Thank you for standing by. Welcome to the Waypoint REIT FY 2022 results call. 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. Hadyn Stephens. Please go ahead. Thanks, Darcy. Thank you to everyone for joining us on Waypoint's 2022 results call this morning. Starting on page 6 of the presentation, I'll just quickly call out some of the highlights for the year. 2022 was very much focused on portfolio and capital management for Waypoint, with 31 assets sold for AUD 146.8 million in line with book value and approximately 50 million securities, or 7% of Waypoint's equity base, bought back at an average price of AUD 2.60 for a total outlay of AUD 129.4 million. Since the commencement of our non-core asset sale program in December 2020, we've now sold 71 assets, or about 15% of the portfolio, for a combined sale price of AUD 283.9 million, representing an average premium of 5% of book value, and we have returned AUD 302.7 million to security holders via a combination of capital return and security buybacks. This active capital management more than offset the dilution from the non-core asset sales during the year, and Waypoint was able to exceed earnings guidance with distributable EPS of AUD 0.1648 delivered, representing AUD 0.0425 growth on 2021. Waypoint's investment portfolio now consists of 402 properties with a combined book value of AUD 3.1 billion. The weighted average cap rate on these assets increased by 16 basis points during the year to 5.28%, with 11 basis points of compression in the first half and 27 basis points of cap rate expansion since June. The recent softening in transaction markets and cap rates supports Waypoint's decision to sell non-core assets at attractive pricing and return this capital to investors over the last couple of years. Although NTA per security has declined from AUD 3.18 at June to AUD 3.02 at December, NTA still increased by AUD 0.07 per security over the course of the full year, with the buybacks contributing AUD 0.03 of this increase and helping to offset cap rate expansion across the portfolio in the second half. Debt and interest rate hedging were another key focus for the team in 2022, with AUD 275 million of debt refinanced in August and a range of new interest rate hedging transactions completed throughout the year. Waypoint's gearing of 30.7% is at the lower end of our 30%-40% target range, with approximately 286 basis points of cap rate headroom to our key gearing covenant, a weighted average debt maturity of 4.4 years with no debt expiring until 2025, and average hedging for the 2023 financial year ahead of 93%. Waypoint's major tenant, Viva Energy, had a very strong year with EBITDA up 122%, net profit after tax up 211%, and a year-end net cash position of approximately AUD 290 million. Average weekly fuel volumes across the Viva-Coles Express alliance network increased by 3% during the year, with Coles Express reporting an 11% increase for the six months to December. Recovering fuel volumes and foot traffic post-COVID lockdowns resulted in Coles Express doubling EBIT for the six months to December, with same-store sales growth of 5.6% on the prior corresponding period. One of the most significant developments during the year was the announcement by Viva and Coles that Viva would acquire the Coles Express business, effectively terminating the alliance agreement that was previously due to expire in 2029. The transaction is currently expected to complete in the second quarter of 2023 and provides Viva with full control of both the fuel and convenience businesses across around 700 alliance sites, including 364 sites in Waypoint's portfolio. Viva will now have much greater flexibility in terms of repositioning its network to cater for an evolving fuel and convenience landscape, and we expect this to be a strategic priority for them over the near to medium term. This potentially has implications for Waypoint's capital allocation priorities over the same period, and I'll speak to that shortly. Now I'd just like to hand over to Aditya to take you through the financials in a bit more detail. Thanks, Hadyn, good morning. Turning to slide 10, which sets out the annual result. As Hadyn mentioned earlier, FY 2022 Distributable Earnings per security was AUD 0.1648, up 4.25% on FY 2021 and above our guidance of 4% growth. The primary driver of our performance was the pace of the on-market security buyback, which completed well in advance of year-end. Statutory profit for the year fell to AUD 133.8 million, primarily driven by valuation movements on the investment portfolio, where a net loss of AUD 7.2 million was recognized in 2022 compared to a net gain of AUD 305 million in 2021. Our management expense ratio increased slightly to 30 basis points, a result of higher operating expenses, which increased by 3% over the prior period. Waypoint continues to offer one of the lowest management expense ratios in the sector. Turning to slide 11, which sets out the drivers of our earnings growth in FY 2022. The portfolio delivered like-for-like rental growth of 3.1% over the year or AUD 0.0058 per security. Non-core asset sales impacted the FY 2022 result by AUD 0.0124 per security or AUD 9.6 million. This reflects the reduction in rent from the portfolio as a result of the asset sales in FY 2021 and FY 2022. Our interest expense increased slightly over the period, impacted by higher interest rates in the second half and higher average drawn debt compared to FY 2021. The security buyback resulted in a reduction in the number of securities on issue, which more than offset the non-core asset sales, adding AUD 0.0151 per security to earnings. This resulted in FY 2022 Distributable EPS of AUD 0.1648 per security. Turning now to the balance sheet on slide 12. The value of the property portfolio reduced by 5% to AUD 2.9 billion. This was primarily due to AUD 159 million of non-core asset sales and a net revaluation loss of AUD 7.2 million. There were no assets held for sale at the end of the period. Two assets with a combined book value of AUD 6.3 million were withdrawn from sale in the second half, given market conditions. Cash proceeds of AUD 160 million from the non-core disposal program were used to fund AUD 129 million of capital deployed in the security buyback, as well as to reduce debt, which was lower relative to the start of the year. Net tangible assets increased by AUD 0.07 to AUD 3.02 per security. Favorable valuation movements on the hedge book and accretion from the security buyback contributed AUD 0.04 and AUD 0.03 per security, respectively, to NTA. With gearing at 30.7%, the balance sheet is well positioned at the lower end of our target range of 30%-40%. I'll now hand back to Hadyn to take us through a market and portfolio update. Thanks, Aditya. Just taking a closer look at what's been happening in the direct market, our December valuations, and the portfolio impact of Waypoint's non-core asset sale program, and also touch briefly on a redevelopment at our Halfway Creek site that Waypoint has recently agreed to fund. In terms of the direct market, page 14 of the presentation sets out data for the last three years, which is based on our own internal transaction database. As you can see, fuel and convenience transaction activity declined significantly in the second half of 2022, resulting in total transaction volumes falling circa 40% year-over-year, and the average transaction yield increasing by 22 basis points. Waypoint's asset sales in 2022 accounted for approximately 1/3 of total transactions by number for the year. We expect these lower transaction volumes to continue in 2023 as a result of reduced buyer depth and pricing uncertainty. Recent auction results have highlighted that there is still demand for strong assets, with the defensive nature of fuel and convenience expected to provide at least some level of insulation for the asset class despite rising interest rates. Turning to valuations on page 15. Approximately one-third of our portfolio was independently valued this cycle, with the 28 basis points of cap rate expansion across these independent valuations flowing through into directors' valuations, which saw a 27 basis point softening. As I just noted, transaction activity in the second half of 2022 was modest, but rising interest rates have put upward pressure on cap rates, particularly those at the tighter end of the yield range. Highway sites proved the most resilient in the second half, with only 12 basis points of cap rate expansion. The overall portfolio weighted average cap rate on Waypoint's 402 assets increased from 5.01% at June to 5.28% in December. As I mentioned earlier, Waypoint has now sold approximately 15% of its portfolio since December 2020, with key observations relating to the disposal program outlined on page 16, which is an updated slide from our half year results deck. 15% of my assets sold have been regional sites, and we have achieved an average premium to parading book value of just under 5%. The disposal program is concentrated on smaller, less profitable sites and locations with lower population density, and we believe that the portfolio is now much stronger in terms of both operating metrics and real estate fundamentals. As previously advised, we anticipate selling a third to 5% of the portfolio over the next three-five years, market conditions permitting, but are not currently assuming any disposals in 2023. Turning to page 17. We're pleased to announce that terms have been agreed with Viva for the redevelopment of Waypoint's highway site at Halfway Creek, north of Coffs Harbour on the A1 motorway. The lease at Halfway Creek was previously due to expire in FY 2026. The relatively small incremental investment of AUD 3.6 million will improve the long-term positioning of this asset. The incremental rent, alongside the 15-year lease extension, underpins a healthy return on capital for Waypoint. Halfway Creek is one of three such projects that we are currently discussing with Viva. We expect to see further opportunities over the course of the year as Viva completes its network planning process post the acquisition of Coles Express business. Waypoint is not obligated to fund these redevelopments. We will do so where it makes sense for security holders. We see this as the most logical and compelling potential use of Waypoint's capital in 2023. Back to Aditya to discuss capital management. Thanks, Hadyn. Turning now to slide 19, which summarizes our key capital management metrics. Average liquidity at year-end was AUD 102.9 million, and our average debt maturity is 4.4 years. The balance sheet is well positioned, with gearing at the lower end of our target range. With uncertainty around the outlook for cap rates, we are managing the balance sheet to ensure it retains significant headroom to debt governance, which we've outlined on the slide. In addition to this headroom, our annual rent increases provide a further cushion against 16 basis points of cap rate expansion. Ninety-three percent of our annual rent reviews are taken into account during our 30 June valuations. Our weighted average cost of debt was 3.4% for the full year, but this was really a tale of two halves, with our first half cost of debt of 2.9% increasing to 3.8% in the second half, reflecting the significant increase in base rates in the latter part of the year. We expect the average cost of debt to continue to increase in FY 2023. Turning to slide 20. FY 2022 was an active year on the capital management front, with the refinance of our AUD 275 million revolving credit facility, which both extended its maturity and staggered its maturity profile. As a result, there are no debt facilities expiring before FY 2025. In addition, we progressively stepped up our hedging in the face of an increasing rate environment with over AUD 600 million of transaction activity on the hedging book. This was to enhance our overall resilience against further rate increases, as well as to proactively manage our cost of debt and provide greater visibility over the medium term. Our fixed rate debt and in-place hedges provide certainty of cost for 93% of our forecast borrowings in FY 2023. I'll hand back to Hadyn to provide our outlook and guidance. Turning to page 22, sorry. In 2023, Waypoint intends to continue the relatively cautious approach we've taken over the last two years, given the highly uncertain macroeconomic environment. Potential for further cap rate expansion exists across all asset classes. However, we believe that this will be at least partially offset by the defensive nature of convenience retail. Waypoint's rent reviews provide further insulation for our valuations, noting that 93% of Waypoint's rent reviews will be incorporated into the June valuation cycle. Gearing of 30.7% being at the bottom end of our target range, Waypoint's balance sheet is in a strong position and we remain very focused on this given the current environment. Our key focus in terms of potential capital deployment this year is on redevelopment opportunities across the Viva tenanted sites in our portfolio. We cannot control the timing or quantum of such opportunities. We expect Viva to prioritize the evolution of its network over the near to medium term once it takes full control of the convenience business from Coles, which is currently expected to happen in the second quarter. This will likely require significant capital investment and although we're not obligated to fund such redevelopments, and Viva can effectively choose to self-fund if it so wishes, we will continue to engage with them on this and will participate if the terms are acceptable and offer sufficient returns for our security holders. Given the current outlook and our preference to invest capital into our existing portfolio, we're not currently assuming any acquisitions in 2023, whether a new fuel and convenience assets or other opportunities consistent with our long-term diversification strategy. Although diversification remains a long-term option for Waypoint to explore, our near to medium term focus is very much on how we can improve and de-risk our fuel and convenience portfolio, with redevelopments being one of the key ways by which we can achieve this. In terms of further asset sales, we're obviously very happy to have sold the vast majority of the assets we deemed non-core over the last couple of years. We do have another 5% or so of the portfolio earmarked for potential sale over the medium term, and we'll consider opportunities to divest these assets when market conditions are conducive. These assets are generally better quality than the non-core assets sold to date, and are typically on longer term leases, providing us with flexibility in terms of timing of sale. We're pleased to confirm that our distributable EPS growth guidance for 2023 is AUD 0.1648, which is in line with the outcome delivered in 2022. This guidance is underpinned by average hedging for the year of 93% and assumes no acquisitions, disposals or further capital management initiatives. The usual caveats apply to this guidance. That concludes the formal part of the presentation today. I'd now like to hand back to the operator to coordinate the 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. Your first question comes from Richard Jones from JP Morgan. Please go ahead. Good morning, Hadyn. Just I think, you know, you're calling out a relatively quiet FY 2023 in terms of maybe some capital into redevelopments, but unlikely to sell assets, and I assume you're not likely to do a further buyback. Is that what you're saying as well? Correct. Yeah. We've got no plans at this stage for a further buyback, Richard. You know, as I mentioned, our real priority is on looking at those redevelopment opportunities across the Viva portfolio, and that's where we think our capital is best, you know, best placed this year. Yep. Okay, fair enough. Just in relation to cap rates, do you just have a view on, you know, where cap rates would need to get to to get you guys interested again? Maybe with reference to the non-fuel and convenience assets, again, you know, are you expecting or needing 50, 100 basis point move in cap rates before you'd be a buyer again? Look, we don't have a view on where they need to be. I mean, it's gonna differ depending on asset class, whether it's fuel and convenience or others, lease terms. It's just a whole range of different factors that go into it in terms of our decision to invest. I think when we look at the potential returns from reinvesting into our portfolio, you know, they're looking pretty attractive from both a return point of view and also a longer-term de-risking of the portfolio. You know, I think the relative returns at the moment, even if we assume some sort of cap rate expansion from here across fuel and convenience or other asset classes, you know, the relative returns we're seeing from those potential redevelopments, again, really just we're really focusing on those. Okay. I think you called out the one you've done is AUD 3 million. You've got two others that you're looking at. Is, you know, is the quantum significantly more than that, do you think? The potential quantum is certainly significant, but it could also be zero. You know, Viva can self-fund those developments if they want to. We have a choice of whether or not we participate, if Viva asks us to. The investment there could be anything from zero to, you know, a large number. But we, you know, we want to sort of quarantine our capital at the moment and focus on those opportunities because we think those discussions will continue to evolve in coming months. We don't wanna be out there spending that capital when it's best allocated to this opportunity. Yep. Okay. Thank you. Clear. Cheers, Hadyn. Thank you. Your next question comes from Murray Coplin from Moelis Australia. Please go ahead. Morning, Hadyn. Morning, Aditya. was wondering whether you might be able to provide some more color on what your return hurdles might be on some of this redevelopment CapEx that you've called out as potentially being on the cards for 2023? Thanks, Murray. Well, prefer not to be honest. I mean, we're, you know, we're in discussions with someone on this. I'd prefer to not sort of put that number out there, if that's okay. Sure. I guess maybe just your thoughts on what the outlook is. You've obviously said that, you know, given direct market liquidity, you've obviously got a bit of flexibility with regards to asset sales going forward. I mean, is this something that you anticipate to be something that gradually happens over a sort of one-three year timeframe? For those further asset sales? That's right. Yeah. Yeah. I think, I mean, when we originally put out that 5% of the portfolio, we were talking about a three-five year timeframe. You know, I think market's gonna take a little while to settle down. We're not assuming that that happens this year. If we, you know, if we have the opportunity to do so at attractive pricing and we have a use for that capital, then it'd certainly be something we consider this year. We're not assuming in our forecast this year. I think it's something that's more likely to happen over the next two-three years. Very clear. Thanks very much. Thanks, Murray. Thank you. Your next question comes from Leanne Truong from Ord Minnett. Please go ahead. Yep. Good morning, everybody. Just a follow-up question on the redevelop potential. I was just wondering if your relationship with Viva Energy has improved, or there's, I guess, more discussions since they've acquired Coles Express? Yes, Leanne. Look, I mean, we've always had a strong relationship. It's not as if the relationship has changed, but I think the fact that Viva no longer has a JV partner that they have to negotiate with as well on some of these redevelopments and what they do on the sites just makes things a lot easier for them to control their own destiny and do what they need to do on those sites. You know, it goes from being a tripartite discussion to a bipartite discussion and that certainly makes things easier. You know, we know and they've said in their presentations that they're, you know, that they're doing work on their network planning and what they need to do across the network once they control that convenience aspect of it. We, you know, we expect those discussions to continue with us as well, and we'll see whether or not we're involved in those. Thanks for that. Just a second question. What are you seeing in terms of the transactional market? Have you seen that pick up in the last month? I mean, noting that, you know, Burgess Rawson, there were some pretty strong results. Just some insights there, what you think is happening in the transactional market. Yeah, I think as we, as I mentioned, it's you know, strong assets. Pardon me. This is the operator. We appear to have lost connection with the speaker line. Please hold while we get the line reconnected. Pardon me. This is the operator. We do apologize. We are having some technical issues, and we will have to close the call down here. If you do have any questions, please feel free to email them through to the team. Thank you for participating. You may now disconnect.