Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Campbell Hanan, CEO and Managing Director. Please go ahead. Good morning, all, and thank you very much for joining us at short notice. I'd like to start by acknowledging the traditional custodians of the land on which we're meeting today. For us, that's the Gadigal people of the Eora Nation, and I pay my respects to elders, past and present. As you've heard from us in recent updates, one of our key strategic goals is to leverage Mirvac's experience and capabilities and increase our exposure to the living sectors, particularly against the current backdrop of rising housing demand and critical undersupply. Aligned to this strategic objective, I'm very excited to announce our expansion into the land lease sector with the acquisition of a 47.5% stake in the Serenitas platform, in partnership with Pacific Equity Partners, for a total consideration of just over AUD 1 billion on a 100% basis, with settlement targeted for Q3 of FY 2024. The acquisition of the Serenitas platform retains the existing and experienced management team to continue the management of the business. The transaction propels Mirvac to be an owner of one of the largest operational land lease portfolios in the country. Our 47.5% investment represents an initial capital investment of AUD 300 million, with AUD 240 million paid on settlement and the balance 12 months post-completion. The returns expected are well above our current hurdle rates and will be accretive to EPS from FY 2025. The acquisition will be funded from existing debt facilities and comes after the recent successful disposal of 60 Margaret Street MetC entre assets in Sydney for AUD 388 million, in line with our June book value. We're excited about this acquisition and the strategic benefits the platform will deliver to our business. As we mentioned in our investor update last week, the land lease sector has considerable appeal, providing an affordable housing solution for a rapidly growing, aging population customer base, underpinned by government support and delivering attractive, resilient, recurring cash flow streams with development upside. This acquisition provides immediate scale in this attractive emerging sector. There is also the potential to leverage Mirvac's existing land bank and recycle capital while broadening the diversity of housing within our MPC projects. The Serenitas platform currently comprises 27 communities across Western Australia, Queensland, New South Wales, and Victoria, with a total of over 6,200 sites once fully developed. Importantly, over 4,200 sites are currently occupied and income-generating and have been acquired on a 5.4% weighted average cap rate, with a balance of around 2,000, largely DA-approved sites offering future development upside. Serenitas is a well-regarded suite of brands and targets the affordable mid-market segment, which has the largest market opportunity. This transaction provides a compelling value proposition for shareholders and is directly aligned with our strategic objectives outlined in April this year. The investment increases the cash flow resilience of our investment portfolio by expanding our exposure to the living sector, with attractive investment fundamentals and compelling returns. We also achieve immediate scale in the land lease market with an experienced operator. We are also broadening our residential product offering and providing the opportunities to leverage our MPC land bank and recycle capital over time, helping to service an acutely undersupplied housing market across the country. The asset class has low capital intensity with a self-funded growth model. The transaction also provides exposure to a new residential segment with aligned capital partners and potential to introduce new capital partners over time. Finally, we will continue to deliver affordable housing solutions to Australians with the creation of new infrastructure that promotes healthy and connected lifestyles. Mirvac has over 50 years' experience in the residential sector, and over that time, we have broadened our internal design and construction capability to span land subdivision, built form, home and terraces, and mid- and high-rise apartments. We were the pioneers in the build-to-rent sector back in 2017, and today's acquisition of Serenitas further broadens our capability and solidifies our position as one of the leading players in the living sector in Australia. Mirvac is the only residential developer in Australia delivering across the spectrum of housing typologies from rental housing, build to rent, land lease, house and land, medium density, and high-density living. Against the backdrop of record immigration, shifting demographic trends, tight vacancy, and restricted market supply, Mirvac's track record and expanded capability is well placed to drive considerable value for shareholders over time. The combination of low-risk, secure, passive, recurring income with embedded contracted rental growth, together with development profits and the recycling of capital from the sale of homes, provides the basis of a very strong investment proposition. This rapidly growing market has strong structural tailwinds. We currently have around 7.5 million Australians over 55 today, and this will almost double over the next 40 years, with the land lease sector having a modest penetration rate of just 2%, compared to 6.4% in the United States. We also see this sector helping to address the housing supply and affordability challenges, and is aligned with government strategy to deliver over 1 million homes over the next 5 years, and for over 55s to age in place and remain in their communities. The sector delivers attractive recurring income streams from the rental income on land ownership. These income streams are underpinned by some government support and recurring growth with CPI and CPI plus rental increases every year. Compared to traditional asset classes, there is very low cash flow leakage, with no incentives, low CapEx, downtime, and minimal arrears. There are attractive development margins on the creation of the new homes for the residents, which can be recycled into the purchase of new sites, creating an attractive self-funding model. These strong fundamentals are driving robust capital demand for an asset class with limited institutional ownership. As well as being a highly compelling investment proposition, land lease also provides a strong customer proposition. It enhances our customers' lifestyle with lower home maintenance, connection to community, and locations typically close to key services and facilities. It's financially attractive to customers due to the affordability relative to average homes, presenting the opportunity to release equity from their homes, and it's a simple acquisition process. The majority of customers are supported by the Commonwealth Government's Rental Assistance, and it's aligned with government policy. Importantly, for this age group, it provides social connection and access to well-run community facilities, addressing loneliness and promoting engagement with other residents. I'll now pass over to our CFO, Courtenay Smith, to run through the Serenitas platform and the financials of the deal. Thank you, Campbell, and good morning, everyone. Serenitas is one of the leading pure-play land lease platforms, with a national presence across Australia. The platform includes an experienced management team with a strong track record in developing and managing lifestyle residential communities. The well-regarded team is led by Rob Nichols and includes over 100 employees. Portfolio includes 27 communities, with around 4,200 occupied sites, making it one of the largest occupied portfolios in the market, and a further 2,000 development sites, 98% of which are DA approved. The portfolio is split roughly 50/50 between West and East Coast, with significant growth opportunity in Victoria and New South Wales, where Mirvac are established landowners. The Serenitas business model is to acquire sites with DA approvals in place, develop the land, and build the community facilities and homes, sell the homes to residents, generating development profit, and support the community operations ongoing, collecting a rental income and valuation uplift on the retained community facilities and the land. Serenitas is focused on the affordable middle market, where demand is deepest and most robust. With an average sale price of AUD 460,000, excluding GST, 20% below the local area, and 80% of customers qualify for Commonwealth Rental Assistance. The investment in this platform provides immediate attractive returns to shareholders. The investment portfolio is valued at AUD 800 million, and includes over 4,200 occupied sites, which have an average, which have been acquired on an average cap rate of 5.4%. Rent growth on these contracts are set at a minimum of CPI for two-thirds of the portfolio, with the other one-third of the portfolio on CPI plus 2%. On the development side of the business, which currently includes around 2,000 development sites, attractive development margins are generated, which in turn deliver additional annual recurring passive rental income. Business is currently operating at an annualized new home sales run rate of over 350 per annum on a calendar year-to-date basis. Over time, we expect this annual run rate to increase as new development projects are secured and activated by the business. As Campbell mentioned earlier, our 47.5% investment in the Serenitas platform represents an initial capital investment of AUD 300 million, with AUD 240 million paid on settlement, and the balance 12 months post-completion. Returns expected are well above our current hurdle rates and will be accretive to EPS from FY 2025. The investment will be managed as part of our investment portfolio and reported in that segment following completion. The acquisition will be funded from existing debt facilities and comes after the recent successful disposal of 60 Margaret Street and MetCentre assets in Sydney. This is an important acquisition for Mirvac, aligned to our strategy to increase our exposure to the living sector, and gives us immediate scale in the growing and capital-efficient land lease sector. We look forward to the growth of our exposure in this attractive asset class over time. We will now open to questions, and Campbell and I have been joined by Stephen Gould, Mirvac's General Manager of Land Lease. Thank you. We will now conduct the question and answer session. Just as a reminder, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by as we compile the Q&A roster. Thank you for your patience. Our first question is from Lauren Berry, from Morgan Stanley. Please go ahead. Hi, good morning, guys. Can you please just give us a bit more of an idea of how the Serenitas acquisition is going to fit in with the Mirvac balance sheet acquisition, you know, land lease aspirations? For example, are you going to be transferring any of your existing sites into Serenitas? Will everything be under the Serenitas brand, or will you do, like, a dual process with your balance sheet versus Serenitas, please? ... Yeah, Lauren, it's Campbell. So yes, the intent is certainly for the over 55s product to work with Serenitas. Understanding, of course, the different ownership structures that exist in Serenitas versus our balance sheet. So any transactions that would happen across Mirvac's balance sheet will be done on an arm's length basis. So to clarify, there is opportunity for you to vend in Mirvac land into Serenitas over time? Absolutely. But Serenitas will have its own independent board, of which we will have two board seats. And there will be your traditional conflict of interest process that you'd expect for related party transactions. Okay, great. And will Mirvac have an opportunity to earn any management fees on Serenitas, or is it an entirely separate business that's being managed by itself? Yeah. Hi, Lauren, Courtenay. That's right, it's an investment for us. So we're investing into the vehicle. Our returns will come out of that investment. We won't provide services separately into that vehicle. The opportunity for Mirvac, as Campbell just said, is to vend in land, if those opportunities exist. I would say Serenitas is a well-established vehicle. The management is, it's got good runs on the board, deep capability, and we're effectively investing in their capability to continue to grow the business. Great. And just final one. Are you able to give a bit more color on the margins, development margins you expect in Serenitas? And also, you know, what margins you're hoping to earn on the rent side of things as well? I think probably the way to think about it, we do expect within the vehicle, the development margins are above what we see in our residential portfolio at the moment. And the rental streams present a strong return. Overall, we are expecting a return on the capital that we're investing in the low double digits. So it's well above our current cost of capital and our current hurdle rate. Great. Thanks, guys. Thank you. Just a moment for our next question, please. Next, we have Tom Bodor from UBS. Please go ahead, UBS. Good morning. Thanks very much for your time. I was just interested in the just the what you're buying in terms of the capital on a 100% basis. There's AUD 800 million on investment portfolio, AUD 50 million of development inventory. Is it right to assume it's circa AUD 150 million of goodwill is being paid as part of this transaction? Hey, Tom. That's – it's a little bit lower than that. There are other assets on the balance sheet than what we've put into the pack. I think just to help, you know, the headline price that we've disclosed is the one that, you know, we've agreed with the seller. There are, off the top of that, there'll be completion adjustments once we get to completion, and there's a series of transaction costs that we've incurred, mainly stamp duty, and then the vehicle is geared. But there is goodwill that we've paid to get access to the platform. So is it in the order of AUD 100 million or, or more, or less than AUD 100 million then? It's between 100 and 150. Matt's pretty close. Yep. Okay. Thank you. And then out of that capital, I appreciate that it's 50% by lots, WA, 50 East Coast, but how much of the capital is in WA versus the East Coast? I think it's about 50%, but we might confirm that for you. I think it's about 50%. Thanks very much. Yeah. And then just around sort of the overhead within the platform, 100 people, you know, what is the per annum rough overhead cost of the platform? I don't think that we'd necessarily flag that. It's a small team. It operates leanly. It's developed... That 100 people largely are site-based, running the assets in the villages. And they do a great job. Rob's done a great job in running a really lean ship and delivering good returns. So I don't know that we need to go into the details of the cost of it. Okay. But a lot of those would be recovered in the village level, then, is what you're saying? Yep. The overhead. Yep. And then, just sort of finally, do you have any metrics around the multiple you've acquired it on, or, you know, development settlements per annum, just in terms of the to what sort of development settlements you could expect in the next couple of years or the last couple of years? Well, look, I, Tom, I think the way to think about it, we've, we've sort of given the run rate. At, at the moment, it's around about 350 odd lots per annum. We certainly would like to think that we can grow that over time, particularly as the business expands into the East Coast, which is a market that obviously Mirvac has a lot of depth and strength in. So we do see opportunities to grow that over time. Probably won't paint a picture just yet, until we get our, our feet under the table, so to speak, and get a much better feel over time. But we're, we're pretty confident on the run rate they're achieving at the moment. Yep. Okay. Thanks very much. Thank you. Next, we have Sholto Maconochie from Jefferies. Please go ahead. ... Oh, hi, everyone. Just these are sort of follow-ups from Lauren and Tom's questions. Just on the purchase price, is that an equity invest-? You said it was geared, so that's AUD 300 up front. That's an equity investment, not-- because the purchase price is AUD 100. That's right. That's a, that's a AUD 1 billion enterprise value, and that's an equity investment. What leverage is in that EV out of the 1.0, 1.0? How much is Yeah. In that- The way to think about the assets are geared between 50%-60%. So just to play back, headline price we've agreed is AUD 1 billion, that within 10. There's completion adjustments that'll come off that. There are transaction costs that the partners have incurred. Stamp duty is mainly that. Then there is gearing in the vehicle, and our equity investment is the 300 that we've talked about. The gearing in the vehicle against the assets is between 50%-60%. Okay. So it looks like you're sort of 20-25% goodwill premium based on circa 120, but we can take that offline. But, and then just on the purchase, on the accounting, obviously it's an equity account investment for statutory, but you said it would go through investment so that your proportionate share of rental income will go through the investment line as a BTR investment income? That's right. Oh, not BTR- Yeah, so at the moment— Land only, land only, sorry. Yeah, at the moment, you can see a BTR line. Imagine that being a living line. We'll give you the right disclosures- Mm-hmm. But that living line would have build-to-rent and the land lease contribution and earnings in it. And as Campbell said- And, and- This is moving after that allocation on the balance sheet that we've indicated toward living. The development component, you just get your proportionate share of development profit as well, or is it in the development income- No. In the development profit line? No. No, no, no. We've got an investment in this vehicle, which will have underlying returns that are from rental income and development, but our... We will equity account this investment, and it will be in the investment portfolio. Oh, so the total income will be in one line item as just land lease. Sure. Yeah. Yeah. Yeah. Okay, that makes sense. And then just on your existing assets, you outlined last week at your two other, some pilot sites. Is there any first rights on any Mirvac, or it's just totally Mirvac can continue to develop or JV other sites with other partners? How do we think about that, in terms of your- Um, look- On your MPC? Sure. So we've obviously made a big investment in Serenitas, and our expectation is that this is a portfolio, controlling it, it's a portfolio for us that we want to see grow. It certainly makes a lot of sense for us to ensure that opportunities on our balance sheet that fit the criteria of Serenitas are shown to Serenitas. But as I mentioned earlier, acknowledge that they will be traded, if they are traded, on an arm's length basis, acknowledging the inherent conflicts that happen as a result of different ownership structures. Yeah, that makes sense. And then just finally, the price paid seems in line with the transactions, about AUD 161,000 per site. So it's sort of in line. Is it fair to say, given the exposure in the West Coast, that you'll be sort of providing a bit more, you know, stock for the East Coast, that New South Wales and Vic, where they're a bit underweight in that portfolio, so that they'd probably help vend in some sites there. And if you vend it in, there'd be a profit contribution to Mirvac, I'd assume? Yeah, look, I think all of those things are right. You know, just on WA, I just don't underestimate, it's one of the fastest growing populations in the country. We have a really strong presence in WA as well. And Serenitas is absolutely the market leader in that market, which is great. Its growth, though, is certainly on the East Coast, and we certainly enjoy a lot of those similar attributes on the East Coast, so we see it as a really nice match, between where they are today, and where Serenitas can be in the future. So we're, we're particularly positive about that, but we certainly have confidence in the WA market and the strength of the resi market in WA at the moment. All right. Thanks, Campbell and team. I appreciate your time. Thank you. Thank you. Our next question comes from Richard Jones, from JP Morgan. Please go ahead. Hi, good morning, Campbell. I understand this was a transaction which would have been obviously hard to fund on your own at the moment. Just wondering why you've chosen this path, like expanding into land lease via a stake in a partnership, as opposed to the alternatives, which would have obviously been, you know, you setting up or buying a management vehicle that you run directly or via or growing through your own MPC opportunities, which you outlined at Investor Day last week. Yeah, look, I think that's a fair question, Richard. I think the way we would, we think about it is we see a great opportunity to scale up this business. Opportunities to play in scale, as we've learned in BTR, it takes time. This was an opportunity. It was under an exclusive position with PEP. It was an opportunity for us to join PEP. It's a significant co-investment for us upfront. We did have deep faith in the management team, and we take absolute confidence in Rob Nichols' team to work with us and to and PEP at some point will exit. And so that provides a longer-term opportunity for us to continue to allocate more capital into this sector over time. ... Okay. Okay, thank you. And, and is there any, any more detail about what their investment horizon may be then? No. Look, I think that will be up to them, but, you know, they, their funds traditionally hold assets for a period of time. You know, PEP's got a really great track record in building portfolio companies and generating market-leading returns, and we're excited to be working alongside them, given their experience in this space. Again, we see it as a really nice match in the short to medium term, and it will give us lots of time to consider an exit whenever that exit may be. I would say, Richard, I mean, PEP is holding this in funds that are gonna hold it a little longer than a typical PE style fund. So, you know, there's a runway to build the business and grow with them. Okay. And, and Courtenay, just-- can you just follow up, just in terms of the return on capital comment? Obviously, that was a geared return. Are you able to give us some clarity as to what that might be on an ungeared basis? And then-- and, and secondly to that question, just the, the gearing at 50%-60% on, on assets, I think it's close to 40 at the entity level, seems quite high for a vehicle that is looking to grow. Just any comments around that? Yeah, I think... Well, I think that the debt package that the team's got in place in the existing business is strong, and so we've leveraged that into this vehicle, and I think the returns work in the underlying vehicle. The returns over the top, I don't think we'll go into the geared, ungeared returns. I think you should assume, as I said, our return on the capital we're investing is low double digits, and if we can get to scale quickly, then, you know, we hope that that return outperforms. But I think the underwrite we've got is solid, and as Campbell said, there's opportunity in the development pipeline to continue to grow the home sales beyond the 350 annual run rate that they're running today. Okay, thanks. Thank you. Next, we have Lou Pirenc from Jarden. Please go ahead. Yes. Good morning. Thank you. Two quick questions. And first one I may have missed, but is there just a cash flow or earnings multiple that you're paying for this business? Well, there is. We haven't disclosed it. I think what you can expect, Lou, that the transaction is accretive from us beyond FY 25. It'll be a positive contribution to Mirvac's returns. In FY 24, there will be some contribution. It's partly offset with the funding in the first, when it completes in the third quarter. What I would say, there's been a recent transaction in the market that you've seen, and from a trade market point of view, and I think that the multiple that we've played into this is favorable compared to that. Okay, thank you. And then just following up on the previous questions about a relationship with PEP and Tasman, are there any kind of rights of first refusal when any of the three partners decides to exit? Yes, yes, there is. So, probably can't go into a lot of detail about that at this point, just given the nature of the partnership. However, you should assume there is a ROFO in place for any party that wishes to exit. Great. Thank you. Thank you for the question. Our next question comes from James Druce from CLSA. Please go ahead. Yeah. Good morning, Campbell and team. Just wanted to clarify something. How is the Serenitas strategy gonna be different from Mirvac's land lease strategy? Look, I think it's different to the extent that they obviously have a pipeline of development opportunities that they're looking at, secured and unsecured. It is an opportunity to look at land banks beyond what we had on our own, in some markets that we haven't necessarily played in before. So I think the strategies are somewhat similar, but the land bank opportunities between both businesses are a little bit different. And with that, that just provides further opportunity. Yeah, and I think maybe to add, the Serenitas strategy is based on middle market, so, you know, average selling price AUD 460,000 odd. The deep market to play in, and that's where they've got really great track record. So I think leveraging that price point into, you know, our customer base as well, I think presents opportunities. So there's probably a little tweak in that context. Yeah, and they've got deep operational experience in these markets, which we don't have yet. We've been doing a lot of work in this space for the last couple of years, but in terms of true operational experience, you know, Serenitas has got deep experience. Okay, that's clear. Any comment on PEP's ability to grow the business with you? Or do you largely see it as a, you know, you see some bend in opportunities, but it doesn't seem like it's a huge amount growth engine. Look, I don't know if I'd necessarily agree with that, James. Remembering, this is a self-funding business model. Because it's a self-funding business model, it's not as though you need to continue to throw more capital into the business for it to grow. I think that's a really important distinction, as part of the whole gamut of living sector opportunities. Build to rent for us is something that requires more capital. This is a business that is self-funding, and that's very attractive to us, very attractive to PEP. Certainly, we have growth aspirations, from a combined perspective, over time. Okay, that's good. And one more, if I may. So we're talking about sort of EPS accretion in 2025, and I know you're not going to give 2024 guidance today, but if we were to sort of think about the dilution just in terms of, I don't know, FY 2023 earnings or something like that, can you give a sense of the size that we should be thinking about for the next year? Look, it's probably just a bit soon. Can you let us get to the end of this financial year and then we'll certainly give some guidance at that point. All right. Thank you. Thank you. Our next question come from David Pobucky from Macquarie Group. Please go ahead. Good morning, Campbell and Courtenay. Thanks for taking my questions. Just to follow up on the capital structure, are you able to provide the cost of debt within the vehicle, please? I think we won't provide you the exact number. I think you can assume it's in line with market, is probably what I'd say to you. There's existing debt in the vehicle that's being structured into the new under the new ownership, but you can assume for the moment it's in line with market. Thank you. Just on the existing development projects, how much CapEx is outstanding? Development projects, how is outstanding? There's a number of sites under development. I think that the way to think about it, without sort of going into numbers of particularly what development capital's required, as Campbell said, it's a self-funding vehicle. So there's a land acquired, and then there's the upfront spend on the community centers and the curbs and the gutters and the roads. But then effectively on the sale of the homes, you're recovering all that. I think that's how you should think about it when you're modeling in terms of what the capital's required to complete the development portfolio that we flagged. It's about 1,900 sites. Thank you. Appreciate that. And just on the AUD 60 million deferred consideration, you mentioned that's subject to Tasman exercising its option over the next 12 months. What's the rationale behind the creation of that option as part of the deal, please? Oh, look, I think that's an inherited position. You know, Rob has, Rob Nichols started this business. He wanted an opportunity to grow. That opportunity was existing in the structure with PEP. So that's something we've inherited. The only thing I would say is that whatever the exit strategies look like at future points in time, there are tag and drag rights across all of these things, which ensure there is an opportunity to get to 100% at some point, for any party. Great. Thank you. Appreciate that. Thank you. Our next question come from Alex Prineas from Morningstar. Thank you, and thanks for the presentation. Can you just comment on where does this take Mirvac's gearing to? And just from this point looking forward, have you got any sort of bias towards more acquisitions or more disposals, would you say? We flagged that our gearing by the end of FY 2024 would be at the low end of the range. We flagged that the likely impact on gearing of the whole acquisition, obviously the delayed component is factored into that. And so with this, you know, gearing will be between the low to the mid-end of the range, is how you should think about it. But I would flag that, you know, we've got an asset disposal program this year. It is well underway. We've just completed exchanged on 60 Margaret. There's one landowner consent to come in, and we expect the funds and the settlement by the end of the month. And the other asset sales we flagged are moving along, particularly the AUD 400 million-AUD 500 million of additional smaller sales are getting good traction. So we're focused on those, and we're still, you know, on track to bring capital partners into some of our bigger projects. So that's all underway, and we will always look at continuing to recycle the bottom end of our investment portfolio strategically. Okay, thanks for that. And then just in terms of, can you just provide a little bit more insight in terms of the motivations of the parties that you've purchased this investment from? Are they, you know, getting a lot, do you think, out of selling specifically to Mirvac? You know, other than obviously the cash that is being paid for the asset. But yeah, is there significant growth that Mirvac could be bringing to the table that makes it attractive for them specifically to be in partnership with you? Or is it more about price, the negotiations there? Look, it's Alex, pretty hard for us to talk to the motivation of the vendor and why they've sold the business. So I think that's a question you should probably ask of them. What I would say, but Tasman as one of our joint equity investors in the business, who is the manager of the business, certainly we've had an opportunity to work very, very closely with them over the last three or four months as we've been finalizing this transaction. We've had an opportunity to visit the real estate. We've had an opportunity to see firsthand how they undertake business, their interaction with construction and modular housing. These are all things that Mirvac has capability in as well. I think that over a period of time, we just see great synergies between our businesses, which hopefully combined will unlock greater opportunity for this business to grow. Okay, thanks for that. That's, that's it from me. Thank you. Just a moment, please. Next, we have Ben Brayshaw from Barrenjoey. Please go ahead. Thanks for your time. Just a few quick questions. Courtenay, I think you mentioned earlier, there's a question on margin for the investment assets. Could you just clarify what the operating margin is to support the 5.4% cap rate? Also, just on rent review structures, maybe could you just discuss how they work with the CPI or include market reviews? And, slide 4 says there's a resale fee. So just to clarify that there is a DMF in the structure as well and feedback on how that works please as well. Thanks. So the rent review process, we've flagged CPI, CPI plus. There are annual reviews on those contracts. It is probably the first question. There's a style of DMF in WA. It's more around meeting that market and affordability of that market. It's effectively a deferred rent component. That product is only in WA, though, and that's in the valuation of our investment property that we flagged. And sorry, what was your first question, Ben? I'm The operating margin for the NOI. Margin, yeah. Yeah, we, we haven't flagged that. I think the way to think about it, you know, you can see the, the rent growth that we've flagged. I, I would bring everyone back to bringing back to our return on our investment. Double digit return on our investment is the way to think about what Mirvac is gonna bring out of, out of it for our shareholders. Could you just give, I guess, some comments around... I mean, is it above 60%? Because 65% is typically the industry benchmark, so I would have thought it'd be above, at least in the 60s. Yeah, pretty close. Okay, thanks. Thank you. Just a moment, please, for our next question. We have Peter Davidson from Pendal. Please go ahead. Hi there. Not Peddle, Pendal, but anyway, just about four small questions here. Just first one, with regard to the relationship between the two parties, are you really going to be offering this joint venture or this, this vehicle, the opportunity to buy some of your land at independent prices? Is that basically where it'll go? That's going to be the core relationship. Yeah, that's- Okay. Yeah, that's- All right. That's correct. But, but Pete, there'll also be opportunities that we will look at together, which are opportunities that don't exist on Mirvac's balance sheet. And so, we'll have two board seats, and we will get to see every opportunity that's presented to that business. So, it'll be a bit of both. Okay, so it goes to the second one, Campbell, which is, you know, what's the sort of opportunity here for skills transfer? Like, I know you'll be on the board seat, et cetera, but in terms of Mirvac executives getting to know and understand what's going on in this business intimately, on an operational level. So look, we will have, internally, Stephen Gould, who's sitting next to me and hasn't really an opportunity to answer many questions yet. Maybe we need to hand the microphone over a little more, but he is running that business segment for us. He will be intimately and deeply involved with Tasman for the life of this investment. Okay. All right, and just one for Courtenay. You mentioned that this would be self-funding, but, if you hope to scale it as well, it may actually not, it may actually require additional capital contribution. Courtenay? Yeah, I mean, based on our underwrite, there's some initial upfront acquisitions that might be required, a small amount of capital over the next 12-18 months. But beyond that, we do expect it to be self-funding. And it's just by virtue of that model that I talked about earlier. There's some upfront capital required, but you recover that pretty quickly through the home sale. So, you know, we are assuming it's not requiring a lot of additional capital from us. Yeah. I just - if you significantly scale it, you'll probably have to put some additional capital in all the boards, but- Sure. Um. Sure. Yep. It's high. And the last, the last one, Campbell, is probably one for Stephen Gould anyway, is a bit technical, but what's the relationship between land rents and Commonwealth Rent Assistance in this portfolio? So, are they— In other words, are the, the residents paying over the, the Commonwealth Rent Assistance in their underlying land rents? ... No, the average rent in across this portfolio is, you know, circa just under AUD 200 per week. The Commonwealth Rental Assistance is somewhere around AUD 75 a week. So that, that provides you a bit of a sense of how much the federal government is funding the weekly rent for the Serenitas customers. And about 80% of the Serenitas customers, and this is an estimate of the Serenitas team, because we actually don't know. But, they estimate it's about 80% of the customers are eligible for Commonwealth Rental Assistance. Okay. And what about if that's a couple? Is that the same number, 70, or is it higher? Couples is slightly less. It's slightly higher. It's, you know, it's like AUD 5 extra a week on like that. Okay. It's not material, but- All right. for single persons. Okay, that's it. Thank you. Thanks, Pete. Thank you. Thank you for all the questions. I will now pass back to CEO Campbell Hanan for closing remarks. Thank you. Well, thank you, everyone, for taking time out of your day to join with us in talking through this opportunity. Clearly, we're incredibly excited. We've, we've made no secret of our strategic intent to grow our exposure to the living sectors and to build the resilience of the income inside Mirvac by reallocating more of our capital over time into the living sectors and industrial. This is the first move for us to start that process. This is a really exciting opportunity, and it's a self-funding growth model, which we're particularly excited about. So we look forward to meeting with you in coming days and weeks, and, and going through detail as as is required. But thanks very much for your time. Thank you. This concludes today's conference. Thank you all for participating. You may now disconnect.