Charter Hall Group (CHC) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and welcome to the Charter Hall Group 2020 Annual General Meeting. There will be introductory remarks and then the formal business of the meeting. [Operator Instructions] Please note, this virtual meeting is being recorded today, Thursday, November 12, 2020. I would now like to hand the meeting over to your host today, Mr. David Clarke, Chair, Charter Hall Group. Thank you. Please go ahead.

Good afternoon, everyone. On behalf of the Board of Directors, it's my pleasure to welcome you to the 2020 Annual General Meeting of your Company, Charter Hall Group. My name is David Clark, and I am the chair of the Charter Hall Group Board of Directors. It is now 3:00 p.m. and as the necessary quorum is present, I declare this meeting properly constituted and open. This afternoon, I'll provide a brief overview of the business and achievements during the financial year '20 and and our Managing Director and group CEO, David Harrison, will then provide an update on our business and key results as well as reconfirm our outlook for the financial year 2021. We will then move to the formal business of the meeting and the resolutions for your consideration. There are 5 items of business and 4 resolutions for your consideration today. The first resolution involves the reelection of David Ross as a director. When the time comes, I will ask David to say a few words and provide some personal background and reasons he believes he should be reelected. The other 3 resolutions relate to the approval of the remuneration report and the issue of service and performance rights to the Managing Director and Group CEO, David Harrison. As you heard in the introduction, there will also be an opportunity to ask questions of directors, and I will pause as we move through the proceedings to allow time to ask questions on the resolutions. I would say, though, if possible, please type in your questions well before we get to the particular matter, you wish to query. This will mean that I will see the questions on my screen immediately when I open a matter for questions or comments. I'd now like to introduce my fellow nonexecutive independent directors; Anne Brennan, who is the Chair of the Remuneration and Human Resources Committee, RHRC, Anne is a member of the Audit Risk and Compliance Committee. Karen Moses, who is Chair of the Audit Risk and Compliance Committee, the ARCC, Philip Garling, Chair of the Investment Committee and a member of the Nominations Committee and the RHRC; David Ross, who's a member of the RHRC Nomination Committee and Investment Committee and who is also standing for reelection today. Greg Paramor, AO, who's a member of the ARCC and the Investment Committee. And finally, I introduce our Managing Director and Group CEO, David Harrison. Also present today, and I welcome Mark Bryant, our company Secretary; Ewan Barron, from our auditor, PricewaterhouseCoopers, who will be available to answer any questions about their audit of the financial statements from security holders. I will now provide a short overview of our business, our Board and focus during the financial year 2020. This was a year of challenges for business and society. With a backdrop of weaker economic growth, drought, bushfires and then the onset of COVID-19, we have all been forced to adapt and respond to an uncertain external environment. There's no doubt that COVID-19 has had a profound effect on the property industry. Working in partnership dominated our approach to the challenges presented by COVID-19. With the onset of the pandemic, we moved quickly and decisively to establish working from home routines for our people in nonfrontline roles. Whilst supporting our executives and frontline roles within our supermarket-anchored shopping centers. We also launched a number of well-being initiatives to support our people to realize their individual potential, work productivity and continue contributing to our community. So I was particularly pleased to see that 87% of our people reported good or excellent levels of well-being during this time. Recognizing, too, that we needed to partner with our customers to resolve issues that affected all of us. Our teams introduced new hygiene regimes, changed our environments to accommodate social distancing and communicated tirelessly with our customers to continue to keep them updated. Fortunately, Charter Hall is a resilient business. And well placed to withstand the impacts by focusing on its strategic pillars of access, deploy, manage and invest. Our business benefited from increased investor equity flows for our industrial and logistics funds, and we enjoyed strong endorsement from our capital partners on our Long WALE strategies. COVID-19 has seen an acceleration in sale and leaseback transactions with corporates, both Australian headquartered companies and subsidiaries of multinational corporations. Our partnership model makes us well positioned to work together with companies to find mutually beneficial outcomes, and this has been a strength for the group in these times. For a number of years, we've had the strategic theme of making the business more resilient. This has meant we're focused on partnering with government and leading domestic and multinational companies that have strong business models centered on essential services, and this has resulted in a robust property portfolio across all our sectors. Additionally, we've taken the opportunity to fortify the balance sheet of our managed funds via reduced gearing extending debt facility terms and recycling noncore asset sale proceeds into higher quality assets, generally within a growing developed decor strategy across office and logistics taking an active approach to partnership builds trust and resilience across our many relationships. We work with some of Australia's biggest corporates, and our relationships are multi-sector and multidimensional as many of our tenant customers have sold assets on leaseback and others have chosen to also partner as co-owners and portfolios such as Telstra, BP and Ampol. Our approach to partnering with our tenants to meet their property needs continues to deliver results for securityholders, with operating earnings per security growth of 46.2% and for financial year '20 over financial year '19. Delivering resilient and growing income streams for our investors drives the performance of our funds and continues to attract investor equity with $5.1 billion of equity invested in the financial year 2020. Ultimately, we see long-term performance as the best true test of success. Over the last 10 years, we've delivered 15.9% compound annualized growth in operating earnings per security. If we remove the impact of last year's CHOT performance fee, this growth over those last 10 years has still been 13.1% per annum. Financial year '20 was Charter Hall's 15th year as a listed company. And through a combination of distributions and security price growth, we've been able to deliver securityholders a 15.7% total shareholder return per annum since inception as a listed group. The range and extent of our activities requires many inputs to be effective and competitive. We depend on talented people and their different experiences, backgrounds and perspectives to drive our growth and sustain our future. As a Board and management team, we realize the importance of creating equity, removing barriers to inclusion and genuinely engaging with internal and external communities to drive long-term organizational and systematic change. This year, we were recognized by the women's index as one of the leading ASX-listed companies to demonstrate gender equality. We continue our involvement with the Property Council of Australia's 500 women in property. We now have 30% female participation in senior executive positions and 55% female participation across our broad workforce. This year, we have again stepped up our efforts to be a sustainable organization with 212 Green Star - Performance ratings across the portfolio, maintaining Australia's largest Green Star footprint. We continue to see improvements in our neighbors energy ratings across our sectors. This year, we became the largest office portfolio to participate in the NABERS Sustainable Portfolios Index 2020. All our funds and 62 commercial assets are included in the index. With our Charter Hall Long WALE REIT placed in the top 3 portfolios. Our values ensure we remain strong as we grow and nurture the business through these turbulent time of technology -- technological, environmental community expectation and societal change. We have mapped our future against various climate scenarios and define our pathway to net 0 for Scope 1 and 2 emissions for the whole group by 2030. Further, our logistics and industrial portfolio has committed to achieving net 0 Scope 1 and 2 emissions by 2022. We've increased our renewable energy footprint from 2.5 megawatts in 2018 to 21 megawatts of solar PV installed across the portfolio. Last year, our retail team began an ambitious solar power and battery storage rollout plan and that will, over time, see us generate 31,000 megawatt hours of 100% renewable energy across our retail centers. We now have first and second stage agreements in place for solar systems at 28 of our convenient plus retail stores. Our climate governance initiatives this year have also introduced -- also included developing a road map to align with the recommendations of the task force for climate-related financial disclosures. This road map recognizes that in order for us to deliver on our purpose of securing a better future for all, we have a responsibility to understand the potential impact of climate change and to take active meaningful steps from board level to mitigate the impact. As a signatory to the United Nations Global Compact, we continue to engage in collaborative projects to advance the sustainable development goals and make the UN Global Compact and its principles, part of our strategy and culture. The double impacts of the Australian bushfires and COVID-19 prompted us to step up our involvement with communities even further. Through our commitment to the philanthropic movement pledged at 1%, our people are heavily engaged in our communities. They contributed 2,000 hours in volunteering, and we donated over 45,000 square meters in space, valued at $1.9 million for community use. We donated over $900,000 to assist communities, including $500,000 for bushfire relief and long term recovery. Recognizing that COVID-19 has put households under a lot of stress we continued our support for social enterprises, including Two Good Co, which helps vulnerable women who have experienced domestic violence. We also reviewed our community investment approach to ensure that we were continuing to engage with communities in the most effective ways. Through this review, we identified that creating inclusion through employment of vulnerable young Australians provides a pathway to address social issues impacting the communities in which we operate. This will now be the focus of our community investment. The Charter Hall Board continues to comprise of 6 independent directors, in addition to the Group Managing Director and CEO, the Audit Risk and Compliance Committee and the remuneration and Human Resources Committee, board committees comprise 100% independent directors. Your Board is actively engaged in the business to ensure that the continued execution of the group strategy takes place. We remain focused on providing clear governance and oversight to assist management in continuing to deliver for our stakeholders. We have always understood that embedding a high standard of ethics into our business, creating trust in the institution and the people who manage your wealth is paramount. Our role as a Board is to serve you to maintain and build trust. Economic growth in Australia faces a challenging future with the impacts of COVID-19, set to continuing to disrupt the outlook. Globally, the backdrop is similar, with lower interest rates expected in many geographies for an extended period. We remain well positioned with a leadership team focused on delivering results for our securityholders and capital partners. Across our platform, we have high-quality assets and sector-leading lease expiry terms delivering resilient performance and shared growth. I would like to take this opportunity to thank our tenants, investors and security holders for your support. Also my fellow directors and the Executive Committee for your dedication and our people and their families for your passion, commitment and sacrifice through a very, very difficult year to deliver remarkable performances. Finally, I'd like to acknowledge the traditional owners of the lands on which we meet today and where we conduct the Charter Hall group's business around this nation, paying my respects and all those involved -- to those communities and their elders past and present. It is now my pleasure to introduce the Managing Director and Group CEO, David Harrison, for his operational update.

Thank you, David. FY '20 marks a significant milestone for CHC, given it's the 15-year as an ASX-listed AREIT. Pleasingly, Charter Hall securityholders and fund investors have generated consistent growth in their investments, driven by consistent EPS growth and portfolio curation that has enhanced the quality, tenant diversity and resilience of the property portfolios we have created for our investors. We've delivered EPS growth and improved returns on contributed equity for both fund investors and CHC securityholders over many cycles during this 15-year period as a listed company. It's such an important milestone for the group and against a COVID-19 impacted backdrop, it was pleasing to be able to deliver our best year ever for earnings growth and a record year of funds under management growth. Operating earnings post-tax was $323 million, equating to $0.693 per security, up 46% over FY '19. And that equated to an even stronger pretax EPS of around $0.86. FUM grew by $10.1 billion or 33.2% over the year to finish at $40.5 billion. With further growth so far in financial year '21 with FUM growing another $2.9 billion to $43.4 billion. Over the 15-year journey, there have been many milestones. But throughout the years, we have been consistent in our approach to partner with tenant customers, looking to grow alongside them and curate portfolios that are resilient, and deliver sector-leading returns for our investors. It is in our DNA to manage external capital, and we never take this responsibility for granted. We combine our access to deploy, manage and invest strategic pillars to drive performance of CHC. The result is resilient portfolios with sector-leading WALEs and exposure to high-quality covenant tenants that delivers repeat business, with leasing and sale and leaseback opportunities. We've been pleased to deliver for securities holders, outperforming the AREIT sector index over every time period since listing, we remain well diversified by equity sources and by sector. The property funds management platform comprises over 1,300 properties, and generates more than $2.2 billion of net rental income annually, rising with a considerable pre-lease development work in progress in logistics and office, whilst deployment capacity across the group has never been greater. The thematics we have espoused for a decade, combining a Long WALE strategy, with a focus on high-quality tenant customers in industries that are resilient continues to pay dividends in terms of occupancy, rental growth and asset value growth. The capacity to secure long leases with attractive contracted rental increases annually continues to screen Australian property markets as very attractive to both domestic and global investors in a lower for longer interest rate environment. We've deliberately grown our exposure to this Long WALE thematic which is further evidenced by the $11.5 billion, 11-year WALE industrial and logistics portfolio and relatively high WALE of 8-point -- sorry, of 6.9 years for our $20 billion office portfolio, which is capacity to grow a further $5 billion with a captive development pipeline, which typically secures lease terms or WALE of approximately 10 years upon completion of these projects. The weighted average cap rate across the platform is currently 5.26%, reflecting the quality of our core portfolio. We expect to see cap rate compression for good quality, Long WALE assets across all sectors. But in particular, we see logistics and Long WALE triple net lease portfolios as likely to see the most downward pressure on cap rates and discount rates given 10-year bond yields persist well below or around that 1% level. Clearly, as cap rate and discount rates compress, asset values rise. Our diversity of equity segments continues to be well balanced. With 65% of funds under management from wholesale equity, 20% from our 3-listed REITs and 15% from our direct business that combined retail, self-managed super fund, high net worth and family office capital into Australia's largest direct business. Pleasingly, all segments of our equity sources continue to grow at similar growth rates. Providing additional investment capacity to fund our large $6.8 billion development pipeline within funds and providing dry powder for further judicious acquisitions. Investment capacity across the platform stands at $6.5 billion, excluding committed but unallotted equity commitments. In addition to our sector-leading WALEs, our resilience strategy is delivered via sector diversity, tenant industry diversity and geographic dispersion in our preferred markets. Lastly, our focus on a high proportion of government and tenant customers operating in essential industries provide security income from our property portfolios. FY '20 was a record year for FUM growth. With FUM growing $10.1 billion or 33% to $40.5 billion. FUM grew through a combination of significant transaction activity, positive revaluations and development CapEx across our funds. Our development pipeline continues to be a growing source of additional long lease assets for our portfolios, standing at $6.8 billion. $2.5 billion of which is committed and under construction. Whilst FY '20 saw $1.7 billion of development completions. The developments improved the returns within our funds by delivering enhanced yields and margins above cost compared to on completion independent valuations as well as delivering a growing earnings stream of management fees for Charter Hall securityholders. Looking forward, FY '20 has maintained the strong momentum of growth in funds under management. Our transaction team have been busy in the year-to-date, undertaking $3.4 billion of gross transactions so far in just 4 months. Large portfolio acquisitions, such as the ALDI Logistics portfolio the Ampol portfolio, the Owens-Illinois industrial acquisitions, all with long leases and triple net lease structures, are examples of the team securing both on market and importantly, off-market portfolio acquisitions. While markets globally remain volatile, the current interest rate environment means Australian commercial real estate continues to offer an attractive relative investment return. We remain confident that FY '21 will be another year of funds under management growth, mainly driven by pre-leased industrial and office developments, complemented by selective acquisitions and, of course, valuation growth. Strong equity flows saw us active in deploying equity into developments and acquisitions during FY '20. And this has continued again into FY '21. And we're active across all sectors in FY '20, but some of the highlights included the office acquisitions of Chifley Tower, arguably one of Australia's most prominent office complexes, and the $630 million 201 Elizabeth Street tower in Sydney. Together with the Telstra headquarters at 242 Exhibition Street in Melbourne, which combined represented $2.4 billion, just in those 3 major office acquisitions. In industrial and logistics, numerous Long WALE, single asset and portfolio acquisitions drove strong growth in logistics funds under management. In Long WALE retail, the BP partnership was one of the largest off-market sale and leaseback transactions of 2019, which we then followed up with the 240 New Zealand dollar portfolio acquisition of 20-year triple-net leased assets in New Zealand, once again secured off-market to a fantastic tenant customer in BP. Additionally, the recently announced Ampol portfolio partnering a long-term capital partner, GIC from Singapore has added a further $700 million to our Long WALE retail strategies. And similarly, in social infrastructure, the Telstra $1.43 billion telco exchange portfolio which saw us acquire a 49% interest, was further evidence of Charter Hall's ability to secure and execute complex sale and leaseback transactions in a timely manner that delivered certainty for the vendor. And just yesterday, we announced another Long WALE social infrastructure acquisition for our managed REIT CQE. Active asset management is an integral part of our business. We continue to see opportunities to transact favorably for our investors given our broad reach into transaction markets, both on and off market. Importantly, our strong tenant relationships continue to provide us with access to off market transactions, which are mutually beneficial to our customers and, of course, our fund investors and securityholders. Repeat customer transactions are a healthy sign of delivering on our customer-centric objectives, many of which reflect our capacity to deal with customers across multiple sectors. Turning to equity flows. FY '20 was a record year of equity flows across the business, marked by successful equity raisings from each capital source and that momentum has been maintained across all equity sources into FY '21. These equity raisings replenish investment capacity for the funds to continue their growth. And, of course, to fund the development pipeline across our funds. In our flagship pooled office and industrial funds, we allotted $1.3 billion of additional equity during FY '20 as existing and new investors took advantage of the opportunity to deploy further equity in these sector-leading funds. Importantly, we've seen that momentum continue in FY '21 with CPIF closing further equity commitments totaling $1.25 billion since June 30 and is in the process of finalizing another equity raising this month. When complete, these 2 equity raisings will take the number of wholesale investors across the platform to now exceeding 100 institutional investors. I'm also pleased to announce today the creation of a new partnership with Dutch Pension Fund, PGGM, PGGM. PGGM are a large, highly experienced global real estate investor and have chosen to partner with Charter Hall to invest in a diversified portfolio of Australian industrial logistics manufacturing and last-mile distribution properties. The initial partnership portfolio has secured approximately $300 million of assets. PGGM has an 88% equity interest and Charter Hall Group has a 12% interest in the partnership. In our direct business, which, as I mentioned earlier, invest for retail, self-managed super, high net worth and family office customers. We had another record year in FY '20 with $1.1 billion of net equity inflows. We currently have 4 direct funds open and are enjoying support from investors, given the exceptional performance of the funds within the direct business. We've 2 office funds open an industrial fund and a diversified fund available for investing, posting a combined portfolio of $6.5 billion, an average WALE of 9 years and 3% plus fixed annual rent reviews. This momentum has continued into FY '21 with flows averaging approximately $70 million a month in our Charter Hall direct business. In particular, the Direct industrial fund, DIF4, is a beneficiary of both its scale and quality investment portfolio and is currently attracting significant inflow. Our listed funds have also enjoyed the support of our investors, with all 3 listed funds successfully raising equity in FY '20. In FY '21, this support has also been evident again with the CLW raising of $126 million of equity to secure their interest in the expanded BP partnership, now encompassing the majority of BP's New Zealand leased convenience retail properties. That concludes my review of FY '20 and our progress year-to-date in FY '21. I'd now like to update our earnings outlook statement for FY '21. Based on no material changes in current market conditions and assuming that COVID-19 operating environment does not deteriorate from here. The group upgrades its FY '21 earnings guidance from $0.51 to $0.53 per security of post-tax operating earnings. Distribution per security guidance remains unchanged at 6% growth over FY '20, in line with previous years and on strategy to maintain a payout ratio that retains earnings for further growth. Finally, I would like to thank our people based around Australia for their continued hard work and dedication towards achieving these results. And on behalf of our senior executive, management team, I thank our securityholders for your continued trust in us. I will now hand back to our Chair, David Clarke, to conduct the formal business.

Thank you, David. Today is the first time that Charter Hall Group has conducted a meeting online. As the technology is relatively new, I'd like to ensure that you're familiar with the way we will proceed today. There are 5 items of business and 4 resolutions, which we will come to shortly. Securityholders may vote and submit questions about each item of business using the online platform. All resolutions to be put to the meeting today will be decided on a poll. I now declare the poll open. For those shareholders participating in the meeting via the online platform, you can cast your direct vote using the electronic voting card that you received when you validated the registration. If you have not, at the bottom of your web page, you should see that there are 3 boxes: one, get a voting card; two, ask a question; three, downloads. To register to vote, click on get a voting card box at the top of the web page or below the videos. You will need to register by providing your details as either an individual or proxy. Once you've registered, your voting card will appear with today's resolution to be voted on. Securityholders and proxies can either submit a full vote or a partial vote. You can move between the 2 tabs by clicking on full vote or partial vote at the top of the voting card. Once you have finished voting on the resolution, scroll down to the bottom of the box and click submit vote button. If you want to ask a question, you will only be able to ask a question after you have registered to vote. If you would like to ask a question, please click on the ask a question box, either at the top or bottom of the web page. And if you would like to view the notice of Annual General Meeting, click on the downloads button. With those procedural matters out of the way, I'd now like to move to today's formal business. I now table the notice of meeting dated September 13, 2020, which contains 5 items of business and 4 resolutions up for consideration today. A copy of the notice of meeting would have been made available to you by e-mail or as previously mentioned, is available to view on the web page. I will now take the notice of meeting as read. And move to Item 1 in the notice of meeting to receive and consider the annual report. This item should now be displayed on your screen. Please note that there is no requirement for securityholders to approve these reports. I note that no written questions were submitted for our auditors or me as Chairman in relation to this item. However, Ewan Barron n from our auditors, PwC, is here to take any questions relating to the preparation and content of the auditor's report and financial statements and the conduct of the audit. I will now pause to allow time for any questions to be submitted online. There are no questions coming through online. So I'll now proceed to the formal resolutions set out in the notice of meeting. Item 2 is the reelection of David Ross as a Director of Charter Hall Limited. This resolution is an ordinary resolution, and as you can see, is displayed on the screen. I would like to ask David to say a few words detailing his background and experience for the benefit of securityholders. David?

Thank you, David, and good afternoon, everyone. I joined the Board of Directors of the Charter Hall Group nearly 4 years ago on the 20th of December 2016. I'm also a member of the Board's Remuneration and Human Resources Committee, Investment Committee and the Nominations Committee. I previously held senior executive positions at GPT, Lend lease and Babcock & Brown. My experience as a corporate executive included over 30 years in the property industry within Australia and overseas including a total of 8 years as Chief Executive Officer of GPT; and Global Chief Executive Officer, real estate investments for Lend Lease. I, therefore, have the depth of skill and experience in both property and property funds management, which is the core of Charter Hall's business activities. My senior executive positions were all with ASX-listed companies reporting to boards and including responsibility for a range of stakeholders, which has given me the necessary governance, leadership and general management experience to contribute more broadly as a director. I'm also the chair of Arena REIT, which owns, manages and develops social infrastructure property, principally in the childcare sector. My education included a commerce degree, majoring accounting and finance, and I separately have property valuation qualifications. I enjoy working alongside my fellow directors under the leadership of our Chairman, David Clarke; and with Charter Hall's talented and hard-working management team under the leadership of our CEO, David Harrison. In summary, with your support I would continue to make my contribution as a Director of the Charter Hall Group. Thank you.

Thanks, David. I'll now pause and allow securityholders to ask any questions if they have any. I don't see any questions coming through. So I'll now display the proxies. The result of the proxies received on this resolution should now be displayed on your screen. I will now move to Item 3, which is the resolution is an ordinary resolution of Charter Hall Limited and relates to the adoption of the remuneration report included in the annual report for the year ended June 30, 2020. Text of the resolution is on your screen. I'll now pause to allow securityholders to ask questions if they have any. I do have a question that's just come through. Could we see the proxy numbers before the discussion on the resolution, please, so we can ask if you are aware of any unexpected against votes. Well, that's an interesting question. The -- we do get reports as we close in on the date for the Annual General Meeting from the share registry. And what I can say is there's no unexpected or -- yes, unexpected voting behavior this year on the -- on either the remuneration report or any of the other resolutions that we've seen. I think as you go see -- you'll see as we go through, certainly, the proxies received up to the time of the meeting showed that the -- all of the resolutions were very well supported. So I hope that answers that question. If there are no other questions, I'll now display this proxies. And given what we've just heard, if we can display the proxies when I announce the resolution, please so that people can see them then. Proxies received and displayed on the screen. We now move to item #4, which is the issue of service rights. So the fourth resolution is proposed as an ordinary resolution of both Charter Hall Limited and the Charter Hall Property Trust and relates to the issue of service rights to our CEO and Group Managing Director, David Harrison. The text of the resolution is on your screen. So if we can see the resolution there. And now we can show the overwhelming support that we have prior to this meeting for the resolution. I'll now pause to allow securityholders to ask questions if they have any. As there are no questions, we'll now move to the next item. The next item deals with -- is again proposed as an ordinary resolution of both Charter Hall Limited and Charter Hall Property Trust, and it relates to the issue of performance rights to Mr. Harrison. The text of the resolution is on the screen. And if we could now show the proxies for that resolution. So there we go as well. I'll now pause to us to allow securityholders to ask any questions if they have any. All right. I don't see there's any questions. So we will now move forward. And that was the final item of business to be considered. And so I will now declare that the formal business of the meeting is closed. The poll will remain open for a further 5 minutes and securityholders who have not already lodged -- voted may lodge their online votes during this time. And the results of the poll will be made available to the ASX and put up on our website later today. I'll now pause one last time to allow securityholders to ask further questions that they may have. So this is any questions of a general nature. I see there are no questions. There are no questions coming through. So in closing the meeting, I would again repeat, if you haven't already done so, I would encourage you to submit your vote online now. And as there's no other business to be considered, I now declare the formal business of the meeting closed. The poll will remain open for a further 5 minutes and securityholders who have not already lodged for their vote may do so online during that time. Again, the results will be made available to the ASX and put on our website later today. Thank you, everyone, for your attendance, and in particular, for your ongoing support of Charter Hall. Thank you very much.