over 4,220 home sites, of which more than 3,000 are already fully approved, and we have a significant rent roll, largely supported by government pensions and support payments, which underpins the group's cash flows. However, due to considerable uncertainty with COVID-related lockdowns and restrictions, particularly in New South Wales, which is adversely impacting our ability to forecast new term holiday bookings, we believe that it's prudent to withdraw guidance until there is greater clarity, and hopefully, that will happen in the coming months. That's all Scott and I are going to present today. Now we'd be delighted to hand over for Q&A. 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. If you've placed yourself on mute, please remember to unmute before asking your question. Your first question comes from Sophie Karan from Goldman Sachs. Please go ahead. Hi, Simon and Scott. Thanks for taking my question. Just a couple from me. Maybe first on the Holidays margin. There was quite a step up on the PCP at 39%, and there's a few things that were impacting the PCP, but how do you think about the sustainable margin for this business going forward? Yeah. Thanks for that, Sophie. That's a great question. Look, from our point of view, Sophie, we're expecting that margin, in a normal year, if it wasn't impacted by COVID, we would be expecting it to grow marginally. Certainly as we bring on new parks. We've settled another six, I suppose, holidays and mixed-use parks that would go into that segment, since 30 June. From our point of view, that's just going to improve our scale, and so we should see margin improvement in a normal year. Obviously, COVID is impacting us, subject to if you removed out that COVID component. Yeah. Makes sense. Just on the lifestyle rental at sort of 48% margins, what's your goal in terms of where this margin can get to? Also, just thinking about the lifestyle development, how should we think about the short-term impact on the development margin with a bit of a mix shift in the settlements and then also some of those supply chain pressures you mentioned? Good question again. Thank you. Look, in terms of the lifestyle rental, we'll continue to see growth there. We get to increase rents above CPI. They're contracted rents that grow above CPI. It's about managing costs. Again, it should improve with scale. As we bring on new sites that we develop, we'll start to be able to create rent. This year in the Ingenia headstock, we delivered 350 new homes that basically came where the rent drops straight through to the bottom line. We'll continue to see that next year as we settle new homes. In terms of the second question around development, look, we will see a mix. This year, our successful project at Latitude One has sold out. We'll have a couple of small settlements that'll come through this financial year, but that had a big contribution to last year. I'd be expecting to see, I suppose from an average sales price, we'll be selling more homes but at a lower average sale price because we will have a bigger contribution from Ballarat, Lara, and Hervey Bay. We would expect to see, I suppose, a growth in settlements from where we landed this year. Excellent. Then just on the acquisition pipeline, there's still a bit of headroom to get to that 30%-40% LVR target, you've mentioned you've got quite a lot in the pipeline, could you just talk about how you're thinking between the mix of holidays versus lifestyle and then also what you're seeing in terms of competition? Yeah, I'll take that question, Sophie. We have available debt capacity of around AUD 170 million. That's committed, but undrawn. We also are planning to launch a new AUD 100 million fund, and the assets going into that fund would be a combination of probably three mixed-use communities that are currently on our balance sheet and four or five other communities that we presently have under contract or where we're finalizing our due diligence inquiries. Broadly, the pure lifestyle communities would go into the headstock. Mixed-use communities would more than likely go into the fund, and any greenfield development sites that we acquire or option up, then Sun has the first right to participate at a 50/50 level on those projects with us. We do believe that based on everything we see in front of us, we're very well capitalized to be able to internally fund or use third-party capital to fund those acquisitions. Great. Just one more from me, please. Just on the holidays business, that sort of mid-November reopening that you were talking to for the New South Wales parks, and how much of that recovery is dependent on interstate travel versus people traveling, but out of Sydney to the coast? Broadly speaking, we have about 20 holiday parks in New South Wales, and our furtherest most north holiday park in New South Wales, being up at Kingscliff, is largely dependent on people from Brisbane and the Gold Coast. We do have a holiday park in Byron, but the flight from Sydney to Byron, I think, is the most popular or one of the most popular flights internally. I'm sure we'd be able to, if the New South Wales borders were fully shut to Victoria and Queensland, that Byron would be operating very well. We do have one holiday park that we recently acquired down on the far south coast at Eden Beachfront. The balance of our holiday parks in New South Wales, Sophie, would be largely driven from people coming out of Wollongong, Newcastle or Sydney or towns such as Canberra. In a worst case that New South Wales was shut to the rest of Australia, I'd be very confident that all of our New South Wales holiday parks would be very busy over the Christmas, Easter, summer, school holiday period. Look, I would be expecting that there'll be a demand, sorry, an explosion of demand the day that people in Sydney are allowed to book holidays and travel up and down the coast. It's really just a waiting game at the moment. November is a little bit conservative, I do think it's probably fair to say that we will miss out on the September school holidays. When we can open, whether that's in October or November, is really beyond Ingenia's control at this point in time. Great. 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 James Drew from CLSA. Please go ahead. Yeah. Hi, good afternoon, Simon and Scott. First question is just on the development business. Sounds like it's going reasonably well. I appreciate there's a change of mix coming into FY 2022. Can you provide a better sense of the volume growth that you're looking at for FY 2022? Is it going to be significant or about normal? How are you thinking about that? Yeah. We would expect that the volume growth in settlements for FY 2022 would be somewhere potentially 50-70 homes over and above what we delivered in the current financial year. Okay. That's good. The other question is just around the sales rates over the past couple of months. Can you just provide some color around that, please? Yeah. Sales rates have continued to be incredibly strong. Normally, we would've seen a bit of a drop-off in sales inquiries and deposits just coming through winter, which would be entirely consistent with what you would see in residential real estate in Sydney or Melbourne or Brisbane. Demand has remained firm, so we've continued to add typically between 30 and 50 new deposits per month across the business. We're maintaining our level of deposits and contracts on hand very strongly. We have experienced a slight drop-off. We have two projects on the New South Wales Central Coast. In totality, they're forecast to deliver about 40 settlements in the current financial year, and we've had to cancel a couple of open days, and we haven't been able to do the normal new home inspections or open days that we normally would. Notwithstanding that, the majority of those homes have already been contracted or deposited, and we really haven't been impacted in any way in Queensland and Victoria, which in this current financial year, will deliver more than 90% of total settlements. Okay. No, that's good color. Just on the AUD 250 million in sites under assessment, what does that mean? Are they on the market? Are they owners that you're talking to that are looking to sell? Can you just provide some color, please? Yeah. James, with the exception of Halcyon, which was a process run by an investment bank, the vast majority of transactions in the lifestyle and holiday sector and the land that we look to option up is off market, negotiated directly with the vendor, and that's the way that we continue to look at our deal flow. There are a couple of those where there might be two or three parties looking at it, but the vast majority of them, we're in exclusive discussions or exclusive negotiations. We might be arm wrestling. We might be 5% apart on price. It might be a new geographic market where we're doing a little bit more detailed research into that market just to make sure we fully understand the opportunity. In the last 12 months, you've seen us acquire a development site up in Bargara, which is north of Hervey Bay. That's a new geographic market, so we've spent a lot of time doing research on that market, and there are some new geographic markets that we're considering. That's the way that we look at it. On top of that AUD 250 million, there's over AUD 200 million of communities and a couple of sites where we've exchanged conditional contracts subject to due diligence and final Ingenia board approval. Okay. That's helpful. Thank you. One final one, if I may. Obviously, you had a good look at the Halcyon portfolio. I'm just wondering if you could contrast the pricing of that portfolio to your existing or your comparable assets within your portfolio. Well, looking at the publicly available information on Halcyon, the cap rate that that portfolio transacts to, that would be at least 100, 125 basis points tighter than anything that we've ever seen valued, and at least 75 basis points tighter than anything we've ever bid at. Just on putting a cap rate on the existing rent roll, that's pricing that's well in front of what we've previously seen in the market. Secondly, in terms of the value that's been attributed to both the DA-approved sites and the non-DA approved but optioned sites, again, that's at least 50% above what Ingenia's ever looked at previously. Thirdly, there was a significant goodwill component attributable to that portfolio. Yeah, look, it's a great business and I wish Stockland every bit of good luck with the integration of that into their platform. Okay, that's it for me. 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. We will now pause a moment for any final questions. Your next question comes from Carlos Cocaro from Renaissance Asset Management. Please go ahead. Hi, guys. Just one question from me. On the AUD 200 million of acquisitions for your contracted and also the AUD 250 you're looking at, how much do you envisage will end up in funds, the JV, and the balance sheet? Yeah. Good to speak to you, Carlos. I would envisage that probably upwards of AUD 100 million of that will end up in the funds. We're out there in market at the moment, so it's really going to an extent, depend on investor appetite. We're working with Sun on a number of maybe AUD 80 million-AUD 100 million of future land, where they're considering whether they're going to participate with Ingenia. For the past 18 months, they've taken up every project that we've put to them. Then there'll be maybe AUD 150 million of transactions that could end up ultimately in the Ingenia headstock. Again, through the undrawn but committed debt capacity we have through the capacity that we expect to become available through third-party capital in our funds management business, and also with Sun, we expect that we can fund all of that deal flow in front of us. Just one more question, Simon. Just on the lifestyle development business, you talked about your sales rates. I guess you already mentioned Central Coast, but are there any other parts where your sales rate could be a little bit affected by not being able to get inspectors through? Sorry, we can't get prospective customers through, Carlos? Yeah. Yeah, look, probably in Victoria, the one community that could be at risk, but is not at the moment, would be Lara, which is located on the freeway between Melbourne and Geelong, but is significantly closer to Geelong than it is to Melbourne. We've got 12 homes under construction and another 40 odd that we're about to start construction for. Putting aside those homes that we're going to put into the display home pool, pretty much every single one of those homes is already fully deposited or contracted. I think the settlement risk in the next 6- 12 months for Lara would be relatively low. The biggest challenge at the moment for Ingenia, and I call that, is about the supply chain. I'm very confident that this year for Ingenia, being FY 2022, is not about can we sell the homes? It's making sure that we can build the homes and keep up with the demand and preserve our margins. That, to me, is the bigger challenge. We know the market's out there. There's not a lot of stock. If you look at our balance sheet, I think at 30 June, we had Scott two homes that were built but unsold. Everything that we've built has been sold, whether that's settled or deposited, subject to the resident getting ready to move in. At the moment, the challenge is just building the homes quick enough to meet the demand. As I mentioned, we've already committed or contracted over 75% of every single home that we're planning to build this current financial year, so we've got great visibility. We're well above where we were last year in terms of homes that are deposited or contracted. We have great visibility at the moment on our development business. Thank you. There are no further questions at this time. I'll now hand back to Mr. Owen for closing remarks. I'm not sure who Mr. Owen is, but thanks, everyone, for dialing in today. In summary, Ingenia is in a great position with strong tailwinds supporting our key Lifestyle, rental, and Holiday platforms. It is worth remembering that approximately 70% of Australians who are aged over 65 own their home outright with no mortgage, but many have limited or no savings beyond the equity in the family home. Ingenia, we are well capitalized. We have great capital optionality with our funds management platform, our development JV with Sun, and our own balance sheet, and there is deep industry knowledge residing within the board and the management team. Demographics remain incredibly supportive, and we have an amazing acquisition and development pipeline in front of us. There's considerable momentum established within the business. Thank you for your time today.