Good day, and thank you for standing by. Welcome to Arvida's half year results conference call. At this time, all participants in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeremy Nicoll, Chief Executive Officer. Thank you. Good morning, everybody, and welcome to Arvida's Six-Monthly Results Call for the first half of FY 2024. As we indicated back at our annual results in May, we had a relatively cautious tone to our outlook, and that proved to be correct as we've been operating in a rather tough environment with higher inflation, higher interest rates, and a weaker residential housing market. All of which had various impacts on our results and cash flows. Positively, though, we are starting to see a bunch of green shoots emerging. We've seen increases in our care occupancy post-COVID, getting back up to normalized levels. In July, we saw higher funding costs coming through for our care business. There were funding costs on average around 10%. They're in the six-month results for half of the six months, and we'll obviously expect a full year contribution, coming through, going forwards. We also recently seen the coalition agreement that will focus on the aged care crisis to ensure that aged care is sustainable into the future as our old population grows. The residential housing market is showing signs of life as we move into our traditionally busier summer months. We've seen listings increase dramatically post-election, and we're watching closely on clearances through the market. The coalition also will be bringing forward some changes that will be positive for the housing market in terms of bringing back interest deductibility for investors and reducing that bright-line test. Eventually, interest rates may have, I guess, find out more from the Reserve Bank tomorrow on their outlooks and how they're seeing interest rates in the economy's performance. We've also seen very positive net migration figures through over the past 12 months. I t's gonna be both positive for our residential housing market, plus also our workforce. O verall, those general economic conditions are starting to improve to be positive for our business. A dding on top of that is the ongoing tailwinds we get from the changing demographic in the country. In terms of our six-month period, in terms of some highlights on page 4 of the presentation, the net profit after tax was NZD 90 million, broadly in line with last year. What we have seen is the Valuers have changed some of their near-term property growth assumptions to be more positive as they see the housing market starting to come off its lows. In terms of our underlying profit, we see NZD 33.6 million compared to NZD 38.9 million in the prior corresponding period. That result is slightly lower on lower levels of gains from resales and development margins. I ncluded within the underlying profit is contribution from our business insurance, business interruption insurance policy. Obviously back in January, one of our villages on the North Shore was badly impacted by the flooding event. That has resulted in lower revenue coming through into the accounts. It's also resulted in higher costs of operations, and we've also seen impacts on sale gains as well. That's both at the village and at other villages where we had to temporarily relocate some of our residents while the village was repaired. In terms of total assets, we are up to NZD 4 billion worth of assets, up 10% on the prior period. This is in relation to our ongoing capital expenditure program and improving our portfolio, plus the increase from the valuers as I discussed previously. The value is up to NZD 1.2 billion, which represents NZD 1.61 per share, and gearing increased to 33.6%, so well within our range of 25%-35%. This was on the back of our capital expenditure program, plus also lower cash flows from settlements of units as we've experienced a slower housing market. In terms of our net assets, NTA per share increased to NZD 2 flat, and earnings per share up to NZD 0.046. We have continued to see growth in sales in the current property market. Our total value of ORA sales in the six months was NZD 171 million, slightly on the prior periods. The development margins for the period was 18%, and the resale margin was 28%. So slightly lower than expectation or compared to the prior corresponding period. What we have seen, particularly in the resale space, is that lower value units have been settling than in the past. We've also looked at margins. What this means is when the housing market comes right, there is a lot of resale stock at higher margins and Mark will talk a little bit about that later on. We are still seeing record levels of demand, and this is evidenced by our applications for the six months, up 24% on the same period in FY 2023. R eally, there's been a lot of work going into our brand campaign, which is generating lots of leads across multiple channels to deliver the level of application that we have been seeing. Within the six months, we delivered 94 units, which included 57 apartments and 37 villas. S till on track to hit our target of 200 units for the full year. Our business is centered around people, and so I'll talk a little bit about teams first. Team, we have got a strategy across our people team to invest more into how we manage our people, what we do in terms of reward and recognition, and overall, evolving our organizational design. A key part of this will be how we normalize our workforce in terms of efficiencies, now that we're in a post-COVID environment. We do use the Peakon survey tool, and it has continued to deliver higher engagement levels across the group. Our latest survey earlier this month resulted in a 7.7 engagement score, which was from 2 a year and a half ago. In terms of our residents, again, we've just completed our annual residence survey, and we achieved some excellent NPS scores from residents. We've also been focused heavily on how to enhance our IT delivery, and also the adoption of the Ngā Paerewa criteria in ensuring we deliver health equity across our group, different governance teams, looking at things like our Māori advisory and also health equity. On a sustainability front, we continue to ensure the suppliers that we use are canvassed, and we're reinforcing with them the importance of making sure that their businesses are in order as well. We also were involved heavily with securing the first government funding for a sector-wide food reduction project, which will also have big benefits across the aged care sector. Our team is well advanced with their TCFD reporting coming up at year-end. In terms of our strategy, capital discipline is important, so we have been prioritizing our development program towards villas. All of the second half delivery is villas, and we are phasing our intensive, brownfield, multi-story, construction and with a preference for high-value sites. C urrently, the next large delivery will be the current apartment building at Queenstown, followed by a similar building at the Clyde Street, Wellington. W e have also, changed our, debt structures, and Mark will talk a little bit more about that later on. I've talked about how we've matured our critical areas of people, IT, organizational design, and these areas will continue for the balance of the year. The key focus for us is on cash, how we improve our occupancy, which is, as I said, to about 94%-95% in that range. We've recently increased our fees and service packages. Definitely got momentum within our sales area. We just need the residential market to support that sales momentum. We've also recently just started our first of our care suite conversion projects, which will focus on two sites initially in converting care beds into care suites. In terms of our development activity, a big recent achievement is the completion of our Aria Bay site. We purchased the site back in July 2016, with a view to intensify and redevelop over time. Since then, we've increased the valuation on the site from NZD 21 million through to NZD 91 million. In the foreground of the picture is the latest group of apartments. These are opened officially in mid-October by Erica Stanford, our new Education and Immigration Minister. That comprised of a group of apartments. On the left-hand side of the picture is our care suite building we delivered a couple of years ago. In terms of our deliveries, we've delivered 37 villas and 57 apartments at the first half and 106 villas due in the second half. Of those second-half deliveries, a third of those are pre-sold, and we're working on our planning some of our newer greenfield sites in Waikanae and Warkworth. In terms of CapEx on the half, we spent NZD 127 million on development CapEx, with the main sites that we did spend the money on were in Queenstown, Bethlehem Shores, Puna Waiora, Kerikeri, and Mauri Ora, Te Awamutu. The development program for the second half continues to progress those 2 care and apartment buildings in Queenstown and Shores, and we're expecting that those buildings will spend about NZD 3 million each per month. We expect CapEx in the second half to be in the order of NZD 80 million-NZD 100 million, so a reduction from 127 in the first half as the build rate has been moderated. Over the next couple of pages, you can see some photos of the first half deliveries and updates on the sales groups. We also have a number of developments in progress at Bethlehem Shores, Lansdowne, Queenstown, and some redevelopments as well as since recovered prior, as well as greenfield development going on in Te Puna Waiora, Whai Mauri Ora, one near Queenstown, and there's the planning at Lincoln and Warkworth. On page 16, we gave an example of a recently completed project at Lauriston Park in Cambridge. We purchased a partially developed in October 2016. Since we paid NZD 25 million at acquisition. Since then, we have spent NZD 59 million delivering 39 villas at three different stages and 63 care suites. We also spent just under NZD 3 million extending the house and refurbishing the pool area. On a net basis, take out the proceeds from the first sale, plus the unsold care suite in inventory. The total investment of the site is NZD 13 million, with a current valuation of just over NZD 100 million. At this point, I'll pass over to Mark Wells, our CFO, to run through the financials. Good morning, everybody. Net profit for the period was NZD 90 million, with NZD 88 million of fair value increase being the key driver. Revenue grew 12% on higher care and village fees, along with DMF income. Operating expenses were up 14% on increased operations, higher property-related costs, and costs related to weather event impact sites. Care revenues improved to NZD 68 million on increased government funding and occupancy levels. This was reflected in the improving EBITDA per head. Village revenue went up to NZD 49 million. So ORA resales of 183 units for the period, an increase of 12%. The resale gains of NZD 27 million, with a margin of 28%, reflecting the lower margin mix of units sold. Resale prices increased 4% on the 31 March 2023 valuation price. The next page highlights the embedded value that increased to NZD 1.2 billion, which was up 6%. This reflects an average of 324,000 of future cash flow unit sale. This also represents NZD 61 per share. There were strong resales volumes. I'm sorry, there were strong new sales volumes of 102 for the period, with higher levels of care suites, of NZD 12.1 million, and the margin, development margin of 18%. The underlying profit was lower for the period at NZD 34 million, mainly due to the lower gains on sales. The underlying EBITDA increased 15% to NZD 39 billion. On the balance sheet, total assets increased NZD 300 million, up to NZD 4 billion total assets. Of this, investment property was now NZD 3.7 million, which included development work in progress of NZD 215 million. The NTA was now up NZD 2 per share. Drawing debt is now NZD 755 million at balance date. The refurbish, refinance and restructure of the facility has been completed to extend the ten, split the core and development facility, add NZD 100 million headroom, for total limits now of NZD 900 million. Gearing is at 53.6%, below the sector. Operating cash flows were down the period to NZD 46 million, with lower funds received resales and increased finance costs. I'll now pass back to Jeremy for the general outlook update. In terms of the first half dividend, the dividend declared for the six months is 1.26 per share. The DRP is on, and there's a 2% discount applicable to the DRP. We have targeted the lower end of the distribution range, the 95%. Now, you'll see that the rate at 26 cents, so we have slightly lower underneath the band, and that's a reflection of within the underlying profit for the six months is NZD 5 million of business interruption insurance, which has not yet been received. W e've removed that from our view of dividend for the six months. For the full year, we are expecting to pay 30% of underlying profit. As I talked about at the start, we are starting to see some activity coming back into the market that will provide higher levels of cash flows in the second half of the year. We also, as I said, expected to reduce the CapEx on a development program over the second half of the year as well. We've been viewing our target build rate for FY 25 of the coming months, and we'll report that to you on that delivery target and our full year results. At this point, I will pause and pass it to the operator for question time. Thank you. We will now conduct the Q&A session. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. Please stand by as we compile the Q&A roster. The first speaker comes from Arie Dekker from Jarden. Please go ahead. Oh, good morning. Thanks for the presentation. Just with regards to the two sites that you have your hands on, conditional contracts at a broad acre, can you just give us an idea of what their status is, from a consenting perspective? Yep. T hey are both conditional on getting the consent. Neither, if the consent came through, we would expect that one would be settling in FY 2025, and the second one would expect to be settling in FY 2026, if the consent comes through. Yeah. Yeah, I thought that. I s the settlement timing linked to your expectation when they will have consent so that you can start pretty much as soon as you get them? Yes. W hat we're looking for is resource consent or zoning consent, so there'll still- Yeah be work to be underdone on the master planning, design, and building consent before we get underway. Sure. Yeah, no, no. Yeah, so I understand. I t's resource zoning consent that are required timeframes is probably 2025, 2026 for each of them. Yeah. Are you going to progress some of that other work then in parallel, so that you would be in a position to potentially start pretty soon after settlement? Yeah, we will be, Just the delivery consideration that you closed out on, Jeremy. What are just some of the key considerations that you're sort of be going through, and what is it that is driving you to signal that you potentially will be lowering the target in 25? Yeah. S ome of the key considerations for us will be around the timing of the performance from cash flows from sales settlements. Obviously, in the first six months, the amount was weaker than we'd hoped, based on prospective residents being unable to sell their homes. W e just want to see that normalization coming back into the residential housing market. And we also want to see where construction costs are landing, as we move forward. We've already seen the increases in construction costs reduced. We also want to see those housing prices start to increase as well. Sure. T hen, I mean, I guess there is an element to which there's, you know, some constraints on the availability of funding at the moment, and then, you know, and linked, I guess, to the market context. C an you just sort of, you know, and I appreciate it's a board decision, but can you just take me through what the thinking was with regards to continuing to signal a dividend tied to underlying profit, and how they get into a position where they prefer to distribute cash outside of the business preference to sort of growth, you know, particularly at a time when the business isn't generating cash to support those dividends, I guess, making the issue a bit greater still? Yep. W e did a review earlier in the year of dividend policy, and that resulted in the reduction of the payout range. The boards are very comfortable with where we are in terms of our, our balance sheet position, gearing at 83.6%. We're still within our, our target band, and as I sort of outlined, the expectation is that proceeds from sales settlements will improve in the second half, along with the moderation in the CapEx spend, both from a development perspective and there's also, you know, we, we've settled on that Auckland piece of land in the first half of this year. No pieces of land like that, that we're expecting to settle in the second half. So we're still comfortable in paying out at the lower end of the band. We do have a range of shareholders, from institutional holders, through to, number of investors, and we do know that that cash flow is important for a lot of our investors, so the, the institutional. W e do have that, DRP turned on with the 2% discount, for any of those investors that would prefer to see, share rather than cash. Sure. T hank you. And final question. I mean, there's nothing held for sale for some time, but can you just comment on whether, you know, we might expect to see you divesting any non-core assets from the portfolio in the next 12 months or so, and what conditions you'd be looking for to push the trigger on that, if that was the case? Yep. I think since IPO, we've sold 5 of the villages that were in initial IPO transaction. W e have been active in that market. As and when we see opportunities, we will, of course, see if there's the money that we can take off the table. The other piece that we have as well is we do have some additional pieces of land that won't be developed, where, you know, we've bought pieces of land next door to our Greenfield site, so we'll be selling a few of those. And we will bought super lots as well, so we will have some additional land there that we can realize. Great. Thanks for that. Thank you. Next, we'll pass Bianca Fledderus from UBS. Please go ahead. Thank you. T hanks for the update. F irst question from me is just on your gearing levels. Could you provide any guidance or targets, I guess, on gearing in the medium term? So appreciate that you're still the lowest in the market as you're below your preferred range, but just wondering where your model suggests gearing will peak and from when you see it track down. I think what we have signaled is a slowing of that CapEx spend. We looked at the value of some of the inventory, so we've done some new disclosures in the back of the book on new unit inventory. You can just see the level of inventory that we've got there. What we'll be focused on is reducing the level of new inventory and also converting some of those resale units into cash as well. When you look historically, second half performance and sales settlement has always been higher than first half. Obviously, that winter versus summer factor is key. This one, we also had the weak housing market, so we'd expect to see very good performance once that housing market comes right. We don't know when that timing will be. It's looking like it's about to happen. Whether that's, you know, hits us in Q4 or Q1 of next year, we're, we're not too sure. W e will see that balancing out happen relatively quickly. Okay, so cool. D uring the half, there are of course some costs here that were out of your control, like weather-related, and then some of that. I t did lift, especially compared to for 2023, sorry, second half 2023. Could you provide some color around where you see OpEx checking going forward? So can we expect a similar number the second half of 2024 and, and for 2025? Yeah, thanks, Bianca. Yeah, the operating expenses, so we did have increased operations. A long with the increased operations, we do have an increase to those operating costs. W e did care suites at Lansdowne, as example, you also picked up on the extra weather event, and then did see some quite high inflationary come through over to the insurance and the local council works for our different sites. We'd expect that to be at a similar level. Our occupancy is improving, which is great at our care sites. So with that comes some extra costs... One thing that did happen in the first half is that the extra nurse costs and also the minimum wage that started from April before funding happened. T here was a bit of a mismatch there. Y ou know, we are seeing that revenue growth, which is great, and we're yeah, to answer your question, expect those for our expenses to be at a similar level. Okay, makes sense. Thank you. T hen the marketing expense, is that sort of expected to be flat kind of going forward as well, or was there, was that higher the first part? Yeah. Yeah, we'd expect that to be fairly flat. Yeah, correct. Okay, great. Thank you. That's all for me. Thank you. Next, we have Aaron Apostol, Morgan Stanley. Please go ahead. Thank you. Thank you for taking my question, and good morning, everyone. I guess the first question, and Jeremy, you touched on it, so, you know, unsurprisingly from the cash flow, and the, what I call the sort of cumulative gap between your resale, new sale, reported assessments versus your cash flow. F or look for the 2021, 2022, those two years, those four halves, I get to cumulative plus nothing. If the VAP adjustment, you know, the last three periods, it's now I'm up to NZD 80 million. I could be off, by a little bit, but there or thereabout. D o you sort of talk to a little bit? Yep. I n the back of the presentation, we have provided some reconciliations in terms of how we get from gross view to the amounts within the cash flows for both resale settlements and also new sale settlements. As I talked about earlier on, there has been some deferral of settlements. I think at March, we had about 20-odd billion NZD of sale deferrals within the period, but NZD 2 million of that has come. W e are seeing, we've had deferrals, the cash flow is coming relatively quickly thereafter. This time, we've also had some traffic issues as well. So we've moved people from Mayfair to Aria Bay, enable the redevelopment of the Mayfair site. T hat allow for some of that additional amount, along with locations related to the Park Lane floods. We have had a bunch of people we've had to move around, and transfer in relation to that as well. Continue your question. Okay, sorry. Can you guys hear me now? I got disconnected in the middle of the question. I didn't fully hear the answer, but I'll check with my colleague. I'll move on. Just, just on your, you know, if I read your charts correctly, you've included October numbers, and also some mention in a comment on new sales. It looks to me like new sales have been strong in October and presumably in November, by your commentary. So, A, confirming that, and B, you included some care occupancy into October as well. Yep. Care occupancy looks flat on that chart, Jeremy. I would have thought it looked high, which is good, but it also looks flat, and I would have thought it would have crept up a little bit through the half and into October. Yep. A s I said, we're trading now at between that 94-90 care occupancy. The chart from last year, where we had this big COVID dips early on in the financial year. Y eah, look, it's trending in the right direction, which is fantastic. Okay, thank you. Final question just from me, and I guess it's sort of very similar to what Bianca asked, but I'll just ask it, like, differently. You know, reading between the lines, it looks to me like you've done some, you know, what I would call sort of corporate investments, system investments, et cetera. My general question is, do you feel like you're broadly done? OpEx grew a little bit more than I had in mind. I was just thinking, going forward, you know, how do you think about operating leverage if we do see some sort of recovery in both occupancy and sales? Yeah, we'll be, as I said, if the occupancy goes up, you know, if we had got full roster members, those types of things would increase as well, as the other variable costs potentially. We are, to answer the question, yeah, we are investing in our people, our IT systems. That is something that is ongoing. At the time, we will see savings in some of those areas. The people, yeah, we are seeing better retention rates, so longer term, that will flow into savings. T he same with the IT, you know, where we have been using potentially consultants outside the business will strengthen the internal business, which hopefully we'll see some savings as well. Okay, thank you. A pologies for harping on about this, but can I probe a little bit then on care? Because I've certainly got the impression, not just from you, but from the operators overall, that at 94%-95% occupancy, you're pretty much running at 100% staff levels already. Y ou're telling me that there is variable all the way up to 1%? We have a base roster, and then with casuals or increasing partners. T here, you know, we do have to make sure we've got staffing ratios at all times. It's not like we can have, you know, 10 more residents and not add on any additional staffing. R elatively, when you're getting towards 5%, it's technically relatively full anyway. Okay. We've got some group average, so they are increasing their occupancy, so that will require more staffing as well. Okay, perfect. Thank you. That's it from me. Thank you. Next, we have Stephen Ridgewell from Craigs Investment Partners. Please go ahead. Good morning, it's Stephen Ridgewell. Can you hear me? Yes, we can. Great. Okay. First question from him, just need to reconcile some of the comments and Q&A in the prepared remarks. I guess, firstly, Mark, in response to the question from Bianca, I think you're indicating OpEx would be similar in the second half to the first half. F or me, in the prepared remarks, you took the cost optimization initiatives. I guess the question I've got is, you know, are the benefits of that optimization come through in second half of 2024? We start to see that or is it really an FY 2025 story? You'll start to see it, but it's probably more an FY 2025 story. Okay. Yeah, and we'd be thinking that's rationally kind of meaningful in the context of a NZD 2 million cost base. What you will see is it will dampen some of the offsetting increases. W e're gonna continue to see a more expensive healthcare workforce. We're continuing to see things like insurance premiums increasing, council rates increasing. A few things there that we don't have overall control on. W hat we're trying to do is offset some of those increases that you know are coming with improving efficiencies throughout the operating business. Okay, thanks. J ust, on the kind of margin side, it's good to see the recovery and the margins of the three standalone sites here. B ack up to NZD 99,000 a bed. Just, just interested in kind of how you do that, in the second half. You've touched on improved occupancy, and obviously the increase in funding, from July one, but also, obviously cost, cost pressures as well. So where do you see that landing in the second half? Yeah, look, it's an improving trend. Yes, obviously, those numbers have only got half the period with higher funding costs, because we'd already started paying nurses in particular more than what we were funded for. You know, it's a good outcome for us. We still think we're gonna see the bed getting back to where it was pre-COVID, based on current government policy. Obviously, we do have a new government that is more concerned about ensuring aged care as a defense to the overall health infrastructure of New Zealand. Obviously, Shane Reti, hanging out in the emergency departments in the back of ambulances pre-election, is great because it will give him firsthand experience of what happens in the current environment where we don't have enough emphasis on protecting the health system. W e are expecting the new government to be more focused on the aged care sector and the difference it can make to the overall health system. I think on the government, obviously we're into day two of the new government, so it's a bit of a watching brief. Maybe a bit of qualification. I mean, if the market's thinking maybe a NZD 2,000 improvement, but is that, you know, in the second half is the first, would that be kind of the ballpark? Yeah, at least NZD 2,000, you'd hope. Okay, that's helpful. Then just on the insurance, income recorded in the, you know, NZD 84 million, and I think need a couple of things with just about NZD 7.5 million. I just wanted to clarify, you know, was that income, you know, hit by remediation costs that were during the first half, 2024 or last time? Effectively, there's two different claims. One was material damage. T hat material damage claim was settled at NZD 14.9 million. A ll payments were made during the first half for material damage, both in the amount we recognized last financial year and in this half, were removed from underlying profit. The remaining amounts relate to our business interruption claim, so those amounts are offsetting against either actual additional costs of operating, lost fee revenue or lost sale revenue as well. The biggest piece is that, that lost sales revenue, where we have seen, we've obviously been unable to do any resales at Park Lane since the floods, and we've been moving some of the people from Park Lane into other Auckland villages, into, resale stock, so they've got somewhere to live, until the remediation of their, home was completed. T he BI is offsetting either additional costs that we have incurred, to our PNL or lost revenue or loss sales. Okay, that's very clear. Thanks, Jeremy. J ust, you did comment as well about the, the company is expecting NZD 5 million from the insurer. Is that, if you like, receivable, is that contributing to the, if you like, weaker operating cash flow in the first half, given you've, you know, you've recorded 8.1 income, but it sounds like you might have received less than that from the insurance companies? Yeah, that's correct. T o date, across the two periods, we've recognized NZD 10 million worth of business interruption insurance recoveries. Up until the end of September, we'd received NZD 1.5 million from the insurer in relation to that claim. Since then, we've received another NZD 500,000. Y ou'll see as at 30 September, there's an NZD 8.5 million insurance receivable, which is all relating to business interruption. Okay, that's helpful. Just one follow up on that. Would you be expecting to receive that, you know, by the end of the financial year, or is that unclear at this point? It's unclear. There's a two-year BI period for that cover. I t might be that we're sort of getting a few little progress payments along the way, and we do a big wash up once we get through to the two-year indemnity period. Okay. No, that's, that's clear. T hen one last one for me on the CapEx guide in the second half of 80-100. Is that sort of a new BAU, and does that include any land settlement costs, settlements in the second half? Yeah. T hat does not include any land settlement costs. We do not have any new sites that will settle in the second half. T here may be a small amount that's already settled once some conditions are fulfilled from the vendor, but that's immaterial, really. Okay, and then just, just final one on the 25 build rate. I'm sorry, I asked a couple of questions, but- Interested in flavor of, you know, what's changing here in terms of the development strategy. Is this more of a pullback about maybe some more intense sites that you'd perhaps thought about doing in terms of some of those brownfields? Or is it, or is this more about sort of greenfield pullbacks, or is it simply building at a slower run rate across sites, given the kind of sales run rates you're seeing? Just interested if you could, you know, give us more of your updates into thinking a bit more clearly. Thanks. Yeah, it's more of a cautious outlook and just it's more of a general slowdown. Yes, we've got a few big builds underway. Obviously, we've got the Queenstown care and apartments, which we'll deliver next year. We'll deliver care first, then we'll follow up with the apartments. Hopefully we'll get, we'll definitely get all the care in the first half of next year and potentially the apartments as well. T here'll be a total of 62 care suites and 29 apartments at that site. We've also got the multi-year project at Clem Shortland that we're continuing with. Apart from that, we'll see some other villa-related deliveries in 2025 as well. I guess, Jeremy, is there any rethink on the care retirement mix and the going into greenfield sites as part of this signaling, you know, in terms of a lower build rate at all? Or you're comfortable with the model you've got, it's just perhaps doing it a few sites? Yeah. T he key deliveries we're doing at the moment are 62 at Queenstown, and we're also doing at basically, I'm sure, about 55. T hese are our more premium sites, intense, high level, more multi-story buildings. For our greenfield sites, we're more focused on single level care suite buildings with three households of 12 beds each, one household for mixed care, two households, the rest home/hospital. So the base model going forwards will be around that 6 care suites per greenfield. Thank you. Thank you for all the questions. I see no further questions at this time. I would now like to hand the conference back to Jeremy for closing remarks. Thank you, Jeremy. Thanks, everyone, for... We will see you in May. Thank you. This concludes today's conference. Thank you for all participating. You may now disconnect.