Good morning, and welcome to the AEW UK REIT plc investor presentation. Throughout this recorded presentation, investors will be in a listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Laura Elkin, Portfolio Manager. Good morning, Thanks, Lily, and good morning, everyone. I'm Laura Elkin, the portfolio manager for AEW UK REIT, and joined here this morning by Henry Butt, who is the assistant portfolio manager. Just before we get into the presentation this morning, I'd just like to start with a little bit of housekeeping. I wanted to let everyone know that in about two weeks' time, I'll be going on maternity leave, and I'll be leaving you in the very capable hands of the whole team here at AEW, but of course, with Henry at the helm during my absence. Now, this is not my first maternity leave, it's my second, and will definitely be my last. So, of course, Henry covered very actively my first maternity leave, so he has done this before. He will have a lot of support from Nick Winsley, the head of AEW UK, and also from the rest of our excellent team, who will be remaining the same. If anyone's interested in who the rest of that wider team is, please see the team page on our website. Now, just while I'm mentioning the website, I've had a few emails in recent weeks just to say that a few bits on it look out of date, and I do apologize for that. We are actually in the process of launching a brand-new website, which will hopefully be going live in a couple of weeks' time, and hopefully, you will find it to be more modern, more user-friendly, more informative. So hopefully, that's something to look forward to in the coming weeks. To start with this morning's presentation, just a reminder of our strategy. We are, of course, a value strategy, and we use value investment principles to identify mispriced assets to purchase. By that, we mean those, assets that we can buy at prices that are out of line with their long-term fundamental values, such as alternative use values and vacant possession values. Once we own those assets, we very actively manage them in order to maximize income and to unlock capital upside. Our strategy is not sector-constrained, and we think that that's incredibly important to being able to look across the whole of the U.K. commercial property market and find best value where we see it from time to time. Now, how do we do this in terms of what we buy? We look for strong commercial locations. We're generally buying net initial yields in the range of 7%-10%, and we always look to buy low book values and low rents in comparison to surrounding real estate or for that location, and that creates optionality in our business plans that's really important, and particularly important for protecting downside over the long term. Just on the bottom of this slide, you'll see a couple of awards that we've won, some which we've held for a year or two now, but a couple that we received in Q4, so I thought I'd just mention these. In the category of U.K. property, we received the award for Best Investment Trust at the Investment Week Awards, and also were awarded in the same category by Citywire and their Investment Trust Awards. Really just in recognition of our leading total return. Morning, guys. I'm gonna pick up this slide. So this slide summarizes our Q4 highlights, which were also summarized at the top of our NAV announcement, which hopefully a lot of you would've seen last week. If we focus on the second and third bullet points here, so we had a NAV total return of minus 0.44% for the quarter, and a valuation decrease of 1.59%. Now, I just thought I'd put these sort of small decreases into context and sort of run through the portfolio kind of as a whole, going through sector by sector. If we look at sort of the industrial sector, where we were down -1%, I think that was mainly due to just wider market sentiment. We mentioned in our NAV announcement that there has been a lack of transactional activity, and obviously, with the high interest environment, that's having an impact on values across the board and in particular, industrial, where buyers have tapped into cheap debt over recent years, less so obviously today. Those valuation declines were actually sort of negated by quite a strong rental growth story. The occupational market is still very strong. We've got some examples of that later on in the presentation. So, the industrial sector has fared quite well as a result of that strong occupational story. I would say the same is probably... It's the same sort of for the retail warehousing sector, which goes down 0.65%. Again, that's just wider market sentiment, lack of transaction activity, but a good occupational story, so that sector has remained rather robust. Now, we saw our office sector come down by 2.48%. We've only got three offices in the portfolio, and actually, that was driven mainly by a tenant, Ramboll, at our Bristol asset, leaving. So the valuation decline is obviously associated with a vacancy and CapEx refurbishing their space, so that was really the driver of the decline in that sector. And then finally, most notably, in the other sector, we have seen some quite severe valuation declines at our properties in the Odeon in Southend and the nightclub that we have in Cardiff. Now, starting with the cinema, that is partly driven by the fact that the sentiment for the cinema sector is very negative at the moment. I'm sure a lot of you will have picked up in the news and the press that obviously there is a lack of new films hitting the market, and there have been troubles in Hollywood, and that's just really feeding into the occupational story for the cinema sector in the U.K. and obviously investment pricing. Then, with regards to our nightclub, that really is sort of driven by increasing costs. We all are very well aware of that, and also the cost of living crisis, with students and younger people just having less money in their, in their wallets, and therefore, nightclub performance isn't as strong as perhaps it once was. Because of the occupational story on both those assets, we did see some valuation declines. Moving on to the next slide, the next bullet point. Our earnings for the quarter were GBP 0.0183. Now, we would've been fully covered at GBP 0.0211 for the quarter. However, we had the administrations of Wilko's and CJ Services. Now, obviously, this is not ideal news, but actually, you're well aware that we have a very active asset management style, and we are already sort of on the front foot with asset management plans for both of those assets. We're buoyed by the fact that we feel that there's some quite strong ERV growth at our industrial asset at Runcorn, where CJ Services have gone into administration, and we are sort of nicely advanced with negotiations over letting the former Wilko space in Bristol. Just as a reminder, we continue to pay out our dividend of GBP 0.02 per share for the quarter. We've done that now for 33 consecutive quarters. And then just to finish, I'm skipping over the Portsmouth sale because you're well aware of that, 'cause we've covered it in previous announcements and presentations. As you can see, we have a strong rental growth story. We've added around GBP 250,000 of new income this quarter, through reversionary assets, two properties at Bath, two recent acquisitions where we have completed rent reviews successfully and moved the rents on quite nicely there. We have an example of rental growth at one of our smaller industrial units in Wakefield, where we've moved on the rent nicely, and we've had a cracking result with Next in Bromley, where they have very strong turnover, and we have banked that annual turnover rent and seen a nice, rental uplift there as well. Thanks, Henry. So this slide here just provides an overview of the portfolio as at the end of December. We hold 34 properties. We have just over 140 tenants. Just looking at our yield profile here, so initial yield, just under 8%. And you can see our reversionary yield here, which is a reflection of the portfolio's rental outlook over the long term, significantly higher at just under 9%, and those figures are as assessed by our independent fund valuer, Knight Frank. Just turning to vacancy, you'll see that the figure there, shown in the middle of the page, just under 7.5%. Actually, if you refer to the footnote, we've just shown that, excluding some agreements for lease that we have in place at Central Six Retail Park in Coventry. So actually we see the sort of forward-looking vacancy as more around 5.5%, as at the end of December, which is, of course, a pleasing level to see. I'm just gonna touch on here as well our portfolio weightings. Now, if anyone's been following these presentations, going back some two years, you would've seen that our industrial holdings have come down from around 55%-60% of the portfolio to just under 40% today. Our office weightings have reduced, also, so they have come down from around 20% to about 12% today, and we have been buying quite a lot of retail assets where we have seen some great value. The reason for just touching on that today is that it leads us to undertake quite a sort of different type of asset management in the portfolio. Of course, asset management always being something that we are very, very busy with, and that is our very active approach. But in the way that we did a lot of asset management on the industrials, often that would see perhaps if a tenant left at lease end, you might spend some money on the roof of a building and then let it with a fairly minimum, minimal tenant incentive. With a higher weighting of retail in the portfolio, we're tending to find now that with our asset management transactions, we are spending in those sort of relettings and churning through different tenants, spending just a little bit less money on the actual buildings themselves. Of course, that's not to mean that they're being neglected, more just that the costs for that type of building are a bit lower, but much more money going on tenant incentives. There's just a slight swing there in sort of where that capital outlay for us is sitting around the time of a reletting. And I think a few of you, excuse me, have perhaps remarked on that in, for example, where we have been doing a lot of retail asset management during the course of the last 12 months... and announcing with that some fairly hefty tenants incentives, that is simply just a kind of rebalancing of where that capital outlay sits. I'm gonna pick up this slide. Yes, we continue to think that we are robustly positioned in what is a slightly sort of uncertain economic backdrop. Focusing on the two first bullet points here. We continue to sort of let our investors know that we have sort of book values which are underwritten by alternative uses where and vacant possession values, and those and a low average book value of GBP 71 per sq ft across the portfolio with low average rents. And I was just actually thinking about this earlier this morning, and actually just to pick a few, if we'd like, take, for example, a couple of our office assets, one in Gloucester and the, the larger chunk of, retail in Bristol, those assets have a GBP 90 per sq ft cap val, which is incredibly low for sort of good urban locations. The next at Bromley, which we mentioned in our NAV announcement, that is a cap val at sq ft of GBP 95 sq ft. So, you know, when you compare that to Greater London residential values, these cap vals are relatively very low. And then if you look at some of our retail warehouses, for example, taking Shrewsbury and Preston, they're at about GBP 100 per sq ft. Now, you couldn't even build those units for that price, so they feel relatively low as well. And let's obviously not forget that they're throwing out some really nice income at the same time. And then, if we take our industrial assets, they are even lower than that, and they are yielding sort of yields around 10%. So we really feel that we are robustly positioned. We're, we're getting this income, but we've got some really nice low capital values per sq ft, which gives us optionality in the event that the use that the assets are currently in, we can take it in a different direction. On the third point, sort of mentioned this already, but the portfolio is significantly reversionary, with a reversion yield of 8.8%. I just mentioned the two rent reviews at Bath, where we pushed on the rent nicely. Actually, if we focus in on our industrial sector, which is 37% of the portfolio, it currently has a sort of running yield of about 7.8%. We feel that the reversion there is about 9.4%, so there's a lot of rental growth to go after, particularly in the industrial sector. It is sort of fairly active time for asset management. We do have resilience with our tenants, and you'll see that in the NAV announcements, where we obviously have a lot of asset management ongoing. I mentioned earlier on sort of the former Wilko, we're sort of in advanced negotiations there, and as well with the former Mecca Bingo in Dewsbury and the former Sports Direct in Barnstaple. We do really feel that there's a really good asset management story despite tenants moving on. There's significant headroom on all our loan covenants, and we continue to have very robust rent collection. We're above 98% for all the quarters and are doing very nicely this quarter as well. Thanks. The next couple of slides look at our performance. And here I'm just gonna talk through a slide which shows the progress that we've made in growing our earnings during the course of 2023. Starting off from I think what was an all-time historic low for us at the end of 2022. This was the point at which we had just sold the large assets in Glasgow and Oxford and not yet reinvested those proceeds. So hence why you can see that at the end of 2022, our income level's looking very low. Now, of course, we started our reinvestment program during that fourth quarter, so we bought Bath and Bromley. And then during the course of 2023, we've completed that reinvestment program. Also, along the way, making a couple of lower-yielding sales for capital profit, where they were possible, and really just taking advantage of what we saw as being really excellent buying opportunity during the first six months of 2023. So you can see, building back up to this sort of what has been for the past three to four quarters, a fairly stabilized position of earnings, around sort of 1.8. Now, as Henry's already touched on, without those unfortunate tenant administrations during the last quarter, our earnings, sorry, our dividend would have been fully covered by earnings during that quarter. But I think it's important to point out also that we aren't always targeting 100% cover of dividend through income at all times. Clearly, based on our strategy over the past couple of years, our directors have chosen to support our 2 pence per quarter dividend through total return. So that's both through income and through capital profit made from sales. That has led us to be able to deliver to shareholders a more stable dividend. Just to show you how that has worked in practice, here I'm showing you our dividend cover since IPO, both through income earnings and also through capital profit that's been used to top that up to the 8 pence level. So this 94% that you'll see in red, that's actually stayed pretty stable over the past few years. So 94% of all of the dividends that we have paid out from AEWU since its IPO, some nine years ago now, have been covered 94% through our earnings. Now, at that kind of level, when we have been generating also, total return outperformance, and showing clearly that we have a track record of crystallizing significant capital profit on sales, our directors have been choosing to support that level of dividend. Just to go into that track record of profitable sales in a bit more detail, I'm showing you here, all of the 17 sales that we have made since launching AEWU. And we're really proud of this track record. We think it really shows or demonstrates the skills that we have in stock selection in asset management, and in timing those sales as well. I'd particularly point to the sale of Oxford for being incredibly well-timed in order to maximize the value there. So yeah, showing an excellent track record. Clearly, not a perfect one, but I don't think that would be realistic, really. Yeah, one that we're very proud of, and of course, whilst generating this capital profit from those sales since IPO, all of these assets have been, on the whole, delivering very strong income returns to the portfolio as well. And just to compare our performance to our U.K. Diversified REIT peer group over that same time period. It's approximately around early 2019 that our performance in terms of NAV total return starts to diverge from this peer group. And really, I think that's for the reasons that I've just discussed. That's us generally buying income with length of under five years. So within a sort of three- to four-year period after buying a lot of these assets, after our IPO, we start to be able to get these business plans to mature, and that is where you see our total return performance line diverge from the peers. This slide summarizes our returns versus the U.K. Diversified REIT peer group. You would have seen this slide in previous presentations. As you can see in the second column, we are paying out the second highest dividend of 7.9%. I think it's worth mentioning that Regional REIT, who have a higher dividend, are at a much, much bigger discount to us, hence why their dividend is so high. We have the narrowest discount at minus 4.7%. And then, as you can see, sort of moving towards the right, we have the highest share price total return across six months, one- year, three-year, and five-year, and we have also the best NAV total return across those same time periods. I'll particularly focus on the 12.4% annualized NAV total return over three years and 9.2 over five years. We move on to the next slide. Sorry. This just shows our strong dividend yield. As you can see, we are second in that bar chart at 7.9%. And as I mentioned, Regional, they really stand out, but actually, they're at a 43% discount, which sort of signifies the fact that they're principally invested in offices, which is the sector which is struggling the most at the moment. So this next slide is looking at our property total return versus the MSCI benchmark. As you can see, we've had a 11.8% three-year annualized total return, and a 9.2% over five years, and we have fared relative well over the last 6 months, but we're down at 3.8% over the 12-month period. Now, if we obviously break this into the sectors, you can see that obviously everything is down in the benchmark. We fared better than the industrial benchmark. I think that's probably principally driven by the fact that our capital values per sq ft are relatively low. Therefore, there is more sort of value in the bricks and mortar of the building than the lease itself, so we fared quite well there. You know, an example that Peterborough, one of our sort of industrial assets, was let on a 15-year lease. I think there's about 12 years left. It's let to a very well-known press printing business, but it's a cap value of GBP 35 a sq ft. So the impact of what's happened with interest rates in the investment market is less significant when you've got those lower cap values. Probably just worth noting that the other where we have seen capital increase, and that's a result of us doing a regear to Odeon in Southend. But please note that these figures are as of September, so it does not factor in the valuation decline that we saw in this current quarter for Odeon, which I touched on earlier on. In our NAV announcement, we sort of made reference to the fact that there is a lot, although there's not much transactional activity for our valuers to hang their hat on, and that obviously has been one of the reasons which is putting sort of valuations under pressure. And I think this bar chart really shows that. You can see, 2023, the impact of a rising interest environment on transactional activities. And then just to pick out the other two lighter blue graphs, you can see 2016 was when Brexit happened, well, the referendum happened, and then 2020 was COVID. So you can really see that, like, transactional volumes fell off there and then picked up, in more normal times. I'm gonna hand back to Laura to cover the sale of Portsmouth. Thanks. So this was really the only investment transaction that we completed during the quarter. I'll just cover this off briefly because I know that we've provided some narrative on it before. If we just sort of refer back to the slide that I showed you earlier, that was a record of our profitable sales against purchase price, this was one that was some way significantly down on its purchase price. But it was sold at a premium to the June valuation, and we're comparing that to the June valuation because that was the valuation prior to the asset going under offer. So, before receiving this offer for the asset, where were Knight Frank valuing the asset? It was a premium to that level. So just to sort of give an idea of what kind of value we achieved here. The reason for the sale of the asset was predominantly location-driven. So, with the asset having been acquired in late 2017, it was one of our first purchases. And of course, it is no secret that the high street retail market has been through a very tumultuous time over that time. With trends starting before the pandemic for a lot of contraction in high street retail, which were only exacerbated by the pandemic. High streets have really shrunk in their extent as we all know. But what we saw here, particularly in Portsmouth, was the high street contracting away from this location. Comparing this location also to the locations in our pipeline that we were buying during the course of 2023, it really seemed a bit like chalk and cheese. You know, was this a location that we wanted to hold over the long term? No, when at similar yields, we were able to acquire locations in Central Bath, Central York, Greater London, for the same yield profile. Now, we very much maximized the value of this asset prior to the sale, that we could achieve, and we did that through a letting to Specsavers. And once the asset was fully let again, we have sold it on. So, in terms of performance, versus the purchase price, not great. Fairly good performance, though, versus its book value. So I'm just gonna cover off some of the more recent asset management that we've been seeing in the portfolio, and I alluded to this 250K growth of income in the NAV highlight slide earlier on. But just to sort of build on that point, here we've got three properties: two in Bath and one in Bromley. And if we start with the asset on the left-hand side, this is Northgate House in Bath. We bought this property in December 2020 for GBP 13 million, GBP 194 per sq ft, of a net initial yield of 8.5%. It's very well located and has, two sort of anchor tenants, being TK Maxx, being on the retail side of things, and Regus and Spaces being serviced offices in the upper parts. As you can see, there was an outstanding rent review from September 2022 when we bought this property. And we have recently completed the renewal, the rent review of that, for that tenant, which is the Regus Group, and we've moved on the rent quite significantly, just shy of GBP 100,000, a 24.5% increase. And as you can see, that 8.5% net initial yield, which we bought off, is now at a running yield of 9.65%. So cracking result, moving the income on, and which is exactly what we need to pay out our dividends. Moving on to the middle property, another property in Bath. We're delighted to have bought two good properties in Bath over the past couple of years. We bought this property a year later in September 2023, of a net initial yield of 8%. And we like this asset as well, and particularly because it's a freehold, which tend to be rarer in Bath, and of a cap val of GBP 223 per sq ft. There was an outstanding review with one of the tenant, office tenants, Novia, which dated back to January 2021. And as you can see, another good result there, moving on the rent by GBP 45,000, a 14% increase. Then finally, moving to our Next in Bromley. This is let, this was let to Next on a five-year lease. There's roughly about two half-three years left. Just touching on to the alternative use angles, this is a cap val square foot, about GBP 90/sq ft, which I mentioned earlier on, so relatively very cheap when you compare it to residential values in the Greater London area. This potentially could be converted into about 40 flats in the event that Next were to leave. But Next are trading their socks off here, which we're delighted about. There's a turnover rent of 8% above GBP 3.5 million, and that turnover rent this year was GBP 195,000, which is 78% higher than we forecast on purchase. So they're really trading well, and that's obviously great additional income for the company. So this slide just touches on sort of the reversionary theme that we see in our industrial holdings. That first bullet point there sort of signifies this. The net initial yield of our industrial holdings is 7.8%, with a reversion of 9.4%. So we feel that there's a lot of growth to come in the portfolio, and that really suits our active asset management style, whether that be through lease renewals, tenants vacating and doing new lettings, or rent reviews. And as you can see there, this is supported by what's going on in the wider in the U.K., with industrial rental growth at 10.5% for 2022 and 7.6%, for this year, ending in December.... So, here are 3 industrial assets. And it's just the first point I'd like to mention on these is they're all relatively low cap value per sq ft, and they're all yielding really nice income. So if we look at Droitwich on the left-hand side, that has got a running yield of 11.65% once the rent-free period is burnt off. The middle asset in Wakefield, that's off a cap value of GBP 25 sq ft, so relatively very cheap, and its yielding is 10%. And then moving to the property on the right-hand side, Weston-super-Mare, cap value per sq ft, similar to Wakefield, and its yielding is currently about 9.85%. So all throwing off some really great income, and as you can see, there has been some great asset management activity, moving on the rent by GBP 270,000 per annum across three lettings at Droitwich, and moving on the rent at Wakefield through rent reviews and setting a new rental tone for upcoming lease events, which is good news. Moving on rents there as high as 51%. And then at Weston-super-Mare, we've carried out some rent reviews with North Somerset District Council, who use the property for recycling facilities, and there's been a renewal committed there with JN Baker. So some good asset management and really sort of, yeah, capturing that rental growth theme that we see in the portfolio. Finally, apologies if some of you are getting a bit bored of hearing about, Coventry Central Six. We don't want to sound like a broken record, but I think it really is testament to the fact that we continue to sort of build on the asset management story here, and there is still lots of activity. And just as a reminder, we bought this, retail warehousing park, in Q4 2021 at GBP 16.4 million, with a net initial yield of 7.8%, and December valuation was GBP 21.4 million. So we've really pushed on the value, and that's obviously as a result of a lot of this active asset management, which really has been driven by us capitalizing on the broadening use class system, meaning we can bring in a wider variety of tenants, attract a greater footfall, push on rents, and bring better tenants, and obviously that all feeds through into investment pricing. And as you can see with these bullet points, we've carried out a five-year lease renewal to Next, a 10-year lease renewal with Caspian Food Services, trading as Burger King, five-year reversion lease to Boots, a new 20-year lease to Aldi with RPI reviews, and more recently, a 15-year lease to Myd entist, 11-year lease to Food Warehouse, which is a part of the Iceland brand, and an 8.5-year lease to Salvation Army. So all household names, all at good rents and, you know, improving the world. As you can see on that bar chart at the bottom of the page, it's a little bit confusing 'cause it starts off looking at the quarters and then goes into the months. But we've done this deliberately to show actually how much the income has grown, will be growing, basically, in the coming quarter as a result of signing agreement for leases and those agreement for leases completing. So yeah, the rent from Q3 2023 to March this year will go from basically just shy of GBP 2 million up to in excess of GBP 2.5 million, so an additional GBP 500,000 worth of income. So another great story. Thanks, Henry. I'll just pick up quickly here on our portfolio EPCs. Apologies for anyone who's very eagle-eyed in comparing this chart to the one we released about nine months ago in our annual report. On face value, you'll be very much forgiven for thinking this looks like a very similar picture to the one we put out then. And actually, it is. But that's not to say that there hasn't been a lot of work going on in the background, and I'm just gonna talk you through that now. Focusing, of course, on our Fs and Gs, which are our non-compliant EPCs. There are, in fact, although we're showing you here about 14, we're just working through these, and there are only about five of those remaining in the portfolio, predominantly at our multi-let industrial site in Weston-super-Mare. So we have some small works ongoing there at the moment to improve those, and we think that that should be dealing with really all of those problem units at that site. We are in the process of gaining some exemptions for a number of units at our office. So there's a small office element at our multi-let industrial in Wakefield. They have some valid exemptions, so we're working to register those. So you will see those come off that list. And also, in Basildon and Droitwich, we have improved EPCs significantly through spending some CapEx on those units over recent quarters, and they are therefore also improving their scores. We're just waiting for those to filter through. So, although it's not yet showing on a headline basis, a lot of focus and activity here on getting these scores to be in line with where they should be. So hopefully, by the time we release our annual report, you will see an improved position. So just to conclude from Henry and myself before we take a few questions, we have shown some excellent earnings growth during 2023, and that has now stabilized, although we do expect further growth to come. We are keeping a very cautious eye on our tenants, for obvious reasons, really, in what remains pretty difficult economic conditions. So that is something that we will be very cautiously monitoring.... But we are still really pleased to see a lot of momentum behind our asset management, and it's been a really busy 12 months for asset management. I think, to be honest, one of our busiest since having IPO'd AEW UK. So that provides us with a lot of positivity for the future. Our vacancy levels still low. And we believe that those asset management deals that we've been doing over recent quarters will very much help to drive tomorrow's profitable sales. So thank you to those who have submitted questions. We will start to have a look at these now. I'll just pick up, first of all, a question here that has been submitted. It says that mergers are becoming popular in the REIT sector, leading to reduced costs, et cetera, and what is our attitude towards this? Yeah, of course, completely agree that consolidation does very much seem to be a theme of our sector at the moment. I think I would just sort of summarize our position here by saying that on behalf of ourselves and our board, we are considering M&A activity where we believe it's in the best interest of our shareholders. So yes, we have considered opportunities in the past, and we will continue to do so, but very much driven by where we think it's in the interest of our returns to shareholders. A question here from Shivaji: To what extent can investors rely on alternative use values backstopping current book values? Are alternative values mostly residential in nature or quite a mixture, and do certain properties have multiple alternative uses? Yes, so there are multiple alternative uses. For example, if you take, let's say, retail warehousing. Now, what you could do with retail warehousing in the event that that was not to succeed, you could let that space as trade counter or light industrial or sort of light last mile logistics, which actually trade off keener yields, and lower rents. So actually, yes, you might not be getting as higher rents that you get from retail warehousing, but you'd get a better yield profile on exit and on valuation. Let's not also forget that retail warehousing is located on the edge of big sort of urban areas with lots of residential areas around them. So actually, these sites also could be flattened for residential development. If you sort of move away from the more sort of purpose-built warehouse-y space, which you see in industrial and retail warehousing, and go into sort of offices and high street retail, yes, naturally, residential is the sort of the first alternative use that you think of, but let's not forget that residential use could also potentially be student accommodation, it could be like a care home, or it could be sort of like a hotel, for example. So, there are a range of alternative uses, and we're always very sort of aware of that when we're buying these properties, and it's always nice to have that as a fallback position, obviously in the event that we do, come a cropper with any, any tenants. Thanks. I'm just gonna take a question which is: How patient will we be regarding the Southend Cinema before we go for change of use? Which was, of course, one of the attractions when we purchased the asset. So I guess just to start on a sort of headline basis, and I can see actually a couple of people have queried around this asset, and one person contrasting it to the nightclub in Cardiff. So I'll sort of pick up a couple of questions here, hopefully. But starting with Southend, that property is let to Odeon Cinemas for another roughly four years. Odeon are a solvent company, albeit as Henry has said, the cinema sector is, of course, going through a fairly difficult time. We had, with the backdrop of that difficulty, thought about whether or not we should sell Odeon in recent periods. And we have discovered that the asset, despite being in that tricky sector, is actually still one of Odeon's sort of top-quartile traders. It's the only cinema in the town. And I still very much believe in that sector going forward. I think it's a sector that will remain part of our leisure industry for the time being. I don't think we'll see it completely disappear, despite the challenges and the headwinds that are facing it. So the asset is let. We don't have access to it at the moment. We could sell it, but I think that if we sold it now, that would be effectively reflecting pricing at the point of maximum pessimism, which, of course, wouldn't be maximizing the best value for that asset. So I think it's very likely that we will continue to hold Odeon for the time being, because I personally believe that the outlook for that asset will improve. Cardiff is a rather different picture. Clearly, we've got a tenant here who may not be solvent in the future. We therefore have the ability to get our hands back on that asset, acquired for, as Henry's pointed out, low capital value, in a vibrant location in Cardiff City Centre. It might be that you see us, yes, accessing that asset and accessing those alternative use values that we would have talked about when we bought it on that asset much more quickly than we do in Southend. Question here from Christopher Yu: What are your thoughts on the upcoming MEES requirements in 2025 and beyond? Are you engaging with MEES consultants, if that is such a thing? So, by that, Christopher, I'm assuming you're talking about EPCs having to be a C- rating by 2025. And just to be crystal clear, actually, you have between 2025 and 2027 to get those ratings to a C- rating. We are working with MAPP, our managing agents, who also have an ESG part of their business, and we also work with Evora, who are our ESG consultants. And as Laura touched on, we are working through all of the units within our properties where there are EPCs and looking to improve those EPC ratings when we can. Now, I've said previously that actually we benefit with MEES regulations in that we have shorter lease profiles, which basically means that there is more churn, and we are basically we're at a point of negotiations and conversations with our existing tenants, whether they're renewing or whether they're leaving. And in doing so, we have the ability, therefore, to improve the EPC scores of our properties, i.e., if a tenant is staying, "Okay, you're staying, but this is what the EPC score is. We would like to go in and cap off some gas, which you're not using, to improve the EPC score." If that or if that tenant is going, we would go in, maybe carry out some refurbishment and address the ESG, the MEES credentials of that asset in doing a light touch refurbishment. So it's something that we are very aware of, and we're working through, and you will see that obviously with that bar chart that Laura presented, where we have current units which aren't MEES compliant. We are working through those assets, ticking them off, whether that be moving towards an exemption, if that is applicable, or looking to improve that EPC score. I'm just gonna touch on somebody who has pointed out in a query that the fund total return performance is down 6% in the year. Yes, that's absolutely right. If we compare that to our U.K. diversified REIT peer group, however, the NAV total returns across that peer group are down between 10% and 20% over that same time period. Now, of course, it is, yeah, not something that I want to be doing, i.e., pointing out that we have good performance because we are less negative than others. But I think that is simply just a reflection on the market conditions. And I'm talking more widely here, over in the economy that we've seen over the past 12 months. We're currently at the peak of a high interest rate environment or the highest interest rate environment that we have seen in the past decade. So yes, I think it's no surprise that property values have taken a hit over that time period. If you compare when Henry presented the property level total returns to the rest of the MSCI benchmark, so a much larger cohort of property values, our own total return is down just under 4%, with the benchmark being down close to 15%. Now, accepting that it's not helpful to answer that question with saying we are less negative than others, but we are very hopeful that our active approach to asset management and our strategy in always focusing on sort of limiting downside risk is what you're seeing there with our rather more stable performance than some of the others, and we think that will stand us in good stead going forward. A question here from Matthew P: How long do you think it will take before you can get new tenants into the CJ Services building? So obviously, CJ Services are in administration, therefore, for the time being, the administrator's in control. We don't mind that for the time being whilst we get our ducks in a row, because obviously it would mean that we aren't on the hook for the rates costs. Not forgetting the fact that there is a six-month rates holiday on vacant industrial space, so that's... We've got plenty of time before that kicks in anyway. What we're looking to do here is we've basically been round the units with agents and building surveyors. We have a pretty good understanding of what we need to do to those units to refurbish them, to relet them. The previous tenant actually had quite a heavy fit-out, with offices and mezzanine down there, so there's gonna be some strip-out costs. But the agents feel very optimistic about reletting this space, because there's a lack of space in the market. There's strong occupational demand, and actually, the space was let to CJ Services off a rent of GBP 6.50 a sq ft, and we're being told that we can maybe hit a rent as high as GBP 8 a sq ft. So we're very excited about the prospect of doing that. What we will do is we will obviously work through the costs and go out to tender to a number of contractors. At the point that we have a tender return and a chosen contractor, we will look to disclaim the lease with the administrator, allowing us to go into the units, carry out the refurbishment. And we would hope, given how buoyant the occupational market is for the type of space at Runcorn, that we would be able to sort of secure lettings to tenants while we were doing the works. And that is because, obviously, the works are speculative works rather than being bespoke to an incoming tenant. Also, you might have some tenants who might require additional works to the works you're doing. So I would, I would expect us to make some really good progress on that over the next sort of three-six months, and I'm sure we'll provide updates in due course. Thanks, Henry. Just a query here, which I think is sort of focused on our some of the asset management announcements that we've made around Central Six in Coventry. So, referring to some longer leases on this asset and some fairly hefty cash incentives given to tenants, and the question asked—Can we not simply provide tenants with a rent-free period? And of course, we have often paid out for significant landlord works, in doing those lettings as well. Yeah, I sort of tried to touch on this at the start of the presentation when I was talking about the rather different nature of asset management transactions that we're doing at the moment in retail. And yeah, Central Six is a great example of this. Fair to say that a lot of those sort of high street names, of retailers that are going into Central Six at the moment, a lot of them have had some fairly hefty, and expensive fit-out, including the two supermarkets that we now have there. And those tenants simply require a capital contribution in order to do that. They know, they know their worth, Aldi know their worth, they know how much it means to landlords, both in terms of footfall and yield compression once they get onto a site. So, to a certain extent, they hold a lot of bargaining power. Now, we are more than happy to do those transactions with them despite the cost, because we believe that it will not only improve our income levels to those assets, but over the medium term, improve the capital value significantly of those sites as well. So, yes, it may look like we are doing a lot of expensive works in Coventry in order to get that retail park up and let, but we believe that there is some significant profit to come further down the line. Now, Henry's demonstrated the increase in value that we have seen from that site to date. We believe that as more of those lettings start to sort of filter through, and there are, as Henry has demonstrated, more to come during Q1 this year, that we will continue to see those increases in value there. So yes, they look very expensive, but they are all weighed up against the capital benefit that we expect to see, and yes, we expect the outcome to be profitable. Question here from Kieran S: What are your future plans for Bristol offices? So just to be clear, we have two assets in Bristol, one which is Queen Square, which is a sort of an office, and then we have Union Street, which actually is more retail and a leisure use. I'll just pick, I'll just cover both of those, because obviously the Union Street one is quite topical because that's the asset where Wilkinsons went into administration. But focusing on the office, we've covered this property actually on several occasions in previous presentations, and the main theme of that slide in that presentation has been rental growth. We have really sort of managed to push on rents from sort of low to mid-20s since we bought this property, to rents targeting now about GBP 40 a sq ft. So there's been a really strong rental growth story. Currently, we have a tenant, Ramboll, who vacated in November, and we have another part of the office which is vacant, and we're looking to let that space refurbished. The Ramboll space isn't refurbished, but the other space has already been refurbished and hit rents in excess of GBP 40 sq ft, so they're building on that rental growth story. And we're also looking to carry out a refurbishment of the reception, which will help us in trying to push those rents on. So I think once those units are let, this, the office should be fully let, and we will have really demonstrated some strong rental growth. There's also another asset management angle where we are in discussions with Bristol City Council about extending the long leasehold. We really feel that there is some nice valuation upside in doing so. But it is sort of, it's early days, and obviously, it will all come down to pricing. So that's kind of the asset management angle for that asset. And then, just touching on the other asset in Bristol, as I mentioned earlier on, Wilkinsons went into administration in August, and we are in the process of, hopefully securing lettings on that space, to new, exciting, leisure tenants, which will be a great result for the asset. And as I'm sure you guys are aware, the top floor is already let to Roxy Leisure, which is like a competitive social brand, and they're trading their socks off. So we really feel that, like, sort of building on this leisure theme will be great for the asset. Thanks, Henry. Just conscious of time here, I'm just gonna take one final question, I'm afraid. The question asked: Recent research from Gerald Eve indicates that multi-let industrial is holding up better than other sectors. We have reduced our exposure to industrials, the question is being asked, are we happy with that level of the current weighting for now? And yes, I think is the answer to that question. We took some profit off the table with industrials over the past 18 months. I'm really happy to do that, where we saw some really great off-market approaches. Whilst there has not been much stock on the market, we were able to achieve some great premium pricing for the estates that we have sold. Contrasting that to the availability in our pipeline, as a value investor, it's quite an exciting time when we can take that profit on some of the assets, at the same time as seeing growing value in other sectors. It's kind of arbitraging between where, you know, a lot of demand has been in the market, and our own sort of ability to seek cross-sector where we best see value. So we've been clearly buying retail, as opposed to where most people have been going. I would like to see that industrial weighting staying fairly stable for now, though, you know, excepting perhaps a few sort of singular asset management or investment transactions. But yeah, really happy with the weighting there. That sector is providing a lot of rental growth for us, as Henry has demonstrated, so, comfortable with the weightings as they are for now. Thank you. Laura, Henry, thank you for answering all those questions from our investors, and of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, Laura, can I please just ask you for a few closing comments? Yeah. Thanks, Lily, and thank you very much for everyone who's joined us today. Apologies that we didn't have time to get through all of the questions. We always get so many. But hopefully, you have found today's presentation informative. We are certainly buoyed for the future. You may not see me for a couple of quarters, but I certainly will be back, and I look forward to speaking to you again then. Laura, Henry, thank you for updating investors today. Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may only take a few moments to complete, and I'm sure will be 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. Good morning to you all.