Thanks everyone. Good morning. Thanks for taking the time to join our briefing today. Fully aware that it is going to be a busy day for everyone, I will just lead with a quick introduction and then followed by a presentation by our team before we dive into the Q&A. All familiar faces we have here today. We have Anthea, our CEO, in the middle, Wah K eong, CFO, and Jay, who heads up Portfolio Management. Q&A-wise, I think you guys already know what to do. Best to drop us a raised hand, and then we will unmute you to ask your questions. If you otherwise prefer, feel free to just drop me a note. Anyway, without any further ado, I am going to put the slides up on screen, and then we will dive right into it. Okay, the slides should be on screen now, and maybe I will hand the time now over to Anthea for the presentation. Anthea, over to you. Hi. Good morning, everyone. Thank you for joining us today. Happy to present the key highlights for first quarter FY2026. For the first quarter, we have achieved a 96.2% occupancy rate, along with a 4.9 years WALE across our entire portfolio. L&I rental reversions remain strong with a positive reversion of 13.4% on an incoming versus outgoing, or 36.4% on an average versus average rent basis. Trailing 12-month borrowing costs remained at 3.1%, while debt on the trailing three-month basis decreased slightly from 3.2% three months ago to 3.1%. Aggregate leverage is at 34.8% with debt headroom of SGD 592 million. ESG credentials continue to be improved with more than 90% of our portfolio by GFA Green certified and 19.7 megawatts in solar capacity installed. On the L&I markets, cap rates have stabilized across our key markets with interest rates stabilizing and slowing rental growth. We do not expect significant revaluation changes in the L&I portfolio over the next 12 months, and fundamentals remain favorable, underpinned by structural drivers such as the ongoing e-commerce adoption, population growth, manufacturing reshoring, supply chain modernization, and infrastructure investment. While occupiers have cooled their expansion plans in the short term, modern facilities with strong ESG credentials strategically located to align with the evolving supply chain needs will continue to be sought after by occupiers. Another factor is a shortage of appropriately zoned L&I land in Australia. Zoning is a very complex process in Australia considering the environmental and social impacts of the development. Even rezoning of agricultural land for industrial use takes time. In Europe, logistics demand is being shaped by two emerging trends, increased military spending and the expansion of Chinese e-commerce platforms. I will now hand the time over to Wak Heong to cover the capital management. We cover on the capital management metrics. First of all, happy to share that our key metrics largely remain stable as of 31st December 2025, where the aggregate leverage was 34.8%, an improvement of 0.9 percentage points from the previous quarter. This contributed mainly by the divestment proceeds from 357 Collins Street. For the SGD 359 million to be refinanced for the remainder of this financial year, we have currently SGD 251 million of undrawn committed facilities available to meet the coming debt obligations of SGD 60 million due in second quarter of FY 2026. With that, I hand it over to Jay now for the portfolio highlights since. Thanks, Wak Heong. Hello, everyone. The first quarter of FY 2026, we achieved overall positive face rental reversions of 10.7%. That's on an incoming versus outgoing rent basis, and 29.8% on an average versus average rent basis. The strong reversions continue to be anchored by our Australian L&I portfolio. We've reported here a negative incoming versus outgoing reversion in Victoria. This was chiefly due to one industrial lease, which has a less generic configuration, including a very large office component, and is not reflective of a typical industrial logistics facility. Moving on to our occupancy review. Our occupancy rate was 96.2% as at 31 December 2025, an increase from 95.1% the previous quarter. Breaking it down by sector, for L&I, overall occupancy was 99.7%, reflecting sustained healthy demand for L&I spaces. On the commercial side, Alexandra Technopark saw an increase in committed occupancy to 86.3%, which is largely due to the secured leases for 83% of the ex-Google space. Whilst the overall office sector remains challenging, we have seen an uptick in occupancy at two of our commercial assets, being Alexandra Technopark and also Blythe Valley Park in the U.K. Moving on to the next slide on ESG highlights. I'm pleased to update that we continue to make good progress in our ESG commitments. As of 31 December 2025, the total solar capacity from the FLCT portfolio is at 19.7 megawatts. Over 90% of our portfolio by GFA is either green certified or pursuing green certification. Not shown on this slide, but happy to share as well that we have been recognized in November 2025 with the Singapore Corporate Sustainability Award under the REITs and Business Trusts category by Securities Investors Association (Singapore). I'll now hand back the time to CK. He will open the floor for Q&A
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