Good morning, everybody, and thank you for joining Donald and myself. Our agenda today is as follows: I'll give a short introduction, Donald will talk through the financial and ESG performance, I'll then talk in more detail about the business, and then we'll take questions. So let me start with a summary. Three years ago we presented our transformation plan, designed to deliver results that would benchmark well. At our interim presentation last year we showed the progress made, and today we give the full year results on a suite of KPIs. Let me give you the headlines. Against a backdrop of growing long-term demand and declining market supply, we've had full occupancy for two consecutive years, and current bookings give us confidence that will become three years in a row. Our Hello Student operating platform delivered record like-for-like rents, above most peers. Rent growth for academic year 23/24 is 10.5%, and will be at least 6% for academic year 24/25. Strong customer service gave us our highest-ever Net Promoter Score, more than double our peers, and we were awarded Platinum Operator status, the highest possible. More than half of our eligible rebookers have booked with us again, an all-time high. Since our disposal program started, we've sold 16 assets for over GBP 100 million, achieving above-book value on aggregate, thus validating NAV. We refurbished 556 rooms in 2023, plus several communal spaces, with IRRs in our target 9%-11% range. We've just made another cluster acquisition in Bristol, and there are more acquisition opportunities in the pipeline. We're in active discussions and conducting site inspections with potential capital partners about a joint venture, which is progressing on track as we planned. Our core site's gross margin is 70%, the highest ever. Our LTV is at 30.6%, the lowest ever at year-end. Our 2023 portfolio valuation was up 6%, our dividend up 27% on the previous year, and we delivered a total accounting return of 7.6%, among the highest in the REIT sector. The business is delivering significantly improved and best-ever metrics as a result of the transformation plan and is starting to grow again. Now I'll hand over to Donald to take us through the financial performance. Thank you, Duncan, and a very good morning to you all. As Duncan has already summarized, the operational business and its key metrics continue to be in great shape and have translated into a strong set of results above the guidance that was provided this time last year. Turning first to the income statement. Notwithstanding the ongoing disposal program, which reduced revenue in 2023 by GBP 2.2 million, we've been successful in growing revenues by 10% to GBP 80.5 million, or 7% on a like-for-like basis when we blend rental growth across the two applicable academic years. Gross margin has improved by a further 2 percentage points to 69%. This is largely the result of capital recycling, where we have disposed of properties in secondary or non-core locations and redeployed this capital to our core clustered locations with improved rental growth fundamentals and operational efficiencies through scale. Administrative costs have increased 4% year-over-year, with the operational transformation of the business now largely complete. We did expect the increase this year to be modest relative to inflation. Finance costs have increased to GBP 17.4 million, again largely anticipated given ongoing inflationary concerns, impacting floating rates which have increased around 170 basis points across the year, pushing our average weighted cost of debt up 30 basis points to 4.3%. Notwithstanding the inflationary pressures and rising interest rates, EPRA EPS increased 17% to 4 pence per share, demonstrating the ongoing strength of the PBSA sector. We set out a minimum dividend target of 3.25p this time last year. In November, given the exceptional rental growth captured for the current sitting academic year, we increased this target to 3.5 pence per share. The final dividend for the year, which is now declared, delivers on this target and represents a 27% increase year-on-year. Now onto the balance sheet. EPRA NTA per share has increased by 5% to GBP 1.207, the increase being valuation-led following a net 3% like-for-like increase. The valuation performance was the result of strong rental growth outpacing a 30 basis point softening in yields and, as previously announced, an increased cost of fire safety works. More on both of these points shortly. We continue to hold comfortable levels of liquidity with over GBP 80 million in cash in undrawn committed facilities at the year-end. Borrowings have decreased 8% to GBP 360 million. This decrease is linked to our disposal program and ability to park cash which is surplus to our requirements within a revolving credit facility. Debt prepayments, together with modest valuation gains, have nudged loan-to-value down 2 percentage points to 30.6%, comfortably within our target range of 30%-35%. Finally, NAV growth and dividends have delivered a total accounting return for the year of 7.6%. The usual summary financials are included within the appendix to your presentation packs. This next slide bridges the evolution of net asset value across the year, highlighting the key value drivers. EPRA NTA grew a little over 5% to GBP 734 million, or 120.7 pence per share. EPRA earnings of GBP 24.1 million added 4p, valuation gains a further 5 pence, with the payment of quarterly dividends returning 3.4 pence per share to our shareholders during the year to 31 December. The portfolio's net initial yield increased 30 basis points to 5.5%. This softening of yields reflects reduced investment market activity impacted by the increased cost of capital, along with our valuer taking a more cautious approach to future income growth until it is sufficiently secured. In last week's spring budget, the U.K. government announced the abolition of Multiple Dwellings Relief. Its removal will increase purchaser cost assumptions applied to the valuation of our English properties. With full purchaser cost assumptions already in place in respect of a number of our property valuations, the aggregate impact is anticipated to be a reduction in value of around 2%. If the Scottish and Welsh governments decide to follow suit, then we would expect the impact to be around 3%. With the reversionary yield now at 5.7%, confidence does exist that as the letting cycle advances for the new 2024/25 academic year, further value upside should be recognized, with the potential to then fully negate the removal of Multiple Dwellings Relief. Turning next to debt. We had a little over GBP 100 million of drawn debt falling due during 2024 and 2025. These facilities were relatively small floating-rate debt facilities which were in the process of being refinanced. The first tranche representing all 2024 expiries completed earlier this month, with the 2025 expiry anticipated to complete in May. As the refinanced facilities were primarily held at floating rates, no material impact or increase in weighted average cost of debt was anticipated. The expected impact on average cost of debt, along with other key debt metrics, are set out here on a pro forma basis. Our more significant maturities in 2028 and beyond are fixed-rate debt facilities, representing over 70% of drawn debt, have over 5 years' residual term remaining, and attract a weighted average cost of below 3.5%. This slide provides a snapshot of our CapEx plans, and you've seen this one before. Here we set out the 3 buckets where CapEx is planned for investment over a 5-year period to 2025. Firstly, refurbishment. We delivered over 550 refurbished rooms in 2023, and our 2024 works program anticipates the refurbishment of a further 350 rooms during the course of this year. We continue to deliver attractive returns from refurbishments, with strong rental uplift continuing to drive IRRs of between 9%-11%. As reported at the interim, the forecast cost of our fire safety works program was revised upwards by GBP 9 million, following an extensive retendering exercise for our larger properties. The increase here is due to the demand for specialist contractors, escalating cost of scaffolding, and revisions to planned works following intrusive investigations. Almost 70% of the portfolio is now EWS1 certified. It is very much worth reminding that our valuer adopts a pound-for-pound deduction for the cost of these works, and they are therefore already fully reflected within this year's 3% net valuation uplift reported. Green initiatives target decarbonization and energy efficiency. Investment to date has been modest. However, decarbonization works are underway at 4 of our sites, with more instructed and planned in 2024. That takes me nicely onto providing an update on our ESG strategy and four key areas of focus. First up, becoming a sustainable business. In our net-zero strategy, we set an interim target to have 50% of the portfolio rated EPC B or better by 2025. This is a target which we have now achieved over a year earlier than planned. Although the government has recently paused their plans in respect to EPC legislation, we continue to consider improved EPC ratings as a core pillar to the delivery of our net-zero strategy. Our energy intensity per bed recorded a modest decrease of 1.3%. This is a reasonable result when considered alongside increased occupancy this year when compared to the first half of 2022. Our ambitious onsite decarbonization plans target achieving fossil fuel-free status across 40% of the portfolio by the end of 2024. In respect to health and safety, we delivered a new incident management system in 2023 which provides greater visibility of incidents across the portfolio, allowing us to highlight issues early, identify trends, and better monitor incident rates. A key initiative in this area for 2024 will be the implementation of a lone worker support scheme. The mental health and well-being of our customers and our people continues to be a key priority, and we were very proud to receive the Platinum Operator Certification from Global Student Living in 2023. A key focus of the certification considers our approach to well-being. In the forthcoming year, we will strive to improve our Net Promoter Score further still and to conduct sustainability awareness campaigns across all our sites to drive behavioral change. The final core pillar to our strategy is a commitment to provide opportunities for all. This year, we were successful in filling over 50% of non-entry-level roles with internal candidates, allowing more of our people to develop their career from within the company. In 2024, we will provide external training and certification to our maintenance operatives, seeking to develop their skill set in a mutually beneficial way. Finally, we have taken the decision to put our two-year ESG plan to an advisory vote at our AGM in May. Now onto the outlook for the forthcoming year. The rate of take-up of our rooms for the 2024/2025 academic year provides confidence that occupancy in line with prior years can be achieved again. As inflation tempers, so would we expect rental growth. However, we believe like-for-like growth of at least 6% can be secured this year. Notwithstanding continued cost pressures, we are confident a gross margin of 70% will be delivered in 2024, with the key moderator here being energy costs. We have an energy contract with which has fixed pricing at rather favorable rates in place until September. As this rolls away, we face a fairly significant increase in energy costs. During the second half of 2023, we have been selectively fixing pricing through to 2026, and although energy prices have normalized from their peak in late 2022, early 2023, overall pricing is still around 45% higher than our historic fix. Therefore, we anticipate utility costs to increase by around GBP 2 million on an annualized basis, tempering somewhat the rate of improvement in gross margin over the next 18 months. In respect to finance costs, current forward interest rates indicate that post-refinancing, our weighted average cost of debt will increase 30 basis points to 4.6%. We are currently selling 7,900 beds for the start of the 2024/25 academic year, which includes around 200 which were taken as void this current academic year to facilitate refurbishment and fire safety work. Over GBP 30 million is earmarked for our core CapEx program for the year ahead, which, when considered in light of our declining disposal pipeline and more acquisitive aspirations, can be expected to trend gearing marginally upwards during the course of 2024. Finally, having increased the dividend target to 3.5p in 2023 and remaining committed to a progressive policy, we are confident in setting a minimum dividend expectation of 3.5p for the 2024 financial year. That brings to a close my part of this morning's presentation. Thank you for taking the time to join us. Now back to Duncan. Thank you, Donald. The number of students in full-time U.K. higher education is at an all-time high of nearly 3 million. The latest January undergraduate applications data from UCAS shows a slight 0.3% overall decline, with U.K. applicants down 0.5%, driven by fewer mature students. However, there is a continuing solid demand from domestic students for higher tariff universities, which are our focus, showing 0.3% growth. Non-E.U. international applications, historically our largest market, grew again, up 1.5% overall, but by 2.5% for the higher tariff universities that we serve. Within the international undergraduate group, American applicants are up 3.1%, Saudi Arabia up 9.3%, and our largest cadre, Chinese applicants, despite what's sometimes suggested by the media, have increased by 3.3%. This shows the relentless attraction of a U.K. student experience. There's also a long-term trend of growing numbers of postgraduate students. The last published figures from the Higher Education Statistics Agency, HESA, reported over 820,000 postgraduate students in attendance in the UK, which was up 10% on the previous year and represents approximately a quarter of all students. This gives us continued confidence that our Hello Student and postgrad products 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, half our customers are from the UK. Our Chinese customer base remains stable at around a third, of which 65% are postgrads, and we have growing applications from Indian, Malaysian, and Thai students. Postgraduates make up 40% of all our customers. This growing and diversified student demand profile, particularly in higher tariff locations, is set against only 9,000 new PBSA beds delivered in 2023 and a significant reduction in HMOs again, where 400,000 rental properties have been lost in recent years. This means demand for our accommodation has never been higher, and we're effectively full for a second consecutive year and anticipate the same for academic year 2024/2025. Let me remind you of the key strategies for the business that have remained consistent for the last three years. We've made great progress on each of these, but today I'll just focus on some to explain the advances made. We first presented our portfolio segmentation in March 2021, and 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 to 74% through acquisition and disposals, refurbishing assets upgraded from segment B, as well as rental growth-driven valuation uplifts. In addition to dynamic pricing, our better-than-average like-for-like rental growth has largely been driven by this increase in segment A stock. Segment B are sites which need upgrading to segment A quality in a five-year refurb program with a 9%-11% IRR threshold, which will eliminate segment B. Any sites not meeting this IRR threshold will be sold, as has happened. We've reduced this segment by 8 percentage points in the past three years, and we still have 8% remaining, which, once completed and converted, will drive further rental growth and, in turn, value. Segment C comprises properties that are or have the potential to become Postgrad by Hello Student, following the brand's successful launch last year. Segment D comprises assets that are not core to us and were put into a disposal program. We identified about GBP 100 million of assets that warranted disposal when we launched our portfolio optimization program in 2021, and we gave the market an estimate of around three years to complete this. Since then, we've added approximately GBP 40 million of additional assets, the majority of which are currently under offer. To date, we've disposed of assets valued at over GBP 100 million and were sold above book value on aggregate. GBP 43 million worth of these were sold in 2023 into a market that's often been described as challenging. The prices obtained for these non-core sites are a market validation of the liquidity of the portfolio and that now is, as a minimum, a fair reflection of the true portfolio value. As the value of sites in segment D has now fallen to less than 4% of the total portfolio, plus the amount under offer, we will no longer report disposals as a program, as this now becomes business as usual. We expect the reappraisal and disposal of the non-conforming assets to be part of an ongoing, well-disciplined portfolio management process. The cycle of disposals, growing cluster densities through operational site acquisitions, refurbishments, and developments, forms our ongoing process for organic, self-funded, continuous portfolio improvement. Since launch, this has delivered very strong uplifts in valuations, like-for-like rental increases, and IRRs. Segment C comprises existing sites that we believe could be converted to Postgrad by Hello Student. In addition, we see many acquisition and development opportunities, mostly for the real estate few others want: offices, department stores, dilapidated apartments suited as well, with modest competition. In order to exploit these growth opportunities, and whilst the outcome is never guaranteed, we're in detailed discussions, data sharing, and site inspections with a small number of selected potential capital partners about the formation of a joint venture of around GBP 200 million in value, where ESP expects to have a 20% stake. The sites would be operated by ESP, with fees flowing to ESP, thus growing our EBITDA margin and recycling capital into our core locations. This process is on track, on time, and on strategy with very high-quality potential partners. We'll keep the market updated with further progress on this at appropriate points. Refurbishment investment in segment B properties is subject to our 9%-11% unlevered IRR threshold and has helped us grow rents, valuations, and net promoter scores. On the slide, St. Mark's in Leeds is delivering these, having created value by building a new shared amenity in an old car park and refurbishing the rooms. As you can see from the photographs, the Hello Student brand also gets enhanced through the investment program, enabling us to build brand reputation while at the same time reducing customer acquisition costs of word-of-mouth spreads. 556 rooms were refurbished in 2023, with a further 350 planned for 2024. We still have around GBP 90 million of value of properties requiring upgrades, which will continue to be the primary choice for redeploying recycled capital. Investors can therefore expect CapEx returns to remain strong from this process. We've recently acquired a new site in Bristol, an ex-office including a retail parade literally next door to our existing College Green property for GBP 5.6 million, which will be subject to conversion into PBSA, for which we expect 12%+ IRR. In Manchester, we're close to submitting a planning application for a 200+ bed extension and refurbishment of our existing Victoria Point cluster. If approved, the consented scheme is expected to unlock significant value, after which we'll consider options to implement a phased development. This will be the most significant development undertaken in our 10-year history. We also have an encouraging potential acquisition pipeline that fulfill our cities' clustering, hub, and spoke target criteria. These are a mixture of standing assets with immediate income streams and potential development opportunities. On the 31st of December, our portfolio consisted of 7,900 beds, with 95% of our assets by value located in the top superprime or prime real estate valuation categories. 86% of our portfolio serves our target top-quality universities, which will rise above 90% as we exit further cities. With in-house revenue management, marketing, and dynamic pricing, you can see the improvements in revenue occupancy since academic year 2019/2020 that our platform has been delivering. We're very pleased that revenue occupancy for academic year 2022/2023 reached 99%, and for 2023/2024, this has risen just above 99%, an ESP record. We also delivered a like-for-like rent increase of 10.5%, another record for ESP. Academic year 2024/2025 bookings so far are broadly similar to that best-ever year, including another strong rebooker performance. That helps reduce customer acquisition costs and validate value. Since the launch of our Hello Student dynamic pricing platform, we've been able to drive up much better like-for-like rents. Using data collected from a variety of sources, we compare demand, supply, and competitor benchmarking. Prior to this, our typical like-for-like rental growth performance was 1.5%, which was below that of our peers. Since launch, we've typically outperformed peers by 2%-3%, and we've been able to ensure we're not leaving rent on the table. At the same time, our occupancy has been the highest ever too. As you can see from the graphs, dynamic pricing has delivered additional rent over and above our base starting levels. In the case of 2023/2024, it drove an additional 3% rent across the portfolio, above our base increase of 7%, which otherwise may not have been captured. Affordability means we must always remain competitive and offer good value, and we're very mindful of that and of local competitor rates when raising costs, rents. We expect another good year in academic year 2024/2025 with full occupancy and like-for-like rent of at least 6%, a little ahead of but naturally linked to inflation. 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 be increased. The record number of rebookers shows our offer is attractive and good value. We've yet again improved our check-in process with a new app, which enables us, on their arrival, 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, thus creating a home from home and fulfilling their desires as they stay with us. We're pleased that because of these and many other improvements, our Net Promoter Score in autumn rose to plus 30.5, which is more than double our peer group who are at plus 13. We're also four points ahead of our own 2020/2022 Net Promoter Score. Our rebooker rates are also at record levels, another indicator that customers value the premium Hello Student proposition and service and that they feel our rents are fair. Because of our leading Net Promoter Score and customer feedback, we're also delighted to have been awarded the Platinum Operator Certification by GSLI, as voted for by our customers, which is the highest level attainable. Great service is only delivered through capable, well-motivated people, and we've continued to invest in them. 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 well-being programs, our colleague engagement has grown again to more than 85%, putting us in the top 10% of all UK companies for team engagement. Our joining of the FTSE 250 also increased team pride and helps keep retention at a very high 85% level. So, in summary, our plans are focused on delivering continually improving and sustainable shareholder returns. Our operating platform is driving ever-improving performance, and it has more opportunities ahead. Using it, we've delivered record revenue occupancies, sector-leading like-for-like rental growth, and good margins. Our Net Promoter Scores have grown again, 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 year-end LTV was at a record low, protecting shareholder interests in this challenging market. Our proven cluster management strategy and the success of our postgrad product are bringing attractive growth opportunities. We have a strong pipeline of acquisitions as well as strong returning refurbishments. We're actively pursuing this growth, and with detailed discussions on joint venture formation with potential capital partners, a process that is on plan. We expect to pay a minimum dividend of GBP 0.035 this year, fully covered. In conclusion, our transformation has substantially delivered and is generating the performance metrics that we promised. The opportunity is to drive home the advantages gained and grow. Thank you very much, and we'll now be happy to take any questions you may have. Right. Morning. It's Matt Saperia from Peel Hunt, and I'm going to be greedy and ask two questions. The first one is on growth. Obviously, the Bristol acquisition, I think Duncan you alluded to the pipeline being a mixture of, repositioning and redevelopments and standing assets. How are you going to balance the need for income with the opportunity for, creating value? And the second one is obviously the Manchester opportunity to add beds to an existing asset. Are there any other opportunities, not necessarily in the near term but in the existing portfolio, where you think you can do similar things? And then the second question, do you think you can continue to, push rents ahead of inflation, and are you seeing any pushback around affordability among your customer base? Thank you very much, Matt. I'll, I'll, answer the first one on, on Bristol. So you're absolutely right. As we go through our acquisition pipeline, we want to balance income with development yield uplifts over time. The site that we have just acquired in Bristol is an excellent development opportunity for us, and as I mentioned in the presentation, we expect that to give us a very strong IRR. But you won't be surprised to know that the GBP 20 million acquisition pipeline that we refer to has therefore gone and got into a balance of income generation immediately and some development opportunities, and I would expect the following acquisitions to be focused more on immediate income generation. In terms of other development opportunities like Manchester, we are very excited about the opportunities for us to develop existing sites, improve density and quality. And yes, we do have other sites that we are looking at. We are, of course, very conscious that we are capital-constrained as a business, and we undoubtedly have more opportunities that we see in the market than we currently have capital available to take those developments. And therefore, you perhaps won't be surprised that we will take things one step at a time, as we have capital available to make those opportunities be realized. But we are excited by the number that we see, and it vastly outweighs or outstrips the amount of capital that we currently have available for that, for that development opportunity, which I guess is a good thing in some respects. But we would certainly like to take up many of those opportunities, as we can. Donald, do you want to pick up on the rents? Yeah. So, I mean, from an affordability point of view, we're very, very much conscious of ensuring that we strike the right balance here. We talked about dynamic pricing, and how it's allowed us to pick, pick up rental growth that we may not have otherwise achieved from our sort of base start of the sales year uplift. But, but this is not an automated system by any, any stretch of the imagination. This is, this is done manually, so the system will, will provide suggestions, but whether or not that they are applied is very much down essentially to a very small group of people in the organization, including Duncan and myself. I think just looking at it from another angle, I think the fact that our MPS continues to grow, that our rebooker rates are very, very high, I think that's validation that we're getting the value aspect correct. So where we sit right now, no, it's not a particular concern at all. Morning. Denese Newton from Stifel. Obviously, over the last few years, you've sort of repositioned the portfolio, which hasn't just had the revenue benefits but also, quite significant margin benefits. But you're coming to the end of some of the processes that have driven that. So once you sort of complete disposals, complete current asset management, initiatives and projects, if we sort of add in the possible benefits of the JV, which obviously could be quite significant, where do you think, you know, sort of EBIT margins could be pushed to just under the current structure without any other further significant development or capital deployment? Yeah. I'll take the first part of that, and I'm sure Donald Grant will have a comment on it as well. So, the process is far from complete. So if you look at the numbers that I showed there on the portfolio, investment and changes in segment B, we've done half of that portfolio so far, and we've still got another 8% to go. So as those refurbishments complete, we expect to see rents rising on those, costs improve, and therefore you would expect to see the margin continue to benefit from that. There's probably at least another percentage margin point in completing the last few remaining disposals that we have. The sites, as you may imagine, that have been in segment D are at the lower end of the scale of margin, and therefore I think overall, you could expect to see a small gain in margin as a result of that as well. At that point, our margins, frankly, compare very favorably with much larger businesses within the PBSA sector, and we benchmark very well against those, and I'm sure you'll spot that. But that isn't the end of the story by any, by any means because increasing cluster density through acquisitions and further optimizing the portfolio as we go on improves margins. As an example, the clustered cities where we've got successful clusters, such as Bristol, the margins have grown very significantly, and Bristol, for example, is now hit 80% margin. We know that we can continue through clustering to grow our margins even better through that strategy. Donald, I'm sorry. So I guess just to add to that, I think at the gross margin level, absolutely, Duncan's spot on, and I think we have delivered against that. I think our gross margin now is very comparable to other peers. But we're acutely aware that our EBITDA margin is still off, and we're talking now sort of 10+ points as well. So that would very much be our objective to move that in the right direction over time. The joint venture that we've set out here as a means to growth is very much to address in part that issue, to try and get the fee flow in and amortize our overhead cost base over a bigger number of beds. You can probably do the math. I mean, it's not going to significantly move the needle 10 per 10 points, for example. But what we hope for here is that this is just the start, and we can grow this with scale, assuming, and we're hopeful it will be very successful. Thank you. Hi. Bjorn Zietsman from Liberum Capital. Just a quick question around the potential capital composition of the JV. You mentioned the GBP 200 million on slide 18. What, what percentage of that would be debt, or would it be pure equity? I guess, hypothetically, what, what sort of percentage would, would Empiric have in the JV? Sure. So the GBP 200 million we talked to is a gross asset value. We have a C portfolio that Duncan set out when he was looking at the buckets. There's about GBP 150 million earmarked in bucket C, which is those assets that are kind of planned to go into the joint venture. And then there's conversion CapEx of between GBP 40 million and GBP 50 million, so it's a gross asset value number that we're leading with at the moment. Whether or not that is geared and at what level will be very much part of a conversation with a capital partner. And then a following question, if I may, just around continuing with affordability. Obviously, very strong like-for-like rental growth. Just wondering, at what point do you start to compete with normal residential dwellings within the towns that you operate in, and is that a risk factor? It's an interesting point, Bjorn, that the reality is that when we survey students as to what they want their university experience to be like, their accommodation and living arrangements need to be as simple as possible. One of the big advantages we have is that we provide a bundled offer to students where utilities, things like internet provision or local taxes and so on, are paid for and looked after by ourselves. So there's a very much an added value in living in student accommodation, compared to, say, a BTR. Additionally, the community feel and the ability to be amongst other students is a very compelling proposition. Having said that, our chief competition is not PBSA. Our chief competition is from HMOs where students choose to live themselves. And what we've seen is a big efflux of that sort of property coming out of the market for a variety of reasons that many of us know about in sort of either taxation, cost of borrowing, utility pricing, and so on. We are very careful to make sure that we monitor our total pricing, our bundled pricing, versus the aggregated pricing of the built-to-rent sector. And probably five years ago, it was cheaper for a student to live in a BTR, at an HMO than it was in PBSA. It is now the other way around. And actually, the bundled prices that we offer overall are more competitive than an HMO and certainly because they know the price they would pay, and it's fixed for a year. So we're finding actually our competitive position is better. But your point is right. We do have to constantly monitor affordability, monitor those competitors' rates, not just other PBSA but HMOs as well, and ensure that we are always affordable but particularly that we're good value for money. That's a key focus for us, and will always continue to be. So then final question, if I may, just on the LTV. Obviously, it's come down quite significantly, and potentially there is scope you've mentioned to push it down. How far would you be willing to push the LTV? Only ever within our target range, so, not above 35%. I mean, I'm guiding that LTV can be expected to trend upwards during the course of this year, but only marginally. I don't think you're going to see us move quickly to 35%. Thank you. Thank you. Morning both. Sam Chowdhury from Jefferies. So just a quick question on the clustering strategy. So in terms of the sweet spot, what do you look at in terms of the number of beds to drive that OpEx margin? And then in terms of if we look at the portfolio, the cities that kind of lag behind in terms of the number of beds, can we assume these fall as part of the, the, you know, business-as-usual disposals, or would you look to keep some of these? It's a great question, Sam. So, I'll answer those two parts. The truthful answer is we don't know what the optimal number of beds is. All we know is that more is better. And thus far as we've been adding to the successful clusters, the margins have been improving. At some point, there will hit a requirement for the communal facilities that we use in our hub buildings, to expand because they'll be fully utilized by the students staying in the spoke buildings. But as yet in our clusters that we've been growing, we haven't hit that point, and the margins have continued to improve. Truthfully, we will find that out a little bit through trial and error, but it's a good process because the margins only ever improve, and the opportunity has only continued to develop. And then, sorry, just remind me, the second point again was on the. Yeah. I mean, just on the cities that obviously are kind of lagging behind in, you know, in terms of the tail end. Would you look to just keep a foothold in some of these cities, or can we assume they would form part of the disposal? Thank you very much for reminding me. So I think not all of the lower density cities fall into the same category. Primarily, what we're looking for is to pin our strategy to growing top-quality university cities. Now, in some way, we don't have the density that we would like. That is mostly around the opportunity to acquire new real estate. And therefore, we would keep those positions with an intention to take the appropriate real estate when it becomes available. So we'll take a slightly more medium to long-term position. But there are other cities where we may have low density at the moment, and we don't see those growth opportunities being interesting for us, and neither are they particularly latched to our target universities. And therefore, those will still be subject to disposal. You've seen from one of the charts, we've already pulled out of a couple of cities as a result of that, and there are probably a few more to go. Thank you. There's a couple of questions from the webcast. I've got Charlotte from Panmure Gordon. Charlotte, your question was, what was the rate on refinancing performed at in the year? The margin was 2.3%, so the hedging will be transacted at whatever the rate is at the particular point in time, but margin 2.3%. Sam King from BNP asked a question here. What do you view as the most important factor in setting rents? Does your comment on lower expected rental growth as inflation comes down suggest maintaining margins? So well, I'll start, and maybe you add to it, Duncan. So I think to the margin point, 10.5% achieved, for the current letting academic year in the context of inflation around the time we were selling those rooms, peaking at 11%. We're now guiding to rental growth in excess of 6% with inflation around 4% currently. So look, we're facing some cost pressures in this forthcoming year, but as long as we are growing top-line at or above inflation, I think that's very supportive of gross margin, so hence why we're guiding to achieving 70% for the year ahead. I think it's worth noting that, as we set rents, we regularly sweep competitor prices. So we absolutely make sure that we are in line, appropriately with the quality and the cost of competitor opportunities that our customers have. And naturally, as inflation tempers a bit, those prices will come down slightly. But as you've seen from the proposals, as Donald mentioned, that we have this year or our expectations, we still expect to be ahead of inflation, in terms of rental increases, but they have tempered year-on-year as you would expect as inflation drops. But nonetheless, there are a couple of other factors that help the blend of overall rents, one of which is the refurbishment program. In other words, as we upsell our customers into higher-quality rooms as a result of refurbishments, we're getting up to 20% rental increases on those rooms because the quality of the product is better. So we will get a better blended overall rental increase from increasing the quality of those. In addition, our clustering strategy means that we're investing in the cities that typically have better returns, better valuations such as Bristol, Edinburgh, and so on, and that also therefore helps to grow our overall blended rental levels. So hopefully, that gives you a feel for what we are planning to do. That's it. Do we have any further questions? That's all from the webcast question. In which case, thank you very much indeed. We really appreciate you joining us today, and we wish you a very good day.