Good day, ladies and gentlemen, and welcome to the LXI REIT plc annual results presentation. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines, and instructions will follow at that time. Participants can also submit questions through the webcast page using the Ask a question button. I would like to remind all participants that this call is being recorded. I will now hand over to Simon Lee, Partner and Fund Manager, LXI REIT Advisors Limited, to open the presentation. Please go ahead. Good morning, everyone, and thank you very much for joining us today for our annual results presentation, LXI REIT. This has been another transformational year for the group, both in terms of delivering increased scale and diversification with net assets up 67% in the year. As well as strong financial performance with a total NAV return in excess of 18% and a total shareholder return in excess of 23%. If we turn to slide 3, I can give you a little bit of an overview and background and put things into context. In terms of our total shareholder returns since IPO just 5 years ago, we've delivered an 86% total shareholder return, and that has been delivered in terms of both capital growth and income during the period. We've grown the dividend on average by a 5% per annum compounded rate since IPO, which outperforms both CPI and RPI over that period. Our average NAV return over that period is just over 11%. As I mentioned, the vehicle is now significantly larger. Our market cap is just over £1.3 billion, having raised over £350 million of equity during that financial year. We invested that in pretty short order into a range of accretive opportunities, which we'll talk through in a couple of minutes. Our focus remains on forward fundings as well as sale and leasebacks, structurally supported subsectors and strong underlying property fundamentals that we tie in with good quality tenants on very long-term index-linked leases to deliver both inflation protection and capital growth. We were delighted, just after our year-end, to announce a recommended share and partial cash offer for Secure Income REIT. Although we've discussed that in quite a bit of detail before, and we're clearly within an offer period at the moment, we'll touch on the key items as we get towards the end of this presentation. Let me hand over to Freddie, and we'll move to slide four. Yeah. Thanks, Simon. Very good morning to everyone on the call, and thank you very much for joining us. Slide four, as Simon says, with the financial highlights. We've continued to drive income and value growth in the year while significantly increasing the company's scale. We've delivered a total NAV return for shareholders of 18.2% in the year, comprising value growth and dividend returns, which is well ahead of our 8% medium-term target. That value growth also produced a 13.4% increase in the EPRA NTA year-on-year to 142.6 pence per share. The growth in the capital base, taking net assets to £1.3 billion, was driven in part by the like-for-like portfolio growth of 10.2%, but primarily through the GBP 354 million of equity that we raised during the year. Simon will give some more detail on growth and deployment of the capital by sector later in the presentation. Overall net assets of the group increased by 66.5% year-on-year. The group's net LTV on a pro forma basis, adjusted for full drawing of the RCF to fund completion of our ongoing forward fundings, fell by 1 percentage point to 22%, and the group continued to grow its dividend, with the annual rate rising by 8.1% to 6 pence per share on a fully covered basis. The group's total expense ratio remained at 1% during the year. I'll hand back over to Simon with the portfolio on slide 5. Thanks, Freddie. Slide five just gives a high-level overview of each of our subsectors through exposure in terms of weighting as well as valuation change over the period. I think, as you can see, a pretty much consistent approach across each subsector with growth in every element that we have. The largest growth not particularly surprisingly in industrial and food stores, but very pleased to see a decent amount of growth again in some subsectors that had been more impacted by COVID. Things like pubs and hotels have rebounded quite nicely as well. I'll talk you through in a minute a couple of new subsectors that we bought into in terms of life sciences and education. Both of those sectors have performed incredibly well, with life sciences delivering a 13% capital uplift between what we paid for the asset and what it was worth at the latest valuation. Likewise, the education assets just under a 10% capital value growth between acquisition and valuation less than 12 months later. That drove in total a 10.5% like-for-like valuation uplift. As we show you on the rest of that slide as well, still maintaining very long-term leases, 21 years to first break, with 96% of the income indexed or containing fixed uplift. If we turn to the next slide 6, this just gives a little bit of an overview of the investment activity during the year in terms of acquisitions and disposals. As Freddie mentioned, we had a very active period in terms of equity raise, and we added to that our debt facility in terms of principally the revolving credit facility that allowed us to buy 65 separate assets for a total of over GBP 550 million. I think the couple of crucial points to pick out there are still maintaining an accretive and attractive net initial yield. That blends in at 5.2% across that GBP 560 million of assets, which is materially higher than our latest portfolio valuation of 4.5%. As you can see, quite well spread across a number of subsectors there with the largest weightings in food stores and essentials. That was spread across the discounters in terms of Aldi and Lidl, convenience, in terms of Co-op in particular, and then some of the top four grocers, but with right-sized multi-channel stores in the form of Tesco, Asda, Sainsbury's and Morrisons. In terms of disposals, we sold two main assets during the year. Again, I'll give you a little bit more detail on those as we go. A total of GBP 28 million, delivering very strong returns, an IRR of 26% for the food store and 19% for the budget hotel. If we move to slide 7, this just gives a brief case study on one of those recent acquisitions, that I mentioned earlier. A new subsector for us, in terms of life sciences. Here we bought a 382,000 sq ft, highly specialist life science and biotech campus in York, with world-class facilities across a significant 82-acre site. The premises acted as a national response site for the U.K. government during COVID-19, and performs key functions during various public health crises, as well as long-term research into various forms of agricultural and human sciences. I think interesting things for us, apart from the fact that the asset has an overarching lease to Capita with 25 years unexpired to first break, with rent reviews linked to our RPI, which is our standard model. Interestingly, 75% of the underlying income here actually is generated from U.K. government agencies. What that also means is that we have a fantastic spread between the rent that we're receiving in terms of a rent per sq ft of GBP 7.50, and what the anticipated estimated rental value of the site is at nearly double that at GBP 13.50. That really underpins the asset in terms of reversionary value. We bought in at an attractive 5.1% yield, but with a fantastic reversion to that in terms of rent. Over the period, as I mentioned earlier, the asset has increased in value by nearly 13%, excluding income, which really reflects a significant weight of capital in the life sciences subsector. We were fortunate enough to invest in this asset really before that market moved. If we turn to slide eight, it's a similar story really. Another new subsector for us invested in during the year, nursery schools. We like, for a number of demographic and societal reasons, as well as government priority and funding reasons, the education sector. Certainly what we've seen is, really quite a disparate and, granular operating position in this market, which is now starting to rationalize and consolidate, and we think has some further way to go. We bought 23 nursery schools on a sale and leaseback with one of Europe's leading, education and care services providers called Kindred Education. They run 900 education facilities across the UK and Northern Europe. Here we struck a deal with new 30-year unbroken leases to their top spec with, RPI inflation annual indexation. Crucially, these assets are well located in strong affluent catchment populations, but also we set the rent again at a very low level. The starting rent was expected to have a rent cover, which means a net income over the rental level of 2.75 times. In practice, the first six months of ownership have delivered a 3.1 times rent cover. You know, fantastic profitable scheme for the operator, great cushion for us in terms of reversionary value as well. Again, having bought in at a 5.5% yield, we've seen these values increase on average by just under 10% over the period. Again, we see some decent growth to come given increased institutional interest in this subsector and the lack of supply of available stock. Slide nine, if we can just move on to that, just gives a quick overview of one of our disposals, and I think really is designed to show how we can crystallize a profit and a sharp exit yield, but still reinvest those proceeds in a very similar asset in the same sector at a materially accretive yield. Really that comes down to, for us, the way we access our stock through pre-let forward fundings. The disposal asset was a Lidl in Chard that we may have discussed before, that we sold at a 3.8% yield, so very sharp. That generated a 26% IRR and was just under a 40% premium to what we paid for the asset, having forward funded it, about 4 or 5 years ago at a 5.5% yield. We reinvested those proceeds rapidly into another Lidl, this time with another strong adjoining tenant Lok'nStore in the self-storage space in our view, an even stronger location in Basildon in the Southeast. Having sold out at a 3.8% yield, we reinvested in these two assets at a 5.1% net initial yield, particularly attractive given that the Lidl had an unbroken 20-year lease term. Again, this was a forward funding on a relationship driven basis that allowed us entry pricing that was really attractive for a very strong asset in a great sector, off a very low rent, with long indexed or fixed uplift leases. Let me hand over to Freddie now, as we move to slide 10 to give you a bit of an update and overview on our ESG principles and strategies. Thank you, Simon. In the year, we continued to execute the group's ESG strategy and made some significant steps toward our goals. I'll just really pull out some of the key points on this slide. In terms of the portfolio, our exposure to assets with an EPC rating of A to C increased to 85% from 83%. We continue to work with our tenants toward improving the assets rated D or lower, as well as assets with a C rating, but only those that are more than 0.5% of the portfolio value at this stage to obtain decarbonization reports to improve the ratings of those assets. It is our medium-term ambition to have a 100% A to B rated portfolio. As you can see on the right-hand side of the slide, our forward funding strategy continues to contribute significantly to this ambition, where 99% of the assets that we built have obtained an A or B rating. In terms of reporting, we've complied with the EPRA sustainability best practice recommendations for the first time in our 2022 annual report published today. We've also reported all 11 of the recommended TCFD disclosures, both of which were set as key targets for the group in the previous year. You can see all that disclosure in the annual report, which as I say, is published on our website today. Slide 11, if we could please. Slide 12 just includes the details of the financial results, demonstrating the impact of that growth in the portfolio that Simon covered in some detail earlier. With the company's operating profit before fair value movements up 33% to GBP 49.2 million for the year, and a net profit for the year of GBP 162 million. The company paid dividends of 6p per share and generated adjusted EPS of 7p, which includes the developer licence fees. Moving on to the company's balance sheet on slide 12, please. The balance sheet remains robust with total assets up to just under GBP 1.6 billion, 61% higher than the prior year. Net assets also grew by 67% to £1.3 billion. That growth comprised the like-for-like growth in the portfolio that we covered earlier on an ungeared basis with the GBP 354 million of equity raised during the year. The growth on a per share basis of 14%, coupled with the dividends, produced that total NAV return of 18.2% for the year. Our LTV on a pro forma basis is 22%. Hand back to Simon on slide 13, please. Thanks, Freddie. Yeah, the next few slides are a quick recap of the recently announced transaction with Secure Income REIT, which we see as a truly transformational transaction for the company. I won't get into too much detail as we've already covered much of it, but I think just pick out and remind a couple of the key points. This is a transaction that is principally shares. A minimum of 75% in shares and a maximum of 25% in cash. It will unlock immediate earnings and cash accretion for the business and provide increased scope for dividend cover and growth. We have day one management fee and admin cost savings of just under GBP 9 million per annum. It's expected to provide us with access to lower cost, more flexible debt over the medium term. Our portfolios are very complementary, obviously both focused on quality, well-let, long income with indexation, and the combined value of the two portfolios will be just under GBP 4 billion. That will put us into the top ten U.K. REITs by market cap of around GBP 2.5 billion. We're delighted to be benefiting from both the continuing equity investment and also the advice and human support that we'll be receiving from the Prestbury team, as a number of their key team members come across, as well as joining our board. Partly the structure has been unlocked through our ability as a management team to acquire effectively the contract from Prestbury for GBP 40 million. Which means that going forward, we can charge our low and even lower management fee to drive returns, as we say going forward. On slide 14, this is just a recap, please, if we can just move to the next page, of the benefits. I won't go into them in great detail. But in terms of those headings, cost savings and improved financial performance are expected. Significantly larger scale, which I think in today's environment, is more important than ever when you look at volatility, geopolitically. That's not mentioning Boris Johnson, or maybe it is. As well as globally. With rising interest rates and inflation, to have a larger vehicle, materially larger vehicle that attracts much better liquidity, as well as benefits from the cheapest cost of equity and debt capital, we think is gonna be a fantastic fillip going forward. The next slide, 15 and 16, just gives a brief reminder of the complementary nature of the portfolios. As you can see on slide 15, the scale is significant. More than doubling from our perspective to just under GBP 3.9 billion. Well spread across 346 key operating assets at an attractive yield. Crucially, one of the longest unexpired lease terms in the sector, with over 26 years to first break across the portfolio on average. As you would expect for the type of assets that both we and Secure Income REIT have, 100% let or pre-let on triple net FRI leases. Slide 16 is the final slide on this particular element of the presentation. It is just a reminder of, especially in these times where inflation is rising materially, the key benefits and attributes of the combined portfolio. One of the major attractions for us of the Secure Income REIT portfolio is its level and nature of indexation. 99% of its income is index linked or contains fixed uplifts, with a significant proportion over a quarter having uncapped uplifts, but still retaining nearly three-quarters with minimum contractual uplifts averaging 2%. Again, providing a good hedge in a lower inflation environment, over the medium and longer term. Finally, a significant majority of Secure Income REIT Plc's rent reviews are annual rather than five yearly. 67%, which means you capture that rental growth much more rapidly than you would otherwise do. Just turning to the final formal slide of the presentation, slide 17, please. In terms of outlook, I think we feel particularly confident going forward. We've built a defensive portfolio that's very well placed to continue to deliver resilient and growing income, and attractive income and capital growth. Inflation, as it remains high, will generate enhanced rental growth for our investors, given that 96% of our income pre-merger and 98% post-merger will either be inflation linked or contain fixed uplifts. The merger itself, as we say, really is a transformational deal for the business. It will provide significantly enhanced scale, which we think will be very beneficial in terms of increased liquidity, lower volatility, and crucially, in this rising interest rate environment, an ability to access the lowest cost of both equity and debt capital. I think, you know, this is not just a transaction designed to reduce cost, it is one that is designed to build a platform for future growth. We think the combined portfolio will put us in an even better position to source investments across an even wider range of asset classes, sectors and sizes. Further strengthen our position to benefit from significant future growth opportunities that we see that will enhance shareholder returns. With that, should we hand over and see if we have any questions? Participants can submit questions in written format via the webcast page by clicking the Ask a Question button. If you are dialed into the call and would like to ask a question, please signal by pressing star one on your telephone keypad. We will pause for a moment to assemble the queue. Let me remind you, if you wish to ask a question, please press star one on your device or click the Ask a Question button on the webcast page. So far. Okay. We do not have any questions. With that, I would like to hand it back to you, Simon. Please proceed. Thank you very much. Well, stunned silence, which is probably not a bad thing. Okay. Well, just want to say thank you very much again for joining, everyone. Look forward to catching up, again, hopefully in person in due course. Have a good day, everyone. Thank you.