Welcome to Assura's full year results presentation. It's great to see you all again. Before we start, I just want to highlight our announcement this morning of our new JV with USS to invest £ 250 million into essential NHS infrastructure. This will allow us to continue to fund new projects for the NHS and to accelerate our plans to deliver the community healthcare assets the health system so badly needs. This is a strategically important progression for Assura, as it diversifies our sources of funding with access to private capital, which complements that of the listed equity and debt markets. We'll come back to this shortly. So I'll now provide a brief overview before Jayne covers the financial update. I'll then return to give you the outlook for the business. We will then, of course, leave plenty of time for questions. I'm pleased to be reporting on a strong set of results. We have continued to deliver value from our portfolio, generating over £ 3.1 million of rental growth from 307 completed rent reviews. We have regeared 15 leases, completed eight asset enhancements, with a further six on site and 15 in the pipeline. These initiatives, taken together, underpin the 5% growth in our rent roll and demonstrate our determination to continue to drive value from our portfolio of 614 healthcare assets curated over the past 20 years. This positive outlook is built on two key elements, organic growth and the excellent prospects from being an important part of the future healthcare market. Against a difficult macro backdrop with higher interest rates, we have seen a modest 4% fall in like-for-like value in our portfolio and a shift of 30 basis points in our initial yield. This is less than that for other sectors of the property market and reflects the quality and resilience of our underlying cash flows. We continue to see a gap in rent expectations between us and the NHS. The cumulative effects of construction cost inflation over the past few years means we require an increase of at least 30% in current rents to bring schemes to viability again, and as a result, we have begun only one new GP project, with our pipeline of 34 schemes effectively on hold. Instead, we have focused on opportunities outside of this GP market. We have continued to progress our business in Ireland with an acquisition in Wicklow and the completion of our first development at Kilbeggan. There are also three more currently under construction. There's also growing awareness of the need for more capacity in the private sector to address our ballooning waiting lists, along with the surge in demand for mental health services. We've been active with both of these, and I'll come back to this later. Let me talk more about our new JV with USS to invest in £ 250 million of essential NHS infrastructure. We have agreed to transfer an initial seed portfolio of seven assets for £ 107 million into the JV at a small discount to book value. The portfolio represents low-yielding, stabilized assets, and we will recycle this capital into higher-yielding opportunities in our pipeline. We are targeting acquisition-led growth of up to £ 250 million over the next three years, with the potential to increase this to £ 400 million in due course. As I said at the outset, this diversifies our funding sources by accessing high-quality institutional private capital. We have a strong track record in accessing the equity market, and our public bonds are some of the best priced in the sector. We are delighted we have now added private capital, and this will help accelerate our growth plans and reinforces our already very strong balance sheet. In financial terms, Assura will retain a 20% stake in the JV and will benefit from management fees, as well as the opportunity to act as developer for future projects. We are really pleased to have attracted leading UK pension fund manager, USS, as a highly complementary, long-term funding partner for NHS healthcare projects and see this as testament to the capability the Assura team has built up consistently over our 20-year history. Healthcare is a sector where you invest for the long term. This approach is reflected in how our buildings will be required to support their local communities for decades to come. The long-term necessity of our assets is what drives our performance and maintains our consistent and resilient progress. While healthcare may not be the top-performing sector in any one year, it delivers steady and reliable compounding returns over time. This is why we highlight specifically our capacity to generate superior risk-adjusted returns. Our 10-year track record clearly demonstrates this. Our total accounting return shows this consistent year-on-year performance with an impressive track record across 3, 5, and 10 years to a cumulative return of 84.8%. In total property return, the performance is similarly strong, with a 10-year return of 75.6%. At the same time, we've sustained growth in cash flows, clearly demonstrated by compound dividend growth of over 7% in the past decade, as shown in the right-hand chart. These are compelling returns in any environment, but are particularly impressive when set against a timeline that includes a global pandemic, dramatic increases in interest rates, and a recession. In this more difficult operating environment, we have continued to make good strategic and operational progress, and I'd like to highlight 4 prominent schemes. First, Cramlington, where we completed the Northumbria Health and Care Academy just after the year-end. This is the largest and most complex project in our history, and its successful completion to such a high standard is a testament to the caliber and commitment of our development team. It has been delivered in partnership with the local NHS Trust and will feature primary and community care services, alongside a training center for nursing, midwifery, and allied health professionals. In March, I was given the opportunity to join a tour with our incoming occupiers from the University of Sunderland. They will be running the training center, which comprises a highly impressive first floor, with a fully mocked-up training ward, along with digital rooms, which simulate various healthcare scenarios. The design of the space, the technology incorporated, and the quality of the training facilities are truly impressive. But even more impressive was the enthusiasm and excitement of the team from the university as they considered what this will enable them to do to support local people developing careers in nursing and healthcare. It is an excellent advert for the difference our buildings can make to their local communities. Second, Wicklow, which is the one acquisition we have made in the year, and is an excellent example of an Irish primary care center, which incorporates GP services, an ambulance hub, dentistry, pharmacy, physiotherapy, and specialist mental health provision. All these sit alongside extensive HSE community care services. I visited the site last month, and what is striking is how the scale of the building and the range of services provided is markedly different than in the UK. At over 50,000 sq ft, Wicklow would be one of our larger buildings if it were in the UK, and we are excited to be already working on plans with the HSE to more than double the asset in size. The new enlarged center is a national priority project that will offer outpatient services with a focus on mental health, chronic disease management, and diagnostics. Third, our Fareham development for the Solent NHS Foundation Trust consolidates children's nursing and therapy services from six locations into one enlarged high street space. This brings regeneration to the town center by revitalizing a derelict site and bringing footfall to a central location, which has excellent public transport links. It's a great example of how health on the high street could bring benefits to what is one of Hampshire's most deprived areas. Moreover, it's our first net zero carbon development and features significant improvements to the existing building fabric. It's a fully electric building, powered by a roof installation of over 70 solar panels. And fourth, our asset enhancement project at Eccles in Norfolk, that provides essential mental health capacity for the area in the form of specialist education needs. As well as the additional capacity created and regearing the lease to 35 years, we were able to showcase our sustainability skills, the new building being EPC A+ and including solar panels and air source heat pumps, bringing low running costs for the tenant. So four examples of successful projects illustrating our expanded range of capabilities that give us greater flexibility to prosper in different market conditions. Assura prides itself on doing things differently. We have a clear purpose. We build for health. This ensures that we consciously consider the potential health impact of every action we take and how it could affect all of our stakeholders. I've spoken previously about our commitment and focus in this area, as shown by our Six by Six targets. However, as things progress and to better reflect our updated 2030 goals, today we are launching a new revised ESG strategy, which in the future will be known as The Bigger Picture. I am very much looking forward to furthering the ideas this will generate from our team and our partners. The Bigger Picture has three key pillars: healthy environment, healthy communities, and healthy business. In terms of a healthy environment, we've delivered 45 projects to enhance sustainability this year, reducing the energy usage intensity through saving 1.9 million kWh per year, and achieved an EPC rating of B or better in 66% of our buildings by the year-end. Our net zero design guide is now being adopted in all future development plans, and we've recently moved Assura into a new office, which will shortly become a net zero carbon workplace. We continue to support healthy communities through both our own activities and the Assura Community Fund. We completed five new buildings to serve the health needs of their local communities. Within the community fund, we've donated over 1.8 million to projects promoting health and well-being in areas served by our buildings. This year, our donations achieved 3.40 £ of social value for every 1 £ we donated, which just goes to show that these donations, which are significant for a business of our size, have a meaningful impact on the communities they reach. For our healthy business pillar, we are, of course, focusing on generating attractive financial returns for our equity and debt investors, as well as providing our customers with innovation and expertise alongside great customer service.... We are also committed to being an employer of choice. As testament to our approach, we are proud to have achieved the significant milestone of B Corp accreditation. We are expecting to be the first FTSE 250 business to achieve this when ratified after our AGM in July. This ESG strategy, The Bigger Picture, is fundamental to our long-term commercial success. This is nothing new. We have consistently invested in our skills and expertise in this area. In terms of healthy environment, we have made investments over many years, such as the Ferneley project in 2013 and West Gorton in 2017, the UK's first medical center to be net zero carbon on an operating basis. This commitment to innovation in the design and fabric of our buildings, indeed, our entire way of thinking about projects, is reflected in our commitment to healthy communities. We've had a long-standing belief in the benefits of social prescribing and have supported it through the Assura Community Fund. In 2020, we conducted groundbreaking research with the University of Worcester into designing medical centers for users with neurodiversity. We then put this research into practice at our center in Cinderford as part of our designing for everyone principles. Our ability to develop long-term relationships is a vital element of our success. Our buildings are here to last over decades and will sit alongside these enduring relationships with our stakeholders. Those of you who have known us for any length of time will remember the significant investment we made over a decade ago in a unique database of GP properties and contacts. It was a crucial tool that helped us understand the needs of our customers. This recognition of an ever-evolving need remains just as relevant today and is being extended across all of our new markets, in Ireland, private hospitals, NHS, and mental health. We continue to build the leading healthcare development team in the U.K. This team has been built organically, as well as by acquiring expertise from companies such as Matrix, GPI, and Apollo in earlier years. We have built the largest pipeline in our history, and while our GP schemes are currently on hold, this expertise is fundamental to both deliver this NHS pipeline in the future, as well as underwriting our expansion into new markets, as I have shown this morning. Now, I'll hand over to Jayne to provide you with the financial update. Jayne? Thank you, Jonathan. Good morning, everybody. It's great to see you all at this, our year-end presentation. I'm here to highlight a further year of strong results. We have completed 5 developments, giving us a slightly different mix to previously and reflecting the move into adjacent markets, with 2 primary care centers, 2 private hospital facilities, and 1 medical center in Ireland. We have continued to drive consistent rental growth. Our asset enhancement program completed 15 lease re-gears. We managed to get 66% of our portfolio to at least an EPC of B, and we improved the terms on our revolving credit facility, which included moving it to a sustainability-linked loan. Our rent roll has increased by over 5% in the year to £ 151 million, reflecting 4% rental growth and the development completions. Our interest costs have reduced year-on-year and have given us one of the lowest costs of debt in the sector, with 2.3% fully fixed financing, and our A- rating was reaffirmed by Fitch in January. As per our announcement today, we are delighted to have entered into a strategic partnership with USS as we move through to the next exciting stage of our growth. Now, let me take you through our performance for the last 12 months in more detail. By securing property additions of £ 85 million and 4% rental growth, we grew our net rental income by 4% from £ 138 million to £ 143.3 million, with our current passing rent roll increasing to £ 151 million, up by 5%. By continuing to manage our costs, we maintained our EPRA cost ratio at 13%, which is still one of the best in the industry. Our debt costs are fixed at 2.3%, with only £ 170 million to be refinanced before 2028. EPRA earnings grew from £ 96.8 million to £ 102.3 million, an increase of 6%, and EPRA earnings per share increased by 5% to 3.44 pence per share for the 12 months. Our secure and dependable cash flows are underpinned by 80% of income being government-backed, 8% coming from in-house pharmacy, and the remainder from strong private counterparties. We continue to grow our dividend in the year by 5% to a fully covered 3.24 pence per share. Today, we are announcing an increase in the quarterly dividend of a further 2.4 percentage points to £ 0.084 per share from July. We saw 30 basis points movement in our valuations or 4% overall. This means our net initial yield is 5.17%. As you can see, when you compare this to the MSCI UK Index, our assets have not moved as much as the wider index. Our EPRA NTA is now £ 0.493 per share. EPRA earnings generated £ 0.034 per share, of which we paid out £ 0.032 in dividends, and the valuation loss of £ 0.045 reduction in NTA. So let's take a look at our balance sheet. This remains robust, and our financial rigor throughout the year has generated our high-quality returns and a position of strength to build from. The financial metrics highlighted on the left-hand bar charts show the significant headroom we have against our covenants. The interest cover at 4.8 times against a covenant of 1.75 times means we have plenty of headroom. Below that, you can see the net debt to EBITDA. This is a metric that the ratings agency uses when they're assessing our financial position. At 9 times, this is within the Fitch guidelines. On the 31st of March, our net debt stood at £ 1.2 billion, and as I've mentioned, this is all fixed at an average rate of 2.3%, with a 6-year weighted average maturity. 80% of our drawn debt is maturing beyond June 2028. We have £ 170 million to refinance before 2028, but the earlier loans are at the higher rates of 3%, and therefore, the gap between this and current rates is minimal. Our longest-dated debt is our lowest cost at an average interest rate of 1.7% for all loans post-2030, and the mark-to-market value on our debt is £ 175 million. Our loan-to-value is 45%, and we remain comfortable in this range. Therefore, our guidance on this has not changed. It's worth highlighting the diversity of funding sources we have available to us as we look ahead to our next phase of growth. If we take capital recycling, portfolio disposals is something we have been successful with in the past, and we are keen to continue. But recycling can come in other forms, as evidenced today with our joint venture with USS. The £ 107 million seed portfolio ensures we have £ 85 million of capital available for future investment and will have a positive impact on the LTV in the short term. This form of self-help is something we see playing a pivotal role over the coming months and years. When it comes to equity, we have extremely supportive shareholders and have a track record of successfully deploying the proceeds of our equity raises. However, we all know that markets are challenging at the moment. We also have access to a broad range of debt sources, whether that's public markets, main bank lending facilities, or private placements, and we are committed to ensuring that all future financing has a sustainability linkage. The completion of five developments in the year has added almost £ 4 million to our rent roll. As you can see from the pictures, there was a diverse range of schemes, with two primary care centers in Wolverhampton and King's Lynn, with Wolverhampton having the privilege of being our 100th development, a unique cancer care facility in Guildford for Genesis, the Kettering Hospital for Ramsay, and a medical center in Kilbeggan, in Ireland. Those of you who managed to be at our Capital Markets Day in February will have seen the cancer facility above with its remarkable technology used in treating cancer patients. This exceptional facility highlights how the private sector is growing with private insurance, self-pay, and providing capacity for the NHS itself. With a completion value of around £ 72 million, these are some of the larger assets in our portfolio, and 77% of the rents are index-linked. However, our need to negotiate for higher rents with the NHS continues as we see the ever more pressing need for new facilities. We have 8 schemes on site at the year-end, with 6 of these due to complete over the next financial year. Reflecting our move into adjacent markets, which have been highlighted over the past couple of years, the schemes on site are not all purely primary care medical centers. We have two medical centers at Southampton and Winchester, with Winchester using our Net Zero Carbon Design Guide. We have three developments in Ireland, Castlebar, Birr, and Ballybay, two direct NHS assets in Cramlington and Bury St Edmunds, and an NHS child therapy center in Fareham. We have a further £ 42 million to spend on these developments, and 84% of the rents are index-linked. Here we look at a little more detail on our rent roll growth and the impact it will have on the top line. If you look at the chart on the top left, you can see we added £ 7.2 million to our rent roll, an additional 5%. This is a mix of our activity from rent reviews, asset enhancements, and developments. We settled 307 reviews during the year with an uplift of £ 3.1 million on our rent roll and an absolute uplift of 8.9% on the £ 34.1 million of rents reviewed. For us, it has been a good year for rent reviews, with our RPI and fixed uplift link leases seeing an annualized increase of 5.2% as the indexation is coming through. Our open market reviews have reached a net 1.7%. On a blended basis, we have had a net increase of 3.9% overall. There is a backlog of open market reviews, which we are starting to clear with the District Valuer. With 31% of our leases having indexed or fixed uplifts and new developments setting the open market rental tone across the country, we are positive about the prospects for our rental growth. While this will take time to come through, we are expecting steady growth from here. Here we see a chart we have shown you several times, highlighting where our rent roll on a pro forma basis could end up once all our known activity is completed. The activity within the business shows that future rent roll growth is underpinned with our continuation to focus on rent reviews and organic growth. However, we do expect developments to play a part in the future growth. Looking at the chart, given the activity within the business at this time, we expect our on-site developments to add £ 4 million to our rent roll. Our rent reviews will add around £ 7 million, and our on-site asset enhancements, including extensions and vacant space, will add £ 1 million to increase our rent roll to almost £ 162 million in the coming years. So in conclusion, it has been a very successful year. We have maintained growth via our rent reviews, asset enhancements, and development completions. We have demonstrated our financial strength with the improved terms on our revolving credit facility, and our debt book is credited as being one of the best in the listed real estate space. Our robust balance sheet supports the continued solid, reliable cash flows, and we are pleased to say we have achieved over 10 years of consistent dividend growth with a 10-year compound annual growth rate of 7.3%. None of our performance would have been possible without the hard work and dedication of our colleagues in Altrincham and throughout the UK. As we move forward into our next financial year, we are excited by what the future holds, as we see the growing need for healthcare facilities across both the NHS and private sector. We have taken the next steps with our joint venture with USS. Seeding a £ 250 million portfolio with a leading UK pension fund is a fantastic and exciting opportunity, and we are actively preparing for further growth in our ongoing journey. And with that, I will now hand you back to Jonathan. Jonathan? Thank you, Jane. Looking ahead, we see two substantial areas of growth. The first is organic growth, and the second is the significant opportunities for sustainability-led investment in the healthcare market, both in primary care and beyond. Looking at our organic growth, we have achieved 3.9% in our rent reviews, an excellent foundation for future shareholder returns. In future schemes, the economic reality is that rents need to increase by at least 30% to reflect cumulative construction cost inflation over recent years and to enable us to recommence our development pipeline. That value gap highlights the significant reversionary potential embedded in our portfolio. This will not be easy to unlock, and it won't be overnight, but on a long-term investment horizon, the potential is significant. A further opportunity lies in forthcoming lease expiries, where £ 43 million worth of rent roll will expire within the next five years. Given that alternative locations meeting clinical standards will not be readily available, renewals at our sites represent a substantial value creation opportunity for us. Our record in this area is impressive, with more than 97% of expiring leases renewed within the last five years. In asset enhancement, we continue to build our pipeline, though the approval process remains slow. An increasingly cash-strapped NHS will need to reinvest in its existing estate to improve the quality and sustainability of medical premises. Development of new premises will continue to play a key role, although the majority of the estate is likely to be refurbished rather than replaced, and we clearly have an advantage in this area. Our current pipeline of asset enhancement and sustainability projects sits at £ 9 million. This slide showcases our asset enhancement project at Ling House Medical Centre in Keighley. The 20-year-old building serves over 12,000 patients and had only 3 years remaining on the lease. Our project reconfigured and refurbished the space, converting 3 admin rooms into 5 clinical rooms, increasing capacity by 25%, in return for an uplift in rent and a regear of the lease to 25 years. We also upgraded the building's energy performance with an air source heat pump and LED lighting, resulting in a 68% reduction in carbon emissions and lower running costs for the practice. This is a great example of how a modest investment can deliver improved healthcare capacity, enhanced sustainability, and increased rent and lease term for our shareholders. It is our intention to replicate this template right across our portfolio. Alongside this organic growth, healthcare real estate more generally offers a multi-billion pound investment opportunity across GP surgeries, outpatient clinics, mental health facilities, and private hospitals. Only Assura is offering investors the opportunity to benefit from this broad range of opportunities, and only Assura has the depth of healthcare knowledge and development and sustainability skills to unlock this significant potential. We highlight here four areas for growth in private hospitals, NHS trusts, mental health, and Ireland. First, private hospitals, where we spoke extensively about the scope for growth at our Capital Markets Day in February, driven by the surge in demand from ever-growing NHS waiting lists. The demand primarily revolves around less acute and more routine procedures, such as cataract surgeries, diagnostics, or orthopedic treatments. These are ideally suited for day case units and are precisely the types of facilities we have been building over recent years. Demand is particularly strong in the higher margin self-pay market, which is giving private hospital operators the confidence to invest in new facilities. Our success to date is shown here with a portfolio of 16 assets valued at £ 182 million, and with significant potential for growth, both in acquisitions and developments. Second, projects direct with NHS trusts. We have two projects on site, including our second ambulance hub. These investments benefit from long leases direct with the NHS and rent indexation, and so attract the keenest pricing in our sector. In view of this, we have agreed to include a number of these assets and our future pipeline in the joint venture I announced earlier. Third, the field of mental health, which has experienced a surge in the need of its services, with referrals increasing by 22% in the past year compared to pre-pandemic levels. Lockdowns resulting in social isolation, economic instability, and the looming unknown threats from the virus have contributed to heightened levels of stress, anxiety, and depression among many. This increased demand has placed greater pressure on an already overburdened system and has impacted both GPs and mental health professionals. This is a market we are less well established in, though to date we have 10 buildings worth £ 60 million, and we have one scheme on site. However, it is our intention to place greater focus on this market going forward. And fourth, Ireland, which is prioritizing investment in primary care. As a result, we are continuing to see both investment and development opportunities. Our recently completed development in Kilbeggan increases our portfolio to 4 properties valued at EUR 37 million, with 3 schemes on site and 2 more in our pipeline. If we position this alongside the significant potential for investment in the UK, we see a compelling case for the future prospects of our business. In addition to potential growth, we see attractive returns in these markets, and we have summarized some of the key real estate variables on this slide. You can see that the strong underlying drivers in demand enable occupiers to commit to very long leases across all of these markets, with most in the 25-30-year range. The income growth is assured, typically with contractual indexation. The quality of that income is also strong, with direct government income across many of these markets. Where income is from private operators, it is supported by robust U.K. businesses aiming to meet growing demands driven by increasing NHS waiting lists. Moreover, many of these facilities offer unique services or vital capacity for the local health economy that the NHS cannot quickly replace. There is, therefore, an essential long-term health demand for these sites, in addition to their financial covenant. All these markets need new capacity from developments. There is also potential for high-quality portfolios to be acquired. Taken together, these four markets offer significant prospects for growth and excellent risk-adjusted returns. Let me touch on the current political landscape, given that we face the uncertainty around a general election that has to take place before the end of January. The key fact to emphasize is that there is no uncertainty around the NHS remaining a top priority for voters, and so the focus on it during the upcoming campaign is likely to be stronger than at any other point in time. Both political parties are talking about the need to move care closer to people in their communities and are welcoming the role of the private sector to support the NHS in clearing waiting lists. Their positions are set out on the slide, with statements from Victoria Atkins, the current Secretary of State for Health and Social Care, and Wes Streeting, the Shadow Secretary of State. Both talk about the need for the NHS to move care out of hospitals to make the most of its budget and to deliver better quality care for patients. This is clearly increasing pressure for investment in community healthcare, with modern, fit-for-purpose buildings, even within constrained budgets. This will be the case whichever political party is returned to power in the coming months. So in light of this shift towards a community-based delivery model, which prioritizes prevention and reduces hospital admissions, the investment in new primary care capacity could provide many of the answers. It could facilitate an increase in the workforce through a broader range of clinicians to deliver a wider range of services. It could allow more people to be treated outside hospitals, which is more convenient for patients and cheaper for the system. NHS data shows that primary care treatment can be up to 10 times less expensive than hospital treatment. These are all key reasons why Assura's buildings will be an essential part of the solution going forward. In conclusion, we've delivered a strong set of results that demonstrates our ability to drive value from our existing portfolio, with scope still for us to do so much more. This has been achieved despite an uncertain backdrop, where disruptions and funding challenges within the NHS have led to record levels of waiting lists. In turn, this has meant the postponing of almost all of our pipeline, with only one scheme starting this year. Against this background, we are excited that we have identified opportunities to bring our unique blend of development and sustainability skills into new healthcare markets and new territories, all in support of a dynamic and growing sector. Given the scope of these opportunities, we are delighted to have entered into a new partnership with USS to bring us access to private capital as a new funding source for Assura, alongside the public markets. Taken together, the potential for further growth from our existing portfolio and the broad scope and scale of the opportunities we see in healthcare, means we are confident about delivering significant strategic progress in the year ahead. Now, that completes this morning's presentation, and we are happy to take your questions. So there is a microphone in the room, so if you wouldn't mind raising your hand, and if you, for the purposes of the, the webcast, if you could just announce who you are. Morning, John Cahill from Stifel. Thanks for the great presentation, and really pleased to see the JV that you've announced today. Just with regards to the JV, are you able to give any color on what the management fee structure looks like, and specifically whether there are any LTIPs in there? And also just confirm, I assume the vehicle is for income-producing assets only. The development will all still be done by you wholly on balance sheet. Yes. So to take the second point first, yes, we have agreed that any developments for the JV will be effectively done by Assura and only transferred across on completion. That would obviously enable us to capture the full development margin. And in terms of management fee, yeah, we have got an asset management fee and a property management fee included. It's a commercially negotiated fee, and it's we're not disclosing what that is for, you know, commercial sensitivity reasons, but it's a normal market rate level that you'd expect. Thanks, and no LTIPS? No. No. Thank you. Miranda Cockburn from Berenberg. A couple more questions on it. In terms of the yields that you transferred the assets into the joint venture, and then going forward, can you just give us a bit more detail on how you're going to look at assets, whether you're gonna put them into the joint venture or keep them on your own book, and just sort of that, that differential? Yes. So in terms of yields, we haven't disclosed the price that the assets transferred across, 'cause again, that's commercially sensitive, and we don't disclose individual deals. But it's fair to say, if you look at our average, our average valuation at 5.17, I referenced in my presentation that these are the keener assets because they're long-dated, direct index-linked with the NHS. So you can read across from that, that they will be at the upper end of our pricing range. And that's part of the reason, to be honest, of why we wanted to move them across, 'cause they're stabilized, you know, relatively low-yielding assets. In terms of future assets, clearly, any kind of JV, that's a big topic of conversation, and it's really important, I think, for both parties to have total clarity about which assets are in and which assets are not in. So we have got very clear criteria where it is, it is long-dated assets direct to the NHS or GPs that have indexation that will be moved across into the vehicle or rather will be offered to the vehicle. And all the other assets that we anything with open market reviews or anything that is in Ireland or private health or mental health will be outside of scope. Just to confirm, there's no debt- No within the joint venture? So there is, there is flex, I mean, it's a 15-year agreement, so clearly we have left ourselves the flexibility if both parties want to, but the current intention is to have no debt. There's no plan to have any debt in the structure. Just, one other question. Just in terms of, can you remind us on the yield on costs that you're getting on developments with the private healthcare operators versus your more traditional GP surgeries? Yeah, so I mean, in terms of specific yields, I think at the capital markets day in February, we did highlight the overall yield levels by asset class, and hospitals generate, do have a higher yield than the GMS space or the NHS assets. And in terms of margins, it is a similar margin that we're targeting, so there's no increase in terms of development margin, but obviously the yield is starting from a high point. Thanks. It's Paul May from Barclays, again, on the JV. Will you separately disclose the fee income in your account moving forward? In which case, we'll probably be able to work out what the fee is? That's a really good question, Paul, and not one that, to be honest, we haven't thought about it, but, if we do, then clearly you'll be able to work it out, yes. Thank you. What makes you confident over investing? I think you've highlighted in the past that it's been quite difficult to find investment opportunities. Why the JV now? Why do you think that you'll be able to get those acquisition opportunities moving forward? So in terms of the types of assets that we'll be looking to put into the JV, it is those direct NHS with clear indexation assets, and those have been challenging for us to fund off our current cost of capital because they're the more keenly priced. So by accessing, you know, the private capital of USS, we're confident that we'll be able to meet their hurdle returns and deliver those projects, whereas fully on balance sheet, we just wouldn't have been able to meet the hurdle. Sorry, last couple. Would you be investing cash into the JV, or would it just be assets going in as your share of the JV? So it's assets to start with, but as we move forward, if we acquire future projects, then clearly we'll be funding our 20% corner of those assets going forward. So yes, we will be investing to fund future growth within the JV, or we might transfer further assets as well. So we have both options. Cool. Then just final one, did you assess equity issuance to kind of get to the same end game on balance sheet? Yes, absolutely. So I think we've always been very. I think Jayne was very clear in the presentation that we consider all funding options at all times. So she referenced disposals, you know, this JV opportunity, and obviously, public markets is a key part of that. So, the key benefit of this is, yes, it's a great transaction, and it enables us to unlock some NHS deals that we otherwise wouldn't be able to do. But the bigger benefit is that we now have a further source of capital, but it's a further source. It's not the only source. </transcript Thank you. Callum Marley from Kolytics. First question, just regarding the refinancing in 2026 and 2027, which I think is about £ 250 million. On today's rates, that has an impact, I think, around £ 6 million-£ 7 million to your bottom line. I know you commented that that will have a minimal impact, but given the slowdown in organic growth and the lack of development, are you at all concerned about potentially having an uncovered dividend by then? Can you say that? Yeah. It's £ 170 million that we have to refinance. In short, no, because if you look at the, rental growth that we've already had in terms of our rent rolls, now £ 151 million, we believe, and we're confident about growth in the future, that we, we will be able to cover any additional interest costs. We actually only have £ 50 million. That's due at the end of next year, and then we start to move towards the end of 2027 before we have any more, so we're, we're very comfortable. And as I referenced, that's at the higher interest rate, so our average is 2.3%, but the earlier dated loans are around 3%. So if you look at the gap between that and we'd finance it, I don't know, maybe 5%, that kind of area at the moment, then it's not something that we are concerned about. Thank you. And then as you look into the next cycle for Assura, if we were to enter into a potentially higher inflationary environment with inflation spikes, should investors be concerned at all about healthcare rates, your relationship with the NHS, and the ability to pass on that construction cost inflation going forward? Yes. So I mean, in terms of cycles, I mean, we don't really think of our business as being one that has cycles, 'cause the underlying healthcare demand is an ever constant, and in fact, is ever growing. So that's why we were very much highlighting the ten-year track record of the business. So I wouldn't focus too much on cycles, but in terms of inflation, you're absolutely right that if we're not able to agree to get agreement from the NHS to sign off on those new deals, we won't be able to deliver any of the new projects, so the 35 projects I referenced won't happen. But the reality is that we're already seeing isolated locations where they really are wanting these schemes to go ahead. So it's our very strong expectation that these schemes will get signed off at the higher rents eventually. It won't be overnight, and it won't be right across the country, but we'll start seeing, I think, this year, certain locations where they will sign them off, and I think that will be the start of a progression towards achieving those. If we don't, we won't deliver those projects for the NHS. We'll be able to deliver investors higher growth through the other markets that we're highlighting, and obviously, we've got the organic growth that we've referenced as well. So, you know, just under 4% rental growth this year, significant scope for asset enhancements. We've got the £ 43 million of leases that are up for renewal. There's a value creation opportunity there, and we've got our sustainability plans, which are huge as well. So it's an important part of the mix. Of course it is, but even without it, we would be delivering reasonable returns. Great. And if there's no more questions in the room, we'll go to the webcast. Thank you. We've got a number of questions from the webcast. First one is from Munna Roy, who's a private investor: When do the board anticipate an increase in acquisition or build activity to historic levels? so to historic levels is quite a challenging benchmark, I would suggest, 'cause that would indicate a sort of £ 150 million-£ 200 million annual level. And given the current balance sheet, clearly, we wouldn't have the capacity to go to that level. But obviously, one of the big benefits of the JV that we've announced is the recycling of capital and the opportunity to start investing and developing assets. But it wouldn't be on that scale without the current capacity on the balance sheet. We would clearly need to access further funding before we got to that level. Thank you. Next question is Tom Furlong from CCLA. Can you quantify what you mean by small discount in relation to the properties contributed to the JV? Does this create transactional evidence, meaning that valuations will be weaker to reflect this at the time you next report? Yeah, so it's a commercially sensitive deal, so we're not—we never announce the details of any of our deals. We don't do on acquisitions, and we don't do on disposals, so we won't be on the JV. But yeah, we can absolutely confirm that it is, you know, it is in line with our valuation, a small discount as we referenced. Yeah, will that small discount then get reflected across the board as we go forward? Possibly. But obviously, that's just one factor. There are lots of other factors in the market. There's other evidence that could be created by other transactions. Clearly, there's an outlook on inflation and interest rates that will have a play on valuations as well. So, difficult to be a fair answer, I think. Thank you. Andrew Saunders from Shore Capital. What is the pro forma LTV, taking into account the new JV? You take that. Yeah. So it'll just knock off a couple of% on our LTV at the moment, so we probably get down to about 43%. But obviously, this is the start of a potential £ 250 million-pound JV. So obviously, as we put more assets into the JV, then we will release more capital, and that will bring it down, over time. Now, obviously, we have talked about reinvesting some of that capital, and we're very comfortable being in and around that 45% that we are at the moment. It doesn't cause us any issues operationally. And so, you know, we expect to just continue as we are and obviously take advantage of some of the opportunities, but it will come down slightly at the beginning. Matthew Saperia from Peel Hunt. Have DVs become more pragmatic about the rent levels needed to kickstart schemes? Are there any regional variances? So the short answer is no. The slightly more nuanced answer is that there are regional variances, not with the DVs, but with the attitude of the local NHS teams. So what we are finding is there are certain local NHS teams that are willing to sign off on higher rents, notwithstanding the attitude of the DVs. There has also just been. It's a bit of a technical point, but there's just been some updates to the NHS regulations, which now formally allows the NHS team to use people other than the DV, if they want to, to sign off on the value for money report. So it doesn't necessarily have to be a blocker going forward, but I would be giving you a false impression if I suggested that the DVs were being more flexible. But there are like, sort of opportunities to perhaps work around them, shall we say. Next question is from Elliot Basford, from CCLA. The £ 85 million of imminent cash that is earmarked for development, why not deleverage when you state that a 45% LTV is above the 40% normal level? You have to take that. Yep. So I think I've talked in the past, we've always been comfortable in and around 40%. It's actually the valuation movements that's moved us above the 40%, and in the short term, that's exactly what will happen. It will deleverage the business. And obviously, we are looking at other capital sources, you know, and we've got further assets to potentially put in the JV. So, you know, we're not, we're not concerned about the LTV at the moment. Thank you, Jayne. That's all the questions from the webcast got time for at the moment. Jonathan, back to you for closing remarks. Great. Well, thank you very much. Thank you very much for your time. Really appreciate you joining us today, and look forward to seeing you again next time. Thank you.