Good morning, and welcome to the Irish Residential Properties PLC half year results 2024. My name is Drew, and I'll be the operator on today's call. After today's presentation, we will begin the Q&A. To register a question, please press star followed by one on your telephone keypad. If you wish to withdraw your question, it's star followed by two. At this time, I would like to turn the conference over to Luke Ferriter, Head of Investor Relations, to begin. Please go ahead. Thank you. Good morning, and thank you for joining the IRES 2024 interim results call. My name is Luke Ferriter, Head of Investor Relations, and I'm joined today by our CEO, Eddie Byrne, and our CFO, Brian Fagan. The presentation we are about to make, along with today's results announcement, are available to download from the Investor Relations section of our website, iresreit.ie. Before we begin, I would like to remind everyone that certain statements we make today are or may be considered to be forward-looking and therefore are inherently subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. I direct you to read in detail our interim results announcement issued today, which highlights these risks and uncertainties on page 21. I will now hand over to Eddie, who will provide an overview of the six months to June 30, 2024, and the conclusion of the IRES strategic review. Thanks, Luke. Good morning, everybody. I am delighted to have taken over as CEO of IRES in May, at what I believe is a really exciting time for the company. For those of you that I've not yet met, a very brief intro. I've been involved in real estate for most of the last 25 years, buying, selling, managing, financing, developing, and almost anything else you can do with real estate across Ireland, the U.K., mainland Europe, and the U.S. As well as updating you on our performance during the first half of 2024, this morning, we also separately announced the conclusion of our comprehensive strategic review, which began in February. More on that in due course, but having been directly involved in the review since my appointment, I'm looking forward to implementing its findings through the remainder of 2024 and beyond. Now, turning to slide five. Before I begin on the financial results, I would like to spend a couple of minutes on what attracted me to IRES in the first place. Before I accepted the job as CEO, I obviously did my own due diligence, and without going into all of that detail, what I saw was a market of really attractive underlying dynamics, as good as anywhere I had seen in my career. Very significant unsatisfied demand, reducing new supply, and indeed, for reasons we'll go into later, a market that was actually facing a reduction in stock. I also saw a company that was truly unique in the marketplace. It had no competitors like it. A fully internalized operating platform with boots on the ground, doing its own property operations. This gives it the ability to scale its operations in a controlled environment, which other market participants lacked. This is unique in the Irish market. It also had a stable, permanent, controlled capital base, again, unique. I also saw a PRS market that I believed would go through a significant level of transaction activity over the next 24-36 months, as many of the early participants in the relatively young Irish PRS market were approaching the maturity dates of their investment vehicles. What I didn't see was a lot of other candidates who were in a position to act as a consolidator of those transactions. And finally, in addition to the consolidation opportunities, I felt there were many ways to participate in the obvious growth opportunities, including things I have done in the past, like joint ventures, development partnerships, government-backed affordable housing schemes, direct infill developments on our own sites, and even distressed debt, distressed debt purchases and potentially other living assets such as PBSA. Nothing I have seen in the first three months has changed my mind. Actually, if anything, I'm now even more excited and enthused about the opportunity that's in front of us. My first three months in the role have been focused on participating in our strategic review as part of the board subcommittee, overseeing the process, as well as performing an assessment of the operational and cost structures of our business. I've also undertaken multiple engagements with sector stakeholders and policymakers, as I think ongoing dialogue is essential to achieving the regulatory reform that will begin to alleviate the lack of housing supply in Ireland. For the last 3 years or so, the company has been forced to spend most of its time looking internally due to a combination of external market factors and corporate activity at the shareholder level. I think there's a huge opportunity to put our head up and start looking out into the market to identify those opportunities that I think exist, and I look forward to doing that. Now, moving on to slide 6. I'm pleased to report a strong and resilient performance in the first half of 2024. The company's investment case continues to be underpinned by a modern portfolio of over 3,700 high quality and well-located residential assets with strong sustainability credentials, supported by a market-leading and scalable operating platform, which, as I've said, is unique in the Irish market and continues to deliver consistently strong operational performances. Our occupancy consistently exceeds 99%, reaching 99.6% at the 30th of June and remaining in line with our 2023 performance. This strong occupancy underpins the delivery of revenue growth on a like-for-like basis of 2.1% for the period. This growth was driven by both organic rental income growth and improved ancillary income generation, but excludes the impact of disposing of around 5% of our portfolio in the second half of 2023. The continued elevated interest rate environment, along with muted transaction volumes of the residential sector, resulted in modest yield expansion during the first half of the year. As a result, our EPRA net initial yield increased from 4.9% at the end of 2023 to 5.1% at the thirtieth of June 2024. The yield expansion during the period was partially offset by growth in organic rental income. In line with Irish REIT legislation, we are proposing a 2024 interim dividend of EUR 0.0188 per share. Moving forward, we intend to continue paying 85% of our property rental income as a dividend to shareholders. I think these results show that our business, which is underpinned by exceptional market fundamentals, produces highly predictable cash generations and attractive returns through the cycle. Now, moving to slide seven. As I said earlier, we were pleased to announce today that we have concluded our strategic review, which began in February and was led by a board subcommittee. Since my appointment, I've been directly involved in the execution of the review, along with the other committee members and our financial and real estate advisors. I'm now pleased to provide you with the review's conclusions and the complementary strategic paths we see to maximizing value for shareholders. As indicated previously, and following further rigorous market testing with capital markets and industry participants undertaken as part of the review, the board has unanimously concluded that a sale of the company or its assets is highly unlikely to result in a maximization of shareholder value in the short to medium term. This conclusion is based on a number of factors, in particular, the challenges presented by the current rent caps, as well as the prevailing higher interest rate environment and the resulting impact on the ability of private capital to finance leverage takeovers of real estate companies. The review has also identified the following seven initiatives or actions, which the board believes will drive value maximization for shareholders over the medium term. Firstly, we are initiating a program designed to drive value and improve portfolio composition by recycling 315 units and releasing between EUR 110 million and EUR 115 million of value over a 3- to 5-year period, based on estimated current open market value. Secondly, we are formulating a plan to generate supplementary revenue streams from our extensive real estate footprint, revenue streams which are consistent with the existing rent regulations. Number three, we are optimizing the company's cost structures to maximize both net rental income margin and Adjusted EBITDA margin to enable us to leverage future growth opportunities. Number four, we will look to exploit what we believe are the very significant growth and consolidation opportunities which currently exist in the Irish PRS market over the medium term. For reasons that I will go into, the board believes that IRES is uniquely positioned to take advantage of these opportunities and is actively exploring them alongside other commercial ventures. Number five, we will continue to work constructively with stakeholders, including government, to push for positive change in the Irish residential regulatory system, most particularly the current acute restrictions on annual rent increases, which the board believes have had a severely negative impact on the supply of new product into the Irish rental market. Number 6, we will also continue to advocate with the relevant Irish authorities for changes to the Irish REIT regime to better align us with some of the more progressive REIT systems in other European jurisdictions. And finally, number 7, we are actively exploring opportunities to partner with Irish government bodies to deliver new supply to the affordable housing market. The most relevant scheme for the company is the Secure Tenancy Affordable Rental program, better known as STAR, and the company is in dialogue with government agencies to support the development of a workable scheme in this regard. The board will continue to carefully review these and all strategic options available to the company, which may deliver shareholder value as part of the normal course of our business. Now, turning to slide 8. As I mentioned in the previous slide, we have identified 315 units suitable for inclusion in our asset recycling program. Some of the criteria by which we rate our assets include the degree of control over the estate, the potential for future CapEx requirements, and reversionary profiles of those assets. As a result, we are targeting 315 assets for disposal and will ultimately recycle the proceeds in line with our capital allocation strategy, initially reducing higher cost debt and actively managing LTV through the cycle, whilst retaining flexibility for initiatives that are accretive to our earnings profile over time. Accretion to value is possible because pricing in the retail market, in some cases, continues to be superior to the investment market for residential real estate in Ireland. We expect to maximize value for shareholders by disposing of these assets directly to the owner-occupier market. We estimate the expected proceeds to be between EUR 110 million and EUR 115 million, based on current open market values. We will require the units to be vacant to execute these sales under Irish legislation, and therefore, we estimate that the program may take up to five years to complete. However, we are assessing methods to incentivize accelerated disposals, and thus we hope to shorten that period. We expect that completed, the recycling program will improve overall portfolio quality, minimize future CapEx requirements, and result in a higher degree of ownership in the remaining properties in our portfolio. Starting in the latter half of Q2, 2024, we successfully completed six unit sales to individuals in the open market, generating total proceeds of EUR 2 million. Sales were completed at a significant premium to the latest book values, reaffirming the discrepancy between the retail and investment housing markets. Post the thirtieth of June, we've completed the sale of another 5 units, also at a premium to book value. Moving now to slide 9. Touching on the significant market opportunity, which I referred to earlier. Based on our market research and supported by Savills, the total PRS market in the G reater Dublin Area currently stands at around 125,000 units, with about 100,000 of those units owned by micro-landlords, 90% of which own 3 units or less. As I mentioned earlier, we believe these landlords are now exiting the market at a pace due to factors including significant tightening of landlord rights and more restrictive tax treatment on personal rental income. As a result, 1 in 3 units being sold in Dublin is an individual property investor leaving the market, and these properties have been sold to owner-occupiers. Estimates suggest that the 100,000 units held by these micro-landlords is now shrinking by between 8%-10% per annum, creating demand for a minimum of 8,000 additional PRS units per year in an already undersupplied market. In addition to this, the Irish government has also indicated that it is set to publish revised completion targets under its Housing for All program shortly. The new target is expected to be approximately 50,000 units per year, up from the prevailing 30,000 target. If Dublin PRS maintains its current market share of around 8% of the housing market, the increased targets will translate to a demand for about 4,000 additional units per annum. So adding these together, we believe that the actual level of demand for new build PRS in Dublin alone is between 12,000 and 14,000 units per annum. Turning to the 25,000 units held by institutional capital, this remains relatively static, with supply constrained by both the rent caps and short-term debt and equity market headwinds. In this segment, IRES has the largest individual market share with a permanent capital base, strong balance sheet position, and a scalable operating platform, which is fully internalized. Outside of IRES, the remainder of the institutional PRS market is split across private equity or closed-end funds and pension and insurance funds. The private equity or closed-end funds account for the largest share at around 50%, and many of these are approaching full maturity dates and are seeking to either refinance in a more challenging interest rate environment or return capital to investors. The pension and insurance funds have long-term returns horizons, but their operations are typically outsourced and so do not have any direct management capabilities. Considering this new product demand and the fact that a large share of the existing stock may trade over the next 24-36 months, the board believes that there is a very significant market opportunity and that IRES is well-placed to capitalize on this opportunity. We will continue to actively engage in discussions with other relevant participants in the sector around these potential opportunities, which are accretive to earnings over time. Now, moving to slide 10. As I mentioned in my opening slide, IRES has a unique operating platform. Our highly skilled and experienced workforce of nearly a hundred people, many of whom have been in the business for over five years, is dedicated to maintaining and enhancing our properties. The team operates an end-to-end suite of services, including property maintenance, leasing coordination, and property management. Because of the length of time that our team has been in the business, they know our buildings and tenants very well. This enables them to be more efficient in their everyday jobs because of this familiarity. The team is supported by specialized corporate functions such as asset management, IT, finance, legal, and HR. Our platform is designed to provide a high degree of resident satisfaction, a key metric for our success. We have been focusing on digitalizing tenant interactions through our dedicated app, IRES Living, which not only generates efficiencies through, for example, faster resolution of maintenance requests, but also enhances the overall resident's experience. More importantly, it allows us to capture more accurate data, which allows us to make more informed decisions around asset performance, leading to better outcomes. Since the internalization of our operations, we have seen a notable increase in occupancy rates, up by 50 basis points to 99.6% in the first half of 2024 compared to the end of 2021. Our low cost and rapid turnover capabilities are another strength, with unit turnovers occurring in as little as 48 hours. Additionally, efficiencies created through digitalization have allowed us to reallocate resources to high value-add areas, such as reducing bad debts. Collections have also improved by approximately 25 basis points post-internalization. As we look ahead to the future, the platform provides significant operating leverage capabilities and potential for scalability, positioning IRES very well for the future growth opportunities that we believe will arise. I now hand you over to Brian Fagan, CFO, who will take you through our financial results. Thanks, Eddie, and good morning to all on the line. Moving now to slide 12, which provides an overview of our financial performance for the six months to 30th of June. We are pleased to again report another excellent operating performance for the first half of 2024. On a like-for-like basis, our revenue increased by 2.1%, driven by organic rental income increases and enhanced ancillary revenue generation. Net rental income, NRI, also on a like-for-like basis, increased by 1.9%, reflecting ongoing rigorous cost control by management and the positive impact of moderating inflation levels in Ireland. As a result, NRI margins are broadly in line with the prior period on the same basis. Our strategic asset disposal program, which was completed in the second half of 2023, included the disposal of approximately 5% of our units. This impacted our reported revenue for the six months to 30th of June, 2024, which decreased by 3.3% to EUR 42.8 million. This loss of revenue from 2023 disposals impacted reported NRI margin, which reduced to 76.5% for the period. Financing costs for the period decreased by 10% to EUR 11.9 million. This was largely as a result of paying down higher cost debt using proceeds from the 2023 asset disposal program. In accordance with International Financial Reporting Standards, the company's profits are stated after taking account of movements in the valuation of investment properties. At 30th of June, 2024, our independently led valuation process resulted in a reduction of EUR 32.5 million in the value of our investment properties. This non-cash revaluation adjustment reflects a further, albeit modest, expansion of yields and was mitigated by increased net rental income and a strong operational performance. Non-recurring costs in H1 2024 were EUR 2.4 million, relating to strategic review, EUR 0.9 million, and EGM activism, EUR 1.5 million. Adjusted EPRA earnings per share for the period were EUR 0.027, compared with EUR 0.028 per share in H1 2023. Following today's results, the board is proposing that an interim dividend per share of EUR 0.0188 be paid to shareholders, representing 85% of distributable earnings in line with our policy and Irish REIT legislation. Our exceptional track record of near full occupancy levels is illustrated by a median reported occupancy rate of 99.4% since 2021, with occupancy remaining high in H1 2024 at 99.6%. Cash collections also continued to be strong at over 99%. IRES has a strong track record of revenue growth, despite the imposition of rent caps in 2016. Our net rental income growth rate, which has broadly kept pace with revenue growth over the medium term, demonstrates our consistent focus on operational efficiencies and rigorous cost management efforts. Turning now to slide 13. Financial position. As a result of prevailing macroeconomic conditions, such as a continued elevated interest rate environment, institutional real estate transaction activity in Ireland has remained muted into 2024. This has resulted in modest yield expansion, with prime yields on residential assets expanding by 75 basis points in Ireland over the last 18 months, as reported by external valuers and evidenced across all Irish real estate sectors. This shift in yield has resulted in our EPRA net initial yield increasing to 5.1% from 4.9% at December 2023, and a non-cash IFRS revaluation adjustment of EUR 32.5 million for the first half of the year. Overall portfolio value has reduced from EUR 1.27 billion to EUR 1.24 billion. Reflecting these movements, EPRA NTA per share decreased to EUR 1.259 as at June 2024, from EUR 1.317 at December 2023. Inherent in our portfolio is significant reversionary potential, with current rents approximately 16% below market, according to our independent valuers. The number of assets are in excess of 25% below market level, representing a significant opportunity for future growth. Moving to slide 14. Our capital structure and financial position remain very strong, with no debt maturities until April 2026, and repayments laddered out to 2032. Net LTV at 13th of June 2024 was 45.4%, increasing as a result of the IFRS revaluation adjustment recorded in the period, and offset by redeploying 2024 asset disposal proceeds to reduce our higher cost debt. This remains well below the 50% maximum allowed by the Irish REIT regime and the group's debt ratio covenant. Our debt facilities are made up of EUR 200 million in private placement notes and a revolving working capital facility, RCF. In January 2024, the company exercised its right to reduce the RCF facility size from EUR 600 million to EUR 500 million. This was possible given the successful completion of our strategic asset disposal program in 2023. This initiative is expected to result in commitment fee savings of circa EUR 700,000 in 2024. Remaining undrawn committed facilities are EUR 127 million, providing the company with ample liquidity and optionality. The private placement notes have a fully fixed overall weighted average interest rate of 1.92%. The maturity of the notes is laddered over 6-, 9-, and 11-year maturities, with the first repayment due in March 2027. The drawn debt facilities are predominantly fixed against interest rate volatility, with 83% of the debt fully fixed at a blended rate of 3.27%. The group has a weighted average drawn debt maturity of 2.8 years. Our overall average cost of interest for H1 2024 was 3.83%. Continuing to slide 15. Capital allocation. Our business model continues to be highly predictable and cash generative. Underlying earnings, along with proceeds from the asset recycling program, which Eddie mentioned earlier, are expected to be deployed in line with our disciplined capital allocation strategy. Initially, reducing higher cost debt and active management of our LTV through the cycle and within REIT and covenant limits. Retaining flexibility for identifiable initiatives that are accretive to our earnings profile over time. CapEx, to maintain the high quality of our assets and enhance the earnings potential of our portfolio. Distribution of 85% of earnings to shareholders via dividends in line with REIT legislation. Moving to slide 16, portfolio. We have an unrivaled residential portfolio of high quality assets with strong sustainability credentials. As of thirtieth of June 2024, the asset portfolio comprised 3,728 apartments and houses, predominantly in Dublin, and well diversified across locations that continue to experience significant demand. Our properties are modern, meaning they require low capital expenditures and are of a high sustainability standard. 90% of our portfolio comprises A, B or C building energy ratings, as provided by the Sustainable Energy Authority of Ireland. We offer attractively priced mid-market accommodation in well-connected communities. Our portfolio average monthly rent is EUR 1,796, with almost 80% of units costing below EUR 2,000 a month. As we have already touched on, we delivered exceptionally high occupancy during the period, reflecting the strong demand for our high quality assets, as well as operational effectiveness in our leasing and turnovers. I will now hand you back to Eddie, who will touch on regulation. Thanks, Brian. Okay, so, moving to slide 18. As many of you will know, regulation has been a consistent and key challenge for the residential sector over the last number of years, primarily driven by the introduction of rent caps. The current rent regulation remains the single most inhibiting factor for our business. The 2% cap on rent increases, originally intended to protect residents, has actually had a profound impact on the supply of new build to rent properties in the market and is now resulting in significant and sustained open market rental growth. The lack of available rental accommodation also raises questions over Ireland's position as a leading European destination for FDI, and I wouldn't underestimate the importance of this to the Irish government. Significantly, in the last number of months, there appears to be a change in tone among policymakers, that the current regulatory structure isn't working and needs to be reformed for the benefit of all stakeholders. There have been a number of government reports issued over the last few months supporting this. Firstly, we welcome the findings of the government-appointed Housing Commission in May of this year, which recommended significant reform to the current rent regulatory structure, including a revised system where percentage rent increases should take account of several relevant factors, including management and maintenance costs, interest rates, and affordability. Also highlighted in a separate Department of Finance report in June, rental regulation is accepted by capital market investors as part of the housing market in most European countries, but the bluntness of the 2% cap, which does not allow a reset of rents to market rates when a new tenant moves in, makes Ireland an outlier and disincentivizes institutional capital investment. We also welcomed the findings of the Department of Housing's review of the PRS sector in July, which raised several critical observations on the current rent structure, including the negative impact of the 2% rent cap on the supply of new stock, the implications for property quality of a mismatch between rental growth, which is capped, and cost inflation, which remains uncapped. The recommendation for a dedicated review of what rent control measures, if any, and those are their words, not mine. What rent control measures, if any, are required after the expiration of the current legislation, is to be welcomed, and we look forward to continued engagement with policymakers on this topic. As a company, we strongly believe that a more progressive and evidence-based regulatory framework that is fair and equitable, can attract institutional capital while simultaneously providing safe and secure tenancy rights for residents. Moving on to slide 20, I will talk about sustainability. IRES is committed to sustainability and embedding ESG principles in our core business strategy. We are progressing on our three core strategic pillars, which are operating responsibly, protecting the environment, and building communities. We're doing this through initiatives such as making significant progress in reducing both our Scope 1 and Scope 2 greenhouse gas emissions over the last couple of years, including notable reductions in 2023. Increasing our disclosure efforts and promoting transparency, as evidenced by our gold level EPRA status, two-star GRESB rating, and a CDP C rating. While we're pleased with our progress to date, we continue to look for further improvements in this area each year. Prioritizing the integration and well-being of our residents and the communities in which we operate. Through our app, we have seen further improvement in resident engagement levels and consequently, the quality and speed of service that we are able to offer them. Supporting local community groups and businesses, underscoring our commitment to community development, and also investing in our people through skills development, training programs, and learning opportunities to empower employees and enhance their capabilities. We released our latest ESG report in the first half of 2024, highlighting the significant progress we are continuing to make against these three core strategic pillars. I'd encourage you to have a look at that report if you're interested in seeing the continued progress that we are making. Now, moving on to the final slide this morning, the outlook. Look, I think the outlook for our business remains very positive. The demand for high quality residential rental accommodation in Ireland is set to remain very robust over the medium term, which underpins the delivery of revenues and our business model going forward. I think we have a unique business and a platform and a well-managed cost base. Digitalization is helping us drive costs, but more importantly, data collection, and data is gonna be hugely important for our business going forward. We've done a lot of work on cost and asset management, but there's also more to do. I strongly believe there's a huge market opportunity out there for us. I think some of the external market factors are turning in our favor, such as interest rates. We also have a very active public affairs program ahead of the next general election, and I think that's really important as we will focus on rent regulation and looking for a fairer system that works for all. So all in all, I'm very excited about the future, and I really approach that future with confidence and optimism, and looking forward to executing our new strategic plan. So I'd like to thank you for your time, I'm now happy to take any questions. We will now start today's Q&A session. If you would like to ask a question, please press star followed by one on your telephone keypad. If you wish to withdraw your question, it's star followed by two. Our first question today comes from Colin Grant, from Davy. Your line is now open. Please go ahead. Yeah, thanks very much and good morning, everybody. A couple of questions from me. Firstly, just coming back to that growth opportunity which you outlined in your presentation this morning. Very interesting. I'm just looking at, you know, the 10,000-14,000 units per annum that you feel we need new units in the Greater Dublin Area, which could be over 50,000 units on a 5-year time horizon, which is obviously enormous. Nothing's gonna happen from a policy change, really, this side of the general election, would be most people's view. But based on the discussions you're having with all of our political parties, do you feel that they all recognize that quantum of number that's actually required in the PRS market in Dublin? Because it's such a big number, and it's quite stark. Following on from that, do you feel, again, based on discussions you've had, that they have some kind of view as to what policies they would need to put in place in order to actually achieve that? You know, the winds of change are there, but I'm just wondering if you could give a bit more color as to kind of where we're up to with the various parties on that. Maybe just start with that question, please. I'll take that, Colin. Good morning. So you know, I think all of the parties are very engaged with this issue. I think you know, certainly within government, there appears to be, as I said, a change in tone, recognizing that the current structure is not working, and that's evidenced on the ground by the lack of new supply that's currently underway. So we've seen in the last two years, supply that has started two years ago is continuing, obviously, to develop, and that will probably finish producing new supply by the end of this year. There has been nothing in the previous two years. So this year, 2024, 2023, and probably the latter half of 2022, that will go into the private rental market. So I think the evidence is firmly there. What policies the government, this government or the next government, whoever that may be, I think all parties are listening and engaging with industry, and industry has its view in terms of changes required. What that change will be, let's see. So I think certainly there is engagement. What policies they may adopt, we'll have to wait and see. But I think the current structure isn't working. And the first part of your question, I've done that in reverse. What was the first part of your question again? Well, it was just to get a sense of whether or not each of our political parties recognizes and agrees with those kind of figures that you've outlined. Yes. The EUR 10,000-EUR 14,000 per annum, and fifty- Yeah .- thousand plus on a five-year time horizon. Yeah. Well, so what I can say is, there is, there is absolutely a broad acceptance of the requirement for all types of accommodation in the market. The 12,000-14,000 that we talk about is as a result of our research, and I, and I think it's pretty, it's pretty in-depth. I know there was some publication of news from RTB this morning, which, you know, we welcome. We think the RTB plays a very important role in the rental market. Where we get our information from, in relation to the exit of landlords in the market, because all of the other information we've put forward actually agrees with what the RTB has out today. We see that coming from agents who are selling secondhand houses in the market, and they see one in three of every units in the market is an investor selling today. And he's selling into the private market, he's not selling it back into the investor market. And coming from the housing development business, as I did, I can tell you that not just our developments as we were selling them at the time, but any developer will tell you the same thing. Less than 1% of any new home that's been built today is going into the investor market. So there's no new supply coming into that market. I think what we are seeing from the RTB figures today is possibly new landlords, existing landlords, I should say, registering for the first time. I think that's what those numbers show. So, we strongly believe in the numbers that we have put out in terms of the required demand. I think government fully accept that all types of accommodation is required, and that private rental is part of that. You know, and whether their numbers are the same as ours, I can't say. We'd have to talk to them about that, but I think our numbers are very solid. Yeah, no, I would agree. They tie in with my own analysis, but it'd be interesting to see. If we just move on, thanks for that answer there, Eddie. But if I move on to just the other area I was gonna focus on, was the disposal program. You've announced the 315 units over the next 3-5 years. You've indicated potential proceeds of EUR 110 million-EUR 115 million based on current open market value. Can you just confirm that, that amount is above the latest book values as of the thirtieth of June, that you've just reported in your H1 results today, and consequently would be accretive to EPRA NTA and, and drive NAV growth? Yes, yes, Colin, I can confirm that. It is above our carrying values. And the, you know, the estimated market values comes from most of the 315 units that we're talking about have other owners in those schemes, as we said. Lack of control is one of the reasons why they would be in our 315. And there's comparable evidence in those schemes alone, as to what the current market value of units for sale are. So we're very comfortable with our estimated 110-115 range of current estimated market value. Great. Thanks a million. Thanks, Colin. As a reminder, if you would like to ask a question on today's call, please press star followed by one on your telephone keypad, and if you would like to withdraw your question, it's star followed by two. It looks like we have no further questions registered at this time, so I'll hand back over to Eddie Byrne for closing remarks. Okay, thank you. We'd just like to thank everybody for joining today. I look forward to getting on the road with Brian over the next three or four days, and meeting as many shareholders as possible, and taking any questions that people may have. Thank you very much for your time, and look forward to catching up soon.