Equites Property Fund Limited ($EQU)

Apologies for that. A few technicals. The beauty of not having to present in front of you, we do get these issues from time to time. So just to start again, distribution for the year at ZAR 1.41, which is a 5.3% growth year-on-year, the lower end of our guidance of 5% to 7%. But as we had communicated, the sale of the U.K. portfolio sort of took a little bit longer than anticipated, consequence of which is the benefits of that sale will only sort of start filtering through the organization during the course of this year. NAV up slightly. But obviously, we'd like to caveat that with the fact that the South African portfolio performed remarkably well. We had a fantastic re-rating on that portfolio. And obviously, the high quality and caliber of it is finally starting to pay off. The U.K. side, obviously, the exchange rate from Feb '25 to Feb '26 was massively against us. And consequently, the U.K. portfolio or the U.K. side of the business, obviously, has dragged that NAV down. But I'm sure Laila will take you through the detail of that a bit further on. Loan-to-value at 35.1% as of Feb and obviously, substantially lower than that as of today. Portfolio value at ZAR 28.7 billion. And likewise, as of today, that portfolio value is slightly lower. And obviously, we'll take you through our development expectations over the next 24 months, and we'd like to think that we will be back and above those numbers very, very quickly. The WALE at 13.7 years, probably very little unchanged. I think the U.K. and the SA portfolio were very, very balanced in that, maybe a little bit lower, but not really that much. Vacancy at 0.3%, obviously, still very low and the expectation that, that particular vacancy of 5,000 square meter facility up in Johannesburg is currently under offer. And let's see if we can get that let in the next 4 to 6 weeks. So, very excited about that. Revenue, the revenue streams still come. Obviously, our business is hinged on the fact that our revenue streams come from A-listed tenants. And that really -- there's no sign of that changing, notwithstanding the sale of the U.K. portfolio that will still remain very much in that target range. And then the SA all-in cost of debt, obviously, has come down very nicely during the course of this year, and Warren will take you through that in the treasury piece. I think really where the cycle is, Equites from sort of late '22 into '23 went through a massive asset recycling process. Some SA assets were sold on to optimize the balance sheet. Obviously, now with the sale of the Springboks or Aviva portfolio, that even more so. The positive thing is, obviously, is that we are as busy as we've ever been in the 12 years since we listed. And consequently, we'd like to think that we will be deploying a significant portion of that capital in the very much the short term rather than the medium term. So, South Africa now remains the engine of our growth and value creation, and we are extremely optimistic based on the current level of activity that we are currently involved in. So the business, where are we? Obviously, we are one step closer to completing our U.K. exit, I think a very big step closer, and we'll talk a little bit more detail in terms of where we are with everything. The South African deployment obviously keeps on growing. We had a '23 and a '24 where we had in excess of ZAR 2 billion of developments. I think this financial year that's just gone by has been a little bit slower, almost a reassessment of our position and the year ahead. And in fact, the year thereafter already looks like it's going to be bumper years. So, very excited about that. And then, obviously, the capital structure of the balance sheet is looking fantastic. Loan-to-value is where we want it. So it gives us lots of leeway to be able to carry on growing the business. Cost of debt is below our yields. And obviously, we have very good liquidity in terms of availability of those funds to basically deliver on our pipeline. And at the same time, we've got an incredible hedging position and policy in place, but respecting that policy and implementing it is a job that obviously has been ably done by Warren and his team, and he will talk you through that as well a bit later on the presentation. So, where are we in the U.K.? So during the period, I suppose the start was the sale of DPD Burgess Hill. That was sold to an institutional buyer during the course of the financial year. We are out of that. Goldthorpe, which is third on the list, that has been signed and transferred to the Newlands team. And obviously, the Aviva portfolio has also been sold now to an institutional buyer. So, what does that leave? It leaves 4 more pillars to the Equites' pipeline in the U.K. And I just wanted to give you a quick update in terms of where we are. So let's start with Coton Park. Coton Park is currently being developed for JD.com, and everything is on schedule to be complete in September. And in terms of our agreements, we should be paid out within 2 weeks of PC of that particular development. So, nothing really negative or positive. Everything is on schedule in terms of that happening. Thrapston, Newlands have got their option in place to draw down that land from us. They have already sort of indicated that they are going to trigger that option, but we're still awaiting a final trigger day. Our expectation is it potentially could be sort of late June, early July. But obviously, there are a few issues around the drawdown on that, which are not in Equites' control, but we remain positive that, that will happen as we do know that the Newlands team do have deals on that land pending. So, they are very eager to draw down and the issues are actually not in their control either. And then the final part of what I think will probably also reach its conclusion during the course of this calendar year is the DHL in Leeds. That is currently in arbitration with DHL on the rent review from last year. We'd like to think that, that will probably be settled within the next 4 to 6 weeks. And when it is and we do have that new base on the rental, we will then be in a position to put that particular piece of property on to the market. And the expectation is that we will probably find a suitable buyer for it at a suitable price, I would say, again also before the end of the calendar year. And then the final piece of the jigsaw in the U.K., obviously, is Basingstoke. So as you're all aware, we do have planning consent and everything is in place to go. We are currently at an advanced stage with 2 users for that particular site, which will require us to submit new planning applications for the detail of what they are requiring as it is different to what the approval was. But that process hopefully will follow through during the course of this year. We've got heads of terms agreed with one of the users. We just need to sign them and then get that process going. Our expectation is that all -- if everything goes according to plan, we should be in a position to start exchanging during the first half of 2027. Now realistically speaking, for us to get through the whole of Basingstoke in terms of developing it, again, not to own any of it in terms of doing freeholds or doing pre-lets where we would on sale the pre-let to institutional investors. Our expectation is that we will probably be involved in Basingstoke toward until probably the back end of calendar 2028, consequence of which is that executing on all that deal flow will result in us effectively bringing that to full cycle, but obviously, with a bit of profit on it as well, which obviously is very exciting after the 8 years of trying to get the planning consent approved. I think big question, and we thought it would be opportune to really put this slide in as well in terms of what's going to happen with this windfall of cash that has sort of entered our bank account in the last few days. And really, we've had to take certain things into consideration. Firstly, the fact that we have got a 35% loan-to-value. So, we are already in a fairly sort of positive stance in terms of balance sheet. We have obviously quite a few facilities in place, which we do not want to cancel because we know our pipeline is going to be significant over the next few years, the consequence of which is within those facilities. Some of them do have the ability to place the funds into sort of an access facility. Over and above that, there are certain facilities that are coming to their end during the course of this financial year. The intention would be to repay those. And then we need to balance, obviously, our position in the DCM market. We've established a twice annual auction, and we really do not want to be removing ourselves from those calendar events. So, we will continue to operate in that, and Warren will take you through that a little bit later. In terms of the pipeline over the next 36 months, we are of the opinion that there is a possibility that we could be deploying anywhere between ZAR 4 billion and ZAR 6 billion in South Africa as far as what the pipeline outlook currently looks like. In terms of acquisitions, I mean, we're constantly looking. Obviously, we have a very high threshold criteria in terms of the product that we would like to buy. What we find is a lot of people that own product that we would like to buy probably are not sellers. And where they potentially do become sellers, the process has become quite competitive and pricing can sometimes get to a point where potentially Equites would not be prepared to play. But notwithstanding that, we continue to look and we continue to engage with the market. And yes, we've got nothing to report at the moment, but obviously, there are, from time to time, opportunities do arise. In terms of share buybacks, at current share price, obviously, probably not the best use of our capital. But subject to the vagaries of the market, we are in a position now, a very liquid position where we can execute on share buybacks as and when we feel the purchase price of those shares is acceptable to us. And then effectively, within the process of what we do with this windfall of capital, we do have to be mindful of the fact that 75% of our income needs to be property-based income to retain and satisfy the REIT status, the consequence of which is that we've had to think long and hard as to where we will place that money in the short term and we will be investing in some U.K. equities in the property space. And the key elements in terms of the decision-making around where we will be putting that capital obviously relies on whatever equity we do purchase to have a high liquidity threshold. And what we will do is also we will place some downside protection on that capital over the period. Our expectation is that, that money will start being drawn down through the system probably within 12 to 18 months in terms of our requirement of it. But that being said, we will manage that process through the treasury department internally. In terms of development update, obviously, the year that's been, what we've won and what we are completing a total of about 160,000 square meters of GLA. I mean, Tiger Brands, obviously being the real -- the cherry on the cake, if we like. I mean, obviously, it was a process that took 18 months and obviously, extremely pleased to have been selected by the client. And we can tell you that, obviously, the bulk earthworks are underway and almost -- not probably more than halfway complete, and the main contractor has been appointed and will be on site towards the end of May. In terms of other pre-lets, obviously, we've got the DHL in Boksburg, which we will hopefully start demolition in June of an existing structure, and then that will result in a building coming up with a completion of May '27. Over and above that, we've got the Meadowview Spec building, which came on stream in April, and that currently is basically showing significant interest and one client in particular, is really circling around it and we hope to have that let soon. In Jet Park, we have 2 buildings coming out of the ground there, 1 of 10,000 and 1 of 7,500 square meters. And both of them are basically included in RFP rounds with clients and the completion dates on those are effectively towards the back end of August this year. So, we're still very optimistic that they could be pre-let prior to completion. In terms of Extension 102, we have that particular site under offer subject to the third-party logistics organization winning a tender. We know they are 1 of 2 on that tender. And should they win that tender, then hopefully, that deal becomes consummated. So, very excited there. And then the final part of the jigsaw, obviously, is Premier. We're doing an extension to their existing facility, and that will take them up to a bit about 38,000 square meters in total. And obviously, as you're probably all aware, Premier acquired Rhodes Foods and the consequence of which is that they would require a bit more space for their central distribution facility. We also engaged with SPAR on a deal up in the Eastern Cape in Gqeberha. And that really is a stepping stone to relationship building and notwithstanding the press that SPAR is getting at the moment and the difficulties, we are still very optimistic that they are a serious player in the supermarket space and we hope to be doing some really good business with them in the next 3 to 5 years. So, very excited about creating those relationships there and obviously, feeding into what is to come. In terms of the RFPs that we're currently involved in, we are basically involved in RFPs to the value of about 170,000 square meters, which would be approximately ZAR 2.3 billion, ZAR 2.4 billion worth of property. And we are basically in all of those RFPs, 1 of 2 in every single one. So, very excited about our prospects there. And hopefully, in October, we will be able to present a few wins there. And we remain highly optimistic about that. Just thought we'd spend a bit of time rather than sort of talk about the state of the SA market in general, which we normally do. We thought we'd really spend a bit of time in terms of Riverfields and what it's become, I suppose. I mean, we have the benefit of a farmer who effectively owned massive tracks of lands on the R21 and was able to start a process of getting land rezoned probably about 15 years ago. That process was approved. And we have the JT Ross organization to thank for having taken that site from basically a millet field to becoming the stepping stone of what it's become today. I think the point I'm trying to make here, and I think one of the key factors that has allowed this particular site to reach the position of preeminence that it has today, I think, is really related to the fact that the developer farmer that started the process of getting the land rezone had a massive vision for the area and the infrastructure that the Erasmus and Lardus, who's the leader of the crew there, the vision that Lardus had to put in a road infrastructure, which would meet the level of growth that the area has seen. And I think if you were to add up all of the developments in this area and what's coming, I think you wouldn't be far short of probably 2 million to 2.5 million square meters of space. Now if ever any of you are in the area and you drive around, even at peak traffic hour, you would never realize that you were in an area with that level of logistics engagement. And I think it's testimony to what an incredible vision that the Erasmus family had in terms of creating this area. We've obviously jumped on the bandwagon. As I said, the JT Ross organization were first here. We've followed and obviously have followed extremely well and obviously, own all the parts that you see on the screen there that are in yellow, including the purple pieces on the right, which is land, which we are looking to execute on and you can see where Tiger Brands will be going. And we hope to be announcing within the next 6 to 8 months, a few more deals on those purple pieces of land. I think the point I'm trying to make is that we are the beneficiaries of being involved on land, which I think I can comfortably say has created the most pre-eminent logistics precinct, I think, in South Africa. And you can see it by the names of the tenants on those buildings and the names of tenants that will be coming further down the line. In terms of -- obviously, the big win for us is Tiger Brands. Purpose-built DC, it's going to have a cross-dock process facility to it. There's going to be a returns processing and aerosol storage. The aerosol storage, obviously, is almost like a hazard store as obviously, if something were to go off there, it would be pretty dramatic. But I think what's key here is that Tiger Brands made the decision that they wanted to consolidate several Gauteng-based distribution centers into one facility, the consequence of which is that the level of logistics involved in getting product to client is massively reduced. And the industrial engineers reports that we received on creating this facility talk to a massive saving over the 10-year lease period for Tiger Brands just in diesel alone, never mind all the other operational efficiencies that come to bear by having everything under one roof. The consequence of it also allows Tiger Brands to have a much stronger inventory resilience. What does that mean? It means that their ability to fulfill on order from the various clients that they have from the Shoprite's, the Pick n Pay, the spas, their ability to fulfill an order to 100% basically results in the retailer then having the product in stock all the time and consequently, the availability factor on shelf in stores and online for that matter, basically starts hitting north of 90% and hopefully approaching 100%. I don't think we ever get to 100%, but the consequence of that is that sales normally do go through the roof also. I think we spoke on the previous slide in terms of all the quality of tenants. I think really what it talks to, you can see it. It's the fact that Shoprite came to the area as well and the sheer scale of the whole area, that then obviously puts the question mark into the Tiger Brands' decision-making process of where should we be. And I think the success of the first deal brings the second deal, which potentially brings the third and so on. So it almost becomes a domino effect, and we're starting to see that by the level of interaction and engagement we're having in this area. And the precinct, obviously, then attracts the complementary nature of the various organizations that basically feed each other and consequently also reduce each other's operating logistics costs as well, which obviously is what Equites has been trying to sell into the market for the last 12 years. And that traction and that belief in the system is only getting stronger and stronger. I'm going to hand over to Riaan now, who's going to take us through the portfolio operations and the highlights of the previous financial year on the ground.

Thank you, Andrea. I think on screen, we see the outstanding operating metric, which confirms the impeccable property fundamentals of our portfolio. Now, we've been going for 12 years and consistently over the 12-year period, we've had near insignificant vacancy levels. To put the 0.3% vacancy in perspective, we've got under management 1.6 million square meters. Now, there are probably many reasons why we continue to attract and retain high-quality tenants. Two of the most important, in my view, would be the quality of our buildings, modern logistics facilities that's really future-proof. And then secondly, they are located in very strategically located logistic nodes in secure parks that makes them very desirable locations for tenants that specialize in this sector. This slide confirms that our portfolio at the end of Feb '26 were to the value of ZAR 28.7 billion. And we have 59 South African facilities locally. And over the period, we continue to attract new clients, and our focus remain on developing and building the portfolio based on pre-let engagements as well as a very measured speculative program. Only 1% of our portfolio is consisting of land at the moment, and we continue to look at strategic nodes with well-located land, which have been zoned and we're looking to build a further land bank to cope with the demand we've got for our facilities. Over the period, you'll see that our portfolio grew from ZAR 27.7 billion to ZAR 28.7 billion. We've had a healthy ZAR 1 billion uplift in value over the period. We acquired ZAR 146 million of land in the Riverfields area. And as Andrea noted, we also started a relationship with SPAR in Gqeberha area where we acquired a facility for them. In the area, we had disposal of some non-core SA assets as well as the DPD Burgess Hill facility. Importantly, the weighted average net initial yield of our portfolio is 8%. And importantly, if you exclude the Shoprite assets held in the RLF joint venture, the net initial yield is 8.3%. The upcoming renewals in our portfolio is always a topic of interest. Interestingly, at the year-end, we only had a further 47,000 square meter of facilities up for renewal during the current financial year. That's made up of 4 leases, of which 3 we're busy trying to renew and it's well advanced and 1 facility, which have become too small for the tenant will be moving out in the second half of this calendar year, and we are well placed to replace them. Importantly, 2 of the renewals are located at Lords View. Those were leases that were concluded in the COVID years at below market rental levels. So, we're expecting a healthy positive reversion on those ones. We continue to deploy capital in our strategic nodes. Riverfields, if you look at the breakdown of our various nodes, you'll see at the moment that Riverfields make up 24% of our portfolio with a WALE of 9.2 years. Obviously, that's going to grow significantly, firstly, with the coming on stream of the Tiger brand facilities. And also, we've got 2 further RFPs that are well advanced. So, we expect our exposure to the Riverfields node to increase significantly over the coming years. You'll see that Cape -- the Western Cape is still a significant part of our portfolio, especially with the 2 significant Shoprite facilities in Brackenfell. It consisted at the moment of 25% of our portfolio. And as you can see, there's a healthy distribution between various nodes, and we hope to be building on that in the future. The year, it's just been -- that just ended end of February, we saw 9 leases signed during the past financial year. Two of them were new leases and 7 of them were renewals. The renewals made up about 80,000 square meters of facilities. You'll see that the weighted average lease expiry profile of the U.K. and South Africa is identical. And we obviously always reward tenants that are willing to conclude long-term leases with us. And it's also there where we may be more lenient with our escalation profiles because obviously, the certainty that it gives us to have a 15- or 20-year lease just makes it so much easier for us to plan. You'll see from a tenant concentration point of view, Shoprite is a significant partner of ours. We are very, very pleased with the relationship, and we hope to be building that further. And then DSV, TFG and Digistics are also significant players in the South African market. And obviously, Tiger Brands will also now come in as one of our major tenants. And the top 10 tenants make up 77% of our portfolio. That's it for me. And I hand over to Laila.

Thank you, Riaan. Okay. So let's start off by -- I think Andrea did touch on this right upfront, but where we are at in terms of distribution per share, ZAR 1.4101. And this is growth of 5.3% over the prior year. This is in line with our guidance. But again, our guidance was a range of 5% to 7%, and that was predicated on the timing and deployment of the Aviva proceeds, which has only happened subsequent to year-end. So in our guidance, but at the lower end of that guidance. NAV per share, ZAR 16.69. This is a growth of 1.2% from Feb '25, and we'll break that down a little bit in the NAV bridge, which will take you through some of those movements, which resulted in the NAV per share ending up where it did. And then our loan-to-value at 35.1%. It feels like some of these numbers are slightly outdated because the Aviva portfolio concluded or the disposal of the Aviva portfolio concluded yesterday. But we'll talk about where this loan-to-value is and how comfortable we are with where it will go given the Aviva proceeds. And then our ICR of 2.9x. A few years ago, that ICR was around 2.1x, 2.2x. And really, as we have seen developments come online and become income-producing, that ICR has increased significantly, and we're very well positioned to implement our growing development pipeline. If we just move on to a snapshot of our statement of financial position, I think where we have to start and the most important element of our business is obviously our property portfolio. So, we've lumped together those 3 lines on the top, the investment property, properties held for sale and trading properties. And if you look at them combined, the total value is ZAR 28.7 billion in FY '26 compared to ZAR 27.7 billion in FY '25. And the reason for that is there has been some development spend, some acquisition spend, and that was offset by disposals during the period. So, we sold 1 asset in the U.K., DPD Burgess Hill. We sold some land parcels in the U.K., and then we sold some non-core assets in South Africa. So overall, the main change is really that we've had a large movement from investment property to investment properties held for sale at 28 Feb, and the majority of that sat in that Aviva portfolio, which is transferred subsequent to year-end. If you look at trading property, we just have to break down what sits in that trading property at year-end. So at Feb '26, we had Basingstoke and we had Goldthorpe. Goldthorpe was subsequently transferred to Newlands and all we have left is the Basingstoke land parcel, which Andrea touched on earlier. Then if we look at liquidity, our cash balance at year-end is slightly higher than it was in the prior year, but this is as a result of us being long cash for the majority of the year. We had taken advantage of some very well-priced debt in the market, and that was held as cash reserves. Warren will talk a little bit about how we managed our cash over the period. But again, just to highlight that the cash facilities of ZAR 2 billion, plus available facilities of ZAR 1 billion gives us ZAR 3.1 billion in cash and undrawn facilities, which means that we're incredibly well placed to execute that development pipeline, which we know is imminent. Then debt management. If you look at the loans and borrowings, it's increased slightly year-on-year, but we expect to manage this going forward with the deployment or how we bring back the Aviva proceeds and as we look to settle debt facilities as they come up for renewal. And again, Warren will talk to that a little bit just in terms of how we manage the tenor of debt alongside the cost of debt. And if we look at equity, we did share buybacks in the beginning of the year and then we issued shares in the second half of the year. And I'll touch on that a little bit more because I think it's a testament to how we managed our capital structure efficiently over the period. Okay. So if we look at the distribution statement, and we just look at the top line and net property-related income, this was supported predominantly by like-for-like rental increases of 5.4%, and it was supplemented by new developments coming online during the period. We had developments at Riverfields, Wells Estate and Meadowview, which have come online, which have bolstered that net property-related income. Admin expenses. Last year, we spoke quite a bit about this admin expense line. And we said that there would be a reduction as a result of the U.K. admin expenses winding down. So where we're at right now is ZAR 110 million, and this is sort of where we expect it to be. This is the expected run rate on admin expenses. It may come down slightly as we wind down completely the U.K. operations, but very comfortable with where we are in terms of our admin costs going forward. If you look at the finance costs, I think it's worth just pausing because we had a slight increase in our finance -- in our debt balances. However, if you look at the gross finance cost, that number has actually come down year-on-year. And that's purely as a result of exceptional treasury management and managing the margin on new debt. And again, Warren will talk through this, but I think it's important to highlight that we've been incredibly successful at managing the margin on new debt coming online. The other element is that there was a large element of finance income for the period. Now, finance income is not only interest earned on cash balances, which we were long cash for the period, but it also relates to interest income on interest rate swaps over the period. And then the last element is there was a reduction in capitalized interest over the period. Interest capitalized reduced from ZAR 335 million (sic) [ ZAR 345 million] in FY '25 to ZAR 188 million in FY '26. And again, this is just a much cleaner base in terms of going forward. Where we expect interest to still be capitalized going forward is on developments. And as we all know, we recover that through rental income as soon as those developments are concluded. I just have to point out that the NCI adjustment in this period is significantly more skewed just towards retail logistics fund and PIP. So again, looking at these numbers, and we always get questions from analysts, the Newlands element of NCI is largely winding down out of the system and the majority of this NCI allocation relates to the joint venture with EPPF and with Shoprite. Okay. And then just in terms of the number of shares outstanding, I've spoken to this before, but just looking at the decrease in number of shares as a result of the buybacks, but then the increase as a result of the share issuance, which we did in December. Okay. If we look at the distribution bridge, I think I just wanted to point out some high-level elements. If you look at the largest contributors to the growth in distribution per share, it really is the highest quality ones. So, you look at the SA and U.K. like-for-like rental income, and that was the highest contributor to the growth in distribution per share. And ultimately, that's what underpins our business. It's the growth in rental income year-on-year. Further to that, the tightening in debt costs really show that we managed to efficiently manage our cost of debt and our capital structure, which resulted in ZAR 0.0496 growth in that distribution per share. So overall, looking at rental income and tightening in debt costs, I think that is testament to how we've managed the business really well over the period. If you look at the detractors from distribution per share, it's development dilution and some vacancies and then the ENGL write-down, which we're still feeling the impact of because transferring elements like Goldthorpe, Coton Park, there were some costs which had to be written off and those were detractors to the growth in distribution per share. But again, those are generally once-off items and now they're embedded in the base, and we look forward to having this distribution bridge being a lot cleaner going forward. Okay. If we look at the NAV per share, really 2 elements that we want to highlight in terms of the movement in NAV per share. We started the year at ZAR 16.49, and we had probably the most successful year in terms of valuation uplifts ever in the South African portfolio, 6.7% like-for-like increases in the valuation of the SA portfolio, ZAR 1 billion, which we recognized. And this was driven largely by underlying market rental growth, which is now being captured in those valuations. So, a significant performance of the SA valuations in terms of the overall valuation performance. The largest detractor is the FX for the period. Now if you recall, in FY '24, we made the decision to close out all our cross-currency swaps. And in doing that, we made investors aware that we would be providing exposure to that underlying hard currency. So in good years with the rand depreciated, investors would have ultimate exposure to that depreciation. In the current year, we had almost ZAR 2 of strengthening in the rand, and that resulted in ZAR 0.60 reduction in the NAV as a result of that FX. If we look at where we are right now, we're back to ZAR 22.30, and we've written back some of that. But obviously, we're judged at a point in time, and that's really where that FX loss has come through and impacted the NAV per share. If we look at the U.K. developer, that's costs which we've incurred on Newport Pagnell and Coton Park, which we've had to write off. Those are capital in nature. But from a NAV per share, they do impact us, and that's where we see the ZAR 0.11 detraction in NAV per share. And then there were some other movements as a result of disposals during the period. And then the last one is just again to point out that we did those share buybacks when the share price was low. We did ZAR 137 million of share buybacks at an average price of ZAR 13.82. And then we did an accelerated book build. We raised ZAR 712 million at a share price of ZAR 17.25. So again, just efficient and disciplined capital allocation in terms of managing the overall capital structure, and that brings us to our NAV per share of ZAR 16.69 at FY '26. Okay. I think my last slide is just the LTV bridge. And again, this is somewhat outdated, but we report at FY '26, and we look at the movements for the period, the buybacks, those increased our LTV by 0.5%. We had the equity raise, which was accretive to NAV and reduced our LTV by 2.5%. There were some SA and U.K. disposals, which again reduced the LTV and some developments for the period, which increased the LTV by 2.5%. And then the valuation uplift and some FX brings us to the loan-to-value at FY '26, which was 35.1%. If we include the proceeds, the net proceeds of the Aviva disposal and we look at where that takes us to now as a pro forma LTV, that reduces the LTV to about 25%. So in overall terms, we're very well positioned, very happy with our balance sheet and the strength that we have to execute on that development pipeline going forward. I'm now going to hand over to Warren to take us through treasury and funding and an exceptional job done over the period.

Thank you, Laila. It's important to bear in mind the context before I go into the treasury metrics here. And that is that our investors, both on the equity and debt side, understand Equites as a business. They understand the high quality of the product that we develop. They understand the high quality of the tenants that we have and those long-dated leases. And that's the context to bear in mind as we look at these numbers. So first of all, we've spoken about the cash and available facilities, ZAR 2.1 billion of cash that we had at year-end as well as another ZAR 1 billion of facilities. Laila mentioned our interest coverage ratio of 2.9. And ICR does have a significant lag factor. It's a 12-month backward looking. And we forecast that to go up to sort of the mid-3s. And then as the development pipeline plays out over the next 24 months, we've got that significant headroom to allow us to do that development spend before those become revenue generating. I'm going to go into more detail in a couple of slides later on about the cost of funding, but let's just touch on that weighted average debt maturity of 2.9 years. Ideally, we try to keep that above 3. As my colleagues have mentioned, with the disposal of the Aviva portfolio, the proceeds coming back, what we've allowed is for some of those debt facilities to scroll down to maturity. Some of those are maturing over the next 12 months, which we'll be able to repay. And hence, that debt maturity is sitting just under 3 years. We expect that to be significantly above 3 going forward. In terms of our hedge ratio, the last 2 years have seen significant geopolitical turmoil, a lot of uncertainty in markets, be that from a monetary policy perspective, from an inflation perspective. We are adamant about providing certainty to our investors. So, we sit well above 80% in terms of debt hedged. And in terms of sensitivity to rates, that 32% indicates that if there was a 100 basis points or 1% increase in interest rates, we would incur a 32 basis point increase in our cost of debt. In terms of our credit rating, we are rated AA- by GCR, but I want to touch on that as we go through some slides a little bit later on. So on the top right-hand corner, there's a funding mix, and that is a mix of -- it shows the diversification of where we source our funding from. So the domestic medium-term note program is our JSE-listed debt, just under ZAR 5.5 billion is sourced from that avenue. SA Banks, ZAR 4.5 billion is what is drawn. We have a further ZAR 1 billion of facilities. So, just more than half of our SA debt is from SA Banks' bilateral facilities. The Aviva debt is being transferred with the sale of that portfolio. So, that will disappear. And then the cash and undrawn facilities. So, we've got ZAR 2.1 billion of cash, as I said, and a further ZAR 1 billion of facilities available there for us to draw down on. In the bottom right-hand side, you can see the -- we can ignore the bottom blue one, that's the U.K. That will disappear with the sale of Aviva. The top section in the red shows our cost of debt, and that's come down from 9.1% in Feb '24. That dropped 0.5% through to Feb '25, a further 0.5% to Feb '26, and we're sitting at that 8.1% now. And this is indicative of why we have been able to bring that cost of debt down. So yes, reference rates have come down a bit. We've been in that -- in the debt capital markets for around about 5, 6 years now. And you can see that compression, the different colored dots indicate the maturity of the listed debt we've raised on the JSE. You can see in the last 6 months between August and February, we raised 5-month debt. We managed to do that at 108 basis points over JIBAR, which was less than the cost of the debt we raised in a 3-year note, less than 12 months previously. And then later referred to the 1-year debt that we also raised, and you can see that, that is at a very low level. This graph here is a little complex. So, I'm going to take my time just to talk through it. We have presented it before. So, there's a number of bars and groupings here. Each of those groupings represent a 6-month period. The light colored bars, the light gray colored bars represent the debt that's matured in that 6-month period and the blue bars indicate the new debt that we've issued. The little red and green boxes indicate the cost of debt or the spread over 3-month JIBAR. So the red is the spread over 3-month JIBAR of the debt that matured and the green is the level at which new debt was issued. And you can see across all those periods, if you look at the tenor starting from the left-hand side, the tenor was 2.9 years of debt that matured through to 3.7 years of the new -- the weighted average tenor of debt that was issued. If we look at the second half of '26, same type of picture. The debt that matured 2.7 years, new debt we issued at a weighted average of 3.5 years. And then we've been able to bring that spread down. So, we've seen a significant spread compression. The one exception is the first half of '26. And I say it's an exception because it's a bit of a -- we're not comparing like with like there in that it was a 5.5-year ZAR 200 million note that matured at ZAR 165 million. We issued a short-term or 1-year ZAR 1.2 billion note at JIBAR plus 83. So, that's not really comparing like-for-like, but for the other 4 periods that are illustrated there, you can compare those. And that is indicative of how we've been able to compress that cost of debt, and that all feeds through into the ability to develop and be profitable on those developments that we have been. And it augurs well for our development pipeline over the next 24 years -- sorry, over the next 24 months. Over to you, Andrea.

Thank you, Warren. And yes, God willing, it will be for the next 24 years. But just on sustainability, a quick note. Obviously, a very, very, very key metric in the Equites proposal. Every new build that we put to clients comes with an advanced EDGE certification. We currently have 60% of the portfolio effectively EDGE certified, and that really talks to almost 1 million square meters. The addition of the further, let's say, 300 -- potentially 300,000, 350,000 square meters of space coming in the next 24 months will all obviously be EDGE certified. We've spoken over the last sort of, I suppose, 12 to 18 months about the water issues, specifically in the Gauteng region. And as a consequence of that, we have started a process of looking to recycle as much water. We have finally got approval on our first recycling plant at Riverfields, and that is currently being implemented. And the consequence of which is the 75% of the water usage in the facilities in that particular park, we will be able to recycle that water. We're not recycling, obviously, to potable standard. So, that will only then be recycled into flushing, into truck washes and also irrigation for the landscaping, which has become commonplace in these beautiful environments, logistic park environments that we have. The level of data monitoring that we have, the advent, obviously, of AI and what that will bring over the next 18 to 24 months and our ability to manage all of these points with smart metering and being able to control everything, obviously, becomes absolutely key to not wasting water and also advising clients where water is not being used appropriately. In terms of the social and the governance, we're obviously really pleased to have retained our Level 2 B rating. We've got a 78% verified black ownership. And within the realms of a small team at Equites of 48 employees, we are 71% effectively black employees. So, I think as an organization, within the realms of all of our sustainability stuff and our governance and our social impact, I think we are really, really well pleased and well placed. And obviously, the Board and the Executive Team are obviously very, very pleased with current status there. I think to close off and before I get to prospects, I do believe we had a few problems at the beginning of the presentation. But I do believe that the highlights were adequately addressed by the various parties, but Laila, Riaan and Warren during the presentation. So, I won't bore you with going back to them. And I think we'll look to conclude with the prospects. We retain the belief that our distribution per share for the guidance that we give for the year ahead is again 5% to 7%. The range obviously is now reflective of the Aviva monies being in and how we invest those monies to create enhanced earnings for the organization. But ultimately, everything is anchored by the long WALE, the limited amount of lease renegotiation that Riaan and his team are going to undertake this year and the belief that the reversions in those negotiations will be muted and in some instances, will be positive. And the final part of the jigsaw, obviously, is the capital deployment and that really is -- talks to U.K. money being drip-fed back into the SA system and being drawn down through our development pipeline. As I said earlier, we're constantly looking for buying opportunities. There are very few that are able to meet our metrics. But from time to time, they do come along. And normally, when they do come along, they are sizable. And obviously, we are in a very healthy balance sheet position to execute on those things. So all in all, really positive base, really positive outlook and very excited for the year ahead. And not just the year ahead, actually, the next 2 or 3 years ahead. Everything seems to be falling back into place, and we can only control what we can control. Over and above that, what happens in the broader world, we can only manage what we can manage. So, all positive there. And I think that really leads us into the final element, which is a few questions and we would be happy to reply to them. And I'm going to defer to Laila now. She's got the iPad with the various questions there.

Okay. So, we've got a lot of questions, which obviously means that people are very excited about the results. But I'm going to try and group them together. And then just as a quick disclaimer, if we don't get to any of them, please e-mail us. We're always available to answer your questions, particularly the more technical ones. So just put them in an e-mail, and we'll come back to you. But let's maybe start with -- there's a question -- actually a couple, Mweishö, Nazeem, on what is the impact of the Iran war on some of our tenants? And then with fuel price increases, are we seeing our tenants being affected by it? And particularly on something like the new Tiger Brands deal, how would they be affected by this?

Well, I think the greatest effect to them will be diesel prices, no question. Keeping their fleets on the road, keeping factories in production and in some instances, obviously, raw materials that are all linked to oil, the various plastics, the various packaging material, I'm sure that, that will slowly filter through the system. That being said, I do believe that there are still 60 million people that need to be fed in this country. And that whilst the results may be some pricing inflation, which I think is, I suppose, expected across the board, it doesn't detract from the decision that has been made to basically optimize their business. In fact, if anything, it emphasizes the absolute need to be working and operating out of a 22nd century building in terms of creating those efficiencies. So, I think if I can take it one step further on the Tiger Brands thing, I mean, the question, obviously, will also be around pricing on the various materials that go into the construction phase. For the time being, we haven't seen significant increasing pricing in anything for Tiger Brands. What I can tell you is that we are very close to closing out the steel contract on there, which is obviously a massive portion of that build and will have a big bearing on the final cost. Our expectation is that there potentially will be some construction inflation coming through the system, but it hasn't come through yet.

Okay. Thank you. And then another question just on -- I think there are some questions on the Aviva disposal itself, and maybe I'll just take these, but there was a question around tax and there was some deferred tax liabilities. Will that effectively come through? Will that actually be taken off the proceeds? No. Because we sold that as a corporate transaction, there won't be any impact of those. They are simply passed on to the buyer. So, no impact, no tax impact. The proceeds, which you saw in the SENS yesterday, those are the net proceeds that will effectively -- have effectively flown to them, yes, been passed on to Equites now. And then Riaan, I think this is a question for you. Just in terms of the leases that were renegotiated and our expectations for leases in the upcoming year, where do we see them being renewed relative to market?

Thank you, Laila. I think where we had renewals of leases that came off a 10-year period, specifically in the Meadowview and Waterfall areas, we have seen some significant reversions. Overall, we've seen in the last 3, 4 years, the underlying rental growth is between 4.5% and 5.5%. And ultimately, those leases escalated between 6% and 8%. So there, we saw negative reversions. However, all of them have now been dealt with. So going forward, the leases that are coming up for review are leases that were concluded either on a 5-year term in the early 2020s or coming off of a 10-year lease concluded by Equites in the late 2016 to 2018. So the significant impact of the reversions, I think, are behind us. And with the latest 2-, 3-year rental growth that we've seen, we think that the impact will start to be muted.

Okay. And then there's a question on the rationale to buy listed equities in the U.K. How long do we expect to hold this and what is our rationale?

So, I mean, obviously, the rationale is intrinsically linked to our income having to be 75% from property related. Unfortunately, for us to bring back that money and just put it on money market would result in us falling foul of that. And consequently, we needed to find places to put that money in a way that we could create property income. But obviously, we didn't want to go from a less liquid source like the Aviva portfolio into another property transaction in the U.K., and as a consequence of the South African pipeline being development linked rather than acquisition linked. And obviously, if an acquisition were to come about, we'd be more than happy to bring the money back to transact for that. But ultimately, we had to be mindful of not losing our REIT status. And as a consequence, the idea is to deploy that capital into U.K. equities that have got enough liquidity that give us the ability to trade in and out at will. And ultimately, that really remains the fundamental part. And the criteria that we will look to implement those deployments will be very much linked to markets that we understand. So the U.K. market, we understand, it will be the industrial market that we understand and consequently -- and it will be management teams that we know and have ability to basically interact with should it be necessary. So, we believe it's probably a, let's say, 12 to 24 months, but with probably the majority of the money probably coming back in the 12- to 18-month period. The deployment will be immediate. The repatriation won't be immediate. It will be stepped as and when we need. As you can imagine, we won't need the full quantum of the money on one particular day. We will need it piecemeal, and we will be looking to take advantage of moments in time where either the rand is trading particularly badly or a share price in one of the counters that we have invested in is trading particularly well. So, that really is -- and ultimately, we are going to be putting in a hedge to protect the downside on those equities as well. So, we are very mindful that we do not want to put ourselves in a position where we burn away a ridiculous amount of capital should something out of our control or cataclysmic happen in terms of the world.

Last question. I know we're out of time, but I think this one is quite an interesting one. Talk us through the equity raise in H2. If we were confident that the Aviva transaction was happening, why did we proceed with that equity raise?

Just to maybe give some context on the Aviva transaction. We started that transaction in May last year, and we closed it in May this year. So, you can imagine the process was not a simple process. It took time. We wanted to achieve certain pricing. We needed to find a suitable suitor. And ultimately, we had a deal with a party, which unfortunately fell out of bed sort of towards mid-October last year. We reengaged with a new party who gave us an unsolicited offer basically at the beginning of this year. We had a significant pipeline, which we knew was coming our way. The share price behaved in a way, which gave us an opportunity to raise capital, which ensured that even if the Aviva portfolio transaction were not to happen in the next 6 to 8 months post that capital raise, we knew that we had sufficient capital to continue to transact in the development market without putting our balance sheet under any pressure. So ultimately, it's all fine and well having the crystal ball today knowing that we're going to do the deal, but the reality is until that money was in the bank, there was no deal. And so the rationale to do that capital raise in September basically stacked up, not 100%, probably 200%. So, very pleased with that capital raise. What it did is it gave us the tranquility to be able to also engage with the buyer in the U.K. in a position of confidence rather than a position of need or desperation. And that really sums up, I suppose, where Equites is at the moment. We are in a position where we are able to transact with potential tenants in a way where we're selling the opportunity to come into 21st century logistics, enhance operational efficiencies and have the balance sheet to be able to deliver on sizable opportunities. And coupled with that, obviously, have the ability to draw down on further land as and when it is required to meet the various opportunities that may come our way.

For the rest of the questions, we will either respond via e-mail or if you have any further questions, please feel free to reach out to us.

Fantastic. Thank you, Laila. Thank you, Riaan. Thank you, Warren. And yes, thank you, everybody, and we look forward to some of the institutional shareholders. We will be seeing you in the next couple of weeks and look forward to the one-on-one engagements. But for our retail shareholders that are out there, we trust that you're pleased with the outcome of where the business is going. And obviously, the optimism that the management team has for the future is very high. And we hope to continue to deliver on the promise that we have been making to you even through some of the '23 and '24 years where the markets were significantly more difficult for Equites. But yes, we remain very optimistic for the future. And thank you, and all the best. Cheers.