Good morning, everyone, and thank you for joining Donald and myself today. Our agenda is as follows: I'll give a short introduction, Donald will talk through the financial performance, I'll then talk in more detail about the business, and then we'll take questions. Let me start with a summary. Just over 2 years ago, we presented our transformation plan to our investors, designed to deliver results that would benchmark well. I'm pleased to say that across a suite of KPIs, this transformation plan has delivered, and there's more to come. Let me give you the headlines. We have growing market demand and declining supply. We have full occupancy for the current and next academic years. Our Hello Student operating platform has delivered like-for-like rents at record levels and above most peers. Academic year 2023, 2024, like-for-like rent growth will be above 9%. Our customers have given us our highest ever Net Promoter Score, more than twice the sector average, and awarded us Platinum operator status, the highest possible. Our people retention is at 83%, the highest it's ever been. More than half of eligible rebookers have booked with us again, another record. We've completed over GBP 100 million of disposals, achieving above book value on aggregate, thus validating our NAV. We have great acquisition opportunities in the pipeline. We're actively exploring further growth opportunities with advisors, in particular, a potential joint venture. Our core sites H1 gross margin is 73%, also our highest ever. Our LTV is at 30%, the lowest it's ever been. Our H1 dividend is 30% up on last year. The business is delivering significantly improved and best ever metrics as a result of the transformation plan, and it's well-poised for business growth, a topic I'll return to later. For now, though, I'll hand over to Donald to take us through the financial performance. Thanks, Duncan, and good morning to you all. With the operational business and key metrics in great shape, I'm pleased to be able to report a solid set of financials for what has been a very strong first half for our business. Turning first to the key income statement metrics. Revenue has increased 16% to GBP 41.3 million. This is the first fully normalized period post-pandemic and demonstrates a return to full occupancy for the current sitting academic year, together with strong like-for-like rental growth and ongoing capital recycling activity. Gross margin has improved further to 71.7%. A key component of this improvement derives from capital recycling, where we target the disposal of properties in standalone locations or properties that are not aligned to our premium studio-led proposition, and we seek to acquire, develop, or refurbish properties in our core clustered locations that benefit from improving demand-supply fundamentals. Administrative costs have increased just 3% year-over-year. With the operational transformation of the business now largely complete, we did expect the overall increase this year to be modest. Finance costs have increased to GBP 9 million. This was largely anticipated, given ongoing inflationary concerns. We have seen the weighted average cost of debt increase 30 basis points over the first half to 4.3%. It is worth reminding that we do have a good degree of protection here, with over 70% of drawn debt held at fixed rates, with an average unexpired term in excess of five years and a weighted average cost below 3.5%. EPRA EPS has increased 18% to GBP 0.023 per share. Given inflationary headwinds, this demonstrates the ongoing resilience of the PBSA sub-sector. We set out a minimum dividend target for the year in March. Our first quarter dividend was in line with this target, and today we have declared our second quarter dividend, taking the total paid and payable to GBP 0.01625, representing a 71% payout on EPRA earnings for the period. We remain confident in our ability to meet a full year target of 3.25p, and we'll revisit this guidance in Q4 once the new academic year gets underway. Now on to the balance sheet. EPRA NTA increased 1.6% to 117.3p. The increase, primarily valuation-led, following a net 1% like-for-like increase in the portfolio's valuation. This 1% like-for-like increase is the result of further rental growth achieved in the forthcoming academic year, offset by weakening yields in secondary locations and an increased cost of fire safety works. We had over GBP 75 million in cash and undrawn committed facilities at June 30. This is a comfortable position, given the summer months are typically the lowest point in cash reserves across the year. Borrowings have decreased 6% to GBP 367 million. This is linked to the disposal program and the flexibility we have to park cash, which is surplus to our requirements within a revolving credit facility. Debt prepayments and valuation gains have nudged our loan-to-value down to 30%, which is comfortably within our target of 30%-35%. Finally, we have delivered a total accounting return for the six months of 3.1%. The reduction here due to a more modest valuation performance this first half. Turning now to slide eight, which summarizes the evolution of the net asset value across the period. EPRA NTA has grown 1.6% to GBP 117 million, or GBP 117.3 pence per share. A rather straightforward bridge this time, with EPRA earnings of GBP 14.1 million, adding 2.3 pence per share, and net valuation gains adding a further 1.7 pence. Whilst quarterly dividends have returned 1.7p to shareholders in the first half. The portfolio's net initial yield expanded 10 basis points to 5.3%, while the reversionary yield was unchanged at 5.5%, implying further growth still in NOI of around 4%. Turning next to debt. We have GBP 367 million of drawn debt secured at an LTV of 30%. The weighted average cost of this debt is currently 4.3%, and the weighted average unexpired term is 4.4 years. We currently have interest rate protection extending to 88% of drawn debt. Over 70% is held on long-term fixed rate facilities with maturities in 2028 and beyond. These facilities attract a weighted average interest cost of 3.4%, whilst our floating rate, shorter dated maturities in 2024 and 2025, carry a weighted average cost of 6.8%. These earlier maturities represent a number of relatively small floating rate facilities, which we are seeking to amalgamate and refinance in early 2024, following agreement on headline terms. We refinance floating rate facilities, we don't expect this will result in a material change to the overall cost of our drawn debt. Once complete, refinancing risk would then move to 2028, and the weighted average unexpired term would be extended to around six years. On to slide 10, which shows a snapshot of our CapEx plans. Here we set out the three key buckets where CapEx is planned for investment over a five-year period, ending in 2025. Firstly, refurbishments. We are on track to deliver 254 refurbished rooms and associated amenity space for the start of the 2023-2024 academic year in September. We expect to deliver a further 250 rooms in early 2024 by way of a rolling refurbishment strategy. Refurbishments continue to deliver attractive returns for us, with IRRs typically between 9% and 11%. The forecast cost of our fire safety works program has been revised upwards by GBP 9 million. This follows an extensive tendering exercise for our larger properties, where works are required on their external wall systems. This increase is due to the demand for specialist contractors, the escalating costs of scaffolding, and revision to works following intrusive investigations. Our valuer adopts a pound-for-pound deduction for the cost of these works. This is reflected in the 1% net valuation uplift we've reported. With works now contracted on our taller buildings, we do have a good degree of comfort in respect to future cost. Green initiatives target decarbonization and energy efficiency. Although year-to-date investment has been modest, full building decarbonization works are underway at 3 sites, with studies awaited on a further 5. At 30 June, 44% of the portfolio was certified EPC B or better, and dedicated resource is now being secured to accelerate the rollout of these plans across the next 18 months. Turning now to the outlook. Having already re-achieved our target occupancy for the forthcoming academic year, With only a limited number of beds yet to sell, we are confident in delivering like-for-like rental uplift in excess of 9% from September. This is quite an incredible result, Very much to the credit of our outstanding sales team, our direct let strategy, ongoing asset improvement, and dynamic pricing capabilities. It should be noted, however, that pricing will typically track inflation. As inflation tempers, we can expect more modest annual growth rates to be reported. We continue to expect our core portfolio to achieve gross margins above 70%. However, with the annual summer turnaround of students falling in the second half of the year, and the overhang of weaker margins from our retained non-core properties, we do still expect the overall gross margin to be closer to 70% across the full year. We remain comfortable with earlier guidance in respect to full year administrative costs of GBP 14 million. Our energy costs are fully fixed for the forthcoming academic year, and we are now selectively securing energy price fixing beyond 2024 as opportunities arise. Based on current forward interest rates and the protection we have in place, we now anticipate the weighted average cost of debt will peak at 4.4% in the first quarter of calendar year 2024. Although inflation has remained higher for longer than most of us anticipated, our 100% direct let model, coupled with dynamic pricing capability, does provide optimism in our ability to capture inflation and grow like-for-like rents to keep pace with these rising costs. Adjusting for disposals, we anticipate starting academic year 2023, 2024 with around 7,700 operational beds, and we expect to invest approximately GBP 20 million in our core CapEx program during the second half of this year. Finally, we remain confident in the dividend target set out earlier this year. At 3.25p, this would represent an 18% increase on the prior year. That concludes my part of the presentation. Thank you again for joining us here, I'll now hand you back to Duncan. Thank you, Donald. Academic year 2023, 2024 applications data from UCAS shows continuing solid demand for UK higher education. While total undergraduate applications reduced slightly by 2.3%, they remain above pre-COVID 2020 levels. Within this, domestic applications are down by 3.5%, while non-EU international applications increased by 3.6%. The reduction in domestic applications is driven by significant drops in nursing and teaching. Extensive industrial action in these sectors has probably driven the declines of nine and 14% respectively. ESP has very few customers studying these subjects, and therefore, this has no expected impact on our business. Excluding these, total applications are down a modest 0.8% from the post-COVID spike, but they're up on pre-COVID levels. Within the international group, there's continued overall steady growth, with India up nearly 9% and a small 2.2% decline in Chinese applicants, mostly as a result of the Australian market reopening post-COVID. The number of Chinese customers within our business remains stable. There's also a long-term trend of growing numbers of postgraduate students. The latest figures from the Higher Education Statistics Agency, HESA, reported over 820,000 postgraduates in attendance in the U.K., which was up 10% on the previous year and represents 29% of total students. This gives us continued confidence that our Postgrad product will enjoy significant attraction. With our fully operational in-house marketing platforms, we're targeting customers with much greater flexibility. For academic year 2023, 2024 bookings, 49% of customers are from the U.K. Our Chinese customer base remains stable at around 33%, we have good demand from Indian customers. With the number of students in academic year 2023-2024 remaining solid and our demand rising, and with alternative accommodation in short supply, with HMOs reducing in number, we are effectively full again. Let me remind you of the key strategies for the business that have remained consistent for the last couple of years. We've made great progress on each of these, but today I'll focus on some in particular to explain the advances made. We first presented our portfolio segmentation in March 2021, we've updated the value of each segment for disposals, acquisitions, recategorization, and valuations. Segment A comprises properties yielding our best results. We've grown this segment by a further 8 percentage points to 73% through acquisitions and disposals, refurbishing assets upgraded from segment B, as well as rental growth-driven valuation uplifts. Our better than average like-for-like rental growth has largely been driven by the increase in quality Segment A stock, as we refurbish and develop sites. Segment B are sites which fundamentally meet the Hello Student criteria, but need investment to command an improved rental yield. We're upgrading these to Segment A quality in a 5-year refurb program with a 9%-11% IRR threshold, which will eliminate Segment B. Any sites not meeting the IRR threshold will be sold, as has happened. We've reduced this segment by 5 percentage points in the last year, but we still have 9% remaining, which once completed and converted, will drive further rental growth. Segment C comprises properties with potential to become Postgrad by Hello Student, with high gross margins. I'll talk about this brand later. Segment D comprises assets that are not core to us and are therefore in the disposal program. Far in 2023, we've sold or exchanged 6 assets for GBP 43.4 million, including 1 this week. Total disposals achieved since the program began are over GBP 100 million and were sold above book value on aggregate. The prices obtained for these non-core sites are a market validation of the liquidity of the portfolio, and that NAV is, as a minimum, a fair reflection of the true portfolio value. We're at various stages on over GBP 25 million of further disposals and expect to complete the majority of the program by year-end. Disposal proceeds enable us to recycle capital and grow Segments A and C. We've identified a very encouraging acquisition pipeline and have four potential opportunities which we're pursuing that fulfill our target city, clustering, hub and spoke criteria. These sites are either Hello Student locations or potential Postgrad sites where we see the strong margins. As many of you have you have been to see, our Bristol sites demonstrate the value of clustering, with margins now at the 80% level and encouraging above average like-for-like rental growth. Because we've used Bristol as a case study, one might think there's only one location where our model works. This slide shows Edinburgh with similar benefits. By clustering three sites together, including our newly developed Postgrad site at Southbridge, with King's Stables Road as our central amenity-rich hub, overall city margins improved by 1%, with Edinburgh now on track to achieve 85% margin overall. Like-for-like rental growth and Net Promoter Scores are well above the group average. Our completed development in Edinburgh launched our Postgrad by Hello Student brand, providing accommodation for 59 postgraduates at a refurbishment cost of GBP 6.5 million. Each studio is approximately 20% larger than our standard product. Customer satisfaction data shows 100% of customers rate their rooms and our support as good or very good, despite an approximately 20% rental premium to our main product. Its gross margin is 5 percentage points above the city average. We believe there's a significant opportunity for this tailor-made proposition for postgraduates, who make up 29% of all UK university students. It enables us to extend our relationship with existing customers, and it leverages communal facilities and services provided in our existing Hello Student hubs. Segment C in total has around GBP 150 million of existing sites that we believe could be converted to Postgrad at a conversion cost of approximately GBP 40 million. In addition, we see many acquisition and development opportunities, mostly for the type of real estate few other businesses want. Office space, department stores, dilapidated residential flats are examples that suit us well, with only modest competition for acquisition. In order to exploit these growth opportunities, especially the accelerated rollout of Postgrad, we're now evaluating our options together with PwC, including the potential for a joint venture. The sites would be operated by ESP, with fees flowing into ESP, thus growing our EBITDA margin. We'll keep the market updated with progress on this at appropriate points. On the 30th of June, our portfolio consisted of 8,000 beds, with 95% of our assets by value located in the top super prime or prime real estate valuation categories. 86% of our portfolio currently serve our target top-quality universities. Once segment D is eliminated, we expect this to rise to well over 90% as we exit further cities. With in-house revenue management, marketing, and dynamic pricing, you can see the improvements in revenue occupancy over the last four years that our operating platform is now delivering. We're very pleased that revenue occupancy for academic year 2022, 2023 reached 99%, an ESP record. We delivered a like-for-like rent increase of 5.2%, also a record for ESP. Academic year 2023, 2024 bookings are currently well ahead of previous years and have passed 98%, boosted by a record rebooker performance of over 25%, with more than half of the eligible students rebooking with us. That saves us on marketing spend, as well as cutting operational costs. Affordability means we must always remain competitive and offer good value. A record number of customers have rebooked despite rental growth, giving confidence that our customers value the premium Hello Student proposition. We will be effectively full again for academic year 2023, 2024, the first time we've ever confirmed this in August. Dynamic pricing is delivering great like-for-like rental growth, where we're increasing our guidance 3 percentage points above our original estimates to above 9% for academic year 2023, 2024. We're very aware that with rising rents, our customers expect an increasingly high-quality experience and good value for money. Therefore, our drive for consistent high standards of service and delivering excellent, memorable customer experiences has never been more in focus. Better customer experiences drive higher customer satisfaction, measured as Net Promoter Score, and this in turn allows rents to increase. The greater number of rebookers shows our offer is attractive and good value. We've yet again improved our check-in process, enabling us to settle new students into their accommodation in a friendlier and faster way, allowing focus on how they feel rather than completing admin. Our customer app is making a significant impact on our customers' ability to communicate with us and in driving up our service responsiveness. We've developed a new events and CRM program to further engage customers in our community, recognizing the cultural mix in our buildings and creating a homely, engaging, and fulfilling stay with us. We're pleased that because of these and many other improvements, our Net Promoter Score has risen to +32, which is 2.5 times the sector average for private halls, which are at +12. Because of our leading Net Promoter Score and customer feedback, we're also delighted to have been awarded the Platinum Certified Operator by GSLI, as voted for by our customers, which is the highest level attainable in our industry. Great service is only delivered through capable, well-motivated people, and we've continued to invest in them as a successful service organization must do. Here are a few examples. At a time when hiring is very competitive, there's a strong rationale for focusing on employee retention and development. We've significantly improved these during challenging times, with internal promotions now providing over 50% of all non-entry-level vacancies. Having invested in communications and wellbeing programs, our colleague engagement has grown again to more than 80%, putting us in the top 10% of all UK companies for team engagement. Our joining of the FTSE 250 has also increased team pride and is helping to retain people at a very high 83% level. In summary, our plans are focused on delivering continually improving and sustainable shareholder returns. Our operating platform is driving ever-improving performance with more opportunities ahead. Using the platform, we've delivered record revenue, occupancies, sector-leading like-for-like rental growth, good margins. Our Net Promoter Scores have reached +32, and we've been awarded the highest possible recognition as a customer service operator, Platinum Certification. This recognition allows us to drive further rental increases. We've largely completed the disposal program, and our LTV is at a record low, protecting shareholder interests in this challenging market. Our proven cluster management strategy and the successful launch of our Postgrad product bring attractive growth opportunities. We have a strong pipeline of acquisitions, as well as strong yielding refurbishments. We're actively pursuing this growth, exploring joint venture potential, and we have appointed advisors to help us draw up options for scaling our business and growing our EBITDA margin. We expect to pay a minimum dividend of GBP 0.0325 this year, 18% above last year, fully covered, with a view to increasing the dividend progressively. In conclusion, our transformation has substantially delivered and is generating the performance metrics that we promised. The opportunity ahead is to drive home the advantages gained and for us to grow. Thank you very much, and we'd now be ready to take your questions. Thanks. morning, John Cahill from Stifel. I'm really pleased to see the work you've done, coming through in these really excellent financial results. I think, you know, the joint venture that you, you've talked about will be a great way for the company to, to grow. I just wonder, how do you pitch a JV to a potential partner? Sort of naively, you think, well, you're asking them to buy in at a pound for pound, and your cost of debt, assuming you put debt in, will be presumably around 6%. What's to stop them saying, "Well, that's great, but we can buy into you at a 30% discount with a cost of debt at 4.5% for the next five years?" A lot of ifs there, but how, how do you sort of get around that? That's it. Do I need to turn this on? It's on. It's on. Thank you. That's a great question, John, and thank, thank you for your very kind comments, too. We're still working through the process, of course, of the pitch. Naturally, as you'd expect, this is a long-term pitch for a partner. We're not looking for a short-term piece of development, but for a long-term piece of growth. Inevitably, you're quite right, at this very moment in time, market conditions would mean that there are various options that a potential investor could take in investing in our business, and we hope many people will take those opportunities. Frankly, we look like a bargain at the moment. There will be some investors that want to take an additional opportunity to develop with us over the long term. Inevitably, if we do decide to launch such a joint venture, which we have not yet taken the decision to do, we will very much be cognizant of the market conditions at the time when we pitch to partners, as we can only do so when they're favorable to having a successful outcome. Thank you. Morning, it's Matthew Spear from Peel Hunt, and I think I'll just echo John's opening comments there as well. Can I ask two questions? First one, I guess, following on from John's on the, the joint venture. Thinking about Postgrad, you talked about the 20% rental premium in, in Edinburgh. You talked about, I think, the 40% of pot-- GBP 40 million of potential CapEx to reconfigure category C. Given that rental premium, given the, the kind of product that you're offering, are the, the returns from that development CapEx better than they might otherwise be on the sort of on-brand Hello Student product? I'll do my second one after, shall I, Donald? Okay. Yeah, sure. Yeah. Yes, Matt. The returns that we got from that pilot in Edinburgh, we had an IRR in excess of 14%, so it was a very attractive return. They're bigger units, but with a 20% premium in underlying rent, I think there's a real opportunity here. Also, from an ESP perspective, it's an opportunity in terms of developing out further our clustering strategy. Bringing in the Postgrad product into those cities that we already have a strong operational presence, really gives us a opportunity to current shareholders as well. Yeah. I think that just, just to add to that, I agree with everything Donald said there. We see a benefit for the existing businesses in the cluster for the development of this postgrad business as well. Not only do we get a great return on the postgrad product per se, but we also get a side benefit of the gross margin improvement through leveraging facilities and people across a wider asset base, so the whole city and the whole cluster benefits. John, what's your second question? No, thank you for that. The second question was on the NPS score, which obviously, I think you said 2.5 times sort of the market average. Have you got any insights as to why your customers are giving you such a good sort of feedback? Yes, we do. We have, we have a lot of detail behind that. There are many areas. Obviously, we've improved the quality of the estate overall, refurbishment of rooms being one. Not only that, we've increased significantly our linkage programs with our customers. I described in the, in the, in the presentation, some of the things we've done to make our customers' experience more personal and more friendly and less administratively burdensome, and that goes down very well. I think overall, if you have a passion and a focus in a business to deliver service to people rather than just provide a room, then you make customers feel that they're having a much better experience than they would do if they were just left to their own devices. Undoubtedly, it's the actions and interactions of our people that have been the real driver for those customers feeling that they've had a better experience. I will add, those of you that know me well, know that I came out of hospitality, prior to coming into this. A score of +32 is not a good score for hospitality. It's very good for student accommodation, but it is not good enough. We have a long way to go before I or any of our team will be satisfied that we've got a sustainable, high-quality experience, and we've got to put at least another 20 points over the next few years before we get to that stage. Super. Thanks. Hi, Bjorn Zietsman from Liberum Capital. Could you comment on the competitive landscape? Obviously, capital markets are challenging. Unite has managed a GBP 300 million capital raise a few weeks ago. Given constrained capital, it must be quite difficult to expand. I just wonder, is there an increased investment coming from private capital, and is that making competing for space quite difficult? Yeah, it's a very good question, Bjorn. I think one of the challenging things for the industry is the lack of development and new stock that is coming onto the market. There was a study this week by the agency StuRents, who compiled a lot of data for the sector, that showed, 3 or 4 years ago, there was a 5,000 bed deficit, in supply over demand, and that's going to rise to over 600,000 by 2026 because of the lack of supply. Whilst there is private capital out there, there is not enough to meet the demand. That's probably very good news for those of us that currently own accommodation, because demand is massively, outstripping supply at the moment. In, in, in terms of the, you know, what it means for us, we would love, as you will have heard, to grow through raising more capital within our business, but clearly, we have constraints. The debt markets are clearly challenging. Costs are challenging at the moment for that. At a 30% discount to NAV at the moment, raising capital in the traditional way is clearly a challenge. Therefore, we're exploring other options together with PwC to put capital into our business. Haven't come to a conclusion as yet, but clearly, all of us are looking for ways to expand because the opportunities have never been better for expansion in this industry. We just need access to capital to do it. Thank you. Thank you. It's Romney from Aberdeen. You're obviously confident that you can sell some of that non-core, because you've got GBP 25 million plus under offer, and you've articulated why you're confident you can redeploy if you wish to, and particularly on that postgrad proposition, sort of CapEx. Can we sort of have our cake and eat it, if I put it that way, in terms of sort of. That sounds like a quality upgrade on the portfolio. Is it, can it also be sort of earnings accretive? In the past, you've talked about the low gross margin on some of your non-core assets. Is that, is that possible that, you know, you Duncan just spoke to this sort of being a bit short on capital, but at least you've got that internal opportunity of recycling. Is that, is that wishful thinking on my part? I, I think we can in this regard, Romney. The non-core properties are generating gross margins significantly lower than the core portfolio. For the first half, we're talking gross margin in the low 50% or a yield, probably sub 5%. Where can we deploy that cash? We can deploy it against debt. We have floating rate debt facilities. We can pop that against it. Average cost of 6.8%, so that's accretive. We can deploy it towards the refurbishment program that recycling our capital for, and moving properties up the ladder from those bucket B, in need of refurbishment, to those bucket A, right on brand, high quality properties. They deliver IRRs typically between 9% and 11%. We can buy in some great locations, and this morning, I think Duncan set out four opportunities we're looking at in really core cities, where we're achieving fantastic gross margins and really good returns. I think the short answer is yes. Fantastic. That was also a leading question. You've been doing the ABCD segmentation now for just the last couple of years, and obviously, you've, you've delivered on that sort of transition. Have you already done the work? Is there then another, another segment of sort of maybe perfectly good assets, but where you could continue to turn that balance sheet over, you know, selling it, selling, selling assets, to continue upgrading and getting more earnings in, in the same, same way? That's a great question, Romney. I'm expecting, to be honest, on our full year results, early next year, to be saying to people that the disposal transformation program is, is substantially over. That does not mean the end of actively managing our portfolio. It takes you then into what I would always describe as business as usual, portfolio management. I've come from a multi-site background, and you consistently monitor and recycle your capital in the lowest yielding 5% or whatever it may be, in your business. I think you should expect to see from us continually, undertaking reviews, recycling, and upgrading the quality and the concentration of our estate around those top quality university cities that are growing and where we're getting ever-increasing good margins and yields. Great. Thank you very much. We have a question online. Shall I, I'll read it out. This is from Tom Howard at The Times. "We hear about this flight to quality trend across commercial property. Are students also demanding newer, better halls as well?" Thanks for the question, Tom. Great question indeed. The truth is, yes, it is a consumer market, and won't surprise you to know, we talk to universities very frequently. One of the things that is very clear to them is that now students are paying substantial amounts, particularly international students, for their education, that they expect to have a quality experience in return for their investment. Many of you will have seen issues arising in London, particularly recently, where students have not received their degrees because they've paid the money for their education, and they haven't received the product that they expected at the end of it. So it's very much a consumer market. Accommodation is precisely the same. And I talked in the presentation about the expectations of customers and rising rents, and you can't keep putting rents up unless you're delivering a consistently good quality and improving experience for customers. Now, the good news for us is that we are at the premium end of the spectrum. There is always demand for premium product. Within any consumer category, we have that within student, you need to invest and have a quality physical product, also service product, in order to keep driving up the rents and the attractiveness. I'm pleased to say that everything we're doing so far would indicate that we're getting more attractive rather than less. I think that's the only question we had online. Are there any more questions? In which case, I'll say thank you very much indeed. We appreciate everybody joining us today, we wish you a very good day and every success.