NewRiver REIT (LSE:NRR) — Results for the six months ended 30 September 2025

0:00 Good morning and welcome to the NEWRIVER REIT PLC Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by the Q and A tab situated in the right corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company can review the questions for today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Alan Locker. Good morning to you, sir. Thank you, Alessandro. Well, good morning, everyone. We're delighted to take you through our half year results, we announced on Tuesday. I'm pleased to say that New River continues to deliver disciplined growth underpinned by an experienced and scalable platform.

0:46 Our focus remains on sustainable expansion by maximizing value from our assets and ensuring we're ready to act upon accretive opportunities as they arise with capital discipline at the heart of our strategy. We recognize that our share price does not reflect the underlying progress that we have made, and we share the frustration of our shareholders. That said, we are confident in our platform, our assets, our strategy, and the market outlook as we continue to build operational momentum. The first half was a period of strong operational performance during which we completed the integration of the capital regional portfolio.

1:35 We unlocked net annual synergies of £6,200,000 and grew cash profits by 31%, enabling an increase in our first half dividend to 3.1p per share, which is fully covered. We maintain strong occupancy and our leasing activity has been robust with double digit increases in new rents. This strong leasing performance underpinned another consecutive period of positive valuation growth. Our balance sheet is strong with comfortable gearing, healthy cash reserves, and ample liquidity. These highlights, strong rents, greater scale, consistently high occupancy, and a robust balance sheet position us well to capitalize on an improving retail market.

2:33 Retail parks and shopping centers, make up 94% of our portfolio, are outperforming broader discretionary retail supported by resilient consumer demand and improving fundamentals. Looking forward, we have identified a pipeline of attractive investment opportunities ranging from single asset deals to larger transactions, which gives us confidence in our ability to achieve greater scale through earnings and value accretive transactions over time. At an operational level, we are optimistic about the outlook for the retail real estate market. Recovery in The UK retail sector continues.

3:19 Retail spend is up driven by a resilient consumer base, a broadly stable labor market, and elevated consumer savings. While overall retail spend continues to grow, online only retailers are losing share to those with physical stores. We believe this reflects consumer preferences and the essential role physical stores play for retailers seeking to build brand awareness and drive multichannel sales. Current data shows that vacancy rates in retail are at their lowest level in years driven by increasing occupational demand and with supply tightening, rental growth prospects are improving.

4:09 This on convenience led retail and omnichannel outlets, our assets are strategically positioned to benefit from these positive trends of a resilient consumer, improving occupational demand, and a tightening of available supply of retail space. Our tenants are reporting stronger sales and we're seeing that through increased demand for space across our assets. These fundamentals underpin our in future rental growth and long term portfolio resilience. With increasing retail consumer spend and improving occupational demand for space, the data suggests that the investor appetite for retail assets is growing.

4:56 This is underpinned by the attractive total returns with supermarkets, shopping centers, and retail warehouses outperforming other areas of the real estate market. Capital values in ERVs are rising and liquidity in the capital markets is improving. We're seeing competitive bidding for quality assets and the risk adjusted returns that retail offers remains compelling, particularly compared to other commercial real estate sectors. And we've been able to take advantage of the improving investor demand with the sale of three shopping centers for £71,000,000 in line with book and a further £40,000,000 of asset disposals either under offer or completed since the period end with a diverse range of investors including institutional capital, REITs, and private investors.

5:52 I'm now going to hand over to Will, our CFO, who will take you through the financials. Thanks, Alan, and good morning, everyone. It's my pleasure to be taking you through our half year results, starting with the key highlights. The first of which is that we've completed all of the Capital and Regional post acquisition work streams, including integrating the assets onto our platform and systems and unlocking the £6,200,000 of admin cost synergies identified during our diligence, in line with planned time lines, I. E, within twelve months of completion on a look forward basis. We've demonstrated our disciplined approach to capital allocation, selling £70,000,000 of assets at pricing close to book value and recycling a proportion of the proceeds into our own shares at a 26% discount, proactively facilitating Growthpoint's exit from our share register.

6:53 Lastly, we've increased the scale of the business while maintaining balance sheet strength and working ourselves into position to commence refinancing in the first part of twenty twenty six. These highlights have culminated in a first half total accounting return of 5.4% and leave us well positioned as we look forward. I'll have more details on these areas in the coming slides, starting with the balance sheet, and specifically, loan to value. This slide shows that we started the year with LTV of 42%, in line with the pro form a communicated on completion of the C and R acquisition a year ago.

7:40 At the time of completion, we explained that we remain committed to our LTV guidance and that we were confident in our ability to return to the 40% level through a realistically achievable amount of asset disposals, which we more than achieved during the first half. First, with the disposal of the Abbey Centre in Belfast for just under £60,000,000 and then with two smaller disposals in Leith and Wools End, bringing total disposal proceeds during the half to over £70,000,000,000 which reduced LTV to 38%. In mid August, Growthpoint announced its intention to sell at least 10% of its 14% holding in NEWRIVER.

8:27 And we facilitated their exit by buying back 10% of our share capital, with the remaining 4% acquired by new and existing shareholders at 75p per share, representing a 6% discount to the price at which we raised equity last year and a 26% discount to March 25 NTA per share. We did this primarily because the transaction was accretive to UFFO and NTA per share, but also to clear a potential overhang on our shares. And following the buyback, LTV increased back up to 42%, which is modestly above guidance. But importantly, during the first half, we demonstrated financial discipline and the liquidity of our portfolio in disposing £70,000,000 of assets at close to book value.

9:21 And our LTV position is supported by a stable portfolio valuation, which again showed modest growth in the first half. Furthermore, we remain very comfortable with the strength of our overall financial position because we consider LTV alongside our net debt to EBITDA and interest cover ratios, which remain among the best in the listed peer group. And lastly, post period end, we've already reduced LTV on a pro form a basis through further sales, and we're currently progressing disposals, which we expect to complete in the coming months. Next, more on the balance sheet and our Reefy plans. Our cash position remains strong and has increased since March because proceeds from asset disposals in the first half outweigh the cash cost of the buyback.

10:18 Gross debt is the same as in March, with the main components still the GBP 140,000,000 MAL facility and GBP 300,000,000 bond. EPRA NTA per share has increased, principally due to the buyback, offset slightly by disposals. And our overall debt metric position remains strong, as I've just explained, which was recognised by Fitch in September when they reaffirmed New River's investment grade credit ratings, a BBB with a stable outlook and BBB plus on the bond itself. Moving on to refinancing. We expect the first phase of our plans focused on the MAL facility to commence soon. And during the first half, we focused on getting into position to execute by maintaining maximum flexibility within our current structure, exercising a plus one option on the MAO facility to extend maturity to January 28, and extending the plus one window on the 100,000,000 undrawn RCF to March 26.

11:26 Looking ahead, we recognize that right now, we're still very well positioned with a low cost of debt and a predominantly unsecured debt structure. In addition, due to our elevated cash position, which we expect to increase further as we complete disposals to reduce LTV to within guidance, our total refi requirement is likely to be less than the £440,000,000 of drawn debt we currently have. And we're clear that in any refinancing, we want to make sure we extract maximum benefit from our current position, which we're aware has inherent value given where rates are today. But we're keen to begin to manage our maturity profile, so we plan to be active in the debt market in the first half of twenty twenty six, and our preference is to remain as an unsecured borrower.

12:19 Before I move on to H1 UFFO, I'd like to spend a moment on C and R, specifically on the progress we've made on the synergies post acquisition and what this means for earnings accretion. As part of our diligence, we identified GBP 6,200,000 of admin cost synergies, which were the key driver of the UFFO per share accretion expected as a result of the transaction. And we said that we expected these synergies to be unlocked within twelve months of completion on an annualized basis. We've made good progress by the end of FY twenty twenty five, which continued into FY twenty twenty six as we completed the migration of C and R property management and accounting data onto our systems over the summer, which was the final major step in integrating the two businesses.

13:12 And we've continued to make great progress on unlocking the cost savings, which are now fully unlocked. The chart on the slide translates this into accretion. Starting with HY twenty five UFFO per share of 3.7p, which is the baseline pre acquisition position. Number one shows the impact of funding the transaction on UFFO per share, being the equity placing, cash and share consideration and transaction costs. Number two shows the level of profit contribution unlocked, ignoring Snow Zone seasonality. Number three shows the benefit of the final synergies, the majority of which will come through in FY 'twenty seven.

14:00 And number four shows the expected benefit to come from near term leasing activity in the C and R portfolio, including the reversal of the impact of retailer restructuring in H1. Lastly, as shown as number five on the slide, after factoring in disposals to reduce LTV to guidance and the upcoming MAO refi, we remain on track to deliver the mid- to high teens UFFO per share accretion outlined at the time of the transaction. Next, first half UFFO, which in pounds million increased from £11,500,000 in the prior period to £15,100,000 this year, principally because of the scale added via the C and R acquisition.

14:47 The bridge on the slide focuses on the per share movement, which is important as it forms the basis of our dividend policy. This reduced from 3.7p in the first half of the prior year to 3.3p in the first half of this year. And I'll now walk you through the key moving parts, firstly, a look through basis, excluding phasing. Starting with the C and R impact, where you'll recognize the figures from the previous slide being dilution from acquisition funding and then C and R accretion, which is shown on the slide as 2.1p on a look through basis, ignoring snow zone seasonality, which I'll discuss in more detail on the next slide.

15:33 Disposals reduced UFFO on a per share basis by 0.4p, reflecting the impact of disposals in the prior year and the first half of the current year, principally Newton Abbey. Next, the share buyback, which we completed in mid August. The slide initially shows the look through impact on H1, assuming the buyback had concluded at the start of the half. On to operational matters, starting with core NPI including AM fees, which have added 0.1p per share, principally reflecting a full half of contribution from Elandi versus a partial contribution in the prior year, which gives 4.4p per share on a look through basis before then reflecting H1 timing.

16:23 Continuing with operational matters, the portfolio has performed well in H1, but we've seen some temporary income disruption from retailer restructurings, principally Poundland, but also River Island, Claire's and Body Care, which have impacted H1 through increased provisioning, and we expect will result in some income disruption in the second half as we negotiate the best possible terms or seek alternative occupiers. Next, we strip out the benefit of the share buyback, which will benefit H2 and the first half of FY 'twenty seven because of the timing late in H1 and then the impact of Snowzone seasonality, which gets us to the 3.3p we reported earlier this week.

17:11 On to Snow Zone, which you'll remember we acquired in December 24 as part of the C and R transaction. It's an operational business with three sites, two in The UK and one in Spain. Our observations after a year of ownership are that it's a high quality letter operating platform and a very well run business that makes a meaningful contribution to UFFO on an annualized basis. But as flagged in our full year results six months ago, its contribution is seasonal, which is more pronounced under NEWRIVER's ownership because we have a March rather than a December year end, as CNR had, which means Snow Zone's controlled loss period falls squarely into H1 and peak trading falls into H2.

17:59 This is why when we presented our full year results back in June, we highlighted that the EBITDA recorded in our first 3.5 of ownership of £3,700,000 exceeded Snowzone's annual trading output because this initial period encompassed Snowzone's peak trading season without any of its period of controlled loss. So the result in H1 of a loss of £1,600,000 is in line with our expectations, as is the level of profitability delivered in H2 to date. This H1 performance means Snowzone delivered EBITDA of £2,900,000 over the twelve months ended September 30, which is relevant when we come to look at the first half dividend.

18:49 As you all know, we pay dividends twice per annum, announced within our half and full year results and based on 80% of UFFO. On Tuesday, we reported UFFO per share for H1 of 3.3p. As explained on the previous slide, this included Snowzone's controlled loss period. If we adjust for this seasonality in order to smooth our in year earnings profile, by assuming Snow Zone's profits accrue on a straight line basis over the year and using the EBITDA generated over the twelve months of September as our basis. This increases UFFO per share by 0.6p, giving an adjusted UFFO per share of 3.9p.

19:36 Taking 80% of this gives an H1 dividend of 3.1p per share, which is fully covered by H1 UFFO per share of 3.3p. In the second half, we will, in effect, apply the equivalent seasonality adjustment because the full year dividend will be calculated as 80% of full year UFFO per share less the H1 dividend of 3.1p, meaning the blended payout for the financial year will be 80% of our FY 'twenty six UFFO, in line with our policy. Thank you all for listening. I'll now hand you back to Alan. Thanks, Will. We believe that our consistently high occupancy and tenant retention rates combined with affordable rents will drive sustainable rental growth.

20:33 We've achieved strong leasing volumes with tenant retention rates improving year on year. New leasing rents are growing from a highly affordable base ensuring our assets remain attractive to both new and existing tenants. This approach minimizes void risk and supports stable income growth. Evidence of our success can be seen through our leasing activity, which consistently outperforms with new rents at 11.3% above estimated rental value and 24.2% ahead of previous rent. And our long term rental compound annual growth rate has been steadily improving over the last four years.

21:20 I would highlight that our portfolio has delivered a compound annual growth rate in rents of 1% per annum over the last nine years based on three years of aggregated leasing during a period where retail was highly disrupted by COVID and peak online. This affirms our portfolio positioning, our leasing strategy, and the quality of our asset management. Our high level of occupancy is supported by active and diverse demand for space across our portfolio. We have a broad tenant mix which reduces concentration risk and enhances income stability.

22:06 As you can see, no single retailer represents more than 3.5% of our portfolio rents. Leasing volumes are high with a strong pipeline allowing us to capture inherent rental reversion in our portfolio. We have a strong pipeline of new leasing deals which will help offset some short term disruption from recent tenant CVAs. Retail is a highly competitive and dynamic sector. While our occupational market has been steadily improving, we have had some recent disruption from the CVAs of Poundland, Bodycare, Homebase, and River Island. Now there's no indication that these CVAs are a reflection of the broader retail market, and we're expecting there to be no material impact to our operations over the medium term as we make good progress in mitigating that disruption.

23:03 Already, we have replaced Homebase with superior leasing deals to Sainsbury's and The Range, and we're making great progress on mitigating the impact from Poundland. And already we are in negotiations with the new owner of Body Care. We're seeing strong underlying consumer spending growth and both our occupiers and assets are benefiting. We are located in areas with strong local demographics and high frequency of use, which helps drive outperformance in customer spend. Retailers in our portfolio consistently exceed national averages for sales, whether in our shopping centers or our retail parks, demonstrating the quality of our locations and the resilience of our occupiers.

23:55 We focus on convenience and omnichannel retail, ensuring our assets are integral to the communities they serve. Evidence of our outperformance is reflected in our tenant sales data and the continued interest from leading retailers in securing space within our assets. Active asset management is central to our value creation strategy. We continuously target improved tenant profiles, enhanced asset quality and seek to drive rental growth through our strategic initiatives. Our hands on approach enables us to identify and unlock opportunities for income enhancement and capital appreciation.

24:42 Our retail park in Dumfries is a great example of our active asset management, where we have improved tenant quality with the introduction of Sainsbury's, Tapi, Food Warehouse, and Next. We increased rents with the introduction of drive thru restaurants, the new letting to Sainsbury's, which was secured at a significant increase to the previous passing rent, and we've negotiated a much higher rent with B and M at lease renewal having created positive rental evidence with the new lettings to Food Warehouse and NEXT. All this activity has delivered positive income and capital returns. Snow Zone, The UK's leading indoor ski operator is a business that we acquired as part of Capital Regional transaction and it presents an excellent opportunity for growth within our portfolio.

25:37 Snow Zone has a high quality management team with extensive operational experience in leisure beyond just skiing. It is a highly profitable, well run business and it holds a dominant position across the markets it serves. However, as Will said, it is inherently seasonal and so we are actively exploring opportunities that utilizes management team's experience and our expertise in asset backed operations to deliver further earnings growth. The leisure sector is growing evidenced by increased demand for leisure space in our retail assets. Snow Zone's performance has been strong and provides confidence of the potential for further expansion and diversification of our income streams.

26:27 We're always looking for opportunities to grow earnings. We've been able to utilize our specialist asset backed operating platform to pursue capital light growth through strategic partnerships. In this half alone, our net fee income from capital partnerships grew by 40% compared with the same period last year. Over the past five years, net income from our capital partnerships has grown almost 20% per annum. There are ample opportunities for further partnerships and no shortage of partners looking to leverage the value of our platform and operation expertise, and we hope to maintain a similar run rate over the next five years.

27:14 We have a diverse range of partners and are actively discussing a number of investment opportunities across retail parks, regeneration projects, and shopping centers. Capital partnerships allow us to scale efficiently in a capital light way, share risk, access new markets, and collect valuable market data. Capital publishers are central to our strategy for sustainable long term earnings growth and will provide attractive recurring and growing income stream that we will continue to scale. To summarize and bring it back to the start, we are in good shape. We have a well positioned portfolio that is performing, a supportive market backdrop, a balance sheet that provides flexibility and optionality, and a market leading platform ready to capitalize on growth opportunities.

28:15 As we explore these opportunities, we believe that increased scale will result in a lower cost of capital, improved cost efficiency, and better liquidity for our shareholders. Our pursuit of growth comes with strict capital and financial discipline. The outlook for retail remains strong, and we will continue to build on our momentum to deliver value for shareholders whilst providing one of the most attractive high yielding dividends in our sector at circa 9.5%, which is fully covered. Well, thank you. We'll now move to q and a. I think we have a number of questions that have been posted. Yep. Do.

29:00 So I'll just start with the first one from Ken Jay. What is your current estimate of the value of the next final dividend? Well, I think the thanks for your question, Ken. We we can't obviously give dividend forecasts. You know, we're all we're not allowed to do that. What we can say is that from the analysts that have updated their models following our recent results earlier this week, they're expecting a UFFO per share of around 8.3p in FY twenty six. And, obviously, our dividend policy is that we pay out 80% of our UFFO per share as dividends. And we said I said earlier on in the presentation that, you know, although we've accelerated some of the full year dividend in a way by bringing it into the half year because of snow zone seasonality, hopefully, the point I made clearly during the presentation is that our full year dividend will be 80% of our UFFO per share for the year, less the 3.1p dividend that we declared earlier this week.

30:05 Okay. The next question also from Ken. Was the company placed under any pressure to undertake the recent substantial share buyback? No, we weren't under any pressure at all. A buyback is one of our capital deployment options that will always be an option for us in the future. We undertook this buyback because we felt it was the in the best interests of the company and our shareholders. Growthpoint's stake at 14 percent was becoming a factor in terms of how prospective shareholders were looking at NEWRIVER because there was a concern around growth point and when they were going to sell because they were never going to be a long term investor. We took the opportunity to acquire those shares at 75p, obviously at a material discount to our then NTA per share.

31:01 Buyback transaction was always going to be accretive to both earnings and NTA per share. We thought it was definitely the right thing to do And indeed post that buyback, quite a number of our shareholders wrote to us to commend the company for doing this. We were really pleased to have been able to sort that one out. Great. Thank you. The next question is from Ashley who has a couple of questions. I'll read the first one out. Can you please expand on your opportunity within capital partnerships? Can the recent growth rate continue and what are the capital needs and returns that you target? Yes. Thank you for that question, Ashley. As we said in the presentation, we think we've got significant growth potential to deliver income, net of costs growth in our capital partnership activities.

31:54 We've been growing that at just under 20% per annum. We see no reason whatsoever why we can't continue with that run rate over the next sort of five years. We are currently investigating a number of investment opportunities across our sort of like key areas of focus which is retail parks, shopping centers and regeneration projects. And we're making good progress in identifying and securing the right partners who we can co invest alongside and to be able to get a share of future rent from those investments. But also it's about asset management and development management fee income which is what we're really targeting. So we're very confident we can continue to grow our partnership activities.

32:40 Okay. Next question is also about growth. You recently staged a target to double the size of the company. How will you achieve this and what is the target time frame? And can you do this whilst at least maintaining returns on the capital invested? Yeah. We think we can. Look, we've got a number of growth levers actually. So first of all, we think the prospects for sustainable rental growth within our balance sheet portfolio, our retail parks and shopping centers is really encouraging. With rental growth valuations should follow as value start to rise, it creates what gives us the capacity to utilize some of the liquidity that we have to be able to deploy that into new investment opportunities to drive even more earnings growth.

33:29 We're confident around our ability to continue growing earnings from capital partnerships. Capital recycling is a very important discipline where we sell assets and then recycle that capital into new opportunities that will deliver superior income and capital returns into the future. And then finally, hunting down really transactions in the direct real estate market to deliver growth in the future. And we're very determined to be able to try and achieve that. We think that growth in our market cap for example will come from earnings growth. We're very focused on trying to achieve doubling the size of our market cap over the next sort of couple of years because we know that scale within the public equity markets is becoming more important. As we said in the presentation, you know, with increased scale should lead to lower cost of capital, better cost efficiency and better liquidity for our shareholders.

34:31 But the most important thing is not scale for scale sake, it's delivering scale that's going to create value for our shareholders and that is what we are very determined to deliver. Great. Thank you. And the final question from Ashley. Do you feel vulnerable to corporate activity given the discount to asset value on which the shares trade? Well, we don't sort of look at it as if we're like vulnerable or not vulnerable. You know, our job is to deliver, you know, great returns and for our shareholders. That's what we're focused on. And ultimately, know, that is delivered by some form of corporate activity and we think that's in the best interest for our shareholders, then that will be the right thing for us to do. Okay. There's a couple more questions.

35:18 Next one's from Tim. When you do refi debt as it matures, approximately what rate, I. E, basis points over the LIBOR do you expect to pay? Okay. Alright. Thank you, Tim. So so so the margin, basically. Okay. Well, I'd start by saying, hopefully, it was clear in the presentation. We feel like we're in a really, really good position at the moment. You know, we are going to be active in the first half of twenty six, and we are gonna move forward our refinancing plans. And that's why we've, you know, made sure that our the strength of our financial position across loan to value, interest cover, and net debt to EBITDA is very, very strong, and I say, hopefully, you've made that point today. Furthermore, our credit ratings were reaffirmed again by Fitch in September.

36:04 We've maintained those ratings since we issued the corporate bond back in March 2018. So we are we have investment grade credit ratings triple b with a stable outlook and triple b plus on the bond. So as I say, we feel really, really well positioned. In terms of pricing and the margin as you referenced, a few interesting data points. So if you look at the yield to maturity on our bond at the moment, now the bond matures in March 28, so it's quite, you know, it's sort of two and a half years to go. The yield to maturity at the moment is actually 5%, so the spread over the GILT is about 120 basis points. That's the tightest it's been really at any point since the bond was issued, so that's really, really positive. And if I look at the RCF, say we have an undrawn RCF, which I'm sure you're aware of, a 100,000,000 undrawn RCF.

36:56 And if I look at the margin on that instrument, and and this is November 2023 when we were negotiating that margin, it's it's somewhere in the midpoint between 23%. Now if you think about 2023 and you think about how the debt markets feel about retail and shopping centers now versus in 2023, Definitely, there has been an improvement in sentiment. We've seen that in terms of some of the transactions, the shopping center transactions recently and the amount of lenders that have been competing to lend on those deals. So, you know, somewhere in the midpoint between two and three, the last time we're in the bank market. You know, I think when we're when we're speaking to our lenders early in '26, we will be looking to reduce that margin slightly from that point and get it closer to sort of two percent and three percent, I would say.

37:48 Okay. Thanks, Will. And then the final question, another from Tim. Given the progress you've already alluded to regarding the recent four business CVAs, how big an impact do you expect on UFFO in h two in the next fiscal year, I e, will it be negligible? So, I mean, you know, hopefully, we're clear in our in our presentation. Really, some of the leasing that we've got in the pipeline is very strong indeed, and, therefore, I think it's important to put the the short term interruption from the CVAs into that context. So, you know, going into '27, we feel we've got some really, really, really, really strong leasing activity, and we'll start to get the benefit of that coming through in the new financial year. In terms of looking forward into the second half of FY '26, you know, we do we we do expect potentially some interruption.

38:39 Really, that interruption just comes as we try and renegotiate the best possible position with with businesses like Poundland, River Island, Claire's, and Body Care, which are the main businesses that have impacted us in the first half. So I think I said in the analyst presentation on Tuesday, we'll be looking to mitigate any impact to be as little as possible, but it could be that in the second half, there's somewhere in the region of 500,000 to a million pounds of impact from those CVAs. But I think it's really important to put that into context of the broader leasing activity that we're doing and how positive we feel about that. Okay. Great. Well, that's the end the question, so I'll hand over to Alan to close. Well, yes. So thank you. And I'd like just to sort of take the opportunity to thank our shareholders for their support.

39:32 And for those of you who are non shareholders, now is a great time to be on NEWRIVER's register. So we hope to see more of you on our register as we go into 2026. Please continue to follow us via investor meet, and any, direct questions that, you may have, you can contact us through info, email, on our on our website. And finally, just like to wish you and your families a Merry Christmas. That's great. Well, thank you very much for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected? Provide your feedback so the management team can better understand your views and expectations. On behalf of the management team of NEWRIVER REIT PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.