Good morning, and welcome to the AEW UK REIT plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just click Q&A, scroll to the bottom, type your question, and press send. The company may not be in a position to answer every question received during the meeting itself. However, we review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Laura Elkin, Portfolio Manager. Good morning. Thanks very much, Paul, and good morning to everyone who's joining us today. For anyone who's joining us for the first time here, my name is Laura Elkin, and I'm the portfolio manager for AEW UK REIT. I'm joined here by Henry Butt, who is the assistant portfolio manager. Good morning. So for those of you who have joined us before, a very familiar slide to start on today, but we'll continue including this in case we have any new joiners with us. This slide sums up our strategy, and it's the same strategy that we've been running now for the past nine years since we IPO'd. We are a value investment strategy into UK commercial property, and we use value investment principles to identify mispriced assets to buy. Once we own those assets, we then very actively manage them. So we have a in-house asset management team who proactively manage each and every one of our assets, and we do that in order to maximize the income from those assets. And that's hopefully demonstrated in the dividend of GBP 0.02 per share per quarter that we've paid out consecutively now for 32 consecutive quarters. So that was for the entire lifetime of running this REIT, following our initial investment ramp-up period. We also manage the properties very actively to unlock capital upside. So you'll see that if you follow our news flow closely, not only are we generating a high level of income from our properties, we are also generating an attractive level of total return, so an annualized five-year total property return of just under 10%. Now, very key to our strategy is the fact that we are not sector constrained. We look across the whole of the UK commercial property market to find best value in assets throughout a range of different market cycles as we see them. So each asset is selected on its own merit. We don't, for example, go out looking for a particular sector in a particular area. We analyze all of the opportunities that come up in our pipeline, and we choose the ones that we think look like the best value. So how do we do this? We look for well-located UK commercial properties and very much a focus on location, and that's been a has always been a strong focus on our strategy, but it's been a focus particularly recently during the last twelve months. And that is because we think that opportunities in our pipeline over the last twelve months have unlocked some higher quality locations that we've been able to purchase, and we'll talk you through some of the examples of these. We typically buy initial yields between 7% and 10%, so that's the high-yielding nature of our properties. We access those higher yields often by buying shorter leases. So that's just simply saying that we buy assets that are most often towards the shorter lease end of their life cycle. If we were buying assets when a new lease had just been put in place, that would represent a higher value for a property. When we're buying shorter leases, we often get better value, a higher income yield on the way through, a higher capital value on the way in, and we think that creates significant optionality in our business plans. So we're often comparing purchase prices to alternative use values. We think that's demonstrated well in our low average book value of around GBP 70 per sq ft and our low passing rent of around GBP 6 per sq ft. So just to recap there on our strategy. Moving on to the next slide, we show some high-level statistics on the portfolio as at 30th of September. So you can see in the portfolio, we've got 35 properties and just under 150 tenants. One of the key metrics to pick out here is the difference between our net initial yield and the reversionary yield on our portfolio. Now, these numbers are independently assessed by our fund valuer, Knight Frank. They are not AEW numbers. Of note here is the fact that our reversionary yield is significantly higher than the initial yield, and this figure represents the inherent ability that our portfolio holds to grow income over the medium term. I think quite a significant reason for that higher reversionary yield is still because we've got a significant weighting of the portfolio in the industrial sector. Now, just talking about our strategy and how we've implemented our strategy over the past few years, if you have been with us since the early days of running this REIT, you would have seen us buying quite a lot of industrials in the first few years. We haven't been buying industrials in recent years because the values were pushed a lot higher because of demand in that market, and the yields that we were looking for were not on offer. We were not seeing relative value in that sector compared to other sectors that we were able to buy. So over the past few years, we have moved our purchasing strategy towards other sectors and have been finding greater value, particularly, for example, in the last 12 months in the retail sector. Now, I'm pointing this out when talking about the reversion reyield is because we still hold a significant amount of weight around 35% of the portfolio in the industrial sector. I think the way that that sector and the assets that we hold still demonstrate a high reversion is much of the reason why you will see a higher reversion reyield here against our portfolio. Moving forward to the next slide. This is the slide that Henry and I put together a few years ago during the pandemic, and we were hoping it would show investors how we felt our portfolio was very robustly positioned. To be honest, given the current economic environment and the what we've seen happening in the wider economy over the past 12-18 months, I think this slide is still very relevant. But even in better times, I think this slide actually represents a lot of things that we look for in this strategy. So whether it's positive times or slightly more challenging times, I think this is a really good slide to use to summarize our strategy. So we talk here about our book values being underwritten against long-term fundamentals, such as vacant possession value and alternative use value. Just to explain in a bit more detail what that means, it means that every purchase that we make for this strategy, we are comparing our purchase price on a capital value per square foot basis or a land value basis to what we would expect the value of that asset to be if it were vacant or if it were in alternative use. Now, the reason why we do that is because we hold properties for, sometimes for, a short period of time. It could be a year or two, and sometimes we've held our properties for a significantly longer period of time. And we all know that during medium-term hold periods, things will change, things can change. For example, in the nine years that we've been running this REIT, we have seen significant change in the UK retail market. Now, using those metrics and comparing our purchase prices against alternative uses on the way in mean that we have never paid a price for an asset that is far too high, and we often, in a business plan, have methods of underwriting value that support the value through alternative uses or also bring a level of capital uplift. If those of who have been following us for some time, a particular example of that is an asset in Oxford that we sold last year. We bought that as an office underwritten by alternative use values in life sciences. And given the demand for life sciences at the time that we sold that asset, we crystallized significant profit on the sale because of having that underlying metric. So we use that as a method of downside protection, but also of capital upside. I talked about the reversionary opportunity, but we think that at the moment, there is still a lot of resilience in occupational demand in our portfolio. And I've been really very pleased to see how over the last two quarters in particular, we've had a very busy time for asset management, and hopefully, if you have read our NAV announcements over the course of this year, you will have also seen how we have had a very busy period for new lettings, for lease renewals, for rent reviews. And Henry will talk about some of those examples coming up and how we've been using them to grow our income stream over that period and to add value to our assets, too. Handing over to Henry now, who will look at some of our recent performance. Thank you, Laura. Good morning, everyone, again. So this slide, slide seven, looks at our EPS growth over the past year, and you will see that we have grown the EPS by 0.7p from Q3 2022 to where we are today. And we have done that through a range of asset management deals growing the income through new lettings and regears and rent reviews. But as you can see from this chart, we have also had quite a period of flux where we have been selling out of lower-yielding properties and reinvesting those proceeds into higher-yielding assets, and we touch on that theme a lot in our announcements. You'll see that in Q4 2022, we purchased Bath and Bromley. These were off yields around 8%, and we sold out of Milton Keynes, which was an industrial asset, and an office asset in Hemel Hempstead for lower yields. We have boosted our income, which will naturally feed into our earnings per share. We then, in Q1 2023, bought Matalan in Preston, yielding 9%. In the summer, we sold out to Deeside, which was actually a vacant industrial building, so no rental income there, having an impact on these earnings. We also sold two other industrial assets, which were lower yielding, I think roughly around 6%-7%. One in Leeds, which is Lockwood Court, and the other in Bradford, Euroway, where we had carried out the asset management initiatives that we wanted to tackle, and we felt it sensible to take our profits off the table and sell those. More recently, we have recycled those proceeds into, again, high-yielding assets, which Laura will touch on later in the presentation, being NCP in York, a multi-story car park with some retail and an office, mixed-use office in Bath, both high-yielding assets. That is how we have managed to grow this EPS over the past year by 0.7p. With further asset management in the pipeline, we look to continue on that journey. This next slide just breaks down our dividend cover since inception, and you can see that we are 94% covered since the beginning of AEW UK REIT. We like to sort of remind our investors that we do have a sort of a total return theme. As I'm sure you can appreciate, over the years, we've had some very successful sales, Corby, Oxford, to name a few. Through those profits, where we have crystallized those profits on those sales, we have the ability to top up our dividend when it is not fully covered through the income. This chart here shows exactly that. It's probably also worth noting that we still have a lot of retained net gains from those disposals, so it's not like everything that we have crystallized through successful sales has been paid out through dividends. The majority of that is reinvested into new properties. This next slide looks at our performance, our NAV performance, total return versus our peer group. It's a slide that you will have seen on numerous occasions if you've joined these calls historically. The main point that I would like to sort of touch on here is, you can see in June 2019 where our performance moves away from the peer group. You can see the years one, two and, and three that it's pretty much in line with the peers, but then it moves away in June 2019. The reason for that is, as Laura said earlier on, we typically buy assets with shorter lease lengths. So therefore, after three to four years, we would normally find a lease event, whether that be a rent review, a lease renewal, a tenant leaving and letting the unit to a new tenant. By doing that, we have managed to grow the income and, off the back of that, enhance the value of our assets. That is why it's not a surprise that you see our performance moving away from the peer group, because we do tend to buy, assets with a shorter income profile, and therefore, there are asset management opportunities rather than invest in long income streams where there is no asset management. We like to say that asset management is the beating heart, of the strategy, and as asset managers, we like to get under the bonnet of our assets and find ways of adding value in. That is shown here with our total return moving away from the peer group. This slide looks at our returns versus the diversified peer group. As you can see, we pay one of the highest dividend yields of 8.1%, and we have the highest share price total return over one, three, and five years. That theme is mirrored as well in the NAV total return over three and five years, where we've had 12.6% and 9.8% total return, respectively. This next slide shows our dividend in comparison to our peers, and you can see we're paying a dividend of 8.1% as of September. It's probably worth noting, obviously, that these dividend percentages move as your NAV changes. We have had the lowest discount to our NAV, with an average of about 9%, whereas the rest of our peers have discounts going into the double digits. It's probably worth mentioning in this slide, because the regional REITs, the dividend sticks out there, that dividend is so high because they're at a very high discount. I think it's roughly about 60%, and they have principally invested in offices. We all know what the headwinds that the office sector is facing at the moment with the hangover of COVID and the struggle of people returning to the offices, and that is obviously feeding through into valuation performance. Slide 12 looks at our five-year annualized property total return outperformance versus the MSCI benchmark. As you can see, we have outperformed the benchmark over five years by 6.67%, that is a total return of 9.6% in five years. Over three years, it's a 12% total return. More recently, you can see we've not fared as well, and obviously, that's set against the backdrop of rising interest rates, which have particularly impacted industrial values, which obviously that sector performed very strongly with developers and investors securing cheap debt over the past two years. And obviously, you had all the positive occupational story with COVID, and sort of more recently, the valuation performances of offices, as I mentioned, the COVID hangover, they haven't fared particularly well. But as you can see, more recently, we have bucked that trend, and we are building again off the back of lots of exciting asset management and the stabilization of valuations. This slide here breaks down the 12 months by sector versus the MSCI benchmark. I've touched obviously on industrial. What's probably worth noting here is our office and our other performance. We have performed well in other, off the back of doing a five-year renewal to Odeon, in Southe nd. So we saw some strong valuation performance there, securing our tenant for a further five years. As Laura mentioned earlier on, we sold our office park in Oxford to a life sciences medical use developer for a significant profit, and that is why our office performance has outstripped the benchmark. I'll hand back to Laura for some investment strategy. Thank you. Thanks, Henry. We'll start here with Commercial Road in Portsmouth. This is our most recent investment transaction, and it was a sale that was completed back on the sixth of October. This is the most recent and perhaps final step in the capital recycling program we've been undertaking during the course of this year. The sale was made at a 22% premium to the asset's previous valuation. A really good outcome. What you would have perhaps noticed in looking at some of our other sales that we made earlier this year, where we were recycling capital, was where we were very often selling lower-yielding industrial assets to reinvest into higher-yielding assets in our pipeline, and that's a theme that we've talked about before. Now, this asset appears slightly different in its sale because you can see here the sale price at GBP 3.9 million still reflects a high initial yield at just under 10%. So why did we sell it? We sold it here to take risk off the table in this location that we saw as having deteriorated quite significantly since our purchase back in 2017. Of course, since 2017, we have seen a lot of change, structural change, in my opinion, that won't be reversed in the UK retail markets. And that has led to locations such as this, repositioning their pitches and refocusing their pitches. And what has happened here on this street is that the prime retail pitch for retail has moved away from this block. So taking some risk off the table, we were able to achieve a sale at that significant premium to current valuation, to our book values. Crystallize that profit, sell the asset to a local developer for long-term. They have long-term redevelopment plans for the asset. And I'm really pleased with the outcome here. I think, yeah, this, this is a really strong move for our portfolio. And the reason why that is, is we have been able to reinvest the capital into stronger locations in our pipeline. So, the next two slides coming up that I'm going to talk about show two acquisitions, and you'll see really the difference in the quality of location. Selling out of Commercial Road, Portsmouth, and buying into city center locations in York and Bath. We see those as being much higher quality locations from which we would expect much stronger performance going forward. Now, in the blue box at the bottom of this slide, I've just included a summary really, of some of the other sales we've made so far this year. And this is what's summarized when I've talked about our capital recycling program that we've undertaken this year. A number of assets, mostly industrial, that we've sold for lower yields and bought higher-yielding, attractive, well-located assets from our pipeline. What I think is really interesting to point out here, though, is that all of these sales summarized on this page, of which there are five that we've undertaken this year, have all been taken at some quite significant premiums to their book value, ranging from, I think the lowest is Milton Keynes, around 7%, and up to here, Portsmouth, at 22%. So, hopefully demonstrating proof of our NAV to the market. Now, here we show an acquisition. So Tanner Row in York was acquired back in July. We included this slide in our last presentation but given that it was undertaken during the last quarter, we've decided to include it here again. And this is a theme that I'll talk about here in York, but also on the following slide for Bath, too. Looking at these strong city center locations, tight land supply, analyzing these blocks really on a capital value per sq ft basis overall. So almost, when we describe our strategy as being sector agnostic, of course, we're very interested in what they're doing today. This is an NCP car park from which we know that they are trading profitably and which NCP have a further nine years on their lease. But over the long term, to buy in this location at GBP 100 per sq ft capital value, it, it, is, I think, a very attractive thing to do, for a long-term value strategy when we could potentially move this block into alternative uses. So really happy with this asset from an income perspective over the short to medium term, but also from a capital perspective over the medium to long term. And again, Cambridge House in Bath, our most recent acquisition back in September. Tight land supply, excellent location. Apologies, this aerial view of Bath at the top right-hand corner of the slide there is perhaps not particularly clear. But the large red rectangle represents the asset, and there's a small red dot in the bottom left-hand corner of that photo, which is Bath Train Station. So we are located approximately two to three minutes walk from Bath Train Station. And between the train station and the historical center and remaining retailing pitch for the city. So this is a really excellent location, and it's really the location that we're buying into here. Again, for this location, a low capital value of just over 200 GBP per sq ft. We bought another block in Bath at the end of last year for similar values, on a capital basis. You might be asking yourself the question, we're buying offices? You've previously heard us talk with some concern about this sector. And you wouldn't be wrong. What I would say is that we certainly wouldn't be buying offices across the board or generically at the moment. This asset has been very selectively chosen because of that location, because of the yield it offers, because of the mixed-use nature here with retail on the ground floor as well, and this location works very well. So, it wouldn't be that I think we are set to expand in this sector at the moment. I think that's probably a little bit too soon. Henry's mentioned that we do expect to see some stabilizing in office occupational levels going forward. But it felt at this time that this asset, based on its fundamentals, was mispriced and therefore made a suitable acquisition for us at this time. Just handing back to Henry now to talk through some asset management examples. Thank you, Laura. The next three slides that I'm gonna just run through touch on the three sort of traditional sectors, being industrial, office, and retail. And I think that exemplifies how much asset management we have going on in the portfolio. And it's not focused in one specific sector. So that is, that is obviously good news. This first slide looked at what we have been doing in the industrial sector more recently. As a reminder, industrials still make up a high percentage of the portfolio value being 36%. And we've carried out a number of transactions across these three particular industrial units. First start with Oak Park in Droitwich. We this quarter secured a new letting to J Warwick at GBP 79,000 per annum, which is a low rent, reflecting the nature of these units. But in the previous quarter, we also carried out two other lettings, one of which was at a rent of GBP 123,000, moving up to GBP 148,000 throughout the duration of the term, and another letting at GBP 70,000 per annum. So we've moved on the rent at this asset by roughly GBP 280,000 per annum, and that touches on that reversionary nature of the portfolio. Again, if we move on to Wakefield, more reversion coming through here, but not through new lettings. What we're seeing here is we're actually increasing the rents through rent reviews. You will see that we have done a rent review at 27% above passing and 50% above the passing. So we are organically moving on rents, and they will obviously help us if space comes back and we need to do new lettings. So really driving that, that yield. This is yielding roughly about 9% at the moment, so it's ticking all the boxes in terms of what we want to do with regards to our earnings. But we have a reversion here of about 12%, so there's still some more rental growth to come through as lease events come around. And then finally, our industrial holding at Westlands Distribution Park in Weston-super-Mare. We've carried out three rent reviews to North Somerset Council, moving on the rent by 20%. The new passing rent, GBP 3.10 per sq ft, which is still a relatively low rent. You know, typically, rents for space a bit like this, you would imagine, would be starting with with at least a 4 and would be in the mid 4. So we feel that there's probably some more growth to come through with a organic rolling refurbishment plan here. And we have also recently renewed with JN Baker, who are sort of probably, you could argue, the anchor tenant for a further two years, at GBP 3.72, GBP 160,000 per annum, which is obviously a nice sizable amount of rent and key to the strategy. So moving on to Central Six Retail Park in Coventry. We've presented this slide on numerous occasions over the past year, and that's because there has been a lot of asset management going on here. As a reminder, we've completed renewals to Next, Sports Direct, and Boots. And when we bought this asset, back in Q4 2021, we had a couple of vacancies, three or four, I think. And we have managed to bring in a range of new tenants, and we have made announcements on this, and those tenants being Aldi, Iceland trading as Food Warehouse, and more recently, we're looking to secure lettings to Salvation Army and My Dentist. As you will see, we bought the asset in Q4 2021 for GBP 16.4 million off a net initial yield of 7.8%, with a reversion of 12.8%. And if you see in that chart in the top left-hand corner, we have grown the rent by roughly GBP 1 million since Q4 2024, and that is showing that reversion coming through. And as a consequence, not only through securing high amounts of income, but also securing stronger tenants off the back of this E class, which means you can bring in a wider range of tenants into your retail warehousing parks, rather than having a traditional tenant line-up, which is predominantly normally fashion. We've managed to move on the valuation here by GBP 5 million, and there's still further reversion to come, as the Aldi, and the Iceland, and the Salvation Army, that rent starts to come in once incentives burn off. So it's been a really, really good example of what we can do, in our asset management team, in driving income, which obviously has a positive impact on earnings and, driving valuation performance. I think it's also really interesting the way that, a relaxation of the planning, strategy in the UK during 2020 has allowed us to improve the tenant mix here. So historically, we would've really struggled to move, retail units between different retail units. They were quite, had strong sub-categories that were more difficult to move between. That was relaxed in 2020, and it really allows us to move this park from, historically, you might have seen fashion parks or bulky goods parks with a particular theme. That trend has definitely ended now, and what we're creating here is a kind of quasi high street, and that is what will drive the footfall of the future in these types of locations, and that is what will support the investment value going forward. Finally, Queen Square in Bristol. This has been very much a sort of alive and kicking asset over the past couple of years, with lots of asset management through a rolling refurbishment plan, securing new tenants, and also keeping tenants in and moving rents on. And you'll see in this slide that when we bought this asset, the average passing rent was GBP 16.70 per sq ft. We bought it off an ERV of 20, and despite what's been going on more recently in the office sector, we have managed to secure some new lettings. And there's mention there of the GBP 40 per sq ft that we achieved to Konica. We've also pushing on rents in an unrefurbished space, and we've managed to secure a 30% increase in rent over 2023. More recently, at this quarter, we completed another letting to Environmental Resources Limited at GBP 35 sq ft, which is obviously less than the letting to Konica because the space was not refurbished to the same specification as Konica. But a real good example that in offices, if you have good environmental performing assets, well-located assets, this is in the prime office pitch in Bristol. You refurbish the space to a good quality specification, then you will manage to secure those office tenants. And there really is a theme of flight to prime in offices at the moment. Laura touched on that, when she was talking about Cambridge House in Bath. And off the back of those strong asset management deals and lettings, the valuation has moved up to GBP 11.5 million from GBP 7.2 million, which we bought it off, which is kind of going against what we're seeing in the office sector. But that's because we've got a well-located, good asset where there's asset management, rather than an office on the outskirts of a town in an office park, which may be considered obsolete, where tenants are only prepared to take 2-3-year terms, relatively low rent, very high incentives, and it's very difficult for landlords at the moment to get those office schemes to work. So we really are focusing on good quality office location, very well located in good cities, as per this asset and Cambridge House in Bath. Thanks, Henry. I'll pick up the next few slides where we cover off an update on our ESG strategy. This first slide shows our current EPC ratings. To be honest, these haven't changed since the last quarter's meeting. But we just hadn't been able to update on some of our strategies here. We talked about having 11 units that currently don't have EPCs but have them in draft, where we were currently in the process of making improvements to those assets. I'll just highlight, that's not 11 properties, that's 11 units within actually two properties. One industrial located in the Southeast and one industrial located up in the Northwest. Up in the Northwest, we've been carrying out a rolling program of capping off the gas supply to a couple of the units where it wasn't being used. In doing that, a simple task like that takes the EPC rating from being non-compliant to compliant. We've been doing that during the course of the last quarter, and therefore, we'll be updating those EPCs soon, and hopefully, you'll see those move up the schedule. On the unit in South, in the Southeast, we are currently engaging with a tenant who have been in occupation here for a very long time, and we believe will want to retain here. They've been consolidating their business into our location, which is always good to hear. Henry's just in a negotiation with them at the moment, but we believe that in carrying out some works to the roof, we can perhaps have the ability to extend the lease and have some payoff there between the capital that we'll be needing to spend and the valuation of the unit. So just an update on the ongoing strategies that we have in place here. I think just to touch more widely on this, we do see that during the course of our usual business in asset management, a lease comes to an end. We collect debt dilapidations from a tenant, we make improvements to a unit, we relet the building again, and that is effectively the lease life cycle. In going through that process-... We do see improvements to units all the time, and often that feeds through to improvements in EPC ratings. So we see this as really being built into the course of our usual business. As a short lease strategy, I think we have perhaps more opportunity than others to get our hands on the assets and make those improvements. So over the course of time, we would expect to see these migrate towards better ratings. We're also, when we are having negotiations with tenants to take new space or to renew a lease, we are inserting green clauses in those leases, which, to project sort of a collaboration between landlord and tenant to improve the environmental performance of those assets. And if we were doing, for example, a new letting, we would specifically state in those heads of terms that a tenant's fit out should in no way compromise the EPC score of the unit. But obviously, typically, if a tenant is fitting out a unit, you would naturally see an improvement, rather than the EPC getting worse. Just some other updates here. If anyone reads in detail our annual report, you perhaps would have noticed when we released this back in July, that we have been, for a number of years now, setting ourselves some targets on carbon emissions. We've been making some really good progress here. The first year that we undertook this was from 2018, which we use as a baseline measurement. Since 2018 compared to 2022, we saw a roughly 34% improvement in the emissions from the portfolio. Back in July, when we released the latest annual report, we decided to go one step further with those reduction targets, given that they currently sat around 15%, and we had clearly done a lot better than that. To push them out to a target that hopefully we can exceed as well by 2030, of reducing our emissions by 40% from that 2018 baseline. Now, our managing agents are very much clued into doing this on all of our assets, all of our managed assets, and particularly those that have been in the portfolio for longer than 12 months. All of them are using green tariffs, and that is what we expect to see going forward. We're also undertaking at the moment a process of rolling out, I've called them AMRs here in this slide, but to use some more standard terminology, smart meters effectively on a number of our assets. This helps with energy usage data collection, and we can tell a lot from our assets about the amount of energy that our tenants are actually, actually using on site and look to make improvements on there. This is gonna be a really key part of us both monitoring and improving our emissions going forward. We've currently got a rollout of about 13 of those at the moment and looking to expand that more widely across the portfolio. We've just got a note here on biodiversity. This is a fairly easy win for us, and we've got an example here of some recent work we've been carrying out on one of our sites in Dewsbury. Improving and planting across the site, putting up bird boxes, putting up bug hotels, might sound like really small stuff, but actually, we believe that, where we own these sites and where these kind of projects are very easy to complete, and very cost light, we will undertake them where we can. And again, that is in the hands of our property managers who are tasked to do that. On all of our assets, all of the assets here, in the portfolio, we've got what we call an Asset Sustainability Action Plan, where all of these actions are summarized and tracked throughout an asset's whole period. Just finishing here on our GRESB score for 2023. So GRESB is the Global Real Estate Sustainability Benchmark, for which AEW has been participating in since 2016. Apologies for the rather small font. In the bottom left-hand corner of this slide, you'll see us tracking our historic GRESB scores since we started participating in this benchmark. You'll see there a general trend of improvement, of which we're very, very proud. Where we have plateaued on GRESB in recent years is really a lot to do with data collection. So as I've talked about that rollout of smart meters, once we can find out more about the energy that our tenants are using on site and look to make improvements there, that will be where we hopefully see in the future some improvement to our GRESB scores. But it will take for those meters to be installed, for the feedback to come through, and for the improvements to be made, I think before we start to see that filter through. But for now, we're certainly very happy with our score and the improvement that we've shown in recent years. Just handing back to Henry to conclude. Thank you, Laura. So just to run through these salient points on this slide to conclude. So over the past year, we have continued to improve our earnings and our dividend cover, and as I said earlier on, we would further expect that to continue, going into the winter and into 2024, with various asset management initiatives coming through. The portfolio is fully invested, after a period of undulation, through sales and acquisitions, and we roughly have about GBP 2 million, which we are holding back for potential asset management initiatives. We might invest some of that money, but we'll see what happens. We do have a strong pipeline. We continue to always have a strong pipeline, in the event that we do decide to make sales if opportunities present themselves. The portfolio is very organic, so there is a number of further value-enhancing asset management initiatives in the pipeline. So the asset management team will have their eyes peeled for further value-enhancing initiatives, as well as growing the income to add to that, earnings. As Laura said earlier on, we feel in a safe place, given that when we buy assets, a lot, they are typically underwritten by alternative use values, and the sale of Oxford last year is a classic example of that, where we could sell into an alternative use at a higher value than the existing lease. We have a good track record of crystallizing these gains. When we realize that we have done the asset management, which typically happens after 3-5 years, we feel that if there is no more juice to squeeze out of the asset, then we decide to take our profits off the table and sell those assets and crystallize those gains. We refinanced about 1.5 years ago. We've got a very low cost of debt, set against what's going on in the wider market, where obviously debt has increased a lot. As I said, to finalize, we've always got a good pipeline of assets to buy in the event that asset management initiatives do conclude, and we'd like to take those profits rather than continue to hold those assets, typically on lower yields. Thank you very much. Thank you for joining us. Fantastic. Laura, Henry, thank you indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using the Q&A tab situated on the right-hand corner of your screen. Just while the team take a few moments to read those questions submitted already today, I'd like to remind you that the recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Laura, Henry, as you can see, we've had a number of questions, both pre-submitted and throughout today's presentation. Thanks to all the investors that have submitted those questions. Can I just please ask you to click on that Q&A tab star at the top and just read out the questions where appropriate to do so, give your responses, and I'll pick up from you at the end. Thanks, Paul. So I'll start with what I think was a pre-submitted question. It says, "Why has our fund's valuation stayed up when a lot of other REITs have seen their assets revalued down due to higher inflation and interest rates?" Thanks for that question. I think that was from John. First of all, John, I would slightly disagree with perhaps your summation, although it does view us rather favorably. We saw interest rates rising significantly, and we have seen interest rates rising significantly and the cost of debt, particularly in commercial property, rising significantly throughout the past 18 months. Now, that was culminated, really, felt most strongly in commercial real estate valuations in Q4 last year, when I would say, effectively, the market as a whole, the sector as a whole, saw value loss in the region of 20%-25%. And we saw that value loss, too. So I certainly wouldn't say that our own asset valuations have been immune or have stayed high when others have fallen as a result of higher inflation and higher interest rates. Now, I would again summarize the market as a whole in saying that I think that values have broadly stabilized throughout the start of this year. I'm very pleased that the UK commercial property valuation and industry took that move quite proactively in Q4 and crystallized a lot of the loss at that time. It meant that portfolio managers such as ourselves have really sort of mark-to-market their valuations, and it gives us the ability to undertake the sales that we have done during the course of this year, which we wouldn't have been able to do if those values hadn't been mark-to-market. Where I think our values perhaps have differed to others so far this year is firstly, we've had quite a low-- we have a low weighting to offices in the portfolio, and I think that's perhaps the one sector where values aren't so much stabilized at the moment because of changes that we expect to see ongoing on the occupational side. That's perhaps one reason. Also, perhaps if you imagine two portfolios, both with values having broadly stabilized, but one with very proactive asset management, where asset management gains are being made throughout each quarter and another where that isn't the case, I would expect to see better valuation performance on that portfolio which had the proactive asset management. That is exactly what we're seeing in our own portfolio. We have talked a number of times in the past with this theme about how we believe that our very asset management-heavy strategy can deliver some countercyclical returns during, perhaps, times of plateau in the market when we can be making gains through asset management. We can see that built into our valuation. We can take that valuation uplift at a time when others aren't. I think perhaps if, if you're referring to our portfolio having had better valuation performance so far this year than some others, then that would be the case. Hopefully, that answers your question. We've had another pre-submitted question which says: Looking ahead, is the future good with many opportunities, despite the rising in interest rates? Now, of course, we've been, I think we've been pretty prudent in how we've managed our portfolio over the last 12 - 18 months. We were very lucky to have taken the excellent decision, I think, to re-refinance our portfolio back in May 2022, which saw us lock in a low cost of debt at under 3% for the next five years. A very prudent move. Off the back of that, I think if you'd asked me that question sort of 18 months ago, I would have said that I had some concerns about perhaps the resilience of our tenants or how certain sectors would hold up during a period of this quite unique economic stress that we have seen over the past 18 months. Now, sitting here today and I can talk about a number of reasons for that. But it has, I think, performed more robustly than I would have expected, and our tenants have been more robust than I would have expected. We've talked in the past quarter about Wilko and the write-off that we had to take there. We have stripped effectively that income stream from our earnings forecasts going forward, and now that property effectively sits vacant as an opportunity to relet. But that Wilko example is really just one example over the past 18 months of a major tenant of ours having failed. And I think that really has been the case across most of the market. So most of the market tenants have been more resilient than I would have expected, and perhaps that's really great to see. I'm really pleased to see how we've been able to continue with many of our asset management strategies during this time. We've made significant gains. As Henry has discussed on one of the slides, we have grown our earnings significantly during that period. Are there many opportunities? Yes, I really do think there are. The past 12 months has created some great buying opportunities for us as well, where fewer players have been in the investment market, and we've been able to access some really great mispriced assets. Hopefully that answers your question. Another question is: What is your intention with the dividends going forward? The person asking this question has provided a number of options: maintain, increase, or reduce. Of course, the setting of our dividend is a board policy. It is not something that is determined by Henry and I. We simply work the portfolio to generate the highest level of total returns and the highest level of earnings that we can. It is then up to our board to decide on the company's dividend strategy. Now, what I think our board have demonstrated over the course of the past nine years, is that during times when we have taken significant capital profit, and that crystallized capital profit is clear to be used to top up the dividend during times when the company is going through a period of being not fully invested, such as we have seen over the past two, two and a half years. That capital profit is then used to top up the dividend for a time when dividend cover looks healthier. So, I think our board have made no secret of the fact that it is their plan to maintain the dividend going forward on that total return basis. There's a question from Gavin L. here saying: "Office exposure, your thinking, please?" Well, I think we touched on that quite a lot in the presentation. Laura sort of just mentioned that the valuations in office sectors are sort of on the back foot at the moment. I feel that whereas maybe in the industrial sector, the sort of storm has kind of blown through with what happened with values there, I feel that we are in the midst of that storm in offices. However, of course, we have been buying offices, and that's touched on what I said earlier on again, about it's very much a flight to prime. We're not just seeing that in cities like Bath, where we have bought, but, you know, across the UK and everyone's aware of what's going on in London as well. As long as you are buying the best-located properties with good ESG fundamentals, so not poor-scoring EPCs, and providing good quality space, then we feel that the office sector, going forwards is fine, as long as they are the right properties. I hope that answers your question. We obviously would not be buying properties, as I mentioned earlier on, out-of-town properties, where we have high levels of vacancy, a churn of tenants, rents in the around GBP 10 a sq ft with high incentives, weak covenant strength. That is not an area of the office market we would like to be in. But if we see some really decent bricks and mortar in good located, areas in strong cities, then we will certainly look to buy those assets. Actually, if you have a ground floor, retail and leisure presence, then that is another string to that asset space, hence why we recently bought Cambridge House, which has that as an alternative asset management angle. Let's also not forget that office assets do lend themselves very well to alternative uses. Particularly if they're well located in city centers, they could be converted to residential, or student use, for example, which is a very strong sector at the moment, hotel use. As long as you are buying in at values which sit comfortably alongside alternative use values and VP values, then I think there's a good opportunity in the office sector still. Another question. With the income for the quarter at 1.84 pence per share, and the dividend announcement of 2 pence per share, the additional dividend payment must be coming from capital. Will this dilute the income stream in the future if this trend continues? Hopefully we've covered this off with the slide, which showed the dividend cover since inception, and its top up using net gain on disposal. The board have taken the really long-term strategic decision to cover dividend using total return. Of course, we will work as hard as we can to have the highest level of earnings that we possibly can. We achieved 1.84 in the current quarter, and we do expect to see further growth on that. But we are a strategy who, at the same time, is generating high levels of income, also generate high levels of total return. And as Henry has demonstrated, when we have a lot of capital profit on the table, we crystallize that through a sale, and then we reinvest into another asset, which can be higher yielding. So there will clearly be times when we are going through those periods of flux, where we are underinvested and where during those times the dividend will be uncovered. We will top that up using capital, but that is not original capital. That is not investors' capital. That's the capital profit crystallized from those sales. So topping up the dividend using that total return strategy. Question here from Adrian W: Do you keep a list of tenants who are struggling financially and at risk of default? What percentage of your tenants are on that list? Well, yes, we do keep a list of our tenants. We use a credit rating company called Coface, which give our tenants scores, so we can monitor the strength of our tenants. But as I'm sure you can appreciate, given that we sort of like to roll up our sleeves in the asset management team, we are visiting these properties and having conversations with our tenants regularly. We all say when we buy properties, we'll not pin all our colors to the mast with one tenant, like you might typically do with a long lease strategy. We've seen what's happened historically with investors buying lots of Travelodges, for example, on 25-year RPI leases, and then what happened when Travelodge did the CVA. That's not really the case at all with AEW UK. We feel that we have always sort of a backup plan if tenants were to default, and then we can let that space to another tenant. An example is Wilkinsons, which Laura mentioned, which have obviously recently gone to administration, and we're starting the letting process for that unit there. It's probably also worth noting that when we touched on these sort of alternative, these alternative use values and VP values, an example of that is where we had a unit, an industrial unit in Deeside, where the tenant actually decided to vacate. Rather than actually let that unit to another tenant, we sold it to a special purchaser for a premium. So there are normally a number of tricks that you have up your sleeve in the event of tenants defaulting. But of course, we do keep track of what's going on with our tenants, and we'll always make sure that we are ahead of the game in the event that they do default. I think I would just add there as well, it's if I think about looking at our assets on purchase and, having a think about whether it's the lease or the bricks and mortar that carry the greatest amount of the value. And often with our assets, if not always with our assets, it's the bricks and mortar that carry greater value, the site itself, rather than the lease itself, which would be the case with the long lease strategy. And this throws up some really quite unexpected examples. For example, during, I think it was roughly 2020, on our property at Clarke Road, Milton Keynes, the tenant went into administration, but because it was trading so well beforehand, was immediately bought by a stronger company who signed a longer lease at a higher rent. We then sold the building earlier this year for a capital profit. So, when you are analyzing purchases with most of the value held in the bricks and mortar, or perhaps in how that building is known to trade for its tenant, the event of a tenant going into default does not have to be the sort of doomsday scenario that one might envisage. Another question here, from Jason: What part area of the UK are you seeing the best yield at the moment, and what type of property is that? Interesting, do you have plans in the very near pipeline to add that to that area? Thanks. Well, as Laura sort of highlighted earlier on in the presentation, we are sector agnostic. We don't typically go after a sector, and we like that because it means we fare quite well when we have more tumultuous times like we're currently going through at the moment. We obviously look at value. You know, we are value investors, as Laura just said. We look at capital value per square foot alongside the yield profile of assets that we are buying. And obviously, we'd like to have lots of asset management upside for those acquisitions. I mean, speaking generally, I would say that probably at the moment, the industrial sector is not showing many opportunities for AEW UK in particular, because the yield profile of those assets does tend to be a little bit too low for us. You know, we obviously are targeting things between 7%-10%, and we are typically finding those in, the retail sectors, and office sector, which obviously, is illustrated by our recent purchases. So yeah, that, that is, that is where we're sort of seeing the opportunity. Do you have anything to add to that? No. No? Sounds good. Thank you. Another question from Jason N, "On the debt front, what is the maturity date on both our RCF and longer-term debt, and the average debt interest rate?" So just to provide some clarification here, we have a facility. We don't, we don't have an RCF. We have our debt facility that we refinanced back in May 2022 for a five-year fixed rate at 2.96%. Jason, hopefully that answers your question. Another question from Katie: "Why does our REIT charge or why are our REIT charges so much higher than our peers?" Yeah, just to dispel a bit of a myth here, Katie. Our investment management charge on our REIT is 0.9% of capital invested, so that's not charged on cash. We have conducted benchmarking with our peers, and for our size, we think that that charge to that AEW, as an investment manager, charge to the company, is very competitive. Now, Katie, what I think you might be referring to are when you look at our KID document, we are instructed by the FCA to compile a number of charges for the company, and list those together in our KID, which is shown on our website. And I know that the figure that we're showing in there for our ongoing charge is a lot higher than some of our peers. I would just state here that this charge is not the management charge for the REIT. It is a charge that is, constructed, shall we say, based upon, a grouping together our management fee with our, ongoing property costs, with our cost of debt, and a number of different costs. So to me, that, summation of ongoing charge in our KID is almost a kind of, a fictional, shall we say, figure that the FCA wish for us to put forward to retail investors because they think that that will simplify their analysis of REITs. It is my personal opinion that that, ongoing charge figure in the KID does, does nothing to, unfortunately, does nothing to simplify the work of a retail investor in trying to, ascertain the, relative value of different, investment strategies, unfortunately. I know that there is quite a belief of that. I've said that that's my personal view, but I know that there's a lot of backup for that belief in the investment industry, and that's why the FCA and the Treasury are currently undertaking a consultation on the usefulness of the KID, and I think it may have even been discussed that that will, at some point, be revoked as a document. Because it is putting forward, we believe, a misleading picture to investors. Hopefully, that helps to clear things up for you. There's a question here from Martin S: "On slide 50, in the blue box at the bottom, you do not show actual gains on disposals. The information provided does not mention CapEx incurred. Please provide guidance on the approximate gains of each disposal." So I've just been looking at this, and what I can say for all three of-- well, actually, all four of those industrial disposals is that, no CapEx was incurred on any of those assets. And actually, in particular, Deeside, which I just mentioned, we decided to sell that asset, to a special purchaser, rather than carry out a GBP 1 million refurbishment. That asset in particular, we sold, I think, for about 300-odd thousand GBP more than what we acquired it for. Let's not forget that we held it for a period, let to a tenant called Magdalene, and when we held it, we bought it off a 7.9% net initial yield. So we received income for all that period, and then we got the dilapidation settlement from the tenant, from the tenant that they moved out, which we then didn't end up spending. I'm sorry, but the Carr Lane and Locker Court and Bradford, I don't have the numbers off the top of my head. But can I encourage you to have a look at the announcements on our website, where it will tell you, the gains and the differences between what we sold the assets out for in comparison to what we bought them? But I can confirm that we didn't spend any CapEx on any of those four assets. Thanks. Another question from Mark B: "Are all of our recent purchases compliant with forthcoming energy efficiency requirements?" The short answer to that question is yes. Hopefully, we've demonstrated that with our table showing the distribution of EPC ratings in the portfolio. We have a few assets to work on, which are in hand, but they are assets that have been long owned in the portfolio, and recent assets are compliant. I would just perhaps use this time to make a point, though, in that, if we found an asset in our investment pipeline that we thought was very attractively priced, perhaps mispriced, but had a low or perhaps non-compliant EPC rating, we wouldn't necessarily not buy it for that reason. We would perhaps see it as an opportunity, and if we could cost in for a suitable cost, the ability to turn around that EPC rating and still expect to have an accretive business plan from that asset, we would still plan to buy that asset. Of course, with real estate, I think a lot of our responsibility as managers of real estate and all of us as users of real estate is to try and make improvements to the standing stock. And that's one of the things that we strive to do in our portfolio. So we would take that on as a future business plan if we thought it was priced into the purchase price. So just read. Somebody has asked the question... Sorry, Henry, if you just scoot up, I'll see who it is. Andrew G: "Is charity retailing right for retail parks or a sign of desperation? Query, are there no other takers? And what do the anchor businesses like Next think about introducing this type of tenant?" Yeah, really interesting question, and it's something that I've heard sort of debated in the market a few times recently. Because as I've said, some changes were made to the Use Class order that allowed more greater movement between those sort of sub-categorized retail sectors to the E Use Class that we see today, that allows more fluidity between those sectors. And that's what we're one of the things that we're capitalizing on in the Central Six Retail Park in Coventry with our improvement in tenant mix. Now, the way that I believe the market has settled, and certainly the way we see it, is that this is not desperation. We, the rent that we will be receiving from the incoming tenant, Salvation Army, is GBP 150,000 per annum. The existing tenant, Oak Furniturel and, are paying us a rent of GBP 25,000 per annum. So that's a significantly higher rent. These charity covenants are often very strong and very reliable rent payers. They often trade very strongly, bringing in a lot of footfall to the parks. Now, two of our other key lettings have been to Aldi and to Iceland, trading as Food Warehouse, which is Iceland's, I believe, discount label. So if you think about how a charity tenant might sit within that mix, actually it could be a really complementary user and bring a more complementary footfall onto the site. I think I described earlier that really we were looking to turn this park into a quasi high street, and these are the types of occupiers that you have traditionally seen on the high street. It is very much not the done thing today to see a, you know, a retail park with roughly sort of 10-12 units, as we have in Coventry, all with big fashion houses as tenants. That would, I think, raise more red flags in the investment market, that one that presents a very comfortable mix of tenants who sit well next to each other. We have a question from Mohammed Zayn M on our office asset at Bristol: "How do you manage to increase the rent per sq ft in Queen Square, Bristol, from GBP 20 to GBP 40? Are all the properties with 10-year lettings usually done with much higher increased rents than 2-3-year lettings?" Well, to answer the latter bit of that question, actually, it's the other way around, Mohammed. If you were to achieve a longer lease, typically the tenant would pay a less punchy rent because obviously there is value in there being a longer contract with that tenant to pay that rent. So tenants who typically want shorter leases tend to have to pay higher rents. In terms of what has been going on at Bristol more generally, we have increased the rents at that asset through an ongoing refurbishment plan. So we have been spending our own CapEx on that building, and we are obviously incentivized to do that because we can grow our rental income. We can also improve the value of the asset by attracting better quality tenants, paying higher rent, and taking longer leases. So that is how we have managed to move on the rents, principally through an ongoing refurbishment plan. But obviously, let's not forget that there has been, obviously, rental growth in Bristol. You know, as office space becomes obsolete, which doesn't get the investment, if you have a well-located, good asset that you're prepared to spend money on, then naturally there will be demand for that asset, and that demand filters through into rental growth. Thanks, Henry. And then, I'm afraid we've got an awful lot of questions here, and we would love to answer them all, but, unfortunately, we're running over quite a lot on timing. So, I'm just gonna take one more question, I'm afraid, and then we will try to answer some of these questions online afterwards. So, the last question I will take is from Richard G, and he says: "To what extent are the individual managers invested in or remunerated by reference to the business/its performance?" Yeah, great question, Richard. So, our team are personally invested in AEW. Quite a few members of our team, myself included, have chosen to take personal investments in the company. For myself, that has been quite a long-standing investment. In terms of reference to the performance of the company, we are directly remunerated by reference to the performance of AEW UK as a business, not by AEW UK REIT. But as I said, a lot of us have chosen to take those personal holdings directly in the company. Fantastic. Thank you very much indeed for asking so many questions. Of course, the team will review all those questions, which then we'll publish responses where appropriate to do so. Laura, perhaps just before redirecting investors to give you their feedback, if I could ask just for a few closing comments, please, and then we'll wrap up from there. Thank you. Great. Thanks, Paul, and thanks very much to so many of you for joining us today. Apologies that we couldn't get around to answering all of the questions, but there really are an awful lot, and I know that we have run over quite a lot on our time slot already. Just to say that we look very positively to the future, we have seen a lot of growth in the company's earnings, over the course of the past year, which gives me a lot of confidence in our strategy, and we expect to see further growth in that earnings figure going forward. We know that the company and the business plans that we're currently working on for our assets create opportunity for further total return growth in the future as well. We're very pleased with our positioning at the moment and excited for the future. Fantastic. Laura, Henry, thank you very much indeed for updating investors today. Can I please ask investors not to close the session, as you'll be automatically redirected to provide your feedback, and all the team can better understand your views and expectations. This may take a few moments to complete, and it's greatly valued by the company. On behalf of the management team of AEW UK REIT plc, we'd like to thank you for attending today's presentation, and good morning to you all.