Good morning, everyone. Thank you for joining us for our half year results. Today we'll follow the normal running order, so Bhavesh will take you through our financial performance. Darren will provide an operational update, and I'll come back on strategy and outlook. Before we do any of that, I just wanted to take a step back. It's probably fair to say that the economic environment has changed quite a lot since we were last here in May. Against this tougher backdrop, it's really pleasing to see how well the business has performed operationally. That's down to a number of things, but two stand out. First, we're clearly benefiting from our focus on markets with pricing power. You will hear about the favorable supply and demand dynamics across our chosen areas. That's our Campuses, Retail Parks, and London Urban Logistics. Second, it's due to good execution of the value add strategy, and that's right across the business. I wanna take this moment to thank the team for delivering that really strong performance. Now let's just take a quick look at the headlines. Earnings and dividend are both up 12%. Our leasing performance was very strong, and as a result, occupancy across the portfolio is high at 97%. Clearly, interest rates have moved materially in the last six months. The five-year swap is now 4% compared to 2% in May. Investors are naturally demanding a higher return from their investments, and real estate's not immune from that. There was a 17 basis points outward yield shift in the half, which was partly offset by ERV growth. The combined effect is that valuations are down 3%. We have a very strong financial position, which we improved with GBP 1 billion of well-timed disposals. This puts us in a good place to take advantage of the opportunities that are emerging given the current dislocations in capital markets. More of that in a moment. I'll now hand over to Bhavesh, who'll take you through the financial performance. Thank you, Simon. Good morning, and thank you for joining us. Over the next few slides, I'll provide an overview of our financial performance in the first half. We have delivered strong earnings growth, and our balance sheet remains resilient. Underlying profit was GBP 136 million, up 13%, driven by strong like-for-like rental growth, a tight control on costs, and the benefit of recently completed developments. Net tangible asset value was 695 pence per share, down 4.4%. The key movement was a decrease in our portfolio valuation of 3%. This reflects yield expansion across the portfolio as a result of rising market rates. Our well-timed disposals have further strengthened our financial position. LTV has decreased 220 basis points to 30.7%. We have access to GBP 2 billion of available facilities and cash. Importantly, based on our current commitments, we have no requirement to refinance until late 2025. We'll pay an interim dividend in January of £0.116 per share, an increase of 12%, reflecting our improved EPS and in line with our dividend policy. Our headline net rental income is up £17 million or 8% in the period. Net divestment reduced net rents by £1 million. This primarily reflects the disposal of a 75% interest in Paddington Central, offset by the impact of acquisitions that we made last year. The £10 million increase from developments reflects the practical completion of One Triton Square last year and a rates rebate for Euston Tower following its D rating ahead of development. Provisions for debtor and tenant incentives have normalized and added £1 million to net rents. Including the impact of historic CVAs and admins, like-for-like net rents have grown by GBP 7 million. Good operational performance across our portfolio has driven strong rental growth, which you can see when we disaggregate the moving parts within like-for-like net rents. On campuses, like-for-like growth was up 9.2% or GBP 7 million. This was driven by strong letting activity across our Storey spaces with 100 Liverpool Street and Ormond Yard now fully let. As well as the impact of rent reviews with Dentsu at 10 Triton Street and Meta at 10 Brock Street. We've also seen like-for-like growth across our retail parks, up 2.2% or GBP 1 million. This is due to continued strong leasing and occupancy increasing to 97.5%. For shopping centers, like-for-like net rents declined by 4%, reflecting deals rebasing to market levels. The prior period growth was the result of car park income rebounding following lockdown restrictions lifting. Darren will cover our key leasing activity across our segment shortly. Turning now to our income statement. Starting at the top of the table, gross rental income increased by 4.1%. Rent collection rates have returned to pre-pandemic levels, significantly reducing property outgoing expenses. As a result, net rental income grew by 8.1%, and our net to gross rent margin returned to a normalized level. Fees and other income increased by GBP 4 million, with our new Canada Water and Paddington joint ventures generating additional fee income. Administrative expenses were flat in the period at GBP 44 million as a result of our strong focus on cost control. We are pleased to have reduced our EPRA cost ratio by 650 basis points to 19.7%. Net finance costs were up GBP 5 million in the period to GBP 56 million. The increase is a result of rising market rates, but we expect the impact of future rate rises to be limited as we are fully hedged for the next 12 months. I'll explain our details on our financing activity later on. Underlying earnings per share is 14.5 pence, up 12.4%, which results in a dividend of 11.6 pence per share. As usual, we've included a guidance slide in the appendices. Turning now to our balance sheet. The decrease in NTA to 695 pence was primarily due to property revaluations. This was offset by the impact of profits in excess of dividends paid. Our total property return was impacted by yield expansion, notably for our lower yielding assets, where the impact of rising interest rates has been most acute. Importantly, our actions have helped mitigate this impact. Active asset management and ERV growth added 1.2%. This includes leasing activity across our standing portfolio. For example, the significant renewals to Meta at 10 Brock Street and Crédit Agricole at Broadwalk House, and particularly strong ERV growth across our urban logistics assets, up 17% in the period. In addition, net rental income added 2% to returns. Including the impact of leverage, this resulted in a total accounting return of -2.8% in the period. While total accounting return reduced in the period, last year, we delivered a return of +14.8%, and so we're still targeting 8%-10% through the cycle. At year-end, I outlined our capital allocation framework. This detailed the four key considerations we think about when making decisions on how we can allocate capital to deliver our strategy. With more uncertainty around us, I wanted to share our view on the framework in the context of the current macroeconomic environment. We have an extensive and attractive offices and logistics development pipeline. As we look ahead, we will be thoughtful about committing to new projects. We will require clear visibility on rent and an attractive yield on cost for the development. We are patient, and we will be disciplined in deploying capital into future acquisitions, but we do expect that the current environment will present attractive opportunities. Our balance sheet is in a strong position, so we have the resilience to weather market conditions and the liquidity for selective investment. Our growing dividend reflects our strong operating performance in the half. We have a high quality and de-risked committed development program, which we've continued to make good progress on. When fully let, the combined projects will deliver GBP 62 million of rents, and we've already pre-let 34% of this. We have GBP 570 million of costs to come, of which 92% is fixed, protecting us from near-term inflationary headwinds. Overall, our committed program is delivering an attractive IRR of 10%. At year-end, we outlined our expectation of construction cost inflation, and we reiterate this guidance today. We expect construction cost inflation to be around 8%-10% and expect it to moderate to around 4%-5% next year. We're already seeing capacity come back into the construction industry as some development projects have been deferred or canceled. We could see inflation moderate lower and quicker than this guidance, but we continue to take a cautious approach with our appraisal inputs. In our development pipeline, there are no impending decisions to be made over the next year. We think about future decisions, we'll judge them against our strict internal returns and yield on cost hurdles and seek to de-risk projects through pre-letting space. Our disciplined approach to capital recycling has further strengthened our balance sheet, which is a key competitive advantage, particularly with the volatility and uncertainty that we're seeing in the wider market. Following the 75% sale of Paddington Central, our LTV improved 220 basis points to 30.7%. Our total quantum indebtedness has reached a near 10-year low, and we have GBP 2 billion of undrawn facilities and cash, giving us ample firepower to take advantage of any investment opportunities that may arise. Importantly, based on our current commitments and these facilities, we have no requirement to refinance until late 2025. Our weighted average interest rate is 3.5%, a 60 basis point increase since March. This increase is primarily the result of repaying our lower cost revolving credit facilities with the proceeds from the Paddington transaction. There was also an impact from rising market rates, but importantly, the strike rates on our caps are set at levels that are now below SONIA. Together with our use of interest rate swaps, we are fully hedged for the next year. Over the next five years, on average, and with a gradually declining profile, we are 77% hedged on our projected debt. Finally, we have no income or interest cover covenants on British Land's unsecured debt. We continue to have significant valuation headroom, and we could withstand a fall in asset values across the portfolio of 48% before taking any mitigating actions. We maintain good long-term relationships with debt providers across different markets and have continued to raise finance on good terms. This includes a GBP 515 million five-year loan for the Paddington joint venture secured on its assets. For British Land in October, we signed a GBP 100 million RCF with a five-year initial term and ESG-linked provisions. Earlier this month, we signed a new GBP 150 million ESG-linked RCF, also on a five-year initial term. In summary, through our actions, we have delivered strong earnings growth in the half. Our actions have further strengthened our balance sheet, giving us the resilience to navigate through an uncertain macroeconomic environment. Lastly, we have the discipline and the firepower to take advantage of any market opportunity that may arise. I'll now hand over to Darren, who will provide an operations and market update. Thank you, Bhavesh. Good morning, everyone. I'm gonna give you an update on our leasing activity and some insights into how we're seeing the markets. First, I'll take you through our valuations. Overall, we've seen a valuation decline of 3%. This was due to yield expansion of 17 basis points across the portfolio, a reflection of the challenges in the macro environment and rising interest rates. This has been partially offset by rental growth, driven by our asset management activity, resulting in an uplift in ERVs of 1.2%. The valuation of our campuses was down by 2.7%, following outward yield movement of 18 basis points. However, rental growth of 1.6% has reduced the impact on values. In retail and fulfillment, we've seen a decline of 3.6%. In Retail Parks, we've had rental growth for the first time since 2018, something we said would be coming through, building on our leasing performance over the past year or so and the strength of our assets and the subsector. We also saw rental growth in London Urban Logistics of 16.7%, principally driven by our Wembley asset, where rents have moved on significantly since acquisition. It's also a reflection of very strong fundamentals across the market, which, as I'll come back to shortly, look set to remain in place for a significant period of time. Despite the macroeconomic backdrop, we've had rental growth across all of our key target markets. Let's start with Campuses. At the full year, I reported the strongest leasing volumes we've seen for 10 years. Six months later, I can say we've seen no letup in activity. With transactions on nearly 500,000 sq ft of space, rents totaling GBP 25 million, and as an average of over 18% above ERV, demonstrating the continued demand for best-in-class office space and our campus proposition. In fact, we've seen a noticeable uptick in levels of interest since the summer, and we have a further 310,000 sq ft of space under offer. The occupancy in Storey is now 96%, up from 86% in March, following 114,000 sq ft of leasing activity. With only a couple of units to let, we're now effectively full, which puts us in a really strong position going forward. We're looking at opportunities on our campuses to expand the overall footprint. We've added a further 23,000 sq ft of space at 155 Bishopsgate, for example, which is already pre-let. We've had continued success leasing our committed developments. Hot off the press, I'm pleased to say that yesterday, we exchanged on our first major letting at Norton Folgate to legal firm Reed Smith for their UK headquarters on space of up to 126,800 sq ft. Norton Folgate is a collection of best-in-class buildings, all electric with low embodied carbon, with amenities and excellent transport communications, meaning it acts as a mini campus. As with our other development lettings, we've been able to achieve rents at a premium to our underwrite, which bodes well for the rest of our pipeline, where we've got a number of active conversations ongoing for pre-lets. Now more than ever, the campus model is really resonating with occupiers. We can see that in the successful leasing of our existing portfolio, our developments, and of Storey, as well as occupiers recommitting to space with extended terms, such as Crédit Agricole and 120,000 sq ft at Broadgate and Meta on 150,000 sq ft at Regent's Place. Campuses are also attracting the next generation of the innovation occupiers. We're creating 60,000 sq ft of lab space at Regent's Place, leveraging its position within the knowledge quarter. At 338 Euston Road, we've already concluded our first lab letting to Relation Therapeutics, a business pioneering machine learning for drug development. We have a number of further active discussions with lab-based occupiers here and at Canada Water. We're under offer for lab space at our new modular campus and at the Priestley Building in Guildford. Turning to the wider market, we're continuing to see the preference for quality drive demand. The vacancy metrics remain dominated by poorer quality secondhand space, which accounts for over 70% of the total. It's taking longer to lease, if it's leasing at all, with the average time secondhand stock stays on the market now doubling to over two years. However, this is in stark contrast to the prime end of the market, which is behaving much differently. I just wanted to pick out some interesting market data to evidence this. New or newly refurbished space represents just 1.5% of total London stock. Of the 3 million sq ft under offer, 72% is new or newly refurbished space. The speed new developments on average reach the 75% lease threshold has inverted to pre- rather than post-pandemic for the first time in 20 years. Finally, we've recently seen a significant increase in the quantum of new leasing in excess of the prime rental tone. This, combined with our campus proposition, underpins our confidence in the space British Land owns and creates. Now obviously, sustainability is an increasingly important driver, and we continue to make good progress towards our net zero targets. 52% of our campus space is now A to B rated, up from 46% at the year-end in March. As you know, we've mapped out a program of interventions to help our portfolio to net zero by 2030. Over the next few years, we'll continue to systematically work our way through the portfolio, often linking the timing of these interventions with planned leasing events. We remain comfortable with an estimated figure of around GBP 100 million to do this, broadly split 50/50 between offices and retail. In offices, we expect air source heat pumps and LED lighting to be roughly 70% of that cost. Total investment to date is GBP 8.4 million, of which we've contributed about 15%, with the rest covered by service charge or the occupiers directly. Exchange House, which I used as a case study the full year, is a good example of this. Our interventions have already moved an E rating to a B. We're pleased with our progress to date and remain confident in our plan and our approach. Let's move to retail. As with our campuses, the record levels of leasing we reported the full year have been maintained for the past 6 months. We've completed over 1 million sq ft of leasing at rents on average 10% above ERV, and the momentum's continuing with 770,000 sq ft of space under offer at an average of 18% above ERV. That's driven a further uptick in overall occupancy on retail parks up to 97.5%. Given the churn of lease expiries, there's obviously always a number of units in play at any given time, so you never actually reach 100%. Therefore, occupancy is as high as it's ever realistically able to be, one of the reasons we've been leasing consistently above ERV for the past 18 months. Now we're of course mindful of the prevailing economic conditions and pressures on the UK consumer, but we continue to think that the retail park format is well-placed in this environment, with low occupancy cost ratios of about 10% and a structural preference for the format from a range of retailers. Omnichannel operators who like the increased efficiency from the fusion with online, such as Next, M&S, and Zara, as well as discount retailers who value the convenience of the format, like Aldi, The Range, and Primark. This has allowed us to widen and strengthen our occupational base. We now have an Aldi or a Lidl on a third of our retail park assets, for example, and we think this puts us in a really good position going forward. For our shopping centers, we're really pleased with the progress on our leasing. We've closed deals on nearly 500,000 sq ft at 15 above ERV. Occupancy is up to 94.5%, and we have a further 260,000 sq ft under offer at an average of 27% above ERV. This reflects good levels of demand for smaller units in particular, combined with significant reductions in ERV over the past few years. As a result, we can see those ERV declines starting to plateau. Yields have remained stable over the period at circa 7.5%, and therefore, we continue to think our centers will generate attractive income-driven returns. Now let's look at urban logistics. Here, the fundamentals we've talked about before remain very strong, even in a more uncertain economic environment. Take-up in London year to date is already above the levels seen in 2019 and 2020, and in the 100,000 sq ft market, demand is around 3 times available stock, with total availability standing at only 2%. For inner London, it's tighter than that, at less than 0.5%. These fundamentals are driving strong rental growth, projected to be around 4%-5% over the next 5 years. Simon will talk you through our strategy in a moment, but the key takeaway here is that we'll be developing into a market which is incredibly supply-constrained. Now, before I wrap up, let me talk for a moment about the social side of our sustainability framework. Our strategy is to work with local communities to address key issues where we can make the biggest difference. Right now, the rising cost of living is obviously the biggest concern for people, so we put together a GBP 200,000 package of support to cover strategic advice and local initiatives, such as supporting food banks and providing warm spaces. Another great example is at Paddington, where we supported the Ukrainian Institute London by providing space for them to teach a basic qualification in English. More than 250 people have benefited, and a second course is already underway. Initiatives such as this are obviously really important to communities and examples of how closely we work with them. To wrap up, all sectors of our business are performing well occupationally, and we're driving ERV growth across our key markets. Our campus proposition is continuing to deliver as occupiers focus on best-in-class space. Retail Parks are operationally resilient and the best placed format in this environment. The fundamentals in London Urban Logistics remain very compelling. Now I'll hand you back over to Simon for an update on strategy. Thanks, Darren. As you've just heard, the business is performing really well operationally. We're clearly benefiting from our decision to focus on markets with pricing power and affordable rents. You might recall I shared this slide with you in May. Setting out the demand and supply fundamentals of our key markets. Truly first-class workspace is hard to find. This is enabling us to move rents up at our Campuses, where we've leased space 18% ahead of ERV, and those ERVs have increased 1.6% in the half. Our Retail Parks enjoy broad and growing demand from retailers. However, parks represent just 10% of UK retail, and our vacancy is low at 2.5%. This has enabled us to lease space 6% ahead of ERV, and ERVs are now rising for the first time in four years. In London Urban Logistics, there is a severe imbalance between demand and supply. Rents have grown very strongly in recent years, and we believe they'll continue to do so given the significant cost savings operators can realize by having the right facilities in the right locations. Based on what we're seeing today, there are good prospects for continued rental growth across the portfolio. How are we making the most of these favorable fundamentals? Well, our focus is on value add situations, where we use our deep asset management and development skills to create places both our customers and investors prefer. Driving returns organically like this is increasingly important in the current climate. Once we've delivered the business plan on an asset, it often makes sense to sell in order to recycle capital into higher returning developments and repositioning opportunities. Over the last 12 months, we've allocated capital smartly. At both Paddington and Canada Water, we locked in profits on existing investments at attractive pricing and largely paused reinvestment when we sensed capital markets were on the turn. At Paddington, we sold a 75% stake just below book value, crystallizing a return of 9% per annum since acquisition. At Canada Water, we realized most of our original investment when we sold 50%. Sharing the CapEx with our partner, AustralianSuper, allows us to build out more quickly. Over the next 18 months, we expect the dislocation in capital markets to throw up some attractive opportunities, but we will retain our discipline on risk and returns. Let's look at each of our markets in a little more detail, starting with the Campuses. Over the last 18 months, we have seen very strong demand for our net zero developments, and we expect this to continue as businesses focus on the best, most sustainable space. Our committed development program of 1.7 million sq ft is 40% pre-let now and 92% of our costs are fixed. We expect to deliver our schemes into a market with very little new supply, as you can see. In recent months, rents for the best new space have grown rapidly. This will help us capture higher rents than we underwrote on the remaining space, increasing our yield on cost. We have a very attractive campus development pipeline of over 7 million sq ft, and around 80% of that is consented. As you heard from Bhavesh, we'll continue to be disciplined regarding development return hurdles and risk mitigation. We have significant optionality in this pipeline with our carrying value low at GBP 180/sq ft. We typically pre-let one-third of our developments before committing. We're progressing planning, design, demolition, and site mobilization so that we're well-placed to secure these pre-lets. Falling supply means we can target higher rents. While it's too early to draw firm conclusions, we are beginning to see tender prices come down for some parts of the development process, such as demolition and site preparation. I've said before that our campus model is ideally placed to capture the strong demand from life sciences and innovation businesses in the Golden Triangle. These businesses like to cluster near centers of academic excellence. This is driving very strong demand in Oxford, Cambridge, and London's Knowledge Quarter, but supply is constrained. For example, there is no lab space available in Cambridge today, but there's 1.2 million sq ft of demand. These fundamentals have not escaped the notice of other investors, but we've been able to make good progress by focusing on off-market situations, opportunities in our own portfolio, and large-scale regeneration projects where our placemaking skills give us an edge. In Cambridge, we're working with the Cambridge Biomedical Campus on a master plan to match the world-class research that takes place there. We've extended our ownership at the Peterhouse Technology Park by acquiring a 4-acre plot with planning for a 90,000-sq-ft scheme. At Regent's Place, we're delivering 3 floors of lab space, with the first floor now let to Relation Therapeutics, as you heard from Darren. At Canada Water, we have 50,000 sq ft of demand for the 33,000 sq ft modular labs we'll deliver next year. There are clear strategic benefits from establishing an innovation cluster at Canada Water. Turning now to retail parks. As Darren explained, retail parks are now the preferred format for many retailers because of affordable rents and their suitability for multi-channel retail. M&S recently highlighted that multi-channel customers spend 4 times more than single channel customers, and stores touch 65% of their online orders. In the last 18 months, we believe the structural outlook for parks has improved for a couple of reasons. Online appears to be returning to pre-pandemic trends, as you can see in the chart. Retailers are pushing more of this online activity through the store by increasing delivery charges and introducing payments for postal returns. This means that click and collect is now the fastest growing fulfillment channel for online, with parks capturing a disproportionate share. At the same time, retail parks are very affordable. With the cost of living pressures, value retailers are expanding aggressively on our parks, and this is making parks more resilient. If the general weakness in the investment market spills over into the retail park market, we will look to exploit this. In urban logistics, we're using our expertise in London development to deliver new space in a market where supply is highly constrained. Generally, we're doing this by repurposing assets like car parks and retail parks, or by increasing density in existing locations via multi-story. We're targeting two distinct segments of the market. First, Central London last mile solutions. Second, larger facilities in Greater London. For this purpose, we define Central London as Zone 1 and edge of Zone 1. This is a nascent market where occupiers are willing to pay a premium for locations not previously available to them. We've acquired two new sites for multi-story just off the Old Kent Road, in addition to the Finsbury Square car park. We intend to submit planning for a logistics facility of 127,000 sq ft under 5 Kingdom Street at Paddington. These solutions are increasingly sought after as they reduce journey times and use low carbon transport, such as electric vehicles and cargo bikes. The Greater London market for larger facilities also has strong fundamentals. There is currently just one warehouse over 200,000 sq ft available. We're working up planning for multi-story at Enfield, Wembley and Thurrock. During the first half, yields on logistics increased. However, we still expect to deliver attractive returns from our developments as we underwrote outward yield shift, and rents are growing more strongly than we anticipated. The investment market is definitely less competitive now, and we think there'll be good opportunities to acquire attractive sites. Turning now to the outlook for our markets. It probably won't surprise you if I say forecasting is very difficult at the moment, particularly for forming a view on the yields. These will be heavily influenced by where medium-term interest rates settle, which is hard to call. We do think yields will continue to move out, but based on what we're currently seeing, we believe the impact on values will be cushioned by rental growth in our markets. On our campuses, we're forecasting rental growth of 2%-4%, higher for new space. Retail parks have returned to ERV growth, and we think this will continue at around 1%-3%. In logistics, supply remains very constrained and demand's robust, so rental growth of 4%-5% seems likely. In summary, we've delivered a good operational performance, and momentum is continuing into the second half. We continue to make good progress implementing the strategy, and we're navigating the macroeconomic environment well. With a strong balance sheet and robust liquidity, we're well positioned for the future. Thank you for your time. We're now happy to take any questions, and Bhavesh and Darren will join me on the stage. We've got people on the lines and also coming over the webcast, but maybe if we start with questions in the room first. Osmaan, you've got your hand up straight away. Morning, thank you for the update. Osmaan Malik from UBS. A couple of questions. One is, at the last set of results you gave was a GBP 2 billion potential development profit number. Appreciate it's difficult to make forecasting, as you just said, but where is your current thinking on that number? I guess also the timing, because the timing may have moved as well. The second question, I'll just push them out and, you can answer them in turn. Would be on the, on the London office market, I think you've got quite an exposure to tech, through Meta. I just wonder whether you are seeing any slowdown or are you concerned by the job losses that's going through that sector at the moment. Thank you. Sure. On the development profit, based on the metrics that went into our valuations, the development profit number is still GBP 2 billion. As we've guided too, we think yields will move out, but we're seeing a couple of other things move in the opposite direction, particularly on the rental growth side of the equation. You've seen the deals we've got under offer. In the last couple of months, for new space in London, really high quality new space, rents have probably increased 5%-10%, which is very helpful. As Bhavesh guided too, on the construction cost side, we've underwritten increases in construction costs of about 10% this year and 4%-5% next year. I think there is a chance that surprises on the downside, in terms of lower cost inflation. With those, we think we'll be able to grind up the yield on cost to meet those increases in yields and still deliver attractive profits on the development program. On timing, we've got a natural pause at the moment. Our current program is 1.7 million sq ft that's well underway with a high degree of prelets. Then we had a sort of 12-month period before we make the next major commitment, which is likely to be 2 Finsbury Avenue. As I said in my comments, we're undergoing site mobilization, demolition there, and we'll do the basement works. Normally, we look to secure a prelet. One-third of the building, something like that, and then we'd likely push ahead with it. We'll assess where yields are and where our yield on cost is at that point in time. On your question on tech, maybe if I answer initially and then hand over to Darren to expand. Look, I think tech is gonna take up less space in the immediate period. We do believe that the innovation industries, and we put technology as part of that, are gonna continue to grow in the medium term. I think you will see less take up from tech, but we're seeing that being filled by other customers. Really excited by what's happening in the life sciences space and obviously you've seen a deal announced today with Reed Smith and then another deal in the market. Darren, I don't know if you want to expand. Yeah. I mean, you mainly covered it. I mean, regards Meta specifically, we've just extended them at Regent's Place, as we said in the presentation. You know, half a building, we pushed that out until nearly 2030 now. That's, you know, while all of this has been going on. As Simon said, you've got we'll watch the tech sector, let's see what happens there. We've got a huge volume of activity elsewhere. We just announced Reed Smith. You know, we've got a building opposite here that's now fully prelet. We're seeing lots of demand coming from other types of occupiers. We're still confident in what we can achieve. Thank you. Hello, good morning. Hemant Kotak from Kolytics. I think you have clearly outlined your balance sheet position. It's very strong. Where are you targeting medium-term LTV? You talk about the fact that you've got a lot of buying power should opportunities present themselves. I'm just trying to work through the mechanics. If you're at 31% LTV today, which is a strong position, and you're substantially hedged, which again is a strong position, if values fall, which is being indicated not just by yourselves, but by others as well, you know, if they fall by 10%, you're about 35% before you spent money on CapEx. Where do you take the LTV, please? How are the opportunities, sir? Sure. No. Morning, Hemant. Bhavesh will talk you through. We've always adopted a countercyclical approach to leverage. You've seen us bring leverage down quite materially. Lots of disposals over the last 4 years, GBP 1 billion in the last 12 months, which has created capacity in the business. You know, a key engine of growth for a business is recycling. We will continue to recycle capital. You know, we find assets, we develop them, we reposition them, we lease them well, exactly the type of product that investors want to own, and then we reinvest in those properties. Bhavesh, if you wanna talk through the LTV approach. Yeah, just, well, as Simon said, it's a countercyclical approach, so we don't adjust our approach because of changes in values. Very comfortable with where we are today on LTV, and that positions us well for as we look ahead in terms of where we wanna deploy capital. We also look at other measures. Total quantum debt, which I talked about, is at its lowest level in 10 years. We look at net debt to EBITDA, so that's around 8 and has been consistently below or at 8 for the last couple of years. We focus really our discipline on recycling. We've sold well. We sold around GBP 4 billion over the last 5 years. We continue to focus on prime and mature assets where we feel there's nothing more value for us to add. We'll sell it. You saw us do that with Paddington this year, and we'll take some of those proceeds and re-recycle into parts of the market where we think we can drive a better return. We'll continue with that discipline going forward. you have been proactive. There's been no question about that. Yeah. My question is, a 10% decline takes you to about 35% LTV. Yeah. Where are you prepared to take that to? Because when you're in the midst of declines, you don't know what's coming. I'm just trying to understand that. Just the mechanics of it, please. Yeah. I would be comfortable in the mid-30s. As I said, the mechanics of what we're doing, we'll continue to look to dispose of, at the right price, dry or mature assets and use some of that to recycle in. To areas where we can get a better return. You've seen us do that in the first half of this year. We've got commitments on our existing developments, which we'll continue to push through. Okay. In terms of disposals, what areas are you looking at to potentially dispose? Because you've highlighted in your portfolio that you are in some strong areas, and medium term, obviously we've got a downturn potentially coming and a recession. Medium term, you're well positioned. What areas would you like to sell, and will the market be there when you're looking to sell? The main areas we'll look at are some of our more mature London office assets. To my earlier point, you know, we've created some great space. It's leased really well, but it's then a bit dry for us, but really in demand by investors. Yes, you'll probably achieve a lower price today than you might have done six months ago. Equally, you'll invest at much better pricing, and those will be opportunities where we can use our skills to drive value. You know, we really describe it as an all-weather strategy. You know, in the current climate, a value add strategy is absolutely the right one to pursue. Thank you. There's a question. Oh, sorry. Mark, you're next, definitely. Matt. Thanks. Morning. It's Matthew Saperia from Peel Hunt. Two quick questions, if I may. The first one on Storey. Obviously, a very good period for demand. I was just wondering what had happened to pricing over the same period. Also, I think you alluded to potential expansion across campuses. I think could you perhaps talk about where you think you can grow that across either the existing portfolio or indeed whether you'll look at external growth opportunities? Then the second question, going back to the near-term development pipeline. Simon, you talked about a 5%-10% pop in ERVs recently. I suspect that the pipeline of future space is likely to get tighter in the near term. The conversations that you're having with tenants on that near-term pipeline, do they reflect potentially even stronger ERVs than the ones that we're probably thinking about at this moment in time? Sure. No, thank you. Darren, do you want to take those? Yeah, sure. We'll start with Storey. Our occupancy is sky high now. As I said in my prepared remarks, we're pretty much full. We've got a couple of units to go, but that's full as far as we're concerned. We've extended the footprint by 23,000 sq ft. There's some more opportunities to do that in the portfolio. We'll look at it. It's still only about 5% of our space. When our occupancy was down, and this was during COVID, and that's an understandable time for our occupancy to be slightly down, then we took our pricing down to get ourselves back up to the kind of numbers we're at now. We're in a position now where we can start moving the pricing ahead. I think the other thing is the model was based on a 90% occupancy, and we're at 96% at the moment and climbing, so that's helped our economics. As far as our confidence on the development pipeline is concerned, we're not making assertions here. We're just reflecting what we can see on the ground. We're coming off the back of ten-year high leasing levels, which has continued into this half at significant chunks above ERV, 18% above ERV for the half. At One Broadgate, which we're currently on site, as most people have seen on the way in this morning, fully pre-let before we even touched the building on demolition. At Norton Folgate, which we did last night, so that's taken a 100,000 sq ft out of that 300,000 sq ft under offer number I gave you earlier. As far as the offices are concerned, we're 44% pre-let now, so that's great activity. We've got another 200,000 sq ft left under offer at about 4% above ERV. Sitting behind that, we've got another 600,000 sq ft in active negotiations. We're just looking at that landscape and the quality of the product we've got and what's incoming, and hence the kind of numbers that we're putting on our projections. We're, you know, cautious about this, but I think that we can be confident going forwards given all of that activity and the fact that the market's got incredibly low levels of vacancy for prime, and people are switching the cranes off. Thank you. Max, do you I think it's Max Nimmo from Numis here. I think most of my questions have probably been answered already. Maybe you kind of alluded to it a little bit at the end there in terms of where you see the redeployment of those opportunities, where probably the biggest dislocations are at this point. Is it fair to say that it is in that urban logistics space? Or equally, could it be in the retail parks where obviously things have shifted a bit again there? I think it could be in both to answer your question. What we're beginning to see is a little bit of distress from the funds facing redemptions. It's too early to see anything from the banks. There's motivated sellers as well. This is a more positive story for the vendors concerned, because what we've seen is pension funds with the big increase in interest rates their liabilities have shrunk, and many of those have moved into surplus, and they're looking now to lock in those surpluses, move to buyout. They're moving from growth assets, equities, real estate but they're pretty motivated sellers. We're seeing opportunities in the Retail Parks space, and you know we're well positioned to underwrite those. As I said, you know, we will remain disciplined on returns. You know, we're probably not at the bottom yet in terms of those, but you know, if we can buy assets at yields that fully reflect the increase in interest rates and buy significantly below replacement cost, that's pretty interesting for us. Then on the urban logistics, I think there will be opportunities to buy some sites where we can really put some good density on them. There's only a limited number of sites that you can really do, you know, good multi-story on, but we will look in that zone one space, which will be vertical warehouses with elevators or lifts for effectively moving goods around and then multistory with ramps in the sort of Greater London area. They will be our key areas, I'd say. Also in the innovation space in the Golden Triangle. You saw us buy the next phase of the Peterhouse Technology Park in the period. Any other questions in the room? No? Okay. Maybe if we could go to the lines. Thank you. If you have joined us via the telephone lines today and would like to ask a question, you can press star one on your telephone keypad. If you'd like to withdraw your question, then you may press star two. Please ensure you're unmuted locally when asking your question. Our first question comes from Sander Bunck from Barclays. Sander, your line is now open. Hi. Good morning, team, and thanks very much for that. Just one question from my side, please, and it's on the retail parks. I see there, or I read that there's roughly almost 800,000 sq ft of retail and fulfillment lease in the pipeline, and they're expected to be signed at 18% of the ERV, which sounds very encouraging. Can you just give some color on how to think about this level? Is this a real kind of comparing that to headline versus headline, or is it adjusted for incentives, and how the value is expected to be reflected in this? Because I think in the first half, value was only reflected roughly a 1% increase in ERVs, and this looks very significantly stronger than that. Just some color on that, please. Yeah, sure. Good morning. Well, look, as far as retail is concerned, it's. I'm delighted to be answering questions about strength of performance for the half, particularly in shopping centers, by the way. For Retail Parks, we're kind of on line with where we've been tracking for the past 18 months. At the financial year end, we said we were up 6% on ERVs. We've done about the same again this time around. The big turnaround and what is changing the numbers above that is for shopping centers. I think that's a reflection of two things. We've had a really good strategy. We've kept occupancy high. We've got a great team. We've got great relationships with retailers. That's really helped us. The other thing is, the ERVs were hammered probably to a disproportionate element over the past few years, and there's probably been a bit of overcorrection there. So what we're seeing is a bit of pullback from that. I'm obviously not predicting that that's gonna be the run rate for the next few years. That would be exceptional. We'll give it our best shot. I think the question on valuations in terms of forward movement of rents really is around the proportion. So there's always a bit of a lag with values when you create the evidence to when it feeds through. If you look at our shopping center evidence, I think we're talking about something like we've done deals this half on about 5% of our space. It is gonna take a while for this to feed through, just like it did for Retail Parks. We were doing deals significantly ahead of ERV before it translated into the real rental growth that we see coming through the valuations right now. That lag of effect and where valuations have been pulled to really explains the proportion that we're overachieving in terms of, in terms of our leasing. As I say, we're delighted with the six months. Okay. Just to make sure, in the 18%, there is no one-off, no special kind of leases in there? No, there's always a spread. You know, and it's actually quite a widespread, particularly on shopping centers, by the way. No, that's it. It's pretty consistent, actually. There's not like a couple of deals there that are particularly taking it up, if that's what you're picking away at. Great. Thank you very much. Appreciate it. Any other questions on the line? Thank you. As a reminder, if you'd like to ask a question, that's star one on your telephone keypad. No other questions on the line, then? Okay. Currently, there are no other questions on the line, so I'll hand back to yourselves for any further remarks. Great. Thank you. I think we're just gonna go to the webcast. Have we got any questions on that, Jo? From Tom Musson at Goldman Sachs, it looks like GIC's option on 5 Kingdom Street has now lapsed. Can you give any color on why they didn't exercise? Was it asset specific or market sentiment? Morning, Tom. It's probably not appropriate for me to comment on GIC's motivations for letting the option lapse. What I can say is, when we undertook the transaction, we deliberately kept more of 5 Kingdom Street because it was the highest returning part of the scheme. Got a really good development scheme there. We've just added to that recently with the box where we're out for public consultation. This is gonna be one of the best logistics facilities in central London. I think it's gonna be unique. It's gonna allow for green vehicles, so electric vehicles, cargo bikes, and it's gonna reduce mileage. We think that will command some really good rents, and we have an existing consent above ground for the offices. That's looking like a very profitable scheme for us. Net-net, the option lapsing is a good thing for BL returns, and so we're very comfortable with the position. I don't know if there's any other questions, Jo. It's from Miranda Cockburn at Panmure Gordon. You highlight recent debt facilities. Can you give us an indication of their pricing? One for you, Bhavesh. The marginal cost on our sort of credit facilities is SONIA plus 60 basis points. The two new transactions are broadly in line with what we've done historically. From Mike Prew. Earlier in the year, you estimated a gross development value in the logistics business of GBP 1 billion. Is the number the same? If it's changed, how and why, please? Hi, Mike. I think at half year we were at GBP 1.3 billion, and it's now increased to GBP 1.5 billion, and that reflects two things, the box that I just described at Paddington, but also an acquisition that we made off the Old Kent Road in the period for multi-story. Those are the two drivers. We're at about GBP 1.5 billion GDV today. From Paul Gorrie at BMO. Can we get some additional color on the weighted average interest rate from 2.9%-3.5% despite being fully hedged? It's as I talked about in the prepared remarks. It's a function of our hedging. The fact that we are fully hedged doesn't mean we're fully fixed. We use interest rate swaps and caps, and then some of those roll off and other ones come on, and they come on at different pricing. We also repaid our low cost RCFs through the Paddington transaction. As we paid that back down, that lifted up the weighted average interest rate cost. We're now fully. Fully hedged All our caps are all in the money. SONIA's above those cap rates. They were at about 1%, those caps. That's one of the driver, but it's primarily repaying the cheap bank facilities. The last that I have from Claire Demaine at Resolution Capital. Have office tenant incentives increased? If so, by how much? Darren, do you want to take that one? No. I mean, genuinely, no. That's just a function of demand, supply, tension and the very low levels of prime kit and reflection of the quality of what we have. Right. That's it. Okay. If there aren't any more questions in the room, I think that concludes the meeting. Thank you very much for your time. Thanks, everyone.