We're going to take you through the operational and financial results for the period, followed by a brief outlook at FY 2027. After that, we're going to address some questions. If you would like to ask a question, you can navigate to the top left of your browser. There's a question link there. Please type in your question. If you have more than one question, please enter them separately, as it makes it easier for us to pick them up on our side. Emira's delivered a solid set of results for the 12 months to 31 March 2026. In a period that was initially characterized by decreasing macroeconomic certainty on the back of the U.S. tariffs and supported by strong tailwinds for the SA economy and SA property specifically, we once again end the period with heightened geopolitical risks and increased uncertainty as a result of conflict in the Middle East. Despite that, operational performance for the Fund has remained resilient, supported mostly by improving fundamentals locally. We'll take you through that in more detail shortly. As management, our two strategic objectives have remained unchanged. It's to create meaningful liquidity and to recycle the capital realized into value-accretive opportunities. We believe we've taken significant steps towards achieving those goals in 2026. I think just pointing to some of the high-level drivers for the 2026 period, I would like to highlight the continued growth of our Polish investment DL Invest, the yield accretive impact of share buybacks that were concluded during the period, the acquisition of a meaningful stake in SA Corporate, and finally, the strengthening ZAR, which has had a mitigating effect on the increase in our offshore asset values in ZAR terms. Looking more at the key metrics, I think Distributable Income Per Share at ZAR 1.2953, an increase of 3.7% from FY 2025. Net Asset Value Per Share has also increased to ZAR 20.95, a modest increase of 1.3%, and it's here that we see the impact of the strengthening ZAR, more specifically. Greg will be taking you through the detail of our NAV walk later in the presentation, so I'll leave that for then. Vacancies in our commercial and residential portfolios have both improved, and our commercial tenant retention remains strong. We've also managed to dispose of ZAR 1.3 billion worth of SA property during the period, as well as five retail centers in the U.S. for a value of $64.8 million. This has resulted in our LTV decreasing significantly to 30% and consequently, as a result of reduced finance costs, our ICR increasing to 2.8 times. As management, we are pleased that we were able to deliver a final dividend of ZAR 0.6461 for the period, which gives us a full year dividend of ZAR 1.2901, which is a 4.1% increase on the prior year and a close to just short of 100% distribution ratio. I'm now going to hand over to Greg and Ulana, who are going to take you through the results in more detail. Thanks, James. Good morning, everyone. We're going to track the financial and operational results by the different business units here on this summarized distribution statement. Just starting as James highlighted, we've declared a final dividend of ZAR 0.6461 per share, taking the full year dividend to ZAR 1.2901, the 4.1% increase. You'll note here as well that our number of shares in issue has come down. James mentioned the buybacks. We've bought back and canceled around 14 million shares during the year, and that's had a positive impact to both our dividend per share as well as our net asset value per share. Let's get into the detail. Firstly, on the commercial portfolio, net property income has reduced to ZAR 654.2 million. That's a result of income that's been lost from the disposals that we've concluded during the year. We've sold 34 properties in the commercial portfolio since the start of the comparative period. If you look at it on a like-for-like basis, though, the remaining 35 properties have delivered net property income growth of around 3%. A bit of rental growth coming through and also improved recoveries during the year. Thank you, Greg. Good morning, everyone. Before diving into the operational results, I think it's important just to understand the operating environment for the period under review. For much of the period, the South African commercial market benefited from improved sentiment and fundamentals, and of course, they were supported by a few things. Firstly, the improved electricity availability, a critical stability factor. This also enabled more predictability to day-to-day operations, which are so important to businesses. We also experienced an environment of more moderating inflation, and then we saw gradual easing in pressure from both interest rates and funding costs. We did see over the period that the sector remained resilient, driven by improved stability and continued demand for quality assets. James mentioned earlier, unfortunately, the improved outlook came under pressure at the latter stage of the period, and this was due to the escalating global conflict, which resulted in higher fuel, operating, and logistics costs. We also now see inflationary pressures coming along. As a result of it reinforced the importance of active hands-on asset management, where our team is very well positioned. We are really pleased with our results. It reflects the quality of our portfolio as well as the focus execution of the team. We sold seven commercial properties during the period, and Emira now holds 35 commercial properties in South Africa, valued at ZAR 7.7 billion. Urban retail remains the biggest and the dominant sector, accounting for 58% by value. We are very pleased with vacancies that reduced to 4.1%, and this was mostly due to the new let to RTT of over 16,000 sq m. Let's unpack the different sectors. Firstly, the office sector continues to adjust, especially after the extended period of disruption, and I don't have to tell you what we went through over the past few years. It is supported, not only by new and increased activity, and some new potential tenants, but also we're seeing transactions being finalized over the past few months. Tenant demand remains quality focused and is especially for P- and A-grade in well-located areas, also offering efficient, flexible floor plate supporting optimization space. Office vacancies did increase to 9.9%, this was mainly due to Salga at MCP not renewing their total space, but vacating just over 3,500 sq m. Despite this, very importantly, we are outperforming the SAPOA national average, which is now at a level of 12.6%. The industrial sector continues to benefit from defensive fundamentals as well as resilient income streams, ensuring a stable performance. We've seen solid occupancy levels, tight vacancies reflecting disciplined demand, and sustained demand from tenants. Industrial vacancies are extremely low, 0.7%, once again outperforming the market of 4%. Retail fundamentals are still improving and we are seeing an increase in trading densities, stronger foot count, and stable vacancy levels. In our portfolio, our trading density growth year-on-year was 3.4%. If you combine that to Stats SA retail growth, that was 2.6%, which shows that our portfolio did better. Unfortunately, consumer spending remained constrained by elevating living costs, and we've seen a shift to more cautious value-focused retail environment. Our vacancies remained stable at 4.2%, also better than market of 4.5%. Tenant retention is a main focus for the business, and I know I've said this with every reporting period, but this is where we focus, because it's better to retain a tenant than to, if you've got vacancies, and then get a new tenant. Calculated by GLA, a strong result of nearly 86%. The biggest renewal was the main lease of RTT that was extended now to 2030. We are seeing an improvement in the weighted average reversions in our portfolio, now improved to a negative 3.7%. Rental trends are strengthening, we are seeing some incremental improvement in our rent reversions with steady underlying rental growth. Notwithstanding this, rental growth remains under pressure. There are two big reasons. Firstly, if you look at the annual escalations of contractual leases, which is much higher than market levels. There's a misalignment between rental growth and current market conditions in a very constrained economic environment. Just to my point, our weighted average escalations is 6.3%, as you can see, far from economic growth experience in South Africa, WALE improved to three years, and we are happy with our lease expiry profile by gross rental. Let me end the commercial side just providing some feedback on our environmental initiatives. Firstly, we installed six new solar PV projects with a capacity of 886 kilowatts peak. We also completed a groundwater harvesting project of just over 49,000 liters. On biodiversity, we implemented a nature-based pest control at seven of our properties, which include bat and owl boxes. Okay, sticking with the commercial portfolio, but on the balance sheet, that all translates into a value of ZAR 7.8 billion, down 3.8% from March 2025. If you adjust for the disposals that took place during the year as well as the CapEx that's been spent, then there's been growth of about 0.7%. As usual, we externally valued the full portfolio, and you can see on the inputs and assumptions here, those are largely the same. When we assess the reasonability of our valuations, we take a lot of comfort in our disposals. James mentioned the quantum of disposals that we've realized this year, and those have consistently been at or around our book value, not only this year, but the last number of years. Okay, moving on to our residential portfolio. Net property income from the residential portfolio is at ZAR 106.8 million, down 35%. That's all due to disposals again. If you look at it on a like-for-like basis, the residential portfolio was actually up by 7%, and that was a combination of some rental growth, better recoveries, and also savings on expenditure. In the residential portfolio, we definitely saw good rental demand. Of course, it is supported by the affordability constraints in the ownership market, which is to our benefit. We are also seeing recovery in rental growth with escalations now returning to above inflation levels. Affordability increasingly shaping tenant behavior, they will move for very low difference in rental income, but it is also supported by lifestyle offerings that remain very key to tenants, either to retain them, also to attract new ones. Our portfolio has a strong quality tenant base with low arrears, and that supports our cash flow. Properties reduced to 13 after the disposals, now valued at ZAR 1.1 billion. The average valued per unit, just less than ZAR 570,000, and the number of our units are now down to 1,970. Vacancies, a very solid result on the held portfolio of 2.1%. If you look at the average rent per unit in our portfolio, an average of just less than ZAR 6,000. On the balance sheet, the residential portfolio is now down at ZAR 1.1 billion. We sold ZAR 814 million worth of units during the year. The balance of the portfolio is also externally valued. Valuations have really been flat year on year. Of the ZAR 1.1 billion at the 31st of March, we've got ZAR 286 million worth of units that were under contract for sale. Those are currently in the process of transferring. Let's move on to our investments. First up is the investment in SA Corporate, which was a new investment this year. We acquired an 8.8% equity interest through a series of on-market trades. We recognized ZAR 43.8 million worth of distributable income during the year. That's a proportion of the dividend that's been received or that's due to be received, and it was based on the date that each of those batches of shares were acquired. We've then sold a portion of our SA Corporate stake, we've ended up at 6.9% at year-end, that's valued at ZAR 624 million, and that was based on the closing share price at the end of March. Moving on to our U.S. investments, which have delivered USD 156.5 million of distributable income, down 31%, that's mostly due to the sales that were completed during the year. On top of San Antonio Crossing that we sold at the end of the previous financial year, we exited a further five investments this year, obviously, we've lost the income from those investments from the date of transfer. On top of that, though, the rand has been stronger, which has impacted the unhedged portion of our dollar income. Small portion, but still that impact has come through. In the U.S., there is definitely growing affordability concerns as inflation rises. Consumer spending remains stable in our portfolio, with no material pullback over the period. We're also seeing that there's a shift in consumer spending, even more than before, to value and essential spending, prioritizing grocery and discount retail. I'm sure you will agree this is a strong alignment with our portfolio, which is grocery anchored, value-orientated retail. It was mentioned before that we sold five properties. The portfolio now consists of six properties. The total sq ft just over 2.1 million. The value, $381.5 million. Very good reduction in our vacancies, down to 2.3%, which was done through quite a few of new lets. The biggest one, EoS at Woodlands Boulevard. Solid tenant retention of 98%, WALE 4.3%, which is supported by a very good lease expiry profile spread. Okay, on the balance sheet for the U.S. investments, now down at ZAR 1.3 billion. That is a reduction of 50%, and that is mostly due to the five investments that we disposed. We realized USD 65 million of value. On top of that, as I mentioned earlier, the rand has been a lot stronger, and that has impacted the conversion of those dollar investments into rands at the end of the year, the six remaining investments. Now, of the ZAR 1.3 billion, we have got one investment worth about ZAR 240 million that was under contract for sale at the 31st of March, and that has now recently transferred. Okay, now moving on to our investment in DL Invest Group, the Polish property group in which we hold a 45% equity interest. We've recognized 150.6 million in distributable income for the year, and that's the preferred return that we get paid and that we've received during the year, substantially up on the previous year. But if you recall, that investment was only made during the prior year, so it wasn't contributing for a full 12 months. Moving on to the balance sheet. Our investment, the DL Invest investment, is classified as a financial asset. We hold that at fair value, and that was assessed at EUR 177 million at the 31st of March, or just under ZAR 3.5 billion, up 2.2% from a year ago. We've seen in most countries that there is inflationary pressures and it's also in Poland. We can see that it's driven largely by higher fuel and energy costs, partly linked to the broader global dynamics in geopolitical tensions. The portfolio now consists of 42 properties split between logistics, retail, and mixed use. On GLA, it accounts for 82% logistics sector, and by value, 72%. Just to note that the valuation, the €808.7 million, is done as at the 31st of December. The DL team, as usual, is very busy, and they're currently busy with seven new developments. It should become operational either by the end of this year or in the first quarter of next year. Vacancies, also very good result of 3.2% with a WALE of 5.1 years, supported by very good lease expiry profile with year five plus accounting for nearly 61%. Thanks, Ulana. Emira's investment into Poland through DL Invest Group continues to grow. They've executed on three acquisitions in Warsaw, Łódź, and Bochnia during the period, completed developments at Żory and in Bielsko-Biała. As Ulana mentioned, development is underway at seven sites across Poland for logistics assets. They've also managed to grow their data center exposure, through acquired tenancies in some of the recent acquisitions, as well as a strategic joint venture with Boosteroid, a global cloud operator. We were in Poland in early May, and are continually impressed by the quality of the DL Invest Group management team and their commitment and ability to deliver on what is an extremely ambitious development and growth trajectory. Another material point to mention is their successful conclusion of a EUR 350 million Eurobond, which was listed on the Luxembourg Stock Exchange during the period. That unlocked meaningful liquidity to firstly pay down existing debt, as well as unlock some capital, which is deployed into the acquisitions and developments mentioned above. Okay. Thanks, James. Now we move on to our corporate or our head office section of the income statement and balance sheet. Firstly, admin expenses, which includes our staff costs, legal fees, et cetera. Those have increased by 2.4% year-on-year. While dividends on treasury shares have increased substantially, and that's a result of the share buybacks that we spoke to earlier. On to our funding. Net finance costs are down 18% to ZAR 392 million, and that's a result of the disposal proceeds that have come in that have either been used to reduce debt or are being held in cash and have generated interest income. James also touched on the ICR earlier, now increased to 2.8x cover, and we expect that to improve further into FY 2027 as we get a full 12 months benefit coming through on the disposals that have been concluded this year. We look at the balance sheet, while our debt has come down to ZAR 5.98 billion, you really need to look at this net of the cash. As you can see above there, we've got ZAR 1.57 billion sitting in cash from disposal proceeds. Debt net of cash has come down substantially, and that is evident through our LTV ratio, which is now sitting at 30.2%. From a hedging perspective, we've got 88% of our interest rate exposure that is fixed for an average duration of about 2.3 years. Looking at our debt expiry profile, it was a very busy 12-month period. We had put in place new loans for ZAR 3.9 billion, that was used to refinance facilities that matured during the year, as well as to create some additional capacity. We permanently settled ZAR 135 million worth of debt from disposal proceeds, all of that has meant our duration to expiry has now extended out to 2.7 years. Considering the amount that we refinanced in FY 2026, we've only got ZAR 530 million coming up in FY 2027, a portion of that will be permanently settled using disposal proceeds that come through from the held for sale assets. Looking at our liquidity, still in a very healthy position. We've got undrawn debt facilities sitting at ZAR 1.96 billion. As we saw in the balance sheet, cash on hand of ZAR 1.57 billion. Just to note, we did use a sizable portion of that to fund the recent investment into Octodec, but additional proceeds have come in and will continue to come in as the held for sale assets transfer. Just to close up on the financials, I just would like to take you through our NAV walk. What this graph is doing, is bridging the movement from our opening NAV of ZAR 20.67 through to our closing NAV of ZAR 20.95. I think this gives a good summary of those key movements that we've spoken about on the balance sheet. Firstly, we've got DL Invest. There was growth in EUR terms that added ZAR 0.55 to our NAV. We bought back shares at a discount to the net asset value of Emira, adding ZAR 0.27. There was SA Corporate, where we've had the uplift from our cost to the closing share price at the end of March. Then we've got some small growth that came through on our directly held local portfolio. Then on the negative side, we've spoken about the rand strengthening year on year against both the euro and the U.S. dollar, and that's negatively impacted the rand value of our offshore investments. We've then got our U.S. investments. Our U.S. investments, the six remaining assets, were fairly flat year on year in terms of valuation in dollar terms. This really is the disposal costs that come through that have negatively impacted NAV on the five investments that were sold. Lastly, we increased some credit loss provisions on some of our outstanding loans, on some vendor loans. That's all resulted in our NAV closing at ZAR 20.95. Thanks, Greg. Moving on to the outlook for FY 2027. I think when we look back at 2026, we, as management, feel that we've taken meaningful steps to accomplish our goals. We've executed on sales that have created liquidity and created balance sheet capacity for the fund, reducing LTV. We've also managed to deliver modest NAV growth, despite the headwinds we faced from strengthening rand and geopolitical uncertainty. The fund has also delivered DIPS of ZAR 1.2953 per share, which was a 1.4% increase on the prior year executive DIPS target. We've also navigated a leadership transition during the period, and I think that we are well-positioned for growth into 2027. Just to reiterate, management's strategic objectives remain the same. To unpack that, it is to deploy recycled capital into meaningful, value-accretive opportunities in order to grow shareholder value. How that's going to come through in 2027, the executive DIPS target for FY 2027 is ZAR 1.3353 per share. We're going to continue to work on our capital recycling strategy. That'll include closing on the held for sale assets of ZAR 1.4 billion, which are reported in our annual financial statements. We're also going to look to deploy capital into further value-accretive opportunities, such as Octodec. I think it is fair to say that for Emira, the first half of FY 2027 is going to be characterized by our investment into 23.6% of the listed shares in Octodec Investments Limited. This is a material investment for Emira and gives us exposure to a diversified portfolio of South African assets spread across Johannesburg and Tshwane, with key exposure to CBD nodes. It provides Emira with a strategic stake in the company, and it increases our exposure to South African assets. It's a very new investment for Emira. It was announced to the market in May. I think we're looking forward to spending more time understanding the portfolio in more detail, and getting a better understanding of how Emira, as a material shareholder in the business, can help support Octodec's business and management's ambitions for that portfolio going forward. Right. I think that's everything in terms of the presentation. We're going to move on to some questions now. If you do have any questions, you can continue to send through your questions on the browser in the top left. I see here just the property level of questions in relating to, once again, the office sector. Ulana, you spoke to that. You mentioned in the presentation an increase in inquiries and transaction activity. Is there evidence of this within the Emira portfolio? Well, thank you for that question. I'm actually excited to share that at the moment it's really going well with not only activity but really transaction. The two nodes coming quickly to mind is firstly the Menlyn node. There's one lease that we're busy with that I can't share with you now, but just hold on for November and we'll share that. Over and above that, we are busy with nearly 3,000 sq m in the node between Podium and MCP. That's seven leases. We are very excited about that. We haven't seen that for in a while. In Hyde Park, for those who can remember, it will always been one of those buildings that had the biggest percentage of vacancy. About 18 months, two years ago, the vacancy stood at 4,500 sq m. With things that we're busy with at the moment, it will probably within the next month or two, go down to 2,600. It shows that in certain nodes, it is really improving. I think six months ago, I told you that activity and inquiries are increasing. Now we can actually see that transactions are happening. Okay. Thank you. Yeah. I think also quite a few questions on the U.S. The portfolio has shrunk to six properties. Does this signal an exit? Another one here. A lot of questions on the U.S. Basically, what is Emira doing with the proceeds, and can we expect any further deployment in the U.S.? I think, Greg, do you want to maybe talk to that? Okay. Maybe just with the use of the proceeds. A portion of the proceeds have gone into debt and then have gone out again, for example, into SA Corporate or into the Octodec investments. Other portions are being held in cash, and we would look to deploy them. If we haven't deployed them in a reasonable timeframe, then we would look to reduce debt further. I think in terms of the exit of the U.S., I don't think it necessarily signifies an exit of the U.S. When we made these investments upfront, it was always planned to be a 7-10 year investment horizon, as our partner believed it was that timeframe when they would be able to implement the necessary asset management initiatives and to peak the IRR during that period. We've been expecting to exit those investments around the 7-10 years, and that's really what's taken place. There's one or two of them that have happened earlier than that. I think on the whole, we've achieved our objectives. If I look at it, on average, we've sold those five investments this year at a 1% premium to the book values that were there at the 31st of March 2025. If you look at it from an IRR perspective, on average, the IRR of the investments we've exited to date is a pre-tax IRR of 14% and a post-tax IRR of about 12.5%. I think maybe the other question there, James, was would we reinvest into the U.S.? I think we would reinvest if the opportunity was right. We've looked at a number of things over the last 12-24 months. I think given where the debt levels have been in the U.S., that spread hasn't been as attractive as it used to be. Yeah, agreed. Right. I think, as to be expected, a lot of questions in relation to Octodec. Are we eyeing further acquisitions in SA Corp and Octodec? Is this investment opportunistic, or is there a long-term plan? What is the strategy with Octodec? Can you give us a sense of future capital allocation plans with commercial property, unlisted, listed investments? I think adding more color to Emira's investment into Octodec, I think we obviously saw it as a strategic investment that we can deploy a meaningful amount of capital towards. We like the underlying assets. We like the management team. We think that City Property delivers a pretty unique offering in terms of their ability to deliver on CBD-located properties. Yeah, I think we are probably more long-term investors in that fund. With regards to taking further stakes and the like, I don't think it's anything to comment on at this point. I think what I will say is that at Emira, I think we consider ourselves to be relatively disciplined in terms of how we deploy capital. We want to deploy capital at levels where we see value, which Greg was just referring to in the U.S., and not deploy capital for the sake of it. I think we've demonstrated that with SA Corporate. We've demonstrated that with some of the U.S. deals that we haven't been able to make sense of. I think we will continue to understand what works for Emira and what's best for Emira going forward. In terms of some other questions here, I think there's one, congrats on the strong results, another one on how would you describe your results as robust and pleasing relative to your peers? By robust, I think what we're referring to is that Emira, given our diverse portfolio across South Africa, Europe, and the U.S., has faced actually quite significant headwinds in this period, starting off with tariffs, ending off with Middle East crisis. The strengthening rand has been a big challenge for the fund, and that's resulted, as we saw in the NAV walk, in mitigated NAV growth. I think where robust comes in is that despite those headwinds, we still delivered some NAV growth, modest as it was. I think that's what we're talking to about robust. I think with regards to the distribution, it's the same sort of story with material disposals across a single period does have quite a big impact in terms of distributable income and still being able to deliver above inflation DIPS growth. I think we were happy with that. I think also, James, just to mention there is that sometimes you get it right where you're able to dispose and deploy directly into another investment. We have had a substantial portion sitting in cash for a sizable period during the year, and that creates a drag, but it's not intended to be there long term. Yeah. I think you mentioned in the presentation ZAR 1.6 billion of cash at period end. Yeah. Large portion of which was deployed shortly after the end of the period. I suppose with regards to pleasing, I think we found the result pleasing because we've accomplished a number of the goals we set out to accomplish, and that's pleasing. The LTV of the fund is very low at 30%, and we've got a lot of capacity to go out and grow the business going forward. I think there is where robust and pleasing comes from. I think in terms of any other questions, let me just check. Maybe one to end on from the media, maybe for you, Ulana. Which property sectors are you most bullish about in South Africa? Well, I think industrial has shown over the years that is probably the most bullish. If you think about where our vacancies are, where vacancies in total is very strong. There's very good rental growth, maybe not as we saw it before, but I think that is coming back even better than the other two portfolios. Probably industrial. I think that's the sector to be in. Yeah. Thank you. Okay, I think that's all for today. Any other questions that any viewers do have, you can always send through to Emira and we'll address them. Thank you very much.