I would now like to hand the conference over to Mr. Glenn Willis, CEO. Please go ahead. Thank you very much. Good afternoon, ladies and gentlemen, welcome to Elanor Investors Group results presentation for the first half of this financial year. Thank you for your interest in the group. I'm joined here by our executive team of Elanor today, and we'll be pleased to answer questions at the end of this brief presentation. We'll be referring to the results presentation pack that was released this morning for the group, and I'd like to turn to page four of the pack to overview the results for the half. I'd like to commence by saying that we firmly believe that, as we say here, that Elanor Investors Group is well-positioned for growth. Whilst the economic environment, against the backdrop of the COVID-19 pandemic, particularly for the last half of last calendar year, continued to present challenges in most of the markets in which our funds operated, we are nonetheless firmly of the view that we're well positioned for growth, given that we've come out of 2020 calendar year in a very good position. Whilst our investments faced extraordinary and, as often quoted, unprecedented challenges over the period, we are very pleased with the operational efficiency of our investments, of our funds, and believe that we are very well positioned to significantly improve performance for our funds, for our investments, and therefore for Elanor Investors Group in creating shareholder value for our Elanor Investors Group. A brief overview of the sectors in which we participate. Our commercial office assets performed exceptionally well over the half. The Elanor Commercial Property Fund, our listed office REIT, collected 99.5% of rent over the period, mostly unaffected by the last half, which is a testimony to the assets, the asset selection, the way in which we invest in commercial office assets, and the acute focus on investing in office assets that have differentiated positions in their respective markets. Similarly, the commercial healthcare assets performed exceptionally well, with 100% of rent collected over the period. Again, those assets being unaffected by the economic environment, again, testimony to the asset selection and the management of those assets. Our hotel assets experienced challenges over the period, with border closures particularly made it challenging. Having said that, the COVID-19 period gave us a tremendous opportunity to improve the operational fitness of those assets. As such, that is an area where we're particularly positive in regard to how those assets and how those investments and how those funds are positioned to perform going forward as domestic borders stay open, are opened, and those assets not being affected by the closure of international borders. Our wildlife park assets, the Mogo asset performed exceptionally well over the period, despite the environment. Our Featherdale asset in that fund obviously encountered challenges, that asset being half of its business being traditionally inbound visitation. However, the management team there have done a very good job, again, in improving the operational platform to cater for the domestic visitation, the offshore visitation losses in that asset, and the fund is now performing well. Our retail assets, ERF, performed very well given the challenges of the environment. 95% of rent was collected in the last half for those assets, and 98% of rent was collected for the income assets. Again, testimony to the asset selection and the asset management and the team's capability in managing retail assets. Clearly, we had challenges with our Waverley Gardens asset that we have in partnership with Heitman Group. That's a Victorian-based asset, and that obviously was impacted by the Victorian border closures and the lockdowns in that state. Similarly, Hunters Plaza asset had challenges with the lockdowns in New Zealand over the period. But all in all, the investments, our funds performed very well in light of the economic conditions, and we're particularly pleased with how they're positioned in an operational fitness sense to improve profitability and fund performance as we now operate in this half. As such, we believe we are in a strong position. Our core earnings over the half. We're pleased with the period-on-period growth in funds management income increasing by 79% period-on-period. That's a strong increase in funds management income being our key focus in terms of driving value for ENN security holders. Obviously, in the half, we did not receive distributions on AUD 120 million of our hotel investments and Waverley Gardens investments, choosing to withhold distributions from those funds during the period. We expect distributions to recommence this half. Over the half, we did not generate performance fees or transaction income. However, we are positive about the short-term prospects here, including the sell-down of our hotel co- investments. All in all, as we state here, we believe we are well-positioned for growth. If we think about the fundamentals to growing our business, growing our funds management business, growing our funds under management, our funds management earnings, and value for ENN security holders, we think about it in five key areas. Clearly, we think about the funds management platform, of which we believe is very scalable. Having achieved AUD 200 million of growth in fund over the last half, whilst that could be considered modest per se, the new funds generated the last half were the back end of the last half. A half that it was difficult to generate pipeline over the period, but nonetheless, it was a pleasing end of the half having generated, as I said, AUD 200 million of new funds over that period. Particularly our team, we've got, I believe, a highly capable funds management team, a high caliber funds management team, and a team that's been together for a good period, which I believe is an asset to any funds management business. We are very positive about the scalability and the capability of our funds management platform. We're pleased about the pipeline we have for the business as we're now placed. We're particularly pleased with the pipeline of opportunities in the retail sector, in our commercial assets sector, but also in our hotel sector. Whilst execution is everything, we fully appreciate that. We are pleased with the pipeline of opportunities that we have within the business at present. The third fundamental to how we think about growing the business pertains to growth capital. We have AUD 115 million of growth capital when we think about recycling our balance sheet assets, particularly the cornerstone position in the group's hotel funds. That assumes retaining of 15% in those funds going forward. AUD 115 million consists of AUD 80 million there and about AUD 35 million of cash and facilities. We have significant growth capital to grow our funds under management. We also have pleasingly strong and growing investor demand for our funds, both from our traditional wholesale domestic capital partners, family offices and wholesale private capital, but increasingly from offshore particularly, but offshore and domestic institutional investors. We're very pleased, and particularly over the last 24 months, the investment we made into growing our investor demand and our capital partners is well and truly returning dividends as we see the growth of demand in our funds. That's evidenced by even in the last half, the demand for our funds was very strong, requiring the group or even not allowing the group to participate in cornerstones because such was the demand for those funds. That growth in investor demand is significantly, if not substantially, a function of our investment track record, the fifth element to growing our funds management business. Having a track record of over 20% on realized returns for our funds, for our capital partners, for our investors, we believe is an exceptional result. Clearly, we acknowledge that the market has been positive in terms of returning good returns for capital partners, but that level of performance, that track record, we believe is exceptional. That obviously positions us very well in regard to growing investor demand. In summary, we believe that in delivering exceptional investment performance for our fund investors will enable us to grow our funds under management and our funds management earnings. That, we believe, will result in driving Elanor security value. That's our firm belief. Our overarching objective is to grow security holder value for Elanor, but that will come in our firm view by continuing to deliver outstanding investment performance for our funds. I'll hand over to Paul Siviour now, our COO, to review the results highlights for the period. Thank you, Glenn. Turning to page five of the presentation, our group results were AUD 5.55 million of core earnings in respect of the six months to 31 December. That was a figure that was struck very significantly on strongly growing funds management income. Importantly, in relation to that result, Glenn has mentioned this point, there was no co-investment income in the form of distributions from our co-investments in AUD 120 million across our hotel funds and also Waverley Gardens. We expect distributions from these funds to recommence in the second half of FY21, and therefore be reflected in our core earnings. In addition, in respect of the comparative to the prior year, the prior year included approximately AUD 10 million of transactional income, and for the half to 31 December 2020, there was no transactional income recorded. That saw us produce a result for the half pre-transactional income, reflecting 160% increase on the prior half. Distributions have been struck at a 90% payout ratio, and our net tangible asset backing per security at 31 December is AUD 1.47, an increase of 13% on 30 June 2020, and that's reflected by an improvement in the value of the properties within our co-investments in the underlying managed funds. Turning to funds under management. Funds under management of AUD 1.87 billion at the 31st of December, an 11% increase on the 30th of June figure of AUD 1.69 billion, and that reflects acquisitions of AUD 200 million during the half. Those acquisitions really came in the second quarter of the half because, of course, there was limited transactional activity around June, July, August, September. In addition, the group sold Auburn Central Shopping Centre from within the portfolio of ERF, and that has reduced the funds under management at December by approximately AUD 100 million. Glenn's mentioned our funds management income of AUD 14.9 million for the half, a significant 79% increase on the prior year. Turning to our co-investments, distributions of approximately AUD 3 million included in our core earnings, but down on comparative periods, and we've mentioned the reason, that there's AUD 120 million of co-investments where we expect distributions to recommence in the second half of the year. To just emphasize two points that Glenn made. We've seen strong investor demand for our new funds during the half, and that has meant that we have not made any investment from a co-investment point of view in those new funds. In fact, in addition to that, by virtue of demand across a number of funds, we have also sold down some of our co-investment. That's particularly relevant to the healthcare fund, which acquired two new assets in the half. We sold down our position to reflect the level of investor demand for that fund. We're well-positioned in respect of our investment capacity to grow AUD 25 million of cash and available debt, and as Glenn mentioned, capital for future growth of AUD 115 million, which includes AUD 80 million of expected recycling of our capital on sell down of our co-investment in the hotel funds to a 15% co-investment level. Our gearing at the end of December was 25%, which is conservative. Turning to page six. There's four key drivers of our core earnings and they are our funds management income, our co-investment income, transactional income that comes from performance fees, but also from the sale of assets that generate profit for us, and that includes profit on co-investments, and our corporate costs. Now, these four items we've highlighted for readers on this page, that they don't reconcile to core earnings, and really the only key differences are interest and tax. These are the key drivers of our business. We can see that in the half to December, our funds management income was very strong at AUD 14.9 million, and we'll talk a little more about that during the balance of our presentation today. Co-investment income of AUD 3 million expected to grow. No transactional income for the half. Corporate costs of AUD 8.8 million compared to AUD 9.1 million in the prior year, which show the scalability of our platform. I'll hand back to Glenn to talk more about our strategy and business overview. Thank you, Paul. Just turning to page eight. Here we seek to give an overview of how we think about Elanor as a fund manager of real estate investments. As I mentioned before, our overarching objective is to deliver exceptional investment performance for our capital partners and investors in our funds, and thereby growing Funds Under Management. Again, to that end, we originated AUD 200 million of new investments over the half and we're well-positioned in regard to pipeline for new investments in this half. Clearly, our focus is about unlocking investor value as opposed to taking a passive view to managing real estate investments. To that end, the active asset management of the Auburn Central asset generated a very strong return for ERF investors, that asset being realized over the half. Another example of active asset management is the significant major refurbishment at Cradle Mountain Lodge asset, which has improved the value substantially for that asset. I'd say there's been value-add initiatives executed across most of our hotel assets and in a number of other retail assets across the business. A lot of activity in terms of improving the value of our assets in those two sectors, and other sectors, but particularly in those two sectors. That unlocking of investment value is critical to us delivering the investment performance that I spoke about. Turn to page 10. Again, we have funds under management of approximately AUD 1.9 billion across the group now. We continue to reiterate that we believe we're well-positioned for growth. That chart there demonstrates the growth over the last several years. Clearly, we're looking for growth rates. Whilst the growth rate since listing is a strong growth rate, and we appreciate it's from a very modest starting base. Our aspirations are for the velocity of growth to be much, much greater. Turn to page 11. We tabled our sectors there in which we participate. That shows the growth in each of the sectors and the funds that we have across the sectors within the group. Again, we're positive about growing all those sectors. Some sectors have a lot more potential to grow than others, but nonetheless, we're positive in regards to growing funds under management across all of our sectors. Paul, I'll hand it back to you for any more comments you'd like to make on results. Thank you, Glenn. Just turning to page 13 to look specifically at the components of our funds management income. You can see that there's been good, steady, and strong growth half on half in respect of our funds management income, and the funds management income for the half to December of AUD 14.9 million shows a 79% growth on the prior comparative period. Importantly, there was 64% growth in our underlying funds management fees. That is our core recurring funds management fees, and those fees are expected to grow as we continue to grow the portfolio. The run rate of our funds management income as at the end of December is, of course, stronger than what it is for the actual half, given the addition of further funds management initiatives during the half. I'd like to point out leasing and development fees of AUD 1.8 million for the half. This is a fee stream that flows specifically from our strategy in the retail real estate asset class and our hotels asset class. In respect of retail, these fees are driven by the repositioning activity that our retail team is focused on, in converting space within retail assets to highest and best use. We expect the leasing and development fee stream from this activity to continue strongly into the future. In addition, we receive development fees from the refurbishment of our hotels. The most recent and important one being a significant refurbishment of Cradle Mountain Lodge. In respect of acquisition fees, good growth, half on half, to AUD 3.7 million. As we grow our funds under management, we expect growth within that fee stream also. Performance fees occur, of course, on realization of profit in respect of assets in our underlying managed funds. We only record performance fees when those returns are realized for investors, so they occur at the point of transactions. There are a number of assets within our managed fund portfolio that are coming closer to their investment horizon. So there'll be opportunities for performance fees as we move forward. I'll hand back to Glenn to talk more about our strategy and outlook. About our outlook. Outlook. Thanks, Paul. Just to conclude, turning to page 21. As we state here, we don't state it lightly, we firmly believe we're in a strong position. Coming out of 2020 with the obvious challenges that the marketplace presented. All participants. We feel positive about our position. We feel positive about our investments and the Elanor Funds Management business. We're very confident about the capability and caliber of our funds management platform. We feel positive about our pipeline of opportunities that we have around us at the moment. Again, execution is everything, but it's good to be in a position of having a pipeline of high-quality opportunities around us. Our growth capital is now significant. That was a focus for the last half in terms of improving our capital position to enable us to grow. Again, I reiterate, our investor demand has increased substantially, and that is a function of two things. Firstly, it's a function of the investments and the effort and the focus and resources that we've focused in growing our capital partner base, but it also is a function of our exceptional track record. Therefore, we believe we are well-positioned to grow funds under management, and we note here to grow funds under management in a capital-light manner. In terms of the broader outlook, we're positive again about the pipeline of opportunities we have in the sectors in which we currently participate. We've made very good progress in new sectors, and we expect to announce in the near term, a new sector of real estate funds that we'll be establishing. We continue to actively pursue strategic opportunities, as we state here, to deliver our growth objectives. All in all, we're pleased with how we're positioned. Against that background and that overview, we'd be pleased to take questions at this juncture. 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 the request please press star two. If you are on a speaker phone please pick up your handset to ask a question. Your first question comes from Ed Day from Moelis Australia. Please go ahead. Good day, Glenn and Paul. Thanks for the presentation. Just a couple of questions with regards to the NTA. Just wondering if you could talk through some of the key valuation uplifts, notably, Belconnen, the Regional Hotel Fund and Bluewater Syndicate. Yes. Thanks, Ed. The revaluations and the improvement in value came across the portfolio a bit in a couple of key areas. Certainly, in respect of hotels, it's come across a number of our regional hotels within the Elanor Metro and Prime Regional Hotel Fund, and that reflects the very strong performance of those hotels in the COVID environment, where people were looking to redirect tourism spend from potentially international travel to more regional-focused travel. Those hotels are showing strong and sustainable returns. Similarly, our Cradle Mountain hotel, following its refurbishment, has shown the benefits of that, notwithstanding the fact that, of course, the Tasmanian borders have been closed for the majority of the half. We're seeing strong uplift in average daily rate, and Marianne might make some further comments. In respect of the retail portfolio, we've seen some uplift in the Waverley Gardens asset as we move towards de-risking the repositioning of a DDS space in that asset. Bluewater Square Syndicate has improved in value by virtue of quite significant leasing-up initiatives that have been effective during the half by the team. They're the key items, Ed. Happy to elaborate on any of that. That's helpful. Thank you. Just one last question. Perhaps, are you able to make any more comments on the potential sell-down within the Luxury Hotel Fund, just around timing and what form it may take? We won't get into too much detail in terms of what form it may take, because there are a number of options in that regard. Suffice to say that with 2020 behind us and the operations of all those hotels getting back to, I don't know how to describe it, a new normal, I guess, we could describe it. Those assets are now able to be well presented to bring in external capital. It wasn't appropriate we did in the last term of the year, obviously, with the complications of domestic border closures and so forth. As I said, all of the hotels, COVID-19 allowed us to improve the operational fitness of all of those hotels. Each and every one of our hotels is much better positioned now for operational profitability. As such, we're confident about those funds going into this half, and also our being in a position to sell down our positions in those funds, and particularly the Luxury Hotel Fund. Great. Thank you. Thank you. Your next question comes from Sulieman Ravell, from Wealth Focus Pty Ltd. Please go ahead. Hi, guys. I was just having a look at your chart and the growth on management fees. Hang on a second. I've just lost this chart here. What's the key driver in terms of the increase of, I'm assuming it's increase of FUM? What's been the big driver there? Sulieman, thanks for the question. It really flows from the increase in our underlying funds under management. You can see on the chart on page 13, if I just refer listeners back to that chart, you can see the dark maroon color is our base level funds management fees. These are our recurring fees from our funds under management. You can see a very steady increase in that, which tracks and reflects the increase in our funds under management. Leasing and development fees are a feature really only of the result for the last two halves, and they relate to the matters I spoke of during the presentation. That team and that leasing and repositioning development capability is in place. It has completed a number of projects already, most recently Auburn Central in the retail portfolio and Cradle Mountain Lodge in the hotels portfolio. A good amount of the revenue from those initiatives were included in the second half of FY 2020, but in respect of Auburn, also in FY 2021. This is a new revenue stream, relatively new. It's a stream that we expect to continue as we continue to execute on our value add strategy in retail, and the refurbishment that's important in respect of hotels moving forward. In relation- Is this primarily organic, or has there been some acquisitions along the road as well? The leasing and development fees are all organic, if I understand your question. That is, they relate to assets that sit within our managed fund. Sorry, yeah, I'm referring to the management fees as well. I'm just getting up to speed with Elanor as a whole. Have you bought other businesses as well along the way there, or is this purely you're raising capital and just acquiring assets? No. Thank you for that question, Sulieman. There's been no strategic acquisitions. That's something that we have on our eye on, and Glenn mentioned it in the context of future growth. This is solely management fees from funds management initiatives or funds management funds that we've established as a result of the purchasing of assets and the funding of those assets by our capital partners. Right. They are all funds wholly managed by Elanor and wholly established by Elanor. I'm assuming that the typo on slide 13, where it says financial year 2020 should be financial year 2021, the increase on the right-hand side? The increase in the right-hand side. Versus the- You're referring to the call-out box? 64% increase. Yeah. I'm sorry, Sulieman. Are you referring to the increase in our funds management income of 64% on the prior comparative period? Yes. Yes, that is. That is the increase on the prior comparative period being first half FY 2020. Our result for first half FY 2021 against the prior comparative period. Okay. I get it now. I was just misreading that. Okay. No problem. Acquisition fees, I'm sorry to be spending more time on the answer than perhaps you needed. Acquisition fees showing strong increase also of 68% on the prior comparative half. Those fees are generated as we purchase assets for existing funds or establish new funds. Performance fees, I mentioned, did not feature in the half that we're reporting on at the moment. What are you typically charging on an acquisition fee for the fund? Depends on the fund. Yeah. It does depend on the fund, Sulieman. It's Glenn Willis here, and it's a function of the nature of the fund. If it's a high value add fund versus a more passive fund, that can be a determinant of the acquisition fees. Anywhere between 0.5%-1.5% is typically the range. Okay. 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 Andrew Tan, from Bell Potter. Please go ahead. Hi guys. I just want to clarify that funds management income line. It increased by 64% over the first half. I just can't reconcile, if your fund growth has been maybe 10%, 15%, how do you get a 64% increase in your management fee? Andrew, the fund growth that we've quoted of AUD 200 million is just in respect of the period from the 30th of June 2020. Just in the last six months. What impacts our funds management income in any period is obviously our funds under management, but also the date within that reporting period that we added additional funds. Obviously, if we added additional funds right at the end of a reporting period, it doesn't yet contribute to our funds management income until the next half. That's why, if I just refer everyone again to page 13, we call out in the top left-hand side of that page what the increase in recurring funds management income is. Since 30th of June, our underlying funds management income has increased by 12%. Really it's a function of the level of Funds Under Management, but also the timing of the addition of funds during the reporting period. I guess that's where I'm getting confused because I would consider the management fees of AUD 9.4 recurring, and therefore, you would double that and you get AUD 13.8. Your recurring funds management income there is AUD 15.5. That's where I'm getting confused. Okay. No, thank you. We're pleased to clarify that. Within the funds management fee stream, it is also amounts that are paid to Elanor as cost recoveries from the funds. These are for particular services provided by Elanor to those funds. That is the difference. Andrew, your thinking around that 9.3, essentially annualizing it by multiplying it by two is sound. Okay. I got that. Okay. Just any more color on, I guess, Glenn, you mentioned that you might expect to announce a new sector shortly? Any color in terms of the quantum of that kind of investment in the new sector? Would you go softly as you start, or would it be a material investment from day one? Loads to put color on it, Andrew, because as many of you will appreciate, we much prefer to talk about it once it's executed. It's a sector where we believe we can grow funds under management significantly. In other words, that it could be a significant investment sector for the group and certainly our short-term ambitions for that sector are strong. In other words, we look to do a significant amount of investment in the initial period. Okay. Thank you. You use the word softly. Our plan is to not to go softly in this new sector, no. All right. Thanks. Thank you. That does conclude our time for questions today. I'll now hand back to Mr. Willis for closing remarks. Thank you very much, and again, thank you all for attending this results presentation call. I'd like to close by reiterating our positivity with how we're positioned to grow the business and particularly grow security holder value for Elanor Investors Group investors. As I mentioned before, whilst our platform and our capital base and our investor demand are all strong, it's up to us to execute on the pipeline that we have. We look forward to doing so, obviously. I want to thank the team across the group, the tremendous efforts in the teams across our investments and across our assets and the tremendous efforts for the broader corporate team at Elanor and also for the executive team, for their efforts over the half and ongoing. Thank you to my team. Thank you, everybody, and have a good day. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.