Morning, everyone. Thank you very much for your, for your time this morning. Just on, just a slight news update, just to get out of the way. Mike Perkins, who you will all have seen for, well, 8 years now, since, since IPO. Mike is stepping down in, in about a month's time, and, we'd just like to go on record as thanking Mike for his 8 years of, of fantastic support to the company. Jamie, who has been COO, has been, with us now for 3 years. So, we are seeing and will continue to see a smooth transition across, for Jamie and Justin. I think most of you have met, but, Justin, obviously, is CIO and has now been with us for 12 months? Eleven. 11, okay. So we'll step into the results. We'll try and move the slides on in tandem. Starting at the beginning, most of you are pretty familiar with what we do now. We have a market-leading portfolio of last -mile, last-touch, urban logistics assets, and I think it's important to stress that our strategy remains unchanged. Remember, the strategy was built on what myself and Christopher in particular, had witnessed over the previous 35 years or 30 years of our careers, and that focus on sustainable long-term income in buildings which are much fit for the future. And a focus on buildings that are essential to the occupier in terms of their supply chain. That served us well. Now, you know, the emphasis in terms of what's in core, what's in asset management, and what's in development, has obviously altered as time goes on, and when we saw the market going into the downturn, well, one, we didn't want to compete on price with some of our peer group, but two, we could see the risks attached to doing speculative development at that point in time. So as we sit here today, 1% of our portfolio is in development. I can confirm that over the entire life of the company, we've not had any buildings delivered late, and we've never had any issues with contractors, which hopefully gives you comfort, that we've been here before, we know what we're doing, and we move the components of our strategy around depending on market conditions. So, in terms of the core assets, it clearly underpins our dividend. Let on longer-term leases of in excess of 12 years. Strong tenant covenants, and 99% rent collection. I can confirm that as of the last quarter day, our rent has still continued to come in in the same fashion as it always has done. And I would strongly speculate that some of our peer group may find that challenging, as they go forward. Equivalent Yield of 5.9%. Again, even in the current valuation environment, we think that is, that is very sensible, perhaps when compared to others. 70% of our assets in the EPC Band A-B, and an income return of 5.1%. As far as the active asset management is concerned, as you know, gives us the opportunity to increase rents, and our ERV represents a 30% uplift versus current contracted rent. In fact, I can confirm that around 40% of our portfolio is currently in dialogue with the management team around lease extensions or, or rent reviews. I think the rent reviews, there's about 33% of the portfolio due in the next 18 months or so. So, you know, near-term reversion is there to be captured. Equivalent yield of 6.5%, and obviously, the asset management component is a huge driver of total return. Development, I've touched on. Forward-funded developments, pre-let or speculative, are now almost incidental, but the opportunity will present itself again to do more development. We recognize the value of new, fit-for-purpose, modern buildings in our portfolio. They just have to be introduced at the right price point. Total accounting return of 12.3%, and you can see on the right-hand side the portfolio splits. I should also say that our, you know, our WALT, which I think in 8 years ago, was down at about 4 years, is now over 8 years, and we think that's a good place to be in the current environment. So if we look at the MSCI data, 104% total return delivered since IPO. Last year, I think MSCI was down 20%, we were down 5%. So this, this continued focus on asset management is what insulates us in a more difficult environment, and that will continue to be the case. Resilient occupier markets, frankly, I was surprised at how quickly our rents came in this quarter and indeed last quarter. We expected a little bit of pushback somewhere, but actually, our management team have done a fantastic job. They continue to be in regular dialogue with our tenants. They continue to get onto site, see what's going on, identify any problems. And the, and the obvious one, which, p eople often ask, you know, "What about Tuffnells?" And I would absolutely repeat what I said when we bought the Tuffnells assets, which was that they were modern parcel delivery units with low site densities, with very low passing rent, and we always knew those buildings were worth more with Tuffnells actually out of them than with Tuffnells in them. And I think we've lost somewhere in the order of about GBP 240K due to the bad debt provision for Tuffnells. But obviously, we've now let to the DX Group for the main part, and Shift have taken, I think, 3 units. So it... Altogether, it's been a good outcome for us. And we continue to see our tenants performing very well. Further growth forecast, you can see on the right-hand side, the Colliers forecast for standard industrial and distribution warehouses versus the other real estate sub-sectors. So in terms of asset management, GBP 1.2 million of new headline rent has been signed now. GBP 0.4 million in rent reviews, GBP 0.8 million in new lettings, and we've seen a 10% like-for-like uplift, which obviously is outperforming the peer group. ERV growth across the portfolio in the six-month period, 1.4%. I think it's interesting that, you know, at a time when sort of in aggregate, probably the forecast is saying 4% rental growth, we've actually done 2.8% in the last six months through to the interim. So hopefully, this constant theme of outperformance will continue. Moving forward, the strength of our covenants, it's been consistent from the off. We've used Dun & Bradstreet as our benchmark consistently. You can see there on slide 8, the types of businesses we have in our buildings. It's not surprising, therefore, that our rent collection is strong. You can notice the distinct lack of fashion retailers, distinct lack of furniture retailers. You know, we steer away from volatility as best we can. For those of you who've known me for a long time, my constant theme around MLI and what MLI faces in a more difficult time will now be felt. And I think, you will see, hopefully, that consistency of our rent collection will continue to drive performance. In terms of the asset management opportunities in FY 2024, I'll let Jamie run through slide 9. Thanks, Richard. So, looking at slide 9 here, we're talking about contracted rent going forward. And as Richard mentions, six months to date, contracted rent on a like-for-like basis is up 3.8%. But looking forward, we see significant growth both in the short term and the longer term. And so to walk through this slide a little bit, our vacancy currently sits at 6.8%, with an ERV value of GBP 5 million. Breaking that down a little bit, we see that, that the vacancy consists of GBP 3.6 million of ERV in two properties, which were either acquired vacant or acquired with a very short term on the lease. There's a further GBP 1 million in a recently completed asset in Sheffield and a further GBP 0.4 million or 0.55% in underlying vacancy rate. You can also look at that vacancy in terms of earnings. So there's, in that GBP 5 million, that translates to a potential 1.1 pence of rental income per share, one pence of which is in those three buildings we spoke about, I spoke about in those, that first two categories. Moving further to the right on that slide, there's a further GBP 1 million of potential rental uplift to capture in the next 12 months through other reversion, rent reviews or lease expiries. And it, it's worth noting there that 90% of that GBP 1 million figure is made up of rent reviews rather than expiries, which gives us significant confidence in our ability to capture that. Further out, there's another GBP 7.7 million in reversion to take the total uplift to 23%. And again, it's always worth noting that figure is in at today's ERV rates. As Richard has mentioned, forecast ERV rates are... ERVs are still forecast to continue to grow in this sector. Moving on to the ESG side. ESG is, as Richard's mentioned, has always been core to the strategy, and we're really pleased to see that rating agencies have reflected the progress we've made. Last year, we saw MSCI ESG Index upgrade us from a CCC to an A, and this year, GRESB has followed, upgrading us from 2 stars to 3. EPRA has followed by upgrading us from a silver to a gold. And that this reflects both the improved reporting and disclosure we've put in place, but also the work on the ground within the portfolio. We've worked to improve EPCs up from 52% of the portfolio six months ago, rated A-B, up to 55%. And it's worth noting on that, we've done that without spending significant CapEx on those buildings. Our tenants, as Richard has said, tend to be the larger organizations who share our ESG goals, and they're putting their own money into these buildings, as well as the inevitable dilapidations when leases expire. Going forward, in terms of ESG, we're looking to build on our Scope One, Scope Two net zero target and hoping to work onto a scope to include Scope Three in the near future. Moving on to the financial review. So from an income side, we've seen an increase in net rental income translate to an increase in adjusted EPS, 3.46p, up 2.4% on the prior period. We've held dividend per share the same at 3.25p, again, the same as in prior periods. On the balance sheet side, net assets has remained largely flat. A small increase in property values, offset by the payment of the dividend in the period. The important thing about the balance sheet is it remains conservative, a low LTV of just 29%, and of that debt, 97% is fixed or hedged to term. Looking through the rental. On the net income side, net rental income is up 12.6%, and that's largely driven by acquisitions made since September 2022. We have seen a like-for-like rental growth of GBP 0.8 million, although some of that rental growth has been offset by the rental income in the prior period from a very large asset that was acquired with a very short period on the lease, as we discussed earlier. When we come to adjusted earnings, that net rental increase feeds through to increase our adjusted earnings, and it's also helped by a GBP 0.5 million saving in admin costs, largely driven by reduced advisory fees. This has been offset to a certain extent by higher debt costs, driven by a higher debt balance in that period. When we come to talk about debt, the activity over the last six months has really been about preparing us for a refinance of a tranche of debt with a maturity in 2025. In July, we refinanced a significant portion of that debt with longer-dated fixed-term money. The effect of this was to reduce our cost of debt by removing the majority of our floating rate debt from the book, give us GBP 65 million of liquidity headroom, extend the maturity of the whole debt book from 5.4-6 years, and move the hedged or fixed percentage from 85%-97% hedged or fixed to term. Weighted average cost for the period was 3.9%, and our LTV at 29% remains below our stated target range of 30%-40%. Going forward, as at 30th of September, we have an ongoing all-in cost of debt of 4.1%. Looking towards our plans for the future, you'll see we have only GBP 11 million of unhedged or unfixed floating rate debt left, and our plan is to repay that debt, which would bring our all-in cost down to 4%. In terms of cash on hand, to do that, we have GBP 30.9 million of cash on the balance sheet at 30th of September, but that's made up of GBP 7.5 million in restricted accounts, largely in the form of tenant rent deposits, with the remaining committed to either ongoing CapEx projects or financing the December dividend. So, paying this debt down will therefore be financed largely through asset sales as part of our recycling and investment strategy. Which might be a good point to pass across to Justin, our Chief Investment Officer. Perfect. Thank you. Good morning, everyone. To start with, just gonna talk a little bit about what we've been doing since the last update. As Jamie said, and as Richard alluded to, we completed on the final stage of our 2022 development cycle, which was 145,000 sq ft. Produced 100% BREEAM Very Good, again, playing into our ESG commitments going forwards. Richard mentioned earlier on being remunerated for taking risk. The yield on cost was 7.3%, and in a market where the MSCI, September to September, dropped 18.5% capital value, we've actually seen a valuation uplift on these developments of around 8.3%. So again, going back into developments, at some stage, you have to be recompensed to take that risk. Post-period end, and we mentioned this in the June roadshow, we undertook two disposals of around GBP 50 million. They were at a 3.4% premium to the March valuation, and over the course of their life, provided a 45% total property return and an annualized 12% IRR. Now, as Jamie said, if looking forward, we do intend to make further strategic sales, and the view from that will be we, we do those in the core portfolio. As Richard's always spoken about, the core portfolio should be lower than the asset management portfolio, so we can drive rents, push rental growth. So ultimately, the view would be to sell from the core portfolio and either pay down some of that remaining floating debt, which Jamie just mentioned, or potentially look at further CapEx on the portfolio. The valuation market. I thought as part of today's discussion, I'd just sort of give you a run through of what we're seeing in the market, what the valuers are seeing, where the sentiment sits. Interestingly enough, since probably March this year, the valuation community has seen a stabilization in yields of around headline, sort of prime yield of 5.25 for your typical regional 100,000 sq ft box. If you look at that MSCI data, as I mentioned a couple of minutes ago, September to September, a negative 18.5% capital fall. Yet, if we look at the market year to date, it has remained relatively flat. Capital has done about 0.8% and a total return in the industrial sector of a positive 2.9%. Now, that may seem fairly low, but if you look, put that into consideration in the context of other asset classes, offices are down 11%, retail is still looking into a consumer headwind. The sector seems to be doing what it says on the tin in a very simplistic sense. Now, what is driving that? Well, very much it's the occupational market. The yields are very much set by transactions and what is actually happening on the ground. Now, in our view, and similar to a lot of other commentators, the logistics sector remains structurally well-positioned. We've got low vacancy. Occupier demand continues to outstrip forward supply. The headline vacancy rates, when we talked at the end of 2022, that was in the high 2s, early 3s. That's increased to around 4.6% in the mid-box space. What we also talk about in these presentations is mid-box, our typical 20,000-150,000 sq ft box. Now, the increase in that supply is primarily the end of that 2022 speculative development cycle, where a lot of developers undertook, especially large big box units. What we've seen probably since the start of this year is the tap effectively being turned off or turned down on development. Land values, and Richard probably more can speak more eloquently about this, but anecdotally, we think are down around 30% at least. But as you can imagine, there's very few land transactions going on because no one really wants to crystallize a loss. Data in the year suggests potentially we could be looking at around 25-30 million sq ft taken up in the year, and that really mirrors what we saw pre-pandemic. Now, who's taking the space? Well, the diversity across the occupier base continues. We've seen a resurgence in manufacturing, continued demand from 3PLs, who are very much contract-led. And one of the key features of the leasing market this year has been those 3PLs and corporates holding back, taking longer time to make decisions. In a market with fairly volatile macro headwinds, a lot of occupiers are just waiting and seeing what the landscape looks like before they start to make decisions on their occupational requirements. What we can see now in the visibility from our leasing agents, from our asset managers, is that through Q3 and the beginning of Q4, we are seeing more inquiries. We are seeing more tenants looking around space, starting to work out what logistic requirements they will need, especially in their last mile fulfillment. Rental growth, a key driver of investor sentiment towards the sector. According to MSCI, rents have continued to rise throughout 2023, albeit at a slower pace than we saw in 2021, 2022, when you saw those double-digit rental growth factors. Now, a key feature I would say in our sector, and certainly the graph on the bottom left will show, is the outperformance of rental growth in urban logistics. That last mile fulfillment, where if you're taking a 500,000 sq ft box, your rent review is pretty key. When you're looking for a 20,000-50,000 sq ft box, your location, your accessibility to either the business, businesses you're serving or your customers becomes much more critical than the extra 25 or 50 P on the rent. Now, looking forward, as Jamie alluded to from Colliers earlier on, the rental growth forecasts remain positive. Roughly around 3%-3.5% per annum, which when you consider the income return, gives quite an attractive total return for real estate investors, and which is why we're seeing still a huge amount of conviction in the sector from UK institutions, property companies, global sovereign wealth funds, and private equity. How has this fed through into the actual market? As many of you will know, seeing the press, transaction volumes year to date, like most global real estate capital markets, have been relatively subdued. Gerald Eve suggests around GBP 5.8 billion has been transacted year to date, and that includes assets under offer. But that, again, if you look at the graph, is very much in line with pre-pandemic levels. As I said, talking to participants in the market, there remains a huge breadth of capital that is tracking the market, both domestic and global, with a general flight to quality of income and ESG top of their agenda. Now, we talk a bit about a divergence between prime and secondary, and I think this reflects sort of the ongoing caution investors continue to face in the wider macroeconomic and political background that we see. Secondary assets with poorer credit, poorer ability to improve your ESG, and locations where throughout probably 2019 through to 2021, 2022, where people just bought the market and necessarily didn't look at the actual fundamentals of what an occupier wants. Low site cover, as Richard said, parcel delivery, lots of loading docks, cross bays. That sort of detail and focus is what our business, I think, will certainly show in terms of strategy, a change from those people who just saw simplistically, "Industrial is going up, let's buy a shed." So while, excuse me, investment volumes remain low, certainly there is the anticipation from the capital we're talking to in the market that transaction volumes will return in 2024, given we see a more settled economic landscape out there. You have to remember, if we go back to June, peak rate of interest cycles looked at 6.25%. You move on 3 months to September, it's suddenly 5.25%. Real estate is a long-term asset class, and the entry point, as it is in development and investment, is highly important. So with that capital at stake, with the forecast of rental growth and good income, the sector still looks well-placed. I'll now hand over to Rich. In Christopher's absence, I'll cover the asset management section of the portfolio. Just to remind you all, 55% of the portfolio sits in the active asset management category, so lots to go for. I'll also remind you, 86% of our leases have the ability to capture open market rental growth. I think if you analyze where our peer group sits, that puts us in a very good position to capture this latent reversion. The structural shift to online, we were actually just talking about it earlier on this morning. Everybody focuses on the percentage of retail sales that are conducted online. What that doesn't necessarily do is give us an indication of that supply chain sophistication that's still going on in terms of that structural shift of the likes of manufacturers and others going to an online platform. And that inevitably leads to a requirement for an additional facility in a particular urban area. And we're seeing, you know, a lot of that going on. I think at this moment in a cycle, I think if you are the CFO or CEO of a large distribution company looking to invest in 500,000 sq ft with all the attendant automation, you are talking about a capital investment of probably in excess of GBP 100-150 million. In our world, it is much more immediate. Those tenants, once they've identified a market they want to get into, then they tend to just plug and play, and our buildings with that relatively simplistic specification mean they're much more adaptable. Tenants can move in much more quickly, and therefore, it's a much more fast-moving environment. Slide 24 clearly is just identifying the number of deals that have happened in terms of new lettings and rent reviews in the period. 10 deals producing an extra GBP 1.2 million of additional rent, at 10% like-for-like uplift that was referred to earlier on, and obviously increasing the WALT at the same time to 11.5 years. Lease assignments, 12 of those, obviously being the Tuffnells assets, 11.4 years. So in total, 22 deals, GBP 1.2 million of additional rent, and a 10% like-for-like uplift. And as I say, the right type of rent reviews is the really critical thing here. I'll remind you all that, you know, we have upward-only rent reviews, and therefore, that recent evidence that we can now identify gives us a really commanding position in terms of those landlord-tenant negotiations at review. So portfolio reversion of 23%, and I'll reiterate what I've said in many previous results presentations: With our type of real estate, you get that gross to net rent efficiency at 96.5%. You do not get that in the MLI space, and particularly in a more difficult time, as you're facing, you know, all the issues of vacant units. And, you know, if we go back not many years, we saw increased voids, increased tenant default, and of course, you've then got an immediate impact on your revenue. So, you know, our strategy was built to survive moments like this, and hopefully we'll continue to see that trend. And I'll remind you, you know, 34% of the tenants are currently in dialogue about rent reviews. And if you then add into that, the vacant units we have where we have dialogue going on, that's 40% of the portfolio has immediate near-term reversion. And then slide 25, really, we've just broken that down by geography, and you can see where the passing rent sits relative to ERV. And obviously, that decision three or four years ago to try and increase the weighting to the Southeast, and the really key rental growth locations, you can see now that sort of disparity between passing rent and ERV, which will serve us well going forward. So in summary, valuations have stabilized. Financing rates, the market seems to believe that we've hit the sort of peak interest rate moment, which I think we'll see the volume of transactions increase. And I think investors can now see where they're going in terms of the availability of debt. 99.1% rent collection is a consistent theme, and it's due to the type of tenants and the strength of tenants that we have in our portfolio. The strong and liquid balance sheet that Jamie has articulated means we have a low LTV at 29.3%, 97% hedged, for 6 years at an all-in rate of 4.1%. GBP 65 million of undrawn debt facilities available, and further opportunities to pay down debt with asset sales in the coming period. We are in dialogue at the moment with 1 or 2 investors around doing some asset sales. So we have high reversion within the portfolio, GBP 6 million of short-term reversion, assuming no further rental growth. Over the medium term, a further GBP 8 million of reversion available that we believe to be very achievable. So the asset management continues to capture the reversion. It drives the capital growth even when yields and markets remain flat, and we and we saw that clearly last year when MSCI was down 20%, and we were down 5%. Thank you very much, everybody, and happy to take any questions. Good morning, Miranda, I'm from Berenberg. Couple of questions. Firstly, just on the vacancy, can you break it down a little bit and give us any idea in terms of space that you might have under offer, and what kind of space it is that, that you've got to lease out there? And then the second question was in terms of the ERV, that 1.4%, is there a range there? Are you seeing higher ER growth for certain types of assets or certain locations? Thank you. Yeah. So, just to remind everybody, the voids we have in our portfolio are not due to tenant failure, they're not due to tenants vacating. They are assets that were acquired with a deliberate intent to either improve them or to improve them and then obviously re-let them. As we sit here today, we have good dialogue ongoing across all of our void buildings, and we would expect to be sitting here in six months' time with those buildings having been let and improved from an EPC perspective. As far as the ERV question is concerned, Jamie, do you want to pick that up? Yeah, ERV has been relatively flat across the portfolio. I mean, we've seen a little bit... We've seen it split between the core and the asset management buckets, I think where the ERV has actually grown, not, not too dissimilar across, across the lot, that the, the valuations have been quite prudent this, this period, and we haven't seen huge movements, if we're honest. I would add that we've outperformed our values, ERV, every single year and every single period since IPO, and we'd expect that to continue. Hi, Tim Leckie from Panmure. It's quite fun, isn't it? Very smooth transition, wasn't it? Yeah, right. Yeah. right. Yeah. Follow Miranda everywhere. Just a question on the, the, the 12-something% NRI growth versus the EPS growth, which was low single digits. And then the slide 9 showing the income path forward. It does look like when, when that income is costed on the balance sheet, the interest expense is being paid, the cost structure is very flat. That should nearly entirely drop straight through to the earnings line as and when it's captured. Is that right? That's more or less right. Yep. If you look at our... If you think through our PNL, what you've got in terms of major costs, you've got admin expense, that's investment advisory fee. That's fairly fixed and formulaic. You've got interest costs, that's 97% hedged or fixed to term, and we're hoping to improve that. So debt costs don't vary very much. I think a 50 basis point rise costs us GBP 55,000 or 0.01 pence. And we have, as Richard said, exceptionally high net to gross collections and net to gross ratio, and 99.1% is, I think, our lowest ever rent collection due to a one-off from Tuffnells. Which means, exactly as you say, that rental growth drives the bottom line and should flow more or less directly through to that bottom line. So when we see GBP 0.011 per share there, if anything, that's actually an underestimate, because what that doesn't take into account is we'll be taking out hold costs at that point. So that leasing activity flows very closely to EPS, and that's how, you know, we are guiding. The The market is expecting uncovered dividend in this financial year, but in next financial year, I think Panmure have a cert GBP 0.081, and Singer's at GBP 0.080. And that's how we see that growth coming through and the dividend cover coming through. Yeah, and just to follow up on that, for the earnings picture, the potential disposals from core- Yep ... to pay down some of that more expensive debt, I'm just looking through for the core yield. I think I wrote it down at 5%, wasn't it? That's equivalent, though. The net initial is- That's an equivalent yield. The net initial obviously be lower, and the thing about floating rate debt is at 2.22 above SONIA, which is currently 7.41%. So that's accretive actually- That is very much accretive to earnings as we pay that debt. As disposals and that flows through, the earnings picture looks pretty good going out the next three years, really, doesn't it? I think, absolutely. Yeah. That leasing activity, as that comes through, we'll see that flow through to earnings. We see that then flow through to very strong dividend cover. Thanks. Sorry. Where are you there? Sorry. Hi there. Just on Tuffnells, you've obviously reassigned the leases, majority to DX. I think they're a better covenant. Have you seen an uplift on the values of those properties? Yeah, it's a good question. Well, the short answer is yes, we have. We haven't... If I'm honest, I think from a purely personal perspective, I would have expected a higher valuation uplift than what we actually received. But of course, what that does do, it leaves us in a position where the assets are very fairly valued and therefore are, you know, incredibly liquid. But Dun & Bradstreet rate them as a 5A1 covenant, so, you know, they are, you know, the valuation increase to some extent has happened, but I think what it has done, of course, is hugely increased the liquidity of them as individual assets. There are always private investors who love to mop up those sorts of smaller lot size assets with nice long leases to 5A1 covenant. Thanks. Thanks. Andy Rees, Deutsche Numis. Just in terms of the, disposals from core, and I guess potentially just speaking wider to the investment markets, are you able to give sort of a sense of the, the types of buyers that are sort of the first ones returning, kind of being more, more acquisitive? Kind of, A, from the ones you're speaking to on, on your disposals, potentially, kind of more broadly, within the investment markets, sort of which the types of buyers that are coming back and, and showing interest? Yeah. I'll... Shall I start, and then- Yeah. Clearly, you know, as we started to see the valuation declines, then frankly, everybody sat on the bench and paused for thought. However, there is distinct evidence that overseas investors still consider the UK to be relatively cheap. We've seen... I was looking at a schedule of transactions yesterday, and actually, I think of the long-dated income transactions, so call them core, sort of, you know, mirroring your question. I think there's been something like 24 transactions, all of which have been under 5.25% net initial yield, and some of them down even as far as 3%. So, you know, this sort of perception that the market's in a real rut, I think is not correct. It's a very different world to the one we saw, you know, back in the, in the last recession, where, you know, we didn't really have the, the platforms that, that want to own this sort of real estate. They didn't really exist. So today, you've got, you know, the, the Blackstones, the, the big U.S., platforms, but you, you've also got, the private equity platforms looking to build on, on, on this and, and the residential sectors in particular. And of course, you've got, you've got the, the Asian investors who, who continue to, to acquire. GIC have done a huge amount in the last few years. And, and the same on an individual basis. You know, there are overseas investors who think that the U.K. is, is still relatively cheap and would expect them to be, to be active as well. Do you want to add to that? I think if you look at the stats from 2023 year to date, okay, GBP 5.8 billion, it's nothing to get excited about, but I do think that reflects the pricing point that people are looking at. We saw some early cycle Q1 deals from the institutions. Bizarrely, an open-ended fund or two started acquiring back into the market before they all shut up again. People are being cautious about when they're gonna sign the deal. Interestingly enough, if you look at the stats, it would suggest that multi-let seems to be the favored choice, but in that portfolio of GBP 2.4 billion, a lot of it was single-let last mile distribution. There's a huge amount of capital out there. It is just waiting for financing rates to be a little more visible than we've potentially seen throughout 2023. Going back to Richard's point, you do look at the market, and you look at an institution putting GBP 140 million into an initial yield of 3.4% when your 10-year gilt was sitting at 4.5%. But what they're looking at is the rental growth story going forward. And certainly, in the 23 years I've been working in the capital markets, I've never seen such a narrow sector conviction where real estate investors want to put their capital, and it really seems to be, at the moment, build to rent and the industrial sector. I think the other thing, just on the, on the market, which is, hopefully a strength of ours, is that, You know, everybody gets very focused about equivalent yield. Everybody's looking at that, you know, reversionary potential for, for tomorrow. But the market actually isn't playing the game. The market is wanting to see an initial yield that is above 5. It's wanting to see, you know, it's quite happy to see an asset going from 6%-7% or 6%-6.5%. What it doesn't seem to want to pay for at the moment is the 4% asset that will go to 7% or 7.5%. And that's a recent thing. And that's my observation today. I think, you know, the fact that our yields are relatively high compared to the peer group, I think will hopefully help us from a liquidity perspective. Morning, it's James Carswell from Peel Hunt. Just on to slide nine, going back to the, the capturing the reversion, I'm just wondering how easy or difficult it is to actually have those conversations and push through those rental increases. And I guess in particular, when you, you presented a similar slide kind of six and 12 months ago. I think six months ago, you talked about capturing about GBP 10 million over the short term. It looks like the contracted rent hasn't changed much over the last six months or so. I appreciate you've made a few disposals, it's not quite like for like. Are you finding these conversations are taking longer, or rent reviews kind of being protracted? Are you having to go to arbitration, things like that? I'll let Jamie talk about the numbers in a minute. As far as the semantics are concerned, there is no doubt that as the sort of turmoil started, then tenants were dragging their feet in terms of getting those conversations crystallized. We, I think, have only gone to arbitration twice. One is still up for grabs. So yeah, there's only one that's been determined, which helped us significantly. But out of 140 leases that we have, you know, I'd say it's relatively incidental. You know, the fact remains, a logistics occupier's rent is gonna be between 10% and maximum 15%, probably 10%-12% of his overhead. So in the whole scheme of things, you know, it is not massively important. Labor is the key one, as we all know. That's 35%-40% of a tenant's overhead. So in short, our buildings are relatively small relative to big box. So you can imagine you're gonna have a much bigger dogfight if you've got 500,000 sq ft and you're sitting down with, you know, with DHL, and they're saying, "Well, hang on a minute," you know? I think ours, in many ways, it's a bit more get it off the desk and just get it done. So yeah, we're not seeing much resilience, but I'll let Jamie talk about the- Yeah, talking to the numbers, we... As you say, there's disposals in the year which reduce contracted rents, but are used, accreted to earnings because of the proceeds used to pay down debt. So when we look at it on a like-for-like basis, we see contracted rent up 3.6% over the six-month period, which if you go back to, I think if you look at where our contracted rent, rental growth has been over the last few years, if we look at slide 30 for a second... Sorry, 2.8%. So you can see here on slide 30, top right, that that's where our contracted like-for-like rental growth has been over the last few years. You can see that September 2023 number is obviously only a six-month period, so we'd expect to see that over the full 12 months, our like-for-like contracted rents grow at a similar rate to previously. And then as to the capture reversion, as it's, as Richard says, really, and we're pleased that of the GBP 1 million of non-vacant reversion, most of that is in rent reviews, which, as Richard says, is easier and more formulaic to capture because of the positions in the market. Justin Bell, Deutsche Numis. Slightly related to a question around kind of leasing. Can you give us color on, like, how competitive lease events are for, for new tenants? And you're obviously proud of your tenant makeup and risk profile. What sort of, at this stage of the market or the cycle, are you faced with decisions of, you know, do you take a fashion retailer at a higher rent or a 3PL at a you know, better lease structure or a longer lease? How are you thinking about- Yeah, it's a really good question. I think, you know, you're talking to someone who remembers what it was like in the last recession when, you know, getting a viewing was hard enough without actually having a decision to make about whether you took a fashion retailer versus someone in a more robust area of business. The one thing I think we have to think about, and this impending roadshow will be helpful in that regard, is, you know, what our shareholders' views are around the fully covered dividend. Because, you know, as I sit here today, our biggest asset, which is vacant, our biggest vacant asset, you know, we have someone who would be keen to take it, an occupier who would be keen to take it on a freehold basis. If our sole focus was to cover the dividend, then yes, you'd get rid of that, and of course, your runway to a covered dividend would be pretty clear and pretty imminent. That said, you know, we bought those assets because we believe in the reversion within them. In an ideal world, yes, we'd take a stronger covenant that was operating in the essential goods arena rather than a fashion retailer. But we're not stupid enough to ignore, you know. If the right answer was, you know, take the fashion retailer as long as the covenant was sound, and then probably sell it if you were concerned about the area of business they were in. So, I think, yeah, it's each and every situation on its merits, but we still will retain our focus. Thank you for those questions from the platform. Just the one question from those listening virtually, from Andrew Saunders at Shore Cap. Given the strong occupier market for single-let industrial assets, why were the Tuffnells units relet on existing rents? Because the leases were assigned at the rents that were in place at the time, so we didn't really have any control over that, because we were dealing with an administrator who clearly was in control. Thanks, Richard. That appears to be all our questions, so should we pass back to you for any closing remarks? Thank you very much, everyone, for your interest. Well, you know, we're not rushing off, so if you want to have any further questions, then please do.