Well, welcome to the stock exchange and welcome to all those watching online. Welcome to everybody who's coming back to the West End after a few years of some considerable disruption. Today we're going to take you through the annual results. Just a quick look at the agenda. I'll be just doing the introduction. Chris, as you all know, well, you know the four of us pretty well after all these years. Chris will be taking you through the results and the finance situation. We'll be taking you through an update on what's going on operationally and talking about sustainability and we'll wrap up with a sort of outlook and a Q&A session. Today, we'll be just taking questions from people in the room. For those people who are dialing in, if you do have questions you'd like to be answered, please email me at brian.bickell@shaftesbury.co.uk, we promise to get back to you by the end of the day. Just some very quick housekeeping first of all. There's no, as you can imagine, no fire alarm scheduled for this morning, so if that goes off, we're all in trouble. If you could possibly put your phones on silent, that'd be great for us performers up here. Before we take you through the results, I'd just like to give you an update on the merger, which I'm sure is something on everybody's mind. Just to recap from our announcement that we put out a few weeks ago, the 16th of June, there was an announcement of recommended all share merger. That was approved by shareholders on the 29 July. Currently, the completion of the merger is subject to satisfaction or where applicable, waiver of the remaining conditions, including the CMA condition and clearly the court sanctioning of the scheme of arrangement. We're currently engaged in a period of customary pre-notification discussions with the CMA, which remain ongoing. They do work to their own timetable, it's not our timetable. The CMA has not yet commenced its phase I review. As we said in the announcement, we currently expect the merger to become effective sometime during the first quarter of 2023. We can't be more specific than that. We remain, you know, in an offer period and in relation to the proposed merger, the only questions we can answer are really to reinforce things that are already in the public domain. I hope you understand the situation we find ourselves in. We've also put out another RNS today regarding the payment of dividends. You'll see from that announcement that Shaftesbury intends and Chris will talk a little bit about this, to pay a second interim dividend somewhat earlier than the final would have been but it is in replacement of the final dividend because of the uncertainty around when an AGM could be held. The Shaftesbury will declare a further dividend of up to GBP 0.027 in respect of the post-thirtieth of September period, sometime before the merger becomes effective and Capco will put in place similar arrangements. Really that's just to update you on where we are today. What we're gonna be talking about today. It's the rapid bounce back of the West End. Life is truly back to pre-pandemic normality. We've seen a rapid rebound in the economy and across our locations and Chris is gonna be talking about some very strong operating metrics, key improvement across all those key metrics. That's really off the back of incredible return of footfall. We always knew it would come back, but really the, it's motored since we got past the Omicron issues of last Christmas. Office population is back to a far greater extent than perhaps you see here in the City of London. You know, have a different sort of workforce in the West End, younger people who want to not only come to work to collaborate and be with their colleagues, but also to go and do something after work. There's a real buzz when you come to the West End now, seven days a week and Monday to Thursday, you can see quite clearly in the bars and the restaurants that there's a huge number of people who are working around the area who are just out to enjoy what all there is. Of course, with that, we've seen a rapid rebound in tourism, particularly international tourism. It started in early summer, it's continued all the way through, from what we hear bookings for next year already looking very good. You could say that we've been helped by a weaker currency. Obviously, it's not great for everybody. It's certainly for tourists thinking about coming to London, it's a very affordable proposition, as well as being a fantastic experience. Most importantly, we can genuinely say now we have our seven-day-a-week economy back, which is really important obviously to all our retailers and hospitality operators. Just as a reminder, in case of any of you haven't been paying attention for the last 30 years, we do actually focus on the heart of the West End of London. It's quite interesting looking back. I'm trying not to be too reflective at the moment. Back in 1992, we refocused what was then a much smaller business on just the West End. We'd gone through a very difficult period in the recession of the early nineties. Shaftesbury in those days did not have a particular focus. We had assets around the country doing different sorts of things. What became very clear in those very difficult days of the early nineties, that our little block of, then much smaller block of properties in Chinatown were the most resilient things we owned. Whilst problems were across the national economy, things were crashing, rents were collapsing, values were collapsing, Chinatown was remained fully occupied, rents were being paid, the valuations were much more resilient than other things where there was uncertainty about where their prospects would land. Because of the resilience of the operational side of Chinatown, the values bounced back much more quickly. That was 1992, for a few statistics or interest rates have been at 10%, but then actually by the end of the year, come down to just under 7%. Inflation was running at a mere 4.2%, which we would have thought till a little while ago was quite high, but that had come down as well. Some sense of the economic problems, we had 3 million people unemployed in the country. Over 10% of the workforce was unemployed and that wasn't a flash in the pan. That had been a persistent problem till well into the 1990s. Economic problems do come and go nationally, but the evidence is that the West End will find a way through all of this. Again, just to talk quickly about portfolio, it's obvious that business is all about the lower floors, our over 600 shops, bars, restaurants, cafes, pubs and clubs. Actually the upper floors are not to be ignored. Offices are a big part, important part of the portfolio. Chris will tell you, talk about how well they're doing. Of course, residential has been an absolute star performer. For all those people who said nobody was ever going to come back and live and work in city centers, I think we've got, well the one city center here that proves everybody wrong. I'm going to hand over now to Chris, who's going to talk through financial and results. Morning, everybody. Thank you, Brian. Brian set the scene quite nicely. If I can get this right. Perfect. As Brian said, a really strong rebound in the West End economy and that's really driving key metrics across the business. This is really, I'm trying to set the context for what I'm gonna tell you in the next few slides. You know, with operational improvements and, you know, tenants trading on average about 6% above pre-pandemic levels, we're now collecting pretty much all our rent and that's great. It's how it should be. It's great. Of course, we ended our rental support for occupiers, oh, crikey, towards the end of the last financial year. That's gonna come through. You'll see that coming through in the income line. Demand has been great, all uses, throughout the year and our occupancy has grown. Vacancy is now at pre-pandemic levels. And, you know, when we get stuff, it's letting pretty well. And that's driving growth in not in our, just our income, but also the rental values and you can see that in the valuation. Valuation was up over the year, with rental growth through each use, but we did obviously, at the end of the year, there was a bit of a, well, yield expansion, which then dropped the valuation from half one to half two. Just looking at the sort of occupational side. A lot of activity this year. Sort of GBP 41 million worth of letting activity, which is, I don't know, 20% higher than last year. Of course, that was, we had some vacancy hanging over from the pandemic and we were basically absorbing that and doing pretty well. Commercial lettings, GBP 32 million, up 8.5% against September 2021 ERVs. Residential, GBP 8.5 million, 11% above previous rents. The residential market has been in Central London, has been extremely buoyant this year. I mean, Brian will talk about this, but we have, we've had negligible vacancy all year. I mean, I think year-end, we have 1 flat out of 630 something. Vacancy has come down 2 percentage points to 4% of ERV, had been 6% this time last year. In fact, actually, since September, if, as at yesterday, it's come down from 4% to 3.7%. Which actually, when I looked at it, is exactly the same numbers as the bar on the left-hand side of the chart from September 2019, 3.7%, 1.8% under offer and 1.9% available. There's this bit of a sort of caveat here. We've got quite a lot of schemes that are on the go at the moment and some of those, well, a lot of them are gonna come through in the coming year. You know, at the moment, with the strong demand, they'll let really well, but we just sort of a bit of a caveat. We will, at points in time, be getting space out of the refurbishment program and it will be put into our vacancy. There might be points in time when it's a bit lumpy this year, but we're pretty confident about the letting prospects. That's the context established. Here's the numbers. You'll have all read the results. The net property income up 28%. That's really driven earnings this year. We got underlying earnings, GBP 9.9p. That was -GBP 2p last year and that reflects and we'll come onto this, but it reflects all the things I've just spoken about. We've increased our dividends. Dividends for the year, GBP 9.9p. As Brian said, one we're declaring now is it's a second interim dividend in place of what would have been a final dividend. It's GBP 0.051. The portfolio is up 3.6% at GBP 3.2 billion. Actually, in the first half, it was up 7.5%. The second half down 3.6% as the yields moved out right at the end of the year. The loan-to-value ratio is flat and NTA is up 3.6%. I know that might sound a bit weird because the portfolio is up 3.6%, but I'll come onto that shortly. Quick look at the profit and loss account. I mean, the key thing here is. Well, there's two key things. One is the net property income up 28%. Rental income was up 5%, which reflects the occupancy being growing and the end of the rental support, so we're billing more rent. There are some aspects of IFRS accounting for COVID waivers, which I'll come onto in a minute. Actually, what we billed was more than that. With better operating conditions, our people are paying their rent, so we're not writing off very much in bad debts. Also, we're not really impairing very much on our lease incentives because people are doing okay. The charges for that have come down from something like GBP 17 million-GBP 18 million last year to GBP 4 million this year. Non-recoverable property costs, GBP 23.6 million, up GBP 1 million on last year. There's a number of things in there. Obviously, lots and lots of letting activity. Maintenance expenditure, a lot of which we put on hold during the pandemic, so we're just pulling that through now. That's when we were had the sort of moratorium on doing things unless it was essential. Some property management fees and then more on marketing activity, just with people back, right? This is when you sort of get the activity going. Actually, as a percentage of rental income, it's about the same as last year, 21.5%. Interesting, we'll come on to the amount of invoiced rent. If you compare it to invoiced rent, it's about 21% against 28% last year. That's, you'll see in a minute, our invoice rent and rental income sort of marry together. Obviously, with the proposed merger, there's been a number of costs so far. By September, that was GBP 13.2 million. We're treating that as a non-underlying item. There's more disclosure on costs and cost expectations in a supplementary prospectus, which will be imminent from Capco. EPRA earnings up 45%. Underlying earnings up, well you can't give a percentage. Last year, it was negative GBP 7 million. This year, positive GBP 38 million. That's really showing almost like effectively almost cash earnings, I suppose. As I promised, talking a little bit about invoice rent and rental income. You'll all know that when we were waiving, giving tenants waivers during COVID, under the accounting rules, we were accruing income on those. We talked a bit about this last year, which is why we had this underlying earnings metric to try and strip this out. You can see in last year, the left-hand side of this chart, we billed GBP 82 million of rent, but our rental income in the Profit and Loss account was GBP 105 million. The large majority of that difference was just accruing income during periods of waivers. As we said last year, that income will amortize back through our Profit and Loss account over a number of years and will drag earnings. This year, we've billed, what? GBP 113 million compared to GBP 82 million last year. That's just because the portfolio is pretty full and we're not giving concessions. If you look at the, if you look at the increase in rental income, it's not very much. It's GBP 5 million over the year and that's because we're now seeing the amortization of the income that we accrued last year. In fact, GBP 6 million pounds was written off this year through the net property income line. It's a bit technical, I quite like that chart. By the way, we've got about GBP 20 million left on the balance sheet for COVID waivers, which are gonna amortize over, well, actually, it's over about 30 years in terms of the leases, but it's sort of curved like that. Three-quarters or so of it's gonna amortize within the next four-five years. Just having a look at EPRA earnings. EPRA earnings are GBP 19.3 million. We've talked a bit about the change in net property income. That's really the first three bars are all about that. It's the growth in rental income. It's actually massively about the lack of provisions or much lower provisions this year and a little bit about the property costs. In admin expenses, admin expenses are up 2.8%, GBP 0.6 million. Within it, there's a couple of things. Employee costs are about GBP 1 million up. As we flagged this last year and at the half year. Last year, we strengthened the depth of talent in our team, so we've got a higher head count. That with the pay review in 2020, early late 2021, early 2022, was always gonna push the cost. That's about GBP 1 million of cost extra. Variable remuneration is actually level in the year. There's less professional fees than we spent last year, which is just a factor of, well, just what happens in a year, I suppose. It's GBP 0.6 million more cost over the year. The merger cost, GBP 13.2 million, I've covered. Net finance costs were slightly better. We had some interest we were paying last year 'cause we had some drawdowns on our revolving credit facilities. This year we're getting a bit more interest income. Longmartin, GBP 1 million up. That's just a mini version of the net property income section for the wholly owned portfolio. That gets you to GBP 19.3 million, 6%, GBP 6 million or 45% up on last year on EPRA earnings. On the right-hand side of this chart, there's a reconciliation to get back to what our underlying earnings are. Stripping out the merger costs and also GBP 5.5 million of COVID waiver costs. That's the GBP 6 million I talked about in income, less some provision movements. I like this chart. Even though you may not, but I like this chart. This is really showing how the COVID waivers affected earnings. The blue, the sort of teal colored lines are what our EPRA earnings are. In 2020, when actually the first half was completely normal, 'cause the sort of, lockdown started towards the end of March, GBP 29 million, down to GBP 13 million last year, up to GBP 19 million this year before merger costs and GBP 32 and a half million after merger. Sorry, got that the wrong way around. GBP 19.3 million after merger costs, GBP 32.5 million before merger costs. You can see a sort of dip in and out. Actually, if you look at it on a more sort of cash basis, stripping out the effect of the accounting effect of waivers, it's a much deeper trough. In fact, actually last year would've been a loss, GBP 7.4 million, but a much stronger bounce back. Turning to the balance sheet, on valuations, you've read the script. It's up 3.6% in the year. Now it stands at 20% below September 2019, having been 27% below September 2019, at the sort of nadir during pandemic. The equivalent yield is up 18 basis points. First half, we had 6 basis points contraction, which just reflected the better operating conditions. In the second half, we've got 24 basis points expansion in the equivalent yield and that was right at the end, just as it was all about sort of finance rates and the global backdrop. Really pleasingly, we've had ERV growth across every use, first half, second half, throughout the year, this year. Overall, 9% ERV growth. Portfolio is now just under 5% below the pre-pandemic levels. Different amounts, in each of the uses we'll see in a moment. That's, you know, 4.6% down compared to 12.5%, again, at the nadir. Longmartin's a very similar story, just slightly different numbers. Like-for-like growth, 0.2%. Equivalent yields moved out 25 basis points and ERVs have grown, 6.2% over the year. Just looking at the uses. You can see here that there's a valuation growth across each use but more muted, obviously than the ERV growth. We're seeing ERV growth and then the yield is sort of tempering that, the yield movement in the second half is tempering that. I would just point out the I mean, if you look at the ERV growth on residential looks absolutely astonishing at 21%. That just reflects lettings in the year. The valuers are not valuing that on a yield and a reversion basis. They value it all on a capital value per sq ft basis. That just reflects the buoyancy which Brian will talk about, the buoyancy of that market. Well, you've probably seen this chart a few times, as Brian said, if you've been paying attention, this is the reversion. Our current annualized income, our rent roll, has grown 7% during the year like for like and that just reflects lettings filling up the portfolio. The ERV's up 9%, the portfolio is nearly 26% reversionary. Within it, actually, that's at the moment is all taken up by the contracted income. This is things that we've just let and are on, say, rent-free. As they roll off, they will move down the chart into the annualized current income. You've got our vacancy, GBP 5.8 million. Obviously, that's a bit smaller now because we've done a load of lettings after the end of the year. All of those lettings were now being contracted and then we'll move into annualized current income. The amount of in terms of ERV, the amount in schemes is pretty similar actually year on year. Actually, we started GBP 6 million with the new schemes in the year and completed about GBP 8 million worth of schemes in the year, including bits and pieces at 72 Broadwick Street, which Brian will talk about. Then we've seen ERV growth. Crucially now, the portfolio is effectively rat rented. There's and having been last year GBP 7 million over-rented and actually in 2019 GBP 6 million under-rented. You can sort of see it's dipped down and has come back. Just looking at EPRA NTA per share. This is really all driven by the valuation. The valuation up 3.6%. What that does with leverage is put 4.2% on NTA. You would expect that broadly to be the increase in NTA, but the increase is actually 0.6, 3.6% because our dividends have been higher than EPRA earnings for the last couple of announcements. That's where we reinstated our progressive dividend policy after as we're coming out of the pandemic, having sort of put dividends on hold, as you'll remember. Last year, we paid out in our final dividend, which was declared at this time last year of 4p was against EPRA earnings of under 3p and that reflected our confidence in the recovery and what was coming down the line. As we said last year, we were going to base our dividends on underlying earnings rather than EPRA earnings, basically to strip out the impact of COVID waivers. As you've seen earlier on, underlying earnings are higher than EPRA earnings, the dividends are flowing out quicker than the EPRA earnings, but not really on a cash basis. Overall, NTA GBP 641 against GBP 619 and 3.6% up. Just the other side of the balance sheet, our net debt is GBP 800 million. During the year, our operating cash inflow after interest, GBP 24 million increase on last year and our dividends, GBP 25 million increase on last year. That sort of gives you a flavor of the dividends matching cash flows. Otherwise, the main movements were investments. Some acquisitions, which Brian will talk about and schemes. Which is about GBP 69 million of cash in the year. Then we had about GBP 14 million return from the banks where we'd stuck money on deposit to get waivers during the pandemic. That all adds up to about GBP 55 million of the GBP 56 million movement. Our liquidity, pro forma to remove our revolving credit facility, which matures in a couple of months' time, is GBP 155 million, 150-odd million pounds. The LTV is pretty flat. Crucially, we've looked at our covenants, we're always looking at our covenants. We're compliant, number one. Two, we've got quite large headroom against those covenants. Obviously, we do lots of analysis around this time of year on going concern and viability statements and the auditors put us through the wringer on it. I'm sort of saying that and smiling at them. They're not smiling back at me as I say that. Anyway, as part of their modeling, we do a sort of break the model reverse stress test. That assumes that, you know, values fall, you get to a point where you shovel in all your uncharged assets into the loans and then you get to a point where you can't do that anymore and that's the breaking point. We do a pretty cautious view of that. We take sort of fungibility care cut to the numbers as well, because you can't subdivide assets into 1 GBP units. But that sort of tells us we can sort of half the value of the portfolio. And on ICR, it's nearly 70% decrease on the relevant net income for each of the loans. Which is pretty large cover. Just for example, 49% decrease in valuations would be 150 basis point expansion and 35% decrease in ERVs. That's, that's a scenario. You can work with different scenarios, but that's a scenario. All things considered, a great set of operational numbers. Obviously, the yield movement in the second half of the year was, kind of about blame Mr. Putin or whoever for that. Yeah, we're pretty comfortable. Things are looking good. I'll pass it back to Brian. Thank you, Chris. It's all about footfall, footfall, people coming back to the West End. One thing we didn't mention really is, of course, the much talked about, the now really with us, the Elizabeth line, which is already starting to make an important changes in the volume of people that are coming into the West End. It's a big contributor to, I'm sure, to the growth in domestic footfall, making the West End much more accessible. Also the patterns of how people come and go from the West End. Tottenham Court Road exit, entrance and, exits and entrances are up nearly 100% now since the station's been fully operational. Bond Street is catching up really quickly now. It's only been open for a couple of months. This is all looking very positive for the streets closest to those stations, which is where, you know, most of our assets are. It is actually doing what it was promised to do. It's really bringing people in. I think Sadiq the other day was reporting that 70 million people have used the line already. You know, it's long overdue, but I'm sure very soon we'll think, we wonder how we ever managed without it. Of course, all this footfall is really underpinning the demand we're seeing across all the uses and I'll quickly run through the uses now. Say, without the footfall, we wouldn't be where we are today, but people have really come back to the West End. Hospitality and leisure, our largest use. Resilient trading continues, turnover's up, occupier demand remains extremely strong and we have very little vacancy, but when we do get space back, we're seeing multiple bids for sites. This is not a situation you probably find very far outside of London or the West End or London. Nationally, the hospitality scene is under a huge amount of pressure simply because those businesses are totally reliant on U.K. footfall and U.K. consumer confidence. Here we have a totally different footfall demographic, as I said before. You know, it's great having lots of tourists back because, you know, quite frankly, they're gonna keep eating out anyway. Whatever people do in the West End, you do get hungry and thirsty and this is what we're here to serve you. A lot of those businesses see the resilience of West End. That's why they want to be here and that's why they will get backing to be here as well. You know, finance is probably gonna become harder for all start-up businesses and expectations about what finance providers are gonna want in return is moving in their favor, not the occupier's favor. For good ideas in the West End, you can do extremely well and that's been proven in the turnover figures we see. We've got some great new arrivals in across the villages. A couple of my favorites and I try not to have favorites, but Morisco has knocked off Lisboeta from the top of my list. If you really want a wild evening meal out or lunchtime, then go to Miznon on Broadwick Street. It's quite extraordinary. Great buzz about it. That's what people want. It's part of the West End experience. You know, the predictable formats are more challenged and less appealing, I would say, in the West End, where you've got all these fantastic things to, different things to come and try while you're here. Moving on to retail. Rental growth here is catching up. We're still about 15% below where ERVs were back in 2019. Still some structural issues to play out there. I think the vacancy issue in the West End is setting aside Oxford Street, which has got some long-term issues, is generally coming back into balance now. That's a positive outlook really for rental growth. Lots of new lettings in the year. It's interesting to see that people are coming forward. We mentioned previously we're seeing young brands who are actually rather now, it's a better proposition for them to take a shop in Soho or somewhere like that. Reinforces the brand. Cost of being online, cost of online fulfilment just goes up and up and up. It's changing the economics for all that. At the end of the day, you're seeing more people coming back to the tradition of going out shopping physically. You know, online shopping is great, but it's not everything. Retailers remain very choosy about very focused on the economics of having a store. Smaller is probably better than larger. Affordable locations with good seven-day-a-week footfall is really what they're looking for. Again, selection of really interesting operators or retailers coming through. I can't say I try quite as many of those, 'cause at my age, if they see me go in the shop, it really puts off the other customers. I can just about get into Dickies and American Classics without being asked to leave. That's really quite promising for me, if nothing else. Lots of new ideas coming through and actually, London's reputation as one of the great retailing cities on the planet remains completely undiminished by the problems of the last couple of years. Moving on to offices. Well, of course our offices are not the same as you'll hear from the office specialists. Our office space is generally quite small. Though we do still have some bigger space. Demand has been very good. We've had some vacancy coming out of the pandemic. That's been very quickly absorbed. It's really helped by the fact that we offer a more flexible product now, the more market competitive product in terms of we can provide fitting out, fitted out space if that's what you want, more flexibility in terms of your commitment. That all works for us. It's quite interesting. This year, some 40% of the floor area that we've let has been under this new Assemble brand, where the whole package is delivered and put in for you. Immediate occupation. The, you know, minimal rent freeze. We get income straight from day one. It's really appealing. Where we've got to now is about 10% of the office portfolio is now effectively fitted out under the Assemble brand. We've got ideas to roll that out to more larger offices and also provide something a bit on a different scale to the much smaller offices we have. Of course, what's driving this demand, as we said earlier, it's the ability to get people back in the office. You know, you've got a great lively environment as a reason for people to be in the office, that you've got all this, all these things you can do outside your main working environment. I think the buzz of the West End is what's drawing people back and making people think that's the best way to get people back into the office, 'cause I do think the future of office work is probably gonna be more in the office than sitting at home in front of a screen but that's just my slightly old-fashioned personal view. Finally, residential. As I said earlier, people thought you'd never, people would never come back to city centers. That's not been the case across Central London. Certainly, I can't speak for other cities. You try renting a flat in Central London. There's little availability and rents have moved on quite sharply and above where they were in 2019. This is continuing, really. We are conscious that there is an affordability cap here for a lot of people. Again, we have a sort of very different sort of demographic here. These are younger people, lots of people from overseas. Younger people want to come and work and live where they close to where they work in the West End. They want the buzz of the West End, 'cause they're not that bothered about going to bed at 10 o'clock at night, more like 10:00 A.M. in the morning, probably. That's what you get in the West End. Of course, on top of that, London's appeal to international students is huge. Again, the wealthy parents of wealthy children tend to find accommodation for them close to where they're studying. They're not really interested in being out in Zone 6. Not that there's anything wrong with zone six, you wanna be here in the buzz. Again, this is looking, the fundamentals are looking good for residential here, I'd say. We've experimented with, again, a fitted out offer in our flats in 72 Broadwick Street, which has gone incredibly well. Flats were, I think it was 15 flats let within a week at rents above what we thought we would get for them. There is a place for those fitted out office, residential packages, which is something that I'm sure we'll be looking at in the years to come. Moving on. Well, as you know, during the pandemic, we did the sensible thing and put a moratorium on schemes that were, well, I call them speculative schemes, where we were, you know, taking a chance, moving people on, so we could not only improve space, but use that as a trigger for raising rental values. Whilst we did do, carry on doing work to make sure there's any vacant space we had during the pandemic was lettable, those slightly more discretionary schemes were put on hold. From the beginning of this year, we've been back to actively securing vacant possession to accelerate schemes. That's what we shall carry on doing, obviously. The important aspect to this is, when I talk about sustainability and shortly, but, you know, every scheme we do has to improve the environmental performance of our older buildings, but we are experts at doing that. Lots of activity. Vacancy is often an opportunity for us to step in, particularly where you've had long inside the Act leases. We're not afraid of that. Now we know the space will let, there is demand for the space that perhaps even 12 months ago we wouldn't have been quite so confident about. It's worth saying and I'm sure you do hear it from the big developers in the sector, that costs of construction refurbishments have gone up. We're all suffering from that problem. Of course, our schemes are not big. Everything we do is dedicated to preserving as much as we can in existing structures. We can't remember the last time we knocked anything down. It's not quite the Shaftesbury approach. I just, whilst cost inflation is there, I, we look at all the schemes in terms of long term, our long term ownership, what improving that one building does. Well, not just that one building, but it's a ripple effect on the buildings all around. Actually, we're not so much interested in the day returns. We like a good day one return, but it's what you get in years five and 10 as you go through the rent review cycle without having to spend much money on those buildings again. That's always been the Shaftesbury principle and I think for looking at the business long term, that's what we should keep doing. You just take it on the chin. It pays off over the long term because you can be pretty certain that rental growth will justify what you're spending on the day one. Quickly on 72 Broadwick Street, we've let the fourth floor offices and obviously all the flats have gone, that's brought us some GBP 3 million, just under GBP 3 million of contracted income. As you know, we lost Equinox, the letting to Equinox on the two floors of offices, second and third floors. Well, they're being converted to office use now, not gym use. We're confident that they will let very well because they're two very big floor plates. We've got a really good fit out there. We're actually creating some semi-outdoor space, which again, is very appealing for office occupiers. Our first floor, which is only about 9,000 sq ft, is now fully fitted out for immediate occupation. We're just about to launch that and be very interesting to see how that goes. Of course, again, if you look at the scheme, the fabric of the building is pretty much untouched. Lots of environmental improvements, though, but fundamentally, we have not created that huge amount of carbon that would have been involved in demolishing that building. I can tell you it was built to last. It's surrounding a massive substation in the West End of London. Pulling it down was gonna be really difficult. Why would you need to? We've done a very good job on, as I say, refurbishing what's there. That doesn't suit every situation, but you know, retrofit is a good option for many buildings. Acquisitions, well, I think you're aware of what we've been doing. The acquisition seven in total over the year. We've got, probably the most important is the, our ownership on 90 to 104 Berwick Street and that's going to go really well. We're absolutely certain. If you're in Berwick Street next week, you'll see us unveiling the new shop fronts there. We've been white boxing the units and putting in shop fronts for the last few months, so that's ready to go. We've got some activations over the Christmas period and then we'll start marketing the space on long-term basis after the new year, because retailers don't at the moment really look at retail space. They want to get Christmas over with and think about their plans afterwards. That's gonna be great for the street. You know, it does take our ownership up to over 50%, something we wanted for a long time and we're right to carry on pursuing it. I think as regards other acquisitions, well, there's no sign of an avalanche of people throwing in the towel. As we always said, people who own our sorts of buildings are generally long-term owners, not debt-financed. They've seen how quickly the West End has bounced back. You know, if there is, you know, I'm assuming, we don't believe there's gonna be a huge impact of the challenges ahead on the West End. I think there's little pressure at the moment to see those owners selling, but we're pursuing a number of things at the moment. We keep everything under review. As I say, I don't think after having recovered so quickly from the pandemic, the owners are gonna be shaken into selling immediately just because we're gonna have a problem for maybe 12, 18 months. Moving on to sustainability. We announced our net zero target, net zero carbon target back in November. We aim to be net zero carbon by 2030 and carbon neutral by 2025 for our scope one and two emissions, which are actually the nature of the portfolio, not that great. It's a good sense of how we're progressing. Our focus, as I said, has always been on preserving what's there, preserving existing buildings. Gradually, since EPCs came along, we're getting on for 10 years ago now, every scheme that we've done has raised the environmental performance, the MEES performance of the buildings. Now we've got over 60% of our buildings and demises are grade C and above, so there's a little bit more work to do there. Others will catch up. The cost of improving these buildings, obviously is an issue for all building owners. We've done a, well, looked at a representative sample of buildings in the portfolio and worked out what the likely cost is gonna be. It's looking about to bring everything up to the standards we need by 2030, expenditure of some GBP 25 million over the period from now until then. Not a huge addition to our CapEx spend, which is modest in any case. In a way, it's about 10% above. There's already an element of double counting because we have not. It's not as if we just suddenly started spending money on environmental improvements. It's already in the money that we've spent to date. It does give you some context about what the challenge in terms of cost in the portfolio is going to be. Probably the greatest challenge is getting our occupiers to sign up to the idea that their emissions matter as well to us and they matter as well to the whole challenge of decarbonization and climate change. Long term, starting next year, that engagement with occupiers is gonna be absolutely critical in dealing with the sort of Scope three challenge that we all face. Community's always been very important to us. Community collaboration, respecting the people who live in the West End, residential community here and within the boroughs as well around us, particularly Westminster and Camden, where there is a lot of need. Need, unfortunately, is growing amongst those who are less well off. The resource available through the state is becoming less and less, more challenged. You know, we're conscious of all those problems and we do get involved in an awful lot of things that help the residential community and the wider things as well about the things we do in terms of investing in public realm, managing public realm, working with adjoining owners on freight and waste consolidation, all those things really bring benefits far beyond our ownership. We think it's the right thing to do for the West End. We need the West End to work and we, along with the other long-term partners, are on the same page with all of that. I'm pleased to say we got up to GBP 1 million of community investment this year. That's a good performance for us, really. Very conscious that need may be growing. Quickly moving on to the outlook before we go into Q&A. Well, we're trying to be cheerful today. I'm not going to repeat all the challenges that we're all aware of that lie ahead. You know, inflation is with us. Perhaps there are some signs it's going to moderate next year. Interest rates, well, it's anybody's guess really. The panic around the 30 September seems to have calmed down. I think we have to assume that interest rates will go above where we've got used to having them for the last 10 years. The important thing in looking at yield shift is the other side of the equation. We've always found, as I said in Chinatown, that having a strong operational outlook is the best way to moderate any outward yield shift, any reduction in values and that's what we've always aimed at delivering. You know, we will stick to that. Good prospects for the West End. That's quite clever photograph actually. The West End remains bright with lots of light bulbs. How clever is that? It's a global audience, not require, not dependent on the U.K.. We have a fantastic economy here in London. It's second to none in terms of attracting talent and creativity and investment. We benefit from all of that. It's not just the money we spend, it's the money people around us spend. Of course, because of these features, you know, it is a very sought-after location, whether you're coming as a resident or a visitor or as a business, as it ticks an awful lot of boxes. We won't be completely, as I say, I don't know, but I wouldn't be so grand as to think we're going to escape all the problems, but they'll be a lot less severe in the West End. The ingredients that give us our confidence. The business has come a long way from the pandemic concerns. Even this time last year, you know, the outlook was much more uncertain. We got through a winter of Omicron and other issues and now we're motoring again, which is great. It's all about the location of the portfolio. We are right in the center of the dartboard. These have always traditionally been the busiest streets and the busiest areas and they remain so. We've got a strategy that does evolve the whole time, but it's embedded. There's a number of principles embedded in that, which you're probably all aware of creating something interesting and different, focusing on the operational side of the business rather than, well, let yields take care of themselves. When you get the operational side right, you'll have tenants that are doing well and will want to stay and, it'll be reflected in our own performance. Sustainability priorities embedded across the business. As I say, we're not suddenly company developers and knocking things down. We're conscious that there's a role to play in retrofit and, maintaining what we have and that's really what we're very good at. Probably the most important ingredient, as I always say and I do save the best 'til last, is that our people and our values and our cultures. We've got a fantastic team here that's not only navigated the real serious challenges of the pandemic for this business, but in terms of getting the business back on its feet again, have absolutely gone the extra mile. We've had a number of other things to deal with this year, particularly the work streams coming out of the merger process. We haven't taken our eye off the ball. Operationally, we've made lots of progress. We do certain lots of things behind the scene and think about how we work and how we develop the team. It's working. It's the team have been absolutely brilliant this year. I'd like to thank all of you. Many of the team are here today, thank you for coming along. At the end of the day, our values underpin all we do. We have a very open and collegiate culture at Shaftesbury, which has served us very well, where particularly when times are tough. If we, you know, we stick to our values, which we're really quite proud of. We're human, original. We do think about the community around us. We are responsible. We know what we should do as a landlord. It's not about just ripping people off for the rent. There's a deeper relationship these days in real estate and it's always taking that long-term view. Whilst the clouds seem to be gathering at the moment, we are confident, we remain confident. There are great prospects for this portfolio. There we go. That's all I have to say. It's nice to finish up on a high note. we're gonna move on to question and answer now. really lovely Christmas lights in Seven Dials this year. I recommend you go and see them. we're gonna take some questions from the people in the room. as I said before, if you're dialing in or watching online, email questions to me, brian.bickell@shaftesbury.co.uk and we'll get back to you. Can I ask if there are any questions in the room? Stunned you all into silence. Nothing? Well, I was rather hoping for a few. Now, as you'd guess, this is probably gonna be my last appearance up here. I was hoping for some really tough questions. Stunned into silence. Well, I won't detain you any longer. I will just say that, as you know, I'll be leaving along with, excuse me, Simon and Tom, if the merger goes ahead. Well, I'm the old guy at 36 years. Simon's 35, Tom's only 33 and Chris remains on probation at 11 years. We're still not absolutely sure yet. It's not all about us. We say we've got a great team of people here. I've always felt the CEO's job was to think about succession all the time. Certainly board never let me forget about succession. You know, I'm sure you'll all miss us personally, the three of us 'cause we're not around. The business will carry on. The skills, the experience, the commitment is there with my colleagues. Thank you.