Hello everyone, and welcome to our LXI REIT plc half year results 2021 call. My name is Nadia, and I will be coordinating the call today. If you would like to ask a question at the end of the presentation, please press star followed by one on your telephone keypads. If you have joined via the webcast, please press the questions tab above the slides. I will now hand over to your host, Simon Lee, Partner and Fund Manager from LXI REIT to begin. Simon, please go ahead. Morning, everyone. Thank you very much for joining us. I'll just start by saying that we've borrowed Boris Johnson's script prompt, so hopefully all will go very smoothly this morning. On slide three, we're just gonna give you a quick recap, and show you how we've got to where we are before we move into the latest figures for the last six months, and move forward that way. On slide three, just a quick reminder, LXI REIT's a FTSE 250 company with a market cap of just over GBP 1 billion, having raised just under GBP 230 million of new equity in the last calendar year, which is a 34% increase in share capital. Pleased to confirm that we've had 100% rent collected during that six-month period. In terms of returns since IPO, we've delivered just over 12% total return since 2017, and just under 11% total return since that date from a NAV perspective. We focus on U.K. commercial property that's let or pre-let on very long-term triple net inflation-linked leases, secured to a wide range of strong tenant covenants. As at the reporting date, we have a very long 23-year WALT to first break. We also focus on structurally supported sub-sectors and underlying property fundamentals, including low starting rents. Inflation-protected income is used to support progressive dividend through upwards-only index-linked rent reviews, which is particularly relevant in the type of inflationary environment we're in today. Our key strategies of forward funding, sale and leasebacks, and recycling of capital have helped to deliver accretive growth. Slide four gives a brief summary of the financial highlights for the last six months. The first number to pull out is the total NAV return over the six months of 9% comprising NAV growth and dividends. Our NAV is now 134p on an ex-dividend basis, which is a 6.6% uplift over the six-month period. Our portfolio value is now over GBP 1.2 billion and on a like for like basis, that's 4.9% growth over the six-month period. Our dividend per share is up 13% at 3p for the six months, and we're on track to deliver our target annual dividend of 6p. Our adjusted earnings per share, which also includes both forward things, is up 6% at 3.5p for the six months, which is 1.1x cover on the dividend. One of our key characteristics, I think of a low running cost and efficient vehicle, is a total expense ratio of 1%. I will hand back to Freddie on slide five to talk through a little bit more detail on how we've delivered the NAV growth and the dividend growth. Yeah. Thank you. Thank you very much, Simon, and good morning to everyone on the line today. The charts on slide five, I think are an interesting one to reflect on as we approach that 5-year mark since our IPO in February 2017. What they really show are the consistency with which we've delivered both capital and income growth despite the significant scale that we've achieved over that period. The first chart there just shows the nine 6-monthly NAVs that we've announced over the past 4.5 years, from 98p IPO up to 134p per share today, which represents growth of 37%. I've achieved that over a period in which we've deployed and committed well over GBP 1 billion of capital. Really comes back to three things. Firstly, it's our forward funding strategy, which provides that significant discount to build costs and a lower level and more efficient transaction costs. Secondly, it's off-market and relationship-driven sourcing of mainly sale and leaseback transactions, where an absence of competitive bidding yields softer pricing. Finally, it's the accretive recycling of capital, where following opportunistic disposal, we've redeployed the capital proceeds at a much wider yield than we've sold. That arbitrage generates both value and income growth for the company. Which takes us nicely to the chart below, which shows our dividend growth over that same period. In 2017, we targeted a stabilized dividend of 5p per share following full deployment of the IPO proceeds, which we outperformed by 10%, paying 5.5p per share. Since then, we've delivered a compounded annual growth rate well ahead of U.K. inflation over that same period. Today's dividend target is 6p per share for this financial year, which our first two interim dividends put us on track to meet. A lot of that is down to rental growth in the portfolio through index-linked upwards-only rent reviews that we've had over that period and also the accretive capital recycling that I've already mentioned, generating income growth. In a period of such significant growth and scale for the company from a standing start to well over GBP 1 billion of assets today, really this has been about deploying efficiently and quickly and at yields that are accretive to our dividend rate. The committed assets in our pipeline or in advanced legals that we expect to take our LTV back towards that conservative 30% that we target, as well as the high level of inflation in the U.K. at the moment, give us both embedded growth and significant upside potential for the group's income returns over the next 18 months and beyond. I'll hand back to Simon now on slide six with the portfolio summary. Thanks, Freddie. Slide six hopefully demonstrates graphically the highly diversified nature of our portfolio. We're spread across around 10 separate sub-sectors. Our largest weightings, deliberately so in the robust food stores, industrial, budget hotel and healthcare sectors, with increasing weightings to other alternatives and new sub-sectors. For the first time, we invested in the last 6 months in the education sector, and John will talk you through a case study on that. Likewise, the life sciences sector. And again, John will give you some more detail on that. In terms of valuation changes, they've been pretty well spread and relatively evenly spread across the sub-sectors. The lowest still remains hotels, where we see future growth potential. In the last 6 months, we've seen the Premier Inn assets increase in value through a little bit of yield compression, flat on Travelodge. We see some good potential for further growth there. The pubs at 7%. I would just point out really that most of that growth has come through accretive benefit of regearing leases from 13 years out to 20 years to Greene King. That's given us a sort of asset management induced uplift in value. The WALT is strong and again, pretty evenly spread across those assets, with 23 years to first break, one of the longest in the sector, and really underpins the predictability of the cash flows that we have, which as Freddie says, 96% of that income is index-linked or contains fixed uplifts. Slide seven and eight. Just a bit of a graphic explanation of how and into what we've deployed the capital that we've raised this year. We had two raises in February and July, GBP 229 million of equity raised and a GBP 65 million extension on the RCF. We've deployed that capital rapidly into pre-identified assets across 16 separate transactions and totaling 44 assets. Again, a granular approach, assets coming from a wide range of vendors, as Freddie said, offering corporates and sale and leasebacks, developers and forward fundings, and I think crucially maintaining a very accretive net initial yield. Here across those assets, averaging 5.25% versus our latest valuation yield of 4.6%. Using our strategies and our sector agnostic approach to deliver accretive yields. Again, diversified over 15 tenants and seven sub-sectors there. Slide eight just shows how again, that deployment has further diversified both our sub-sectors and our tenants. Brought in a range of new very strong tenants and diluted exposure to existing ones to provide now over 70 tenants across our portfolio. Hopefully the 100% rent collection statistics and strong growth in NAV is a testament to the quality of those underlying tenants and the cash flows. Let me hand over to John now on slide nine to talk you through a case study in some of our recent acquisitions in new sub-sectors. Thank you, Simon. Good morning, everyone. Thank you for joining. Yeah, a busy year this year and I think we're all very delighted to have put 2020 firmly behind us. This is a really exciting piece of real estate, York Biotech Campus. It was initially known as the Central Science Laboratory and then became the National Agri-Food Innovation Campus. It's a really sort of dedicated area for the research into food and other biotechnologies. A massive piece of real estate just on the outskirts of York, 82 acres with 382,000 sq ft of laboratory space. Employs 1,000 people on the site. It's full of wet and dry labs. It's got offices. It's got write-up space. It's also got some specialist manufacturing facilities. Very diverse use. For us, what we liked about it was, a lot of the features in there are critical to us when we're buying properties. It's the underlying value here, so, a low rental per sq ft, GBP 7.50. Extremely low versus what we think the ARV is of GBP 13.50 per sq ft. We went into this at a very accretive net initial yield of 5%. It's a decent chunk of real estate at GBP 53.1 million. A new subsector for us. As usual, let on a full 25-year lease, with no break, and with RPI-indexed rental uplifts. The underlying income here comes from principally U.K. government agencies. They do some pretty interesting stuff here, including a lot of research around diseases that potentially come to the country, and COVID-19 was one where they were at the forefront in terms of looking at how to address the issue of the pandemic. A really interesting asset for us, new asset class, categorized by the government as critical national infrastructure. Right up there with Peppa Pig World, I guess, to follow on from Simon's analogy. Talking of Peppa Pig World, let's move on to the next slide, the nursery school portfolio. Simon already mentioned another new sector that we've gone into. A growth sector we feel, it's akin a little bit to a sector we identified about 10 years ago, the budget hotel market, which at the time was predominated by family-run businesses. It's very much like the nursery school world today, a lot of sort of, mom-and-pop type operations around the U.K., and we can see that market consolidating. We wanted to get in there and be part of that growth. We did this by way of a sale and leaseback off market, as often these deals have to be. This was done very sensitively, very quietly. This was a back-to-back transaction, where KidsFoundation, which is one of Europe's leading providers of education and care services, they've got 900 outlets across Northern Europe. We're looking at buying into the assets that we've purchased here. They bought a portfolio of which we bought the freehold of 23. Quite granular. Again, we're not afraid of granular assets. 23 assets, GBP 34 million in gross terms, net, GBP 31.75 million. 5.5% yield. For us, again, looking at the property fundamentals here, so dense populations, rent cover, 2.75x at asset level, and nice long leases again here, 30-year leases. This income, of course, underpinned by the government voucher scheme, where everyone's entitled to 15 hours a week, and this can go up to 30 on lower income households. A very robust sector, growth subsector, and we're able to get our long leases with RPI inflation uplifts throughout. Moving on to the next slide, on slide 11. Just a few examples of other things we've been doing this year, but of course, a reminder as well on one of our key selling points we think, which is the forward funding structure. We've done 82 forward fundings now since launch, five years ago, coming up to five years ago. It's an area where we get this fantastic discount to investment values, particularly in the smaller lot size ranges. The bigger institutions, very happy to forward fund, of course, but not so much so in our sort of sweet spot, which is the GBP 5 million-GBP 15 million lot size mark. We get some fantastic uplifts from doing that. Other benefits of forward funding, your low entry costs, you're only paying stamp duty on the land element. Our overall costs of entry on these forward funded assets are typically around 2% versus the full 6.8% that you would expect to pay on a finished asset. Of course, you get the benefit of a full unexpired lease term, brand new bespoke buildings, and you get the direct relationships with the tenants, which is where a lot of our deals come from. We're not doing that at risk. These are all fixed price developments. We fix the price at the beginning, we pay a single price, we're never out of pocket. We're funding on a monthly basis in arrears. None of these are speculative developments. They're all pre-let and fully planning consented and at the point that we sign up, and there is always the developer's profit, which is held back until the building gets developed to practical completion, which allows us to buffer should there be any cost overruns. Some examples here of forward fundings. Lidl in Chard. This was one which we funded early on in 2017 at 5.5%. Delighted to get a knock on the door earlier this year from Lidl, who decided they wanted to buy back in this freehold, and paid us a price reflecting initial yield of 3.8%. This generated an IRR of 26%. It also gave us a fantastic story to give to investors because Lidl now are very keen to continue buying in their freeholds and they're obviously not unhappy to pay through the nose for that benefit. Off the back of that, we were very pleased then to secure another forward funding which was the forward funding of the Lidl in Basildon which came alongside a lock-up store which is another interesting subclass. This is one which we mentioned earlier on that we have very good relationships with our tenants. This actually came to us something like 5 years ago when Lidl first started looking at this site. We were onto this forward funding very early, but not contracting, of course, until planning and the agreement for lease was signed. GBP 18.8 million funded this year. Now on site, and we look forward to seeing some significant yield compression on that 5.3% net initial yield that we bought it for only a couple of months ago. If I can hand over now back to Simon to talk to you about the inflation outlook. Thanks, John. Yeah. On slide 12, it's just a bit of a reminder that our portfolio is heavily focused on rents that are directly linked to inflation or containing fixed uplifts. The majority of those, 56% are linked to RPI. RPI today is 6%, pretty significant. 21% is fixed, and that's a fixed uplift that averages 2.4% per annum. That's helpful in a slightly lower inflationary environment as we have been previously. 19% is linked to CPI. CPI rate today is 4.2%. You can see that over the next 6 months, we should be benefiting quite significantly in terms of direct rental growth. In the previous 6 months, it was 2.9% on average, that we delivered between those. With inflation, just very recently popping up to those much higher levels, that's not yet fed through, but will do over the next 6 to 12 months. Inflation is in this context a friend of ours and will be delivering good rental growth that, given the length of the leases that we have, should be capitalized as well in terms of an uplift in capital value by applying the same yield to that materially higher rental level. In terms of that rent review profile, we've got a little chart at the bottom of slide 12 there that shows that approximately 50% of our rent reviews on an annual basis was split between 36% annual and the balance five-yearly. Because of the shape of those five-yearly reviews coming in, that broadly equates to 50% of the rent roll moving through a rent review in any given year. Let me hand back to Freddie now on slide 13 to talk through our approach to ESG. Yeah. Thanks very much, Simon. I think inflation obviously very high on people's agendas at the moment, and ESG another matter that people are taking very seriously at the moment. Slides 13 and 14 are really about how we use our platform to deliver a sustainable investment model for our stakeholders, and how we're implementing environmental, social, and governance related matters into our strategy. In terms of environment, this is really about how our assets impact the planet and the climate risk associated with them. Some key points here on this slide. Firstly, our forward funding strategy. Another positive to this strategy is that it's allowed us to create state-of-the-art properties that are carbon efficient, and virtually all of those assets that we've forward funded are EPC rated either A or B. We've also focused on some assets that have a positive environmental use within the industrial sector, such as our Veolia and Defra recycling plants and our biomass renewable energy facilities. I think it's the environmental, the E in ESG, that is at the very top of most people's agendas for real estate investment trusts, in particular, given the impact that our properties can have on the built environment. I'll move on to the next slide 14, which gives a bit more detail on this part in particular. We're integrating climate risk into our strategy through our three key longer term goals that we set towards the end of the last financial year. The first stage of this is to integrate climate related matters into our investment process. This is included in the half-year enhancing our ESG policy, which states that we will only forward fund an asset where the EPC will be an A or a B, and will only acquire a built asset where the EPC rating is a C or above. Where we do dip below that, say as part of a broader portfolio deal, an affordable improvement plan must be assessed as part of the NIY on acquisition for that specific asset. We're also looking at our existing portfolio and particularly focusing on the 16% of assets that are rated D or below, and working with our tenants to improve the carbon efficiency of those assets. This has begun by instructing decarbonization reports for each of these properties. As these initiatives to decarbonize these properties begin to take shape to improve the carbon efficiency of these assets, in particular, through our solar energy strategy, we're targeting 100% portfolio rated A to C, and that's now achievable in the medium term. By doing this, we will be both reducing the impact that our asset has on the environment, but also making them more profitable and more attractive to our tenant operators and protecting these assets and our income streams from oncoming regulatory changes over the next 10 years. In terms of our other key ambitions, carbon neutrality and improved ESG reporting, we're assessing our own carbon footprint at the moment. That will cover both Scope 1 and Scope 2 emissions within the group's control. We'll also cover certain Scope 3 emissions, which will include those of the operations of us as the investment advisor of the company. I'm pleased to say that we at LXI REIT Advisors are adopting a 2030 science-based carbon neutral target through our parent, Alvarium, and that we're working towards integrating that at the moment. Moving on to slide 15 onwards, which just cover some more detail behind those financial highlights that I've pulled out and Simon's pulled out earlier in the presentation. It's worth just again going over some of the key numbers here and giving some more detail. Firstly, that rental income growth on slide 15, which is up 25% on the previous year. This has been driven really by the deployment of the two recent capital raised, as well as continued execution of our forward funding strategy and index-linked rent reviews over the last 12 months. With the completion of such a significant value of assets taking place during the six-month period, a full six months of income from these properties will produce material income growth to the company in the second half of the year. Our dividends so far have totaled 3p per share, which puts us on track to meet that 6p per share dividend target for the full financial year, and this represents a 13% uplift on the last half year to September 2020. In terms of financial position and the balance sheet, moving on to slide 16. Our net assets in total have grown 21.4%, and our EPRA NTA is now 134p at ex-dividend. That's up 6.6% in the 6 months since March. Our LTV is 25% following two significant equity raises, which has come down, but we expect to return towards that 30% in due course as we execute on our advanced pipeline and continue with our forward funding strategy. The NAV growth, coupled with the dividends that we've paid, have produced a total NAV return for that six-month period of 9%, putting us in a strong position to outperform our annual target of 8% for the full year. The next slide 17, please, just provides a bridge for both our total net asset value and our EPRA NTA of 134p. The group's growth in the period was contributed to mainly on a net assets basis by that GBP 104 million equity raise back in July. Our EPRA NTA per share, which is a like-for-like basis, has really been driven by those fair value changes in the half year broadly spread across all of our subsectors that Simon went through earlier on in the presentation. Just a bit of detail behind the LTV calculation, if we move on to slide 18 here for your information. A reminder that our debt pool comprises three term loans with Scottish Widows that total GBP 170 million and expire in December 2033. A revolving credit facility that really complements our forward funding strategy and now totals GBP 165 million, with a further GBP 65 million commitment credit approved by Barclays and expected to complete later this year. Our debt currently carries a 2.4% cost all-in on a fully drawn basis and is 100% fixed or capped. The graph there on this slide just shows how we expect our conservative gearing to enhance and grow our returns for shareholders over the course of those term loans to 2033. I'll hand back over to Simon now on the final slide 19, with some outlook for the group. Thanks, Freddie. Yeah. Slide 19, just a bit of a summary and outlook. Hopefully we've been able to demonstrate that the portfolio has navigated the challenges of COVID-19 well, and exploited some of the opportunities that have been thrown up also. We've built a pretty significant, but secure long-dated and index-linked portfolio, secured to over 70 strong tenants, and diversified across an increasing number of structurally supported subsectors. Some of the portfolio that we have in the leisure and hospitality sections remain a little impacted in terms of valuations, i.e., they're not back to their pre-COVID levels yet. That gives us potential for further valuation growth and NAV growth, as trading continues to improve in those subsectors. Generally, we think we're pretty well-placed to continue to deliver resilient income, but also attractive levels of income and capital growth. Certainly, the higher inflation environment that we're in will benefit us significantly and should give some serious outperformance in terms of our income growth and capital growth, with 96% of our income linked directly to inflation or containing fixed uplifts. Our strategies of continuing to pursue accretive capital recycling through profitable disposals is always on the agenda. We have a highly accretive pipeline of further relationship-driven assets on an off-market forward funding and sale and leaseback basis, which will continue to drive, as Freddie says, further growth in the valuation and income potential of the portfolio. We're certainly well on the way to deliver our GBP 0.06 per share dividend target for the current financial year. I think, you know, what we're hoping to be able to have demonstrated really is that over the last 5 years, we've really stuck to our knitting in terms of a strategy that's both narrow in the sense that it's very precise around long income index-linked assets with strong property fundamentals, but is flexible enough through allowing us to go through forward fundings, then the leasebacks and across a wide range of subsectors to outperform the market over that period of time and deliver solid income, but also outperformance in terms of income and capital growth. We see a continuation of that strategy and the benefits of that strategy over the next 12 months or so. Okay. Very happy to go to any questions that might be there on the line. Now our first question from the webcast today comes from Jonathan Berry. Do you envisage further life sciences acquisitions? And what% exposure to this sector would you feel comfortable with? Will you be in direct competition with newly launched Life Science REIT for any such acquisitions? Thank you. Thank you very much. It's certainly a subsector that we're very keen on. I think John explained why. I think the asset that we bought was quite rare in the sense that it was a very solid life sciences asset with excellent underpinning, but unusually has a very long lease to a good quality covenant with indexation. In our experience, it's very rare to be able to find a long let indexed life sciences asset. I think, you know, Life Science REIT will, you know, have a very good pipeline. If you look at the WALT on those assets, it's certainly a lot shorter than our kind of 25 years target. I don't expect us to be able to find many more in that subsector. But where we do, it'll generally be kind of circumstance driven, not bidding on the market. As with all of our assets, we don't really buy anything that's been marketed, because the yields tend to be too tight. We are looking for relationship-driven deals or circumstances that mean that we can get those assets at an attractive yield. I don't expect us to buy too many more life science assets over the next 12-month period. Potentially none. At the moment, we don't have any in our pipeline. But we are, you know, opportunistic, so one may arrive. As I say, it's unlikely to become a material part of the portfolio. Thank you. Our next question from the webcast comes from Anthony Leatham from Peel Hunt. Does the prospect of rising inflation make it harder for tenants to sign new leases that meet your key criteria? Thinking of your forward funding, have you been impacted by supply chain issues and/or increased cost of building materials? Thank you. When you look at inflation, in terms of over the long term and our tenants' desire or ability to sign up to long leases that have indexation in it, we haven't seen any lessening of an ability to get those kind of assets. If you look at the pipeline that we have, the WALT is over 20 years and 100% of those assets are index linked. Again, you know, those are through both sale and leasebacks and forward funding. Now, part of the reason I think why a lot of our tenants are willing to take on inflation-linked reviews is because in the sale and leasebacks, it's generally, you know, a very small proportion of the assets that they have are, you know, on a sale and leaseback basis. It's not that their day job is to run assets and to have them on a lease basis. These are, you know, maybe their lead manufacturing facility or the headquarters office of which they might have only one that's, you know, an incredibly small part, i.e., the rent that they pay on those assets is a very, very small proportion of their total earnings that is completely unrelated generally to real estate. A higher inflation on an asset that's a very small percentage, you know, really doesn't dent them at all. Alternatively, we have some tenants. If you look at, you know, let's say the food store operators, the income that they receive generally goes up in line with inflation given the nature of the products they sell. Therefore, it's kind of a natural back-to-back between a rising inflationary revenue and expenditure. We do also protect the tenants through generally having collars and caps. The average cap that we have with our portfolio is just under 4%. It's the sort of level of the cap that gives comfort to tenants that they can still have visibility over parameters around the rental growth within those leases. Second point around costs, inflationary costs for construction is certainly a very good point. We are insulated on that front in the sense that, as John said in the beginning, we pay a fixed price for our forward fundings that covers not just the land and the developer's profit, but also construction costs. The flex that's there is the developer's profit, which is generally around 20%, 15%-20% of the total price that we don't pay until the end. That is there as a buffer from our perspective to absorb any rising costs. That said, you know, most of the assets that we forward fund are simple in the sense that the materials are pre-ordered and you know everything can be costed before construction starts, and at that stage it's kind of pre-ordered. The sort of inflationary elements generally are much more problematic if you've got a construction period of, let's say, 2 or 3 years, where inevitably the developer hasn't locked in all of its outgoing costs on construction, which is very different from, you know, an Aldi or Lidl that takes six months to build. Thank you. Our next question comes from Andrew Gill of Jefferies. For assets with EPC ratings below B, given your long leases, do you expect to be able to pass on some of the cost to tenants or use EPC upgrades as an asset management opportunity? Thank you. Do you want me to take that one, Simon? Yeah. Yes, please. Andrew, I think you're absolutely right in respect of the type of assets that we've got, the lengths of the leases, how profitable these assets are and how important they are. I mean, critical for many of our tenants in their operations. Enhancing the profitability and the carbon efficiency of these assets is a mutually beneficial strategy and could be used as an asset management initiative to either increase the lease terms or to rentalize. We don't expect any kind of downward valuation movement as a result of CapEx from our improvement plans, and we'll be working closely with our tenants to pursue these asset management initiatives. Yeah. Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypads. If you have joined via the webcast, please press the Questions tab above the slides. Our next question via the webcast comes from James Carswell at Peel Hunt. Given current levels of inflation, are corporates less willing to sign RPI, CPI-linked leases today and/or are caps becoming more common? Thank you. I think there's probably some crossover with the previous question on that. I think the points I made there apply to that equally. I think, yes, in terms of the caps, that's certainly you know a relevant discussion. I think you know we're setting them at a level that we believe will give confidence to the tenants, will give them enough visibility over their cash flows, but also will capture all of the vast majority of the inflation that we see. You know, caps of 4%-5% with a collar of sort of 1%-2% is really what we've been used to delivering and remains relevant here. We do have a proportion of our portfolio that's uncapped. That's about 13% of the portfolio, so that we can effectively hedge against outperformance on inflation through those elements. As we said, if we return to a lower inflationary environment, then the collars that average about 1.5%, and the fixed that average about 2.5%, give us that benefit as well. You know, that's really one of the benefits of the sale and leaseback strategy that we have, that we can tailor the specific terms of the rent reviews to work for those tenants in those subsectors and for those particular assets that we have. I think crucially, you know, it's worth reminding that, you know, we're deliberately focusing on assets that start at a low rent, either sort of artificially low, because we want, you know, an underrent and high levels of, rent cover. As John said, you know, those nursery schools with 2.7x rent cover reflect, you know, a very low starting rent. I think if you look at the average rents that we've got in our food store and essentials portfolio, that's around 14 lbs a sq ft. That means that even with inflation lifting up, those rents should remain at a sustainable level for some time to come. In terms of going forward, partly to manage the WALT to keep that, you know, north of 20 years, and partly to ensure that we don't become over-rented, is why we have a, you know, a capital recycling strategy, that means that we will sell down assets where those leases have got to, let's say, 15 years, where, the corollary of that is that the rents have grown through indexation. By selling those assets and reinvesting them into new assets, reset at new starting rents through forward funding or sale and leasebacks, means that we're never getting out of kilter with the estimated rental value. Thank you. Our next question from the webcast comes from Priyan Ratna of Alvarium Securities. Morning, thanks for the update. Very helpful. Two questions, please. One, would you be worried in the event of sustained inflation that the gap between open market rents and your leases could become material? Number two, are you seeing tenants changing in their appetite for inflation-linked leases in this environment? Thank you. Thanks. Yeah, plenty of focus on inflation with the questions. In terms of that sustainability and a potential gap, I think the point I was just saying there is relevant, which is that you know we start at a low rent and therefore and often at a bit of an under rent, and therefore even with inflation outperforming open market rent it's not sort of over rented versus ERVs, which is obviously less relevant with a you know 25-year lease in any event. You know, as we say, part of the strategy that we've already been executing in terms of the significant number of assets that we've already sold is that we sell assets as the leases get a little bit shorter, as those rents have grown, and we dispose of those assets and recycle them in. We're never running at a significant gap between inflation and ERVs. Again, I think the point on tenants we've covered, but you know, our pipeline, which is, you know, over GBP 300 million looking forward is 100% indexed. We certainly have no problems finding inflation-linked uplifts. As a final reminder, ladies and gentlemen, if you would like to ask question, please press star followed by one on your telephone keypads. If you have joined via the webcast, please press the Questions tab above the slides. We have a follow-up question from James Carswell from Peel Hunt. Given the strong valuation gains across your portfolio and your ability to source further forward funding and sale and leaseback deals at higher yields, is now a good time to make further disposals? Thank you. Yes, I think that's right. We're always open to disposing of assets. I think that's, you know, one of the benefits of being publicly traded REIT with a website and also a kind of well-known focus in terms of long income. We're always getting unsolicited interest in our assets. Absolutely. It's, you know, a sort of trade-off between making sure that we are invested in the right assets at the right time. You know, we certainly see that profitable recycling of capital as a key strategy, as Freddie mentioned earlier, in terms of how we deliver returns to investors in terms of outperformance. We're, you know, already currently always, you know, receiving plenty of offers. We'll take those when we marry that up with a pipeline asset that we think is accretive to do so. Absolutely. I think that's part of the point of being flexible, nimble, being able to invest across a wide range of subsectors, and proactively managing the portfolio, in terms of refreshing it as we go, crystallizing profits, and reinvesting them, as Freddie says, at a, you know, at a higher yield. Thank you. We currently have no further questions. Hannah, call back over to Simon for any closing remarks. Thanks very much. Listen, just want to say thank you for all your help on organizing this, and to everyone for attending. If in due course anyone wants to send us any sort of follow-up questions, please feel free. Otherwise, thanks very much and have a good day. Thank you. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect your lines.