All right. Good morning, everybody, and a very warm welcome to all of you. Lovely seeing so many familiar faces here. In particular, some current directors, former directors, and a special welcome. She said I mustn't do so because she's going to walk out. She'll be embarrassed, but I'm going to do it nonetheless. That's exactly what I'm going to do. Angelique de Rauville is sitting in the front row here, one of our earliest supporters all the way from the U.K. Angie, welcome, and lovely to see you as always. Thank you all very much for your attendance, and welcome to the results presentation for Growthpoint Properties for the year ended June 30 2026. Just a brief comment. I'll be doing the presentation together with José Snyders. José joined us six months ago at the beginning of the year, rather, I think. Sorry, January, so it's a lot more than six months already, as the new Group Chief Financial Officer. This will be the first time that José participates in doing the presentation, but also, I guess, in the absence of Estienne. Unfortunately, Estienne had to have a procedure in hospital two weeks ago or so, and he's at home recovering. A very successful operation. He is going to be out of action for a short while. We hope to see him back in the office towards the end of the month. I think the intention was that I would do a little bit less of this presentation. But I've stepped up and we just wish Estienne well and a speedy recovery. Just whipping through the agenda. I'll quickly look at the portfolio composition, touch on the highlights, talk to the strategy, touch on the international investment and Growthpoint Investment Partners, and then José will deal with pretty much the rest of the presentation. I'll come back right at the end on the conclusion and the forward-looking statement as well. Just briefly on the overall composition of the business today. Still very much South Africa as the dominant part of the business, with 49% of total assets on the South African balance sheet contributing 55% of the distributable income. 12% is the V&A Waterfront, our 50% share of the waterfront, making up 12% of total book value of assets and contributing 18% to distributable income. We then have the offshore investments, GOZ, at 22.8% of total assets and 18.3% of contribution to DIPS. Globalworth 11% of assets and 3.8% of DIPS. Lango, pretty small at 1.8% of total assets and no contribution to DIPS. Lastly, we have the third-party fund management businesses. Two of them collectively, we sort of group it under GIP, Growthpoint Investment Partners. Given it's an equity-like model, effectively, our total balance sheet, it only makes up 3.1% of the book value of the assets but contributes 3.6% to distributable income per share. Highlights for the period includes the increase in distributable income per share of 4.3% to ZAR 152.6 cents. The dividend is up 7.4%. That's driven by the increased payout ratio, where the average payout ratio for last year was 85%, but the total average for this year is 87.5%. The group LTV came down from 40% to 38.7%. Group assets grew by 2.8% to ZAR 160 billion. NAV per share up 3.8%. The interest cover ratio is improving nicely, both on a group level and on the SA ICR level, reflecting our overall lower debt levels. Looking at the year that was. I guess starting the year off with positive momentum, having to return back to growth in distributable income per share for the June 2025 year. We then, in August, disposed of a holding in NewRiver and effectively got out of the U.K. in August. Then in October, we announced the Cape Winelands transaction and our strategic investment into the Cape Winelands project, as well as the Boston Hydro green energy project up in Clarens. Then in December, we announced the Auria acquisition or the healthcare fund announced the Auria acquisition. Pretty significant investment, acquiring ZAR 3.6 billion worth of assets there. January, we got the good news from the City of Cape Town that we've been successful in acquiring additional 440,000 sq m of bulk rights for the V&A Waterfront. Then February was quite busy with the disposal of the Discovery building, announcing the three new logistics projects, one in KZN, one in the Western Cape, and one in Gauteng. Then also in February, we announced the Olympus residential development in the Sandton Summit precinct. Then towards the end of the financial year in June, we did a very significant bond issuance of ZAR 1.8 billion, achieving all-time record low credit margins and literally the lowest margins we've ever achieved in Growthpoint's history. So some good momentum there. We continue to put a lot of emphasis, I guess, on the balance sheet and ensuring that we have a strong balance sheet and I think STN one day is going to thank me for leaving him with a company with a well-capitalized balance sheet and José giving them the opportunity to invest, as opposed to leaving them in a position where things are stressed and they're having to fight to bring down loan to value ratios and debt levels. But I think the 38.7% is well within or below the 40% mark. So we've got ample capacity on the balance sheet to my mind. GOZ, LTV remains a little bit elevated, just over 40%, 41%. I think ideally, guys would want to be below 40. I'll speak in a bit more detail to guys later. Clearly, I think, the Australian economy and guys going through a bit of a tougher time than it might have been used to in the past. SA LTV right down to 30%, and that's, I guess, where the real capacity now sits. We have ZAR 5.7 billion worth of access to capital with unutilized facilities at balance sheet date, ZAR 323 million worth of cash, and then the payout ratio, as we withhold 12.5% of the dividend, we're effectively retaining ZAR 647 million of cash pre-tax. So those achievements in terms of bringing down the loan to value and improving the balance sheet are largely attributable to the disposals. So for the period under review and, it's an ongoing process, I guess we have continued to look to dispose of underperforming assets and reinvesting in newer, better, well-located, modern, green energy efficient assets. For the year, we sold 29 assets valued at ZAR 4.9 billion. That is ZAR 3 billion worth of offices, ZAR 1.3 billion of logistics assets, and ZAR 600 million of retail. On the other side, we did spend ZAR 1.3 billion on developments, ZAR 600 million of retail, ZAR 377 million in office. That is essentially just buying up the 45% of the Discovery phase II building or this building number two at Discovery, and then ZAR 172 million on logistics and a similar number in Trading and Development. At balance sheet date, we had ZAR 3.6 billion worth of commitments, talking to churning of this capital, having sold, having created capacity, now looking at opportunities to reinvest, and we certainly still fancy the logistics and industrial sector. We have ZAR 1.5 billion of the ZAR 3.6 billion earmarked for logistics and industrial, ZAR 1.1 billion in retail, ZAR 200 million in office and ZAR 700 million in T&D. That is mainly Olympus and the development of an industrial warehouse done in Cape Town for In2Foods. Over the last 10 years, a decade, we have been very active with this repositioning. Sold ZAR 19.9 billion worth of assets and reduced the number of properties actually from 471 properties to 302. In the process, the actual, let us call it, portfolio composition has also changed. The two biggest moves there being office, which used to be 46% of total value of the portfolio in 2015, now at 39%, and industrial moving from 15% to 20%. During this period, the total disposals of ZAR 19.9 billion, ZAR 8.5 billion of that was office, ZAR 4.5 billion of that was retail, ZAR 5 billion was industrial, and then we had ZAR 1.7 billion worth of disposals out of the Trading and Development business. On the other hand, we have been reinvesting, and we have reinvested ZAR 9.2 billion into office, ZAR 5.5 billion into retail, ZAR 5.2 billion into industrial, and ZAR 2 billion into Trading and Development. Focusing a little bit more on the international side. As I said, we have the two international investments. They make up or contribute 22.1% of our distributable income per share, and they make up about 35% of the group assets. The rand equivalent foreign currency income via cash or scrip dividend alternatives has reduced from FY2025 to FY2026 by almost ZAR 300 million, or ZAR 1.4 billion to ZAR 1.1 billion. A big chunk of that is the disposal of NewRiver and Capital & Regional. That still contributed to last year's distributable income numbers, but there is nothing in this year's numbers from NewRiver and Capital & Regional plc. From GOZ, the GOZ dividend was slightly up. Globalworth dividend on a different per shared basis, slightly down. A big mover in that ZAR 1.4 billion to ZAR 1.1 billion drop in foreign income is also the rand strengthening this year, compared to prior years, obviously, where we always used to rely on a fair bit of rand earnings uplift from a devaluing rand. I am not sure who in the room would have been betting aggressively on the rand strengthening to the extent that it has, but that also was a factor in that number. If I touch on the international investments individually, just briefly. Growthpoint Australia, we have 48 properties there, just short of 1 million sq m and about ZAR 47 billion worth of assets. That is 100%. We own 63.6% of it. As I said earlier, GOZ and Australia more broadly, I guess, is going through a slightly tougher time economically than in the past. We are seeing 15-year high interest rates currently in Australia. They are currently predicting for even further interest rate increases, possibly another one in September. That is constraining, I guess, the economic growth and certainly, we all know the relationship between interest rates and real estate, and certainly, putting a lot of pressure broadly on the listed property and direct property sector in Australia. But notwithstanding that, we did grow or GOZ did grow its FFO per share marginally by 0.9% and its dividend by 1.1%, declaring a dividend AUD 0.184 compared to the AUD 0.182 in the prior year. That excludes the special dividend that GOZ paid last year. So in ZAR, we received ZAR 946 million, down from ZAR 1 billion. That is mainly, as I said, rand devaluation. Sorry, rand strengthening. The payout ratio remained pretty constant at 78%. The balance sheet, as I said, it remains strong, but is slightly above that 40% mark that everybody sort of generally is more comfortable with. In the period, I think the company is looking at a number of options, obviously, to bring some of that gearing down. One in particular, we sort of call it a self-help option, I guess, ultimately is asset disposals. Post year-end, the company did announce the disposal of a very significant industrial asset in Perth, valued at AUD 268 million. That sale, if you just use those proceeds to reduce debt, immediately the LTVs back down to about a 38 odd percent number. So I think all in hand, nothing to be concerned about. The company refinanced ZAR 495 million worth of debt during the period. It has good access to liquidity and debt funding within the Australian market, both from the Australian banks and the Australian debt capital markets. NTA per share was down 1.3%, driven mainly by the downward revaluation of the asset portfolio and 1.9% down in the office portfolio and, yeah, I think, and 0.9% down in the industrial portfolio. The debt is largely fixed. 77% of all interest rate exposure is fixed. The weighted average debt maturity is 3.2 years, and the weighted average cost of debt has just nudged to over 5%. The portfolio is a mix of office and industrial, about 65% office, 35% industrial. It is about ZAR 4.1 billion worth of, dollars rather, worth of assets. I think a very healthy tenant base with 29% of income coming from government tenants and 48% from listed corporates. The portfolio is very well let. I mean, 96% occupancy, 6.8% weighted average cap rate on valuations, a six-year WALE. If you look operation, I mean, they had a record leasing year with 81,000 sq m of leasing in the office space and 117,000 in the industrial space. So a record year for leasing and like for like property FFO up 2.6%. So operationally and at a direct property level, the metrics are pretty good. The one challenge, though, is that with an office-heavy sector, whilst FFO is growing, and as we see here up 2.6%, the incentive levels in that Australian market for attracting new tenants or retaining tenants on renewal are very high. We are seeing anywhere between 30% and 50% incentives in that market. I think the higher end of that in the Melbourne market. Melbourne as an office market at the moment is particularly challenged with vacancies. The Melbourne government is not particularly investor-friendly and certainly not friendly towards foreign investors. That is causing challenges within the broader market in Melbourne. On the funds management side, we got about AUD 1.2 billion worth of assets under management in the funds business. During the year, AUD 331 million was returned to investors where some of the funds matured and the assets were realized and capital returned to investors. But the team was successful in creating new assets to the value of AUD 125 million. All in the assets under management decreased from AUD 1.4 billion to AUD 1.2 billion. Globalworth, our investment into the entity that is listed on the London Stock Exchange on the alternative investment market there. Globalworth, we own just under 30% of Globalworth. It owns 56 properties across Romania and Poland. Just over 1 million sq m, and our 29.6% share valued at about ZAR 14.6 billion. The dividend per share for Globalworth came down from EUR 0.14 in the prior period to EUR 0.12. They have been declaring dividends, albeit that the December dividend was a scrip dividend and we elected to reinvest. The June 26 dividend now that they have just declared is going to be a part cash and part share. So we will take about 40% of our dividend in cash and the balance will be in shares. That is consistent with the position of the controlling shareholder in that entity called Zakiono. The decrease in dividend was mainly attributable to, this is on a per share basis, the significant discount that is applied when they offer their DRIP discount to NAV. The increase in finance costs as well as some additional tax charges in Poland gave rise to the drop in dividend per share. Again, on an operating level, net operating income growing at 0.6% and the actual portfolio letting, I will talk on the next slide, but operationally similar story to cars, actually. The operational side at the property level pretty robust. The balance sheet remains very strong with EUR 273 million of cash on balance sheet. We did repay EUR 125 million of the bond notes during the period. LTV improved from 38% to 36.7%. The debt maturity is four years. 90% of the debt is hedged in terms of interest rates, and there is no major refinance risk in that debt portfolio. A fairly quiet period in the disposal and investment side at Globalworth, with one asset disposal being the Philips property for EUR 9 million. On the development side, we are in the process of building a new 17,000 square meter office building in the heart of Bucharest, which is a demand lead and demand driven development on a vacant piece of land that Globalworth owned since we invested there, I guess, in 2016. In Poland, the Renoma redevelopment project is finally complete. That took a fair while. That is a 48,000 square meter mixed-use development in Poland. We saw marginal uplift in the value of the portfolio to EUR 2.6 billion. We have 56 assets, 36 in Poland and 20 in Romania. Very good letting period. Again, record letting, actually, in the year. The vacancy came down from 14% to 13.4%, and we actually saw a slight increase in vacancies in Romania and a decrease in the Polish vacancies across all three the sectors there or regions there. Total revenue up at ZAR 240 million compared to ZAR 228 million in the prior period. Lango is the entity that invests into African gateway cities. It owns 15 properties, 242,000 sq m, and our equivalent value at the asset level of our 18.9% sharing is ZAR 2.4 billion. We own just short of 19%. It owns 12 office properties and three plots of land. The property valuations in the period were declined or written down by 3.7% to $788 million. Our 18.9% stake is valued at $633 million. In the prior period, the company did internalize its Management Company. We were about a 32.5% shareholder in the Man Co. As they internalized the Man Co., the owners of the Man Co. received convertible notes into Lango as compensation. That tranche A notes that we still own is valued at ZAR 207 million. Growthpoint Investment Partners, the funds management business. The two Growthpoint Healthcare. It has 15 properties, 129,000 sq m of GLA and a portfolio value of ZAR 8.5 billion. Growthpoint owns 39.1% of it. As I mentioned earlier, the acquisition of the Auria business was a transformational transaction for the fund, branching out from its traditional healthcare and hospital property portfolio into life rights and age care. The value of that portfolio at June 30 was ZAR 3.9 billion. We received ZAR 71 million worth of dividends, down from the ZAR 90 million in the prior year. The dilution mainly attributable to the inclusion of Auria and the fact that the Auria acquisition was fully debt funded for the period and was originally anticipated to be dilutive, so slightly less dividends. On the other hand, the asset management income increased from ZAR 46 million to ZAR 56 million. On the LTV front, it is quite a complicated story with these life rights and how you account for them and whether it is a liability on balance sheet or you net it off against the asset value. LTV went up to 51% given the fact that the entity fully debt funded the ZAR 1.2 billion equity check to buy the business. If you exclude those life rights liabilities, LTV is at 29%. The student accommodation business, 16 properties, 10,000 beds and a value of about ZAR 5 billion. Ongoing expansion of that fund with the addition of new properties. The single largest one currently being constructed is a 2,400 bed unit down in KZN. It is called Schlumber Studios. That will be completed by the end of the year for occupation by students for the 2027 calendar year. We received both dividends and asset management fees were relatively flat for the year. This is a little graphic, I guess, of the Auria assets. There are five of them, 670 units in total. Three of them in Gauteng Santorini in Bryanston, Melrose Manor in the Melrose area, and Royal View near the Royal Golf Course. Coral Cove on the North Coast of KZN, and Woodside in the Western Cape, just outside Cape Town, actually. At this point, I am going to hand over to José, and then I will be back at the end. I tried to count this morning, and I think, Norbert, this is your 44th results presentation as CEO. My first. He told me yesterday he can do these things off the cuff now. I still need my notes. Morning, everyone. From an RSA portfolio perspective, we had a good year. Like-for-like NPI growth up 4.4%. We renewed just shy of 1 million sq m of space during the period, with some new lettings in that number as well. During the course of it, we had dropped our vacancies at a portfolio level from 8.2% to 7.2%. I think in considering the quality and sustainability of our income streams, one of the key discussion points is always going to be the reversion rates on lease renewals. Overall, in the portfolio for the year, this was -2.3%, but that varied quite significantly across the different sectors and the different regions in which we operate in South Africa. The overall result was dragged down by the office portfolio that nationally delivered a -6.3% reversion rate on lease renewals, and Gauteng being particularly challenged at -10.2% on lease renewals. The Western Cape had a much better experience, where reversions in offices was actually +0.4%, with a decrease in vacancies for our portfolio there outside of the V&A, from 5.39% to 3.6%. Escalations for new leases in the Western Cape actually exceeded 7% compared to the prior year. Average enforced escalations across the portfolio remains healthy at 6.8%. Lease tenures underpinned in the portfolio have increased by 3 years to 3.8 years on lease renewals for the office sector, and our renewal success has jumped to north of 80% across the portfolio. We have seen a 3.3% increase in valuations of the property portfolio in SA by ZAR 2 billion, most of that being led by the industrial portfolio that has seen an uplift of 6.4%. I think it is important to point out that that valuation uplift is driven by underlying income increasing and not by the valuation metrics having improved across the portfolio. As we all know, bond yields last year improved significantly towards the end of the year. The benefit of those decreasing bond yields has largely, in our valuations, been offset by an increase in the risk factor applied to the discount rate. Looking at our office portfolio, more specifically. Growthpoint South Africa's portfolio still is heavily weighted to offices, with about 40% of the portfolio represented in that sector. Overall, vacancies improved from 14.6% to 14.1%. Gauteng still sits at an unhealthy 18.6%, and all indicators would tell you that the Gauteng offices are the primary drag in the SA portfolio. We recognize this, and our capital allocation strategy speaks to it. Within the past 12 months, we have sold ZAR 4.9 billion in assets, of which ZAR 3 billion was in offices. As Norbert had pointed out earlier, over the last 10 years, we have sold ZAR 8.5 billion worth of office assets out of this portfolio. It is not all doom and gloom for offices in our view. Enforced escalations are still very good at 7.2%, and on renewals this past year, escalation signed up was 6.9%. Lease duration on renewals have also improved to 3.8 years. Like-for-like NPI growth for the office sector has dropped to 3.1%, but importantly, recoveries for electricity is now at 101%, and for rates and other charges at 107%. Although we still have difficulty in the top line for growing rentals on a gross basis, we are able to pass through more of the underlying cost to tenancies, which is helping us on an NPI level. We believe Gauteng still remains the primary corporate and economic market in South Africa. As we stand here, two-thirds of our office exposure are still in the province, with vacancies concentrated in select areas like Midrand, Parktown, and select pockets of Sandton. A place for offices still exists in our diversified portfolio, but our exposure is becoming more selective. We are selling out of office with weaker long-term fundamentals and concentrating our exposure in modern, sustainable, efficient assets that offer more competitiveness and growth in the longer term. Over time, our relative exposure to offices will drop, but it won't drop to zero. It's also evident that when economic activity improves, the office portfolio will perform better. We've seen this in the Waterfront, where vacancies in the office portfolio are now sub 1%, and in our Western Cape portfolio, where our vacancies have dropped below 4%. It's important to note that when economic activity in an area improves, the offices will do better. As Estienne always says, "20% vacant still means 80% let." The right offices in the right locations remain key. The decrease in our exposure will be deliberate and sensible. We have seen our office assets valuation increase by 3% for the period. Going on to our retail portfolio. Our retail portfolio currently also constitutes about 40% of our value by assets in the country. For the period, we have seen densities in trading increase to 2.7% across the portfolio. Leading the way was the Eastern Cape at 3.9%, the Western Cape at 3.4%, and KZN and further inland at 2.5%. Gauteng, again, was the laggard at 1.8%. Renewal success in the portfolio was in excess of 90% for the period, and we have seen a positive reversion in the portfolio for the first time in a while of 0.8%. Vacancy in the portfolio is exceptionally low for a portfolio of this nature at 3.5%, and in-force escalations still remain above 6%. We are also looking at the long-term positioning of the retail portfolio to have assets in our portfolio that are dominant in the catchment areas that they serve and offer long-term sustainable competitiveness and growth. Our current rent to turnover ratio in the portfolio is up to 7.8% from 7.6% in the prior period. But at an annualized trading density north of ZAR 37,000 per square meter, we are still of the opinion that this is relatively healthy and affordable for the tenancies in our portfolio. On our logistics portfolio, the portfolio is showing good strength and good progress in terms of the strategy and rollout that we envisaged in this side of the business. Currently about 20% of the portfolio, and we expect that to increase over the next number of years as our development pipeline rolls out. In this portfolio, we are also consciously disposing of assets that are in non-core areas and positioning the portfolio into modern logistics parks, where the assets are grouped closer together to offer some operational synergies and long-term appeal. During the period, we did sell ZAR 1.26 billion of assets in the industrial portfolio. Like for like growth was 4.9%. Vacancies are below 3%. I think I read yesterday that nationally they are at about 3% at the moment, so other landlords are also getting some benefits in this sector. The renewal success rate is about 80% for this portfolio this past year. In-force escalations are currently at 7.4% and on renewals at 7.3%. I think the one number that will be questioned is that we have a marginal negative reversion in the portfolio for this past 12 months of 0.5%. That is concentrated to some non-core assets where we elected to drop the rentals to keep the buildings occupied as we progress our pathway to disposing of those assets. That is not reflective of the general overall industrial portfolio. The quality of the portfolio continues to increase with healthy development pipeline in Gauteng, in the Western Cape, and in KwaZulu-Natal. We often do start some of these developments on a speculative basis to be ahead of the demand curve. I think Growthpoint is aimed to be in industrial assets that are more generic, smaller boxes, and not the large, very specialized boxes that some of our competitors are invested in. We have as at yesterday, there is a development we are doing in Montague Gardens that is meant to be complete in 2027 for about 38,000 sq m. That entire development, we got a lease agreement signed yesterday for a large user to take up that space in 2027, demonstrating the demand that there is for these types of assets in the right locations. There is a lot of churn in our portfolio at the moment, as Norbert had indicated. I think our run rate will be about ZAR 2 billion to ZAR 3 billion per year as a rolling statistic. We have managed to sell most of the assets that we have sold at or better than book value. I think we will not sell at all costs. It does have a dilutive impact, okay? We will do what is sensible at the time that we make the disposal, what the market is like, what it means to our business in terms of dilution. We are hoping to sell that amount of assets per year as we roll out and reinvest that capital into new, more modern and longer-lasting competitive assets in our portfolio. One of the disposals that we have made last year was Discovery. We have said that the dilutive impact on that transaction on its own for a full year would be about 1%. We do in our annexures disclose the yields at which we have sold certain assets and when we have sold them, so you can go and figure out what the dilutive impact is. Most of those yields, because they are older assets, are north of where our cost of debt is. So it will have a dilutive impact, but it is a necessary cost as you reposition the overall portfolio going forward. Our trading and development business, their profitability depends on the timing and completion of the developments that they are busy with. They are quite busy at the moment with a lot of development in the ground. For the healthcare business, they have completed a hospital type asset this year. As Norbert had mentioned, there is a large student accommodation building that is being completed towards the end of this year. In our own portfolio, we are currently developing at Noka Park in Montague Gardens, as well as an asset called Indlovu Logistics Park, also in Montague Gardens. The Paarl Mall redevelopment will be complete in November of this year. The Olympus residential development you see across the road here will be complete in 2028. They have been quite busy. The pipeline of developments for them are healthy and profitable developments, and when we book the income depends on when the development completes. As long as the team remains busy on yielding projects, we are not too concerned about losses in any particular year as those developments come into fruition. These are some of the developments currently underway. As you can see there when they will be completed, and what the developments team are currently busy with. From an ESG perspective, Growthpoint over time has spent now north of ZAR 1 billion on 98 solar plants that have a peak generating capacity of 69 MW. The Boston Hydro plant has started delivering power into our portfolio on a wheeling basis since October 2025. Our renewable energy penetration is now up to 19% compared to 7.9% in the prior year. We have maintained a level 1 BEE score. We have made some appointments that better improve diversity at our board level. We have also appointed Noorayah Khan here for gender diversity on our board, and she has recently joined us as an NED. More work, of course, needs to be done, but Growthpoint is moving in the right direction. We have spent for the year close to ZAR 60 million in CSR, similar to the number spent last year. We are a key supporter of Property Point that aims to create jobs in our sector, amongst the other initiatives that they pursue. Our social spend also includes a large emphasis on education, where we have spent ZAR 24 million in this last year. One of the flagship programs is our GEMS program, which is education for children of staff in our business. It has been around for 10 years. I think this will be one of the legacy things that were implemented in Norbert's tenure that he is most proud of. Every staff member at Growthpoint who earns less than ZAR 400,000 a year gets to have their kids' education paid for. There is a whole committee that does the allocations. So far, in 10 years, no one has been turned away. It is quite a significant project for our staff that Growthpoint has managed to achieve. At the V&A, crown jewel investment in our broader portfolio, distribution for this past year of ZAR 965 million, up from ZAR 810 million in the prior year, 21% NPI growth. That includes profits from the sale of residential apartments at 5 Dock Road that benefited us to the tune of about ZAR 139 million in that period. Excluding those profits, the NPI growth would have been 6.9%. Importantly, during the period, The Table Bay hotel was closed for its redevelopment, now rebranded and opened as an InterContinental. It was always the plan that the resi sales, the profit from that would offset the loss for having The Table Bay hotel closed for a period of time. The resi has exceeded that loss, and that's why the Waterfront numbers are looking so good. If we had included the opening of The Table Bay hotel on a normalized basis and excluded the residential sales, the NPI growth would have been around 10%. The highest growth areas for the Waterfront has actually been in the marine and industrial, which has seen a 13.7% growth. Office rentals growing by 8.2%, so you can see in the right locations, offices are still doing extremely well. Followed by retail at 6.2% and hospitality at 2%. That hospitality number, of course, being impacted by the fact that The Table Bay hotel was closed. Vacancies in the broader Waterfront is now at or below 1%. The V&A is, of course, heavily dependent on tourism, and we are happy to report that visitor footfall to the area has increased by 7% year-on-year. In the overall income pool that we generate from the V&A, there has been an uptick in the amount of operational income exposure that we have. Historically, around 16%, now up to 20%. It gives us the benefit of participating in the high growth currently being experienced in the precinct, but also comes with the risk associated with the dependency on tourism footfall, et cetera. The V&A has low gearing. There is an extensive development pipeline that's being rolled out over there, but it has such low gearing that it can fund off that balance sheet of it, at least for the next call it three to four years, its development pipeline. Going on to our financial results for the year. Our NPI is up 4.4% on a like-for-like basis on the SA portfolio. Overall distribution has increased by ZAR 216 million. The primary impact thereon has been the decrease in our interest cost of about ZAR 371 million, and this follows the decrease in our average debt levels from ZAR 39 billion to ZAR 33 billion, together with our interest costs having dropped from 8.9% to 8.6% this year compared to last. SA LTV, as has been mentioned by Norbert, is now at 30.2% and group LTV at 38.7%. Group ICR now being better than 2.6 times. Our distributable income for the year, ZAR 5.2 billion, gave us 152 cents per share of distributable income and at our payout ratio, that translates to 133 cents per share, 7.4% up on the prior year. Our portfolio has seen an uplift in valuations of 3.3% or ZAR 2 billion, excluding healthcare and the student accommodation fund, driven predominantly by income increases rather than the metrics underpinning the valuations changing. Within the SA sectors, however, the valuation uplift was quite different amongst the sectors that we have exposure in. Industrial, as I'd mentioned, at 6.4, office at 2.9, and retail at 2.1. The healthcare assets and student accommodation assets have seen uplift of 3.8% and 5.3% respectively. I think Norbert has mentioned that GOZ saw a slight decline of 1.9% in offices and 0.9% in its industrial assets, which we consolidate onto our balance sheet, and that is on the back of rental growth being outweighed by cap rate expansion. Our balance sheet is very healthy at ZAR 33 billion of debt in SA. GOZ, as Norbert has mentioned, is at about 41%, still well within their target range, but probably a little bit higher than we would have wanted to be given their current interest rate environment. In SA, we have unutilized facilities at year-end of about ZAR 5.7 billion. During the last quarter of the financial year, our treasury team refinanced about ZAR 1.8 billion through a public bond issuance at 108 basis points over ZARONIA at terms of three, five and seven years. That bond issuance was six times oversubscribed, which shows healthy appetite for Growthpoint paper, and delivered at the lowest margins in Growthpoint's history. Shortly after year-end, our treasury team did some further private placements to the tune of about ZAR 3.1 billion. This time around, ZAR 1.5 billion thereof was at the 10-year tenure, and the clearing average margin was 134 basis points above ZARONIA, which for that kind of tenures is exceptional. These issuances have moved the split in our debt exposure between bond markets and banks to about 57% in the bond markets. Banks remain our friends. Having reduced our debt, we have good capacity now to support our development pipeline and seek opportunities for growth. You will note in the annexures to the presentations, Norbert has indicated our commitments are still about ZAR 3.6 billion to be spent. Overall, those commitments for the projects that we are currently busy with amounts to about ZAR 4.26 billion, most of that being directed towards retail and industrial. Of those commitments, ZAR 280 million only relates to offices, and that is for a regional head office for Discovery in Gonubie that we hope to build, lease for a while, and sell to them in another couple of years. I think what the key message is, as we have this liquidity and debt capacity, is that we are aiming to fund the development rollout with the sale of non-core assets. There is a timing mismatch. What the balance sheet capacity allows us to do is to manage that timing mismatch, and also allows us to have the capacity to seek some opportunistic growth as opportunities arise in the marketplace. In conclusion, the outlook for FY2027, the guidance that we've given is 1%-3% up. There's a couple of points that Norbert will expand on when he comes to give some closing remarks. It does obviously have the impact of dilution of sales in there. The offshore investments are in difficult macroeconomic circumstances, and that has an impact. Some of the cross-currency swaps that are coming up for renewal this year in managing our exposure to Australia are rebasing to higher levels given Australian interest rates, and that has an impact. We also expect that SA interest rates will stay higher for longer, and that has had an impact on how we see this next year unfolding. I'd like to say thank you to the broader finance team. This has been a hell of a task, my first one in this portfolio. The volume is immense, and I never expected it to be this much. But I'd like to thank the team for all the long hours and the late nights that they've had. Norbert didn't want today to be about him and the more than 20 years that he has been Growthpoint CEO, or about the fact that the market cap at the time that he started was about ZAR 3.7 billion and is ZAR 57 billion today, with a total shareholder return north of 12% consistently over that 20-odd year period. It includes the GFC, includes COVID, and includes all the other factors that Estienne commonly refers to as the nine plagues happening over that time. As I welcome him back onto the stage, I just want to acknowledge the huge effort, the legacy that he leaves, and to say thank you. Great leaders do not necessarily leave you without challenges, but they certainly leave you enabled to take them on. Thanks, Norbert. Thanks, José. Thanks for those kind words. Thank you. Cheers. Probably don't need this. All right, thanks very much for that. We do have a couple of questions here. I think José made the remarks that I was probably about to make in relation to the outlook and the dividend guidance for 1%-3%. Obviously, this year you still had the interplay between a higher payout ratio on average, so giving you a higher dividend growth rate relative to the DIPS growth rate. Next year, it's in the base, so at 87.5 with a constant payout ratio, we're looking at 1.3% DIPS and dividend. The key drivers, I guess, we ourselves would've been a bit disappointed if we were to continue to build on the growth. Last year, I think it was 3.5. This year, 4.3. We all aspire to continue to show growth in dividend. The three or four factors, I guess, that are pulling us back at a very high level. It is fair to say Growthpoint continues to remain overexposed to the office sector, not only in South Africa but also in its international investments. GOZ being 67% office, and Globalworth being effectively 100% office. I used the phrase yesterday, one of the reporters latched onto that. I called it the Achilles heel. The Achilles heel at the moment, though, is probably still Gauteng office. Gauteng office has not performed well for a fairly extended period of time. I would say even before COVID, Gauteng office started underperforming. There is a multitude of factors that are at play there, not only, let us say, the lack of infrastructure investment from the municipalities' perspectives, but generally lack of economic growth. If you have one year of zero economic growth and three or four or five years of 3% or 4%, you get a particular trajectory. If you have had 10 years of sub 1% economic growth, it is not conducive to stimulating office growth and office demand growth. We continue to be hamstrung by that a little bit, and I think we should be looking to accelerate our disposal out of the underperforming areas. As José said, office is not dead. Office in good areas can still be a very good investment, and we are seeing that in the Western Cape, in particular, at the moment in our portfolio. There is no doubt in my mind that Aussie will turn as it comes out of its particularly high interest rate cycle that it is in at the moment. That does, I think, drag on our growth prospects. The other one is the disposal process. We have disposed of a fortune of assets over the last couple of years, ZAR 2.5 billion last year, ZAR 4.9 billion this year. That is close on ZAR 7.5 billion of disposals. If you just, I do not know, take 10, I can only do simple math, so 10% on ZAR 7.5 billion, that is ZAR 750 million of lost revenue. Let us call it NPI. You have got to make that up. We have been reinvesting as we disclosed, but not at the same rate that we have been disposing of or at. Next year, we are definitely going to see the absolute NPI number. This year, the absolute NPI number is still up, but next year, it is likely the absolute NPI number will be down. That is having an impact. The interest rate outlook is having an impact. Waterfront had a tremendous year this year with 21% increase in its contribution. That cannot be repeated, and we have shown you that a big chunk of it was one-off, linked to the residential development in the Waterfront. We do anticipate the Waterfront will continue to perform very well. We make a remark, I think, on the previous slide before this one, where we see the operating income probably growing at double digit within the Waterfront. But you have to normalize for the one-off residential sales that are in this year's number. There is one of the questions from online, I will address it as part of this remark. At a holistic level for next year, we are probably looking at lowish single-digit growth from the Waterfront, considering the exceptional performance and base that has been created through this year's numbers. Then, I think internationally, the international investments for the last year or two have been a bit disappointing. Slower dividend growth coming out of Australia and negative dividend growth coming out of Globalworth. If you add all of those things into the mix, you come to a conclusion that our dividend growth projection for next year will land in that sort of 1%-3% space. Hopefully that gives you a little bit more feel and color for perhaps why it's going backwards next year relative to this year. I'm going to quickly deal with a number of the questions that come from the online audience. The first one talks to, "Can you provide guidance on the distributable income growth for the V&A?" I think I've dealt with that one. The expectation for dividend withholding tax from GOZ for next year, because this year was quite low. That one remains a bit of a mystery, and it is dependent on the activity within the portfolio on asset disposals, asset acquisitions. We can't really predict. We generally work on 10% as a dividend withholding tax number. Sometimes it's a bit more, sometimes it's a bit less. I think there is going to be, you may recall, we sold a big chunk of industrial assets into the Growthpoint Australia Logistics Partnership, which is the fund that we created. We realized significant capital gains in the disposal of those assets. This Perth asset that GOZ has sold, AUD 268 million, has also got a very significant capital gain attached to it. Those capital gains have a big impact ultimately on the withholding tax calculation. The exact outcome of it I can't predict right now. It is just something that I would highlight. There's a question that says, "Given the increased payout ratio, what would be the key considerations for Growthpoint in offering a DRIP option?" I think the board did discuss the DRIP option. I think a couple of considerations. One is the share price obviously is still trading at a pretty big discount to underlying NTA on the one hand. On the other hand, given our LTVs and the fact that our SA balance sheet is now down at about a 30-odd percent LTV, our access to debt capital, liquidity is exceptional at the moment. We don't believe it's appropriate to be doing a DRIP when we've got that level of access to debt and let's call it's a bit of a tricky phrase, and it sometimes can come back and bite you, but a lazy balance sheet with debt capacity. There wouldn't be any sort of rationale to be raising equity, specifically via a DRIP. "Besides the owner-occupied transactions, who are the natural buyers for the properties in Gauteng?" It is mainly the owner-occupiers and then the residential converters. There are probably more guys playing in that space today than there's been in the last couple of years. Certainly, the most recent one we sold here, I'm looking at Tim for the name of Sandton close, but also the one literally around the corner from here. Fredman Towers. Fredman Towers was also recently sold to a resi converter. Mainly resi converters. We are hesitant to sell, I guess, just to other office landlords. At the end of the day, there is an oversupply of office in Gauteng. There is an oversupply of office in Sandton, given the vacancies. By selling it to another office landlord, you are just handing that landlord the opportunity to compete with yourself. That is not necessarily good as far as we are concerned. It is not to say we will not, depending on the price. If somebody wants to pay a particular price for an asset that we think is attractive, we will consider it. As a broader statement or a broader philosophy, we would rather sell to resi converters or own occupiers. Can you quantify FY 2025 DIPS sensitivity to rolling your foreign earnings hedges at current exchange rates? The only comment I would sort of offer there, José dealt with it, to say that when we are looking, we have actually just dealt with them in the last week, two Aussie CCIRSs. Which we were paying about 2%, just over 2% on them. We have refinanced them at just over 4%. They have become quite a lot more expensive. Let us say double, pretty much, in terms of the actual interest we pay on them. That is in the mix in our overall, let us say, outlook for what our interest number might look like next year. Then this here: What is the risk that the extent of densification at the Waterfront decreases the attractiveness and therefore the reversions and escalations? Look, it is an ongoing challenge to find the right balance. I often urge management at the Waterfront to be very sensitive to the pace of rollout of new developments. It is not only rolling out new developments, it is also the infrastructure reinvestment that needs to take place. The original asset is 25 years old. We are in the process, for those of you that drive in and out of the Waterfront on a regular basis or might have been there for the rugby two weeks ago, you would have seen that road that goes around the marina all the way through to the main shopping center is now down to one lane and caused chaos during the rugby. The reason for that is that the water pipe, the main water reticulation pipes, run underneath that road, and those are needing to be replaced after 25 years. It is finding the right balance between new development, new exciting initiatives, and then obviously the, let us call it, maintenance infrastructure work. Also, I think it is very important to maintain the balance between what I call public spaces and, let us say, just densifying with new residential or new office buildings, et cetera. What makes the Waterfront such an appealing precinct is the fact that it does have green spaces, it does have all these different activities, and you do not want to destroy that. I think the point is very well made to the V&A management. I do not think they will be irresponsible in that regard. I see the Waterfront as a very responsible developer. Not all developers are always responsible. They try and maximize the last little bit of bulk that they have got. That is not the Waterfront's philosophy, and that is not our philosophy. We would be ensuring that they do it responsibly. What is the risk that the Okay, that is the Waterfront one. The last one I am going to deal with now from online is: What is your view strategy on the international portfolio, particularly Globalworth? This minority stake has been underperforming for a long time. I cannot deny that. It has unfortunately been so. It was not by design. We never intended to be a minority. We have ended up there due to corporate activity by the original founder of the business, in fact, who we backed into that business. We continue to engage with the other shareholders and management to try and find a solution whereby each party could be more in charge of their own, let us say, portfolio or where we. The entity has got 95% of its shares held by four shareholders. It is not tapping the equity capital markets. There are many factors and reasons, I think, why that entity should not necessarily be listed. Ongoing discussions with all stakeholders are currently underway, and probably more active discussions now than in the last two or three years. I remain cautious on what I say about that because it is a listed entity and there are LSE rules and all sorts to adhere to. That, I think, closes the, or deals with all the questions online. I would be very happy to take questions from the floor. There are roving mics, and if anybody has got In fact, I did check. I mean, it is 12:00. How is that for timing, hey? José. I think that is the best we have done in the last 10 years. The only conclusion I can come to, must be STN, cannot stop blabbering and taking way too long dealing with these sections. We did well to finish it off in exactly an hour. Happy to take questions. A question here. Mweishö Nene from SBG Securities. Just to get a sense on the guidance again, I know you have already discussed it, but you said that you are expecting rates higher for longer. That would not necessarily drive a decrease, right, on your net finance costs. Are you guys potentially expecting any rate hikes in that time? Is that part of the assumption? We have got, I think, in our budgets. We do have, I think there are two interest rate increases that we have modeled in our current assumptions, yeah. Towards the back end, but you must remember the delta will always much lower than it was in the past. Yeah. As the years go on. Okay. Cool. Maybe also, this might be geared towards José, but the strengthening of the rand against the aussie dollar wasn't that large, sort of like 2%. I'm just wondering if you guys are having a different view on how to hedge your income going forward, or are you guys going to be more aggressive to protect against any potential downside going forward? I can just maybe make a start with an initial comment and maybe hand over to José and Usher. While the average rates or the actual year-end rates might only have moved by that 2%, obviously we hedge progressively throughout the year. Our average, we do not always disclose our C3 average hedge rates. I think there was a much bigger differential between what we had hedged at last year at well over 12 and a half, I cannot remember what the number was, to where rates are at the moment. It was a much bigger delta than the 2%. We constantly review, I guess, our policies. All policies in terms of interest rate hedging, use of Cross-Currency Interest Rate Swaps, and forward hedging of the currency. There is nothing at this point in time to suggest that we are going to be changing the way in which we have been dealing with it in the past. In essence, I guess what we try and do is we predict the cash flows that we are going to be receiving in the next 12 months. The closer we get to the actual date that we need to convert those aussie cash flows into rand cash flows, we want to be more certain about how many rands we are going to get. We have this progressive hedging sort of strategy. Whenever we do see weakness in the rand, we do take, sometimes it is quite opportunistic in terms of taking out the hedges when the rand is particularly weak. That is fine. Are you guys looking to expand your exposure to the bond market, just given the pricing that you are able to receive right now? Are there any reasons why you would not? You want to see half the people in the room run out. Look, it is obviously very tempting to continue to tap that bond market to maximize the opportunity. I mean, the reality is we have always had a policy and a philosophy of diversifying our debt sources. Sometimes, the market is supportive of bonds as it is at the moment. I mean, José, I think we have gone from 50/50 to almost 60/40, where the mix between bank funding and bond funding. In essence, we have been raising money in the bond market and repaying the banks. Banks are not happy. The banks understand to a point. I think we also need to understand that the cycle will turn, and eventually we. So it is about relationships as opposed to only being fixated with maximizing the last cent out of the margin in a particular market. We, yeah, I mean, we're going to continue to maximize our opportunity there, but responsibly and taking into account, I guess, the broader relationships that we have within our funding mix, in particular, the relationship with the banks. Any other questions? If there are no further questions, ladies and gents, I thank you all for your time and attendance. Thank you very much. We're going to be around for at least another hour or so. If you wanted to come and ask a question in private, please feel free. I'll see you next year, but I'll be sitting in the audience as opposed to standing on the stage. Thank you all very much.