Thank you all for standing by, and welcome to the Arvida Group Investor Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question at that time, you'll need to press star one on your telephone. I'd now like to hand the conference over to your speaker for today, Mr. Jeremy Nicoll, CEO. Thank you, Jeremy. Please go ahead. Thanks, Dara. Good morning, everyone, and welcome to Arvida's half year results conference. We've recorded a net profit after tax of NZD 75 and a half million for the half. The largest contributor to that was the increase in the fair value of our investment property. Our underlying profit was up NZD 6 million on the same period last year to NZD 26.6 million. That underlying profit does include the impact of some COVID-related costs in relation to our staff and how we've managed the lockdown process through August and September, as well as it's reduced slightly by some deferral of particularly resale settlements as we were unable to complete those during lockdown or the refurbishment of some of the units was deferred. Very pleased to be able to report an increase on the prior year of around 30%. At the half year, our assets totaled NZD 2.3 billion, and that increased to over NZD 3 billion last week when we completed the acquisition of the Arena Living portfolio. With that Arena Living portfolio, we obviously completed a large capital raising. The combination of our 30 September balance sheet, plus the completion entries for Arena, reduces our overall gearing of the group down to 24%. That provides us a significant amount of balance sheet capability and capacity to continue with our development program. To aid our development program, we announced the acquisition of two further greenfield sites, one in Waikanae Beach and one in Te Awamutu. With those and the Arena portfolio, our total development pipeline is now over 2,000 units. In the first half, we delivered 68 new units, which really and we're on target to reach our guidance of 200+. In the second half of the year, we do have a large amount of deliveries scheduled in Q4. In terms of the sales activity, the highlight for us was really the 120 new sales settlements in the first half. These were largely from two of our sites, Highcrest and also Waimea Plains. They accounted for about 80 of those 120 new sales settlements, so some great activity there from the sales teams. In terms of our occupancy at our care facilities, that was averaging 94% for the period. There was restrictions on admissions through the lockdown period, so we were slightly under our long-term average of 5% that we've had in the past. In terms of our quality of care, we've remained at 83% of our care centers having that gold standard of four-year certification. We recently completed a staff engagement survey in September, which was very pleased to see the engagement index at 85%, the same as the prior year, especially given that, some of our staff were still working within those lockdown restrictions at the time of the survey. Fantastic result from our staff engagement. We've also announced today that we have entered into a conditional agreement to divest 3 properties that we own in Rangiora. We expect that settlement to be completed within the next 2-3 weeks, and that the proceeds from that, around NZD 12 million, will go back to repaying bank debt. In terms of the dividend, we've declared a NZD 0.025 per share dividend, which will be payable on the 15th of December. In terms of the overall portfolio, on page 4 of the presentation, our existing units, including the Arena portfolio, up to 5,400. The portfolio's increased by about 25% over the first half. There have been some other more minor movements with the divestment of The Maples, which settled in early June. We've also taken on the lease of a care center in Queenstown from Bupa. The aim there will be to relocate staff and residents to our new facility that we'll be building at the Queenstown Country Club over the next couple of years. As I said before, our total pipeline is now over 2,000 units, which supports our targeted build rate in the future of around 300 per annum. That gives us nearly seven years of building capacity in front of us. In terms of the metrics for the business following completion, we've now got over 6,000 residents living with Arvida. Our team at Arvida has grown to over 2,700 people. There are about 175 people that came across with the Arena transaction. We've also seen that reduction in that needs-based proportion of our portfolio to 46%. In terms of our development activities for the year, as I said before, we delivered 68 villas in the first half of the year. There's been high demand for villas, and as outlined in the paper, only five of those 68 remain unsold. We've had very good demand and very good sales coming through for the new product that we've been delivering. We do have a further 116 villas, two serviced apartments, and 35 care suites to deliver in the second half of the year. As I said, with those deliveries being towards the end of Q4, we will expect to see our unsold new units lift at the end of the year. Currently, we've 64 new units that are unsold, and that excludes any care suites that we have. One of the headwinds, obviously, at the moment is a combination of building supply delays and cost escalation. We do expect that those costs will be more than offset by increases in sale prices as we continue to see the housing market continue to accelerate. On page 8, some pictures of some of the new deliveries. As you can see in the commentary, they're mostly all sold. Top left is Te Puna Waiora in Kerikeri. That's our first stage of 16 villas. All of those have been contracted. We finished another stage at Bethlehem Shores in Tauranga with 8 villas, again, all contracted. We completed 4 new duplex villas in Glenbrae in Rotorua. Of those, 3 have settled and there is 1 to sell. At our joint venture in Wellington at Village at the Park, we've completed 8 new villas. All of those have been contracted. At Waimea Plains in Richmond, Nelson, we delivered 20 villas around April/May. Of those, 19 settled in the H1, and the remaining villa, which we're using as a show home, has been contracted as well. In terms of Queenstown, we've delivered 10 villas, and we've got 4 of those to sell. On the next page, you can see a picture of stages 1 and 2 at Kerikeri. Stage 1 is at the top left of the picture. Stage 2 comprises 19 villas, and they're due for completion by the end of March. The whole site, we'd expect to see around 200 villas and 80 care suites on site. In terms of Waimea Plains, this is a picture of the part of the site. There's another section of the site that's off to the right-hand side. As you can see, construction there is going on at pace. We've talked about the 20 villas that we delivered earlier in the year, and the next stage comprises about 42 villas, of which we think we'll get through 37 of them by the end of March. Half of the next stage is already pre-sold, so great progress on that site. At Bethlehem Shores, we are starting the next stage, which we're calling stage 5. That has 59 villas in it, and we'll complete the first couple of rows of villas by the end of March. We'll have 16 deliveries. At the top right of the site, you can see a bit of bare dirt. That will be the location for the care and apartment buildings that we'll be aiming to start construction on in the following financial year. At Lauriston Park, on the left-hand side of that, so you can see the 15 villas. They will be ready for completion by the end of March. The H-shaped slab you can see on the right-hand side is the new care suite center. That will comprise 63 care suites, including a dementia offering as well. That will complete our Lauriston Park development. On page 13, a couple of snaps of some of the other key projects in progress at the moment. On the left-hand side, we've got Aria Bay. There, there's 57 apartments and some common amenity. That will be completed in the next financial year. 57 independent apartments, and again, that will complete our development at Aria Bay. At Rhodes on Cashmere, we are finishing off our 35 care suite center, again, on track to be completed by the end of March. The last picture on the right is the new clubhouse at the Queenstown Country Club. We will be completing that again in March. The residents there are very, very excited to be able to take possession of their new clubhouse. It'll have the full gym, movie theater, billiards rooms, bars, lounges, et cetera, that you'd expect to see. On page 14 are a couple of pictures of the new greenfield site. On the left-hand side is Waikanae Beach. From the picture, you can see it's very well located next to the Waikanae Golf Course and a stone's throw away from the beach. It also borders some wetland areas, which will be great for resident amenity as well. We will be due to settle on the acquisition in February next year. In terms of Te Awamutu, there's 9 hectares there. We will have around about 150 villas there, a type of care center and other resident amenity. We settled on that land purchase earlier this month, and development work is already underway with some earthworks on site. We've been inundated with inquiries for the site with about 45 people on the wait list already. That project is looking good. On page 15 is just an overview of our development pipeline. As you can see, we now have four greenfield sites in that development pipeline, which is adding up to just under half of our total pipeline of over 2,000 units. In terms of Arena, we completed the transaction on Monday last week on the 15th of November. The purchase price was at a roughly NZD 50 million discount to the latest CBRE valuation, which was completed at the end of June this year. The capital raising component went extremely well. Appreciate everybody on the phone for their support of the process. There are six villages in that portfolio, over 1,000 units, very large scale, broad acre type villages, over 48 hectares of land size as well. We are looking at scoping the development works at the moment and we'll be looking forward to talking to some of the residents about the plans that we have for those sites in the coming months. The portfolio itself really does re-weight our portfolio to include that greater Auckland presence. Historically, we have been light in Auckland. At the time of the IPO, we had no villages in Auckland. We bought three villages in Auckland in 2015. Since then, we've been looking for opportunities and very, very pleased to be able to bring the Arena Living portfolio into our business. We are in the process of the integration at the moment, which will take us over the next sort of 3-6 months. We're very pleased with the strength of capability of the Arena support team, and they will be adding a significant amount of value to our group as we bring the best of both businesses together and look to capture some of the opportunities that are within that portfolio. After that, you may have seen some media. Last night we had a resident at Ocean Shores, which is one of the Arena sites in Tauranga. We had a relative of a resident test positive for COVID. We've just had the test results back from our resident, and our resident has tested negative for COVID. We are very cautious on site at the moment. We are restricting movement on that site. We've been doing contact tracing yesterday, and the resident is in isolation at the moment in their villa. We'll be doing another test, or the resident will be doing another test in a few days' time just to confirm that negative result. The resident's family member was double vaccinated and the resident is also single vaccinated. That is looking good at this stage. Again, as I said, we'll just keep that cautious view on it until we get through the second test in a few days' time. Right. At this point, I'll hand over to Mark Wells, our CFO, to run through the financials. Good morning, everyone. To start, I'll just touch on the COVID-19 impacts on page 20. The lockdowns resulted in sales being deferred and some delays in the developments. On the operational front, looking after our staff and residents was our priority. We have seen some higher operational costs, especially in the employee cost space, and there have been no government relief subsidies to date. Reported profit. Net profit for the period was NZD 75.5 million, with the key driver being fair value increase of NZD 69 million. The DMF was up 25% for the total revenue of NZD 94 million for the half. Growth in operations led to 11% increase in the operating expenses, along with the continued COVID costs and demand on our staffing. In terms of ORA retail, volumes were strong up to the lockdown and ahead of H1 21.29%. Resale margins were at 21%, and that was a reflection of the sales mix. There's a high level of serviced apartment sales for the period. The embedded value, there's another strong increase in embedded value, up 32%, with unit prices across the group up an average of 4%. There'll be an additional NZD 385 million to the embedded value from the Arena villages. Over the page, we've seen a strong first half in the new sales with 120 for the period. This reflects increased new unit delivery and our strong resales. Development gains were NZD 11.4 million, with the margin at 17%. The underlying profit increased to NZD 26.6 million year-over-year, which included the additional COVID costs and the disrupted sales activity. The annuity EBITDA was NZD 22.3 million, and that was an increase of 4%. Over the page in the balance sheet, total assets are now at NZD 2.3 billion, with strong development activity, and you can see in the graph, and the village revaluations coming through as well. The total drawn debt is at NZD 386 million in the capital structure, and in the period we did debt refinancing, and that extended 10 years, and we added an additional NZD 50 million tranche. Gearing was 33% as at 30 September, and this drops down to a low 24% on completion of the Arena acquisition. It's a good position. In terms of the net operating cash flows, this was at NZD 69.3 million, and that reflected the strong new sales, as you can see in there, of NZD 73.9 million. The next slides just touch on our strategy, our strategy pillars, outlined on page 30, and our strategy and action on page 31. One key note there, the 2022 audit is now completed, and we saw a reduction of 8% in our emissions. The strategic outlook now involves the integration of the Arena Living, and we're looking forward to that process. Finally, on the interim dividends, we've declared the interim dividend at NZD 0.025 per share for the six months to 30 September 2021, and also the dividend reinvestment plan for the discount there is at 2%. At this stage I'll pause and pass back to Dara for some questions. Thank you. We will now begin the question-and-answer session. If you'd like to ask a question, please press star one on your telephone and wait for your name to be announced. Or if you need to cancel your request, please press the pound or hash key. Our first question comes from Aaron Ibbotson at Forsyth Barr. Please go ahead. Hi there. Good morning, and thanks for the presentations. I've got a few questions, if I may, if that's okay. Firstly, on the resale margins, I believe you commented in the notes that, you know, first quarter was quite a bit lower and the second quarter was sort of in the mid-20s%. Mm-hmm. Is that what we should expect going forward? I also, you know, wanted to know if it's possible to share with us, sort of, some sort of split, you know, the villa apartments, you know, what, you know, what roughly were the resale margins within there versus the sort of, serviced apartments and care suites. You talked to mix effect being a factor. Thank you. Yeah. The first question, we do see the 24% margin in the Q2 as a more normal, expectational level for the Arvida portfolio. Moving forward, that will change as we bring in the Arena portfolio. Generally the embedded resale margin within the Arena portfolio is a lot higher than the Arvida portfolio. Excluding Arena, yes, you would expect it to be 24%, but what you'll see is that that will increase as we enter those Arena transactions into our portfolio. We did settle 3 Arena resales last week in our first 4 days, so that process is sort of already underway. I think the average margin on those 3 settlements was a touch over 40%. I don't have the splits of the margins by unit types just to hand, Aaron, but I'll give you a bell later on, and I can run you through those. Okay. Thank you. Just on Arena, you know, you've had a couple of months, I guess, more to get your hands dirty. I just wanted to know, you know, how do you feel about the OpEx? If I sort of back out the OpEx for the Arena Living, it sounds like it's just north of the NZD 20 million mark, which to me, compared to your own villages, particularly in light of limited or no care, seems on the high side. Just wanted to know if you've identified or thought any more around OpEx synergies. You mentioned a few millions upfront, but I was just wondering, you know, if your thoughts have evolved since you had your presentation on it. Um, so the- The way Arena runs their portfolio to the way we run our portfolio. We will be looking at how we can bring the best of those things together. I think Arena does some interesting ways of insourcing some of the activity that we generally outsource. There will be some reviews there and potentially there's ways that Arvida can do things better than they have in the past. The synergies that we talked about and through the presentation are still valid. They mainly relate to more of the support office type synergies than village synergies that we've already in place with the introduction of lower insurance premiums and a few other items around valuations and other consultants that we'll get better pricing on. The team's also then looking through preferred supplier agreements and looking where we can leverage our preferred supplier agreements across the new villages. Those sorts of numbers haven't been factored into any of the synergies. When you're looking at it, around about there's about NZD 15 million worth of costs sitting at the village level, and there was about post synergies about NZD 5 million worth of costs sitting at the support office level. Okay. Very clear. Thank you. You mentioned you know, inflationary pressures basically go on in quite a few places in the release and in your presentation. I'm just curious if I could invite you to quantify it a little bit. I appreciate you mentioned that you think it would be offset by higher house prices, and I assume that refer to construction costs. But it would be Mm-hmm. You know, for general understanding, it would be great to understand a little bit what sort of type of numbers we're talking about with both on the construction side and on the employee side. Thank you. Yep. Why don't we start with the employee side. At 1 July, there was a legislated increase in the caregiver rates, that's between 6%-8% for the caregiving staff, that's around about half of our workforce. That increase was fully funded through the increase in the daily bed rates from the ministry at the same time. The second part is that there is high demand for registered nurses in the market. Obviously, the government is keen to have more people on testing and vaccinations and overflow for hospitals and general lack of supply of nursing staff coming into the country. There has been inflation in terms of their pay rates as well, is sort of probably running at about close to 10% over the last 12 months. On top of that, you've just got the general inflation factors that every business has seen in this environment. In terms of the building products, we expect the overall inflation rates for the year to be around that 5%-6%. Obviously, that's only a component of what the overall cost is. Yeah, as I said, look, house prices have been increasing significantly. We have in the 6 months increased the pricing across the entire portfolio by 4%, but you'd expect to see a higher percentage coming through on some of those newer units. I think we've detailed in the paper on one slide places like Waimea Plains, the average price of the existing stock there went up 10% in that six-month period. Okay. Thank you. Just one final one from my side, and that's just on the land. If I understood you correctly, these two pieces of greenfield land you've acquired will be settled in this half. I just wanted to know if- Yes. You could let us know approximately what type of combined cost it is. Yeah. -related, it seems to me that you've got a pretty long pipeline and constructing on quite a few sites plus the Arena Living potential, you know. How should we think about further land acquisitions? Leading question, but basically, do you have enough land or are you gonna continue to pick up, a couple of parcels, a year or per half year or something? Yeah. With the build rate moving up towards 300 per annum, we will need to be continuing to pick up additional pieces of land to, you know, keep that pipeline whole. We will still be on the lookout for additional pieces of land. We're always actively looking. There's a lot of stuff that comes across our desk that we'll evaluate. We, in terms of the two pieces of land, you know, roughly you can think about them sort of about NZD 13 million each. The piece of land at Waikanae is a little bit more complicated in that it was a super lot and that we have entered into a conditional agreement to onsell the balance of the land that we won't be developing. It'll be a short-term sort of complete the settlement of the on-sell of the rump in that situation. Okay, thank you. I'll come back to you with more. Thanks, Aaron. Thank you. Yep. Our next question comes from Andrew Steele at Jarden. Please go ahead. Good morning, guys. The first one for me, I guess, is just clarification on one of the left ones. When you look at, I guess, the various cost pressures that are coming through the business into the H2 could you give us a sense of what your expectations are for underlying cost growth? You know, on top of that, what is your expectation for more one-off COVID-related costs? Yeah. We probably spent around NZD 1.5 million on COVID, additional going through the employment line in the first half. The implications that we've got in the second half are really around assuming that we move into the Traffic Light System in a couple of weeks' time. There's quite a bit of work just manning sort of entry points into facilities. There will be additional costs on making sure that we've got people that are checking vaccination passes, et cetera. Obviously, there's restrictions on numbers, so there will be more cost in that regard. We will also make sure that, you know, if there's outbreaks in certain areas, you know, that we do have capacity for additional hours on the rosters. My expectation is that, you know, while the country isn't in any significant lockdown, I'd still expect there'd be another NZD 1 million or so of additional employment costs in the second half of the year in relation to COVID. The other part of the question, I've clean forgotten it, so you might need to ask me again, mate. that is, what's your expectation for underlying cost inflation in the second half? Oh, underlying cost inflation. Underlying cost inflation. Yeah. When you look at sort of second half of last year versus the first half of this year, it's relatively consistent once you bring into account the additional caregiver and nurse costs, plus the COVID costs. We'd expect that just to run as you would think as with normal inflation at the moment, it's kinda running at about 5%. Another 2.5% extra in that second half is probably a good starting point. Great. Thanks, Jeremy. Just on developments and obviously taking account of your earlier comments, if you look at the mix of product you've got coming through and your statement that you expect pricing will more than offset input cost headwinds, should we be thinking about development margin heading towards the, you know, above where it was in the H1? If not, just a bit of color around that. We have increased the development margin from 14% to 17%. Our target range is in that 15%-20% margin. You might see a slight increase in that second half just depending on the mix coming through. Great. Thank you. This one's just a slightly broader question. You clearly have a lot of balance sheet capacity. You've kept DRP in place and a reasonably conservative dividend. Do you look at your current balance sheet capacity and think, you know, that's what is sufficient or what is necessary for your target build rate of 300? Or- Mm-hmm. Is there more capacity in there to, you know, move beyond that if you got the right locations? Where could that, you know, with your current balance sheet structure Yeah. Where could that go? Yeah. Look, we are, you know, as we came out at March results, at the start of the year, you know, capital management was a key focus for us for this financial year. We do think that we are in a very strong position. Obviously we've done a number of things, divestment of four of our smaller villages. We've introduced the DRP. We've moved our target for the distribution lower. And then the big move was really the upsize capital raising on the Arena transaction. You know, we are conscious that we wanna be managing our capital appropriately. We've got a target range of 25%-35%. We're now sitting underneath that range. Yes, we do have the ability to accelerate. Probably the hindrance on that isn't the capital, it's the resourcing. You know, can we get more of these projects moving more quickly? Obviously there's consenting and all those sorts of things you've got to get in place first as well. Just to clarify, are you looking to increase that resourcing or are you comfortable with what you have in place and maybe the current run rate to the target? Yeah. Look, we are looking to increase. Obviously we've got some resource coming from the Arena team, and we've also just appointed two new members into the development team. We are looking to increase the resource in that area. Great. Thanks, Jeremy. Just one last one from me. In terms of the sales activity you've seen post-30 September. Yeah, have you seen any change, momentum, slowdown, speed up even, in terms of some of the lead indicators that you're seeing at the village level for, you know, days to settlement or days to sale or any other metric you track? Yeah. Inquiry levels are very strong at the moment. You know, the preferred stocks at the moment are villas. They've been particularly strong. When we went into lockdown, we were riding a wave of demand that was very, very strong, and that sort of petered out in mid-August. Then as parts of the country moved from level four to level three, you start to see that inquiry level increase again. Through September in other parts of the country, excluding Auckland, you're sort of getting back up to about 60% of the previous inquiry. We're sort of back to full steam around the country now. Auckland's probably a little bit slower still. Once we get out of whatever level we're in at the moment, in a couple of weeks' time, we'll expect to see that increase as well. Yeah, look, demand's been very, very good. Yeah, villa stock, it just is in hot demand at the moment. That's all very clear. Thanks for the thorough response, Jeremy. That's all from me. No worries. Our next question comes from Nick Mar at Macquarie. Please go ahead. Morning, guys. Just a couple more, similar kind of vein, but in terms of resale pricing, do you have any intentions to put some further increases through, over the remainder of the second half? Yeah. Again, sort of the 4% increase that we've included within the pack is taking the valuer's numbers, comparing the valuer's estimate of the current prices from 30 September to 31 March. Obviously, for a valuer to include it within their pricing, they need to see evidence of, you know, product being transacted at that level. That's sort of reflecting some of the changes in pricing we made towards, you know, February at the start of the year. The sales team at the moment just working through some of the areas where we have seen continual growth and yes, other price changes coming through in the H2 of the year. How do you sort of view the buffer between median prices and your unit price at the moment? You know, how much are you happy to feed into going forward? Yeah, look, we'll just take it slow and steady. There's no race to try and push price to the same level as what the local house price is going up. You know, when you're looking at potentially nearly 20% increases over the past 12 months, you know, we will be slow and steady. We're here for the long term, so we'll just continue to increase pricing as we can. If that buffer has sort of widened, that's a good thing. Just gives us a little bit more ammunition in case, or when the housing market does slow down. We've still got room then to continue to increase pricing and sort of get that buffer back to a normalized point. Great. Just on the cash flows, if we took the operating cash flows excluding new sales, it was negative for the period. Could you just talk through some of the moving parts within that number? Yep. Some of the key things there have been higher staff costs, higher costs in terms of, rates and insurance. We've sort of commissioned two new sort of care facilities over that point in time at Copper Crest in Aria Bay. We've also introduced our Good Friends offering. There's been some additional costs coming through from there. When you're looking at sort of half on half, it looks, you know. Sorry, end of H2 of last year, first half of this year, it's looking pretty good. There has been some reduction in sort of trade creditors as well, which has sort of had an impact on that, operating cash flow number as well. Great. Thanks, pal. Our next question comes from Bianca Letters at UBS. Please go ahead. Good morning. Good morning, guys. Yeah, just two questions from me. First of all, on the resale front, would you be able to give some more color around what sort of volumes you're expecting for the H2? I guess for Arvida, are you expecting slightly sort of higher volumes compared to the first half due to some pent-up demand you should just mention, then on top of that, the Arena Living resales? Yeah, that's right. You know, we did 133 resales in the first half, and obviously that number was impacted, particularly in August and the start of September. You'd expect to see that sort of bump up a bit from our portfolio. That might be getting back up towards a hundred and fifty-ish, hundred and sixty, in from the Arena perspective, through the capital raising presentation, we indicated that in our modeling we had allowed for 95 resale settlements in a pro forma 12 months. I think that works out to be, if I can do my math, about 35 or something like that in the four and a half months that we own it. Okay. I guess, with Arena Living being more independent living units, and your comments around strong demands for villas, unlike the first half- Mm-hmm. We can probably expect the second half to be more weighted to ILUs? Yep, definitely. Okay. Yeah, just on operating expenses, I know we talked about it quite a bit already, but more medium-term, should we be putting in any COVID-related costs in a medium-term just with yeah, COVID being endemic and sort of increased PPE and all of that, or is it really more sort of short-term, near-term costs? The big things on the PPE front, mostly we're getting them sort of given to us by the government at the moment in terms of masks, gloves, gowns. We're not 100% sure how long the government will continue to do that for. That's a question mark. We've also applied to the ministry for approval to use rapid antigen testing. Some of them, for example, are participating in a trial at the moment. We are next in line for that. We've sort of pre-ordered 20,000 kits, and they cost NZD 7 a pop. There will be some additional costs for things like rapid antigen testing. When you look overseas, the governments overseas do tend to fund some of that. I'm not 100% sure if some of the delays in the government approving it are because they're, you know, concerned about having false negatives coming out of rapid antigen testing or whether they are sort of balking at the prospect of having to pay for them. That's gonna be another cost. Also talked about some of the additional staff just on managing access and restricting access, managing that traffic light system as well. Mm-hmm. Okay. Great. Thanks. Last question from me. You mentioned 4% increase in unit price in the half. What sort of increase do you see for care suites and serviced apartments? Or is it sort of 4% across the board? Yeah, it's just been 4% across the board. Yeah, just use 4% across everything. Yeah. Yeah. Okay, great. Thanks, guys. Thank you. Our next question comes from Shane Solly at Harbour Asset Management. Please go ahead. Good morning, guys, and congratulations on a solid result in a pretty interesting period of time. I've got two quick questions. First one, just how are you actually thinking about Auckland reopening? What are you getting feedback from the team? I guess that question more pertains to care centers, Shane. At our care centers, it's about normalization of the infection. We have, you know, very high clinical standards, and our teams regularly sort of deal with things like norovirus infections. It's about having that discussion with the teams up front and saying that we've just got to normalize COVID to be another type of infection and that, you know, we need to be ready, and we need to be prepared. Most of that, I think, is actually from getting your head space right. There's obviously a lot of, you know, there's so much media about COVID in the moment. It is another infection. We do control infections every day, and we do have processes in place to manage those things. You know, as borders open, you know, the risks of it getting into more facilities increases. At the moment, obviously, visitors to Auckland care centers are restricted. You know, we're sort of facilitating garden sort of picnics with our residents and their family and whānau. Once we move to the traffic light system, that risk will increase that it does get into one of the facilities. It's just about getting the guys into the right head space. You know, if it does come into the facility, this is our plan. This is what we do. We control infections every day. This is another sort of infection, and we just go through the process of managing it. Yeah, to be honest, I think it is, you know, it's a little bit daunting, but it's just about having those conversations and running through scenarios, making sure people understand the plan and what they've gotta do, as part of that plan. Gotcha. Okay. Thank you, Jeremy. Just a second question. Just picking up on the care occupancy. You talked about the two care facilities you opened in the period. Can you just give us a rough update as to where they sit in terms of occupancy, please? Certainly. We've got sort of two different scenarios. At Aria Bay, we had an existing care facility which we were able to move people across from into the new facility. At Aria Bay, the two floors of dual purpose hospital and rest home are full, and we have a wait list of about 15 people go into those areas. That one's gone particularly well. In terms of the dementia, we were sort of about halfway through selling it down pre going into the August lockdown. At that point, we kind of paused on the sales of the dementia ward there because we needed to have a little bit of overflow space in case there were infections coming through. We decided we'd just sort of pause there, but we'll pick that up again as we go into December. I think there might be maybe about 6 there to sell at Aria Bay. In terms of the other facility that we opened was at Copper Crest in Tauranga. That was starting from scratch. There were a couple of components to that building. There were 29 apartments. All 29 of those apartments are sold. We sold the last one, I think, last week. In terms of the care facility, we are about 55%-60% the way through that. We've sort of been targeting it in a couple of different groupings. The top floor, we've got 2 to sell. The middle floor, we've got 6 to sell. We're gonna, once we've got through that, just focus on getting that dementia ward running as well. Thanks, Jeremy. Well done. Talk soon. Cheers, man. The final question in queue comes from Aaron Ibbotson at Forsyth Barr. Please go ahead. Sorry, just got a quick follow-up and maybe actually, Shane asked that, but I was just gonna ask about, you know, care suite demand and particularly pricing. Just wanting to know if it's coming in roughly where you thought, if you're actually realizing any, development margin there or, you know, how we should think about it. You put in the resale there going up. It's sort of very low numbers, so it's difficult to assess what the actual new prices are there. My second question was just, maybe apologies, I missed it, but did you give any sort of resales inventory or equivalent, anywhere in the results that I may have missed? Okay. In terms of care suites margins, they're sort of between 20%-30%. They are working pretty well. In terms of pricing, I think the aim there is to price them well for the first sale and then look to increase those on the second sale. For example, at Copper Crest, we have resold 4 care suites. Obviously sold them first once and then sold them for the first resale. The increase in pricing on that second sale was one unit going from NZD 445 thousand to NZD 500 thousand. The second unit, we didn't change the pricing. We left it at NZD 225 thousand. The third unit was priced originally at NZD 235 thousand. We increased that to NZD 255 thousand. The last one we resold, first price was NZD 445. We increased that to NZD 495. Those bigger units, we've definitely got a lot of room to be able to move those pricing. Those prices are kinda going up just over 10% on the first resale. The smaller units, it's a bit harder to push some of the pricing there. One we didn't change, and one we put up about 7% or 8%. That's great. Your second question was just around resale units available. We've got about 90 at the moment. Is that a September end number, or is that a current? It's a current number. We ran stock pretty hard towards the end of March 2021. Then we had a good run leading into August. Then obviously through the lockdown period, we've actually seen stock levels increase. That will set us up nicely for the next sort of four or five months as we lead into the end of the financial year. Okay. That's very clear. Thank you. Thank you. That was our final question. Jeremy, I'll pass back to you for any closing comments. Thank you. No real closing comments from me. Thank you for listening and also as I said before, thank you for supporting us with the capital raising recently. We're really excited about how we can integrate Arena and Arvida, and look forward to talking again with you soon. Thank you. Thank you so much. This does conclude our call today. Thank you all for joining. You may now disconnect.