Financial Data and Key Metrics Changes - The company delivered FFO and DPS of 20.7¢ per security, slightly above guidance of 20.6¢, with like-for-like income growth of 2.9% and occupancy reaching 99.9% [4][7][8] - Gearing stands at 29.4%, positioned at the lower end of the target range, expected to increase with capital deployment into growth opportunities [5][9] - NTA per security grew by 8¢ or 2.2% to $3.64, supported by underlying rental growth and cap rate compression [8][10] Business Line Data and Key Metrics Changes - The portfolio consists of over 90 assets valued at over $700 million, with a significant focus on metro and highway locations [2][3] - The company executed $38.8 million in divestments in the first half, enhancing portfolio quality and providing balance sheet capacity for future growth [4][12] Market Data and Key Metrics Changes - Property valuations increased by 2.3%, driven by rental growth and cap rate compression of eight basis points [10] - The portfolio capitalization rate is 6.32%, supported by strength in the underlying transaction market [10] Company Strategy and Development Direction - The company is focused on developing the Glasshouse Mountains project, which will enhance overall portfolio quality and increase strategic weighting to highway assets [11][12] - Future growth initiatives include progressing the redevelopment of Glasshouse Mountain southbound and securing other growth opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in momentum leading up to the federal election, but a strong increase in volumes post-election [11] - For FY '26, the company expects to deliver FFO and distributions per security of 20.9¢, reflecting year-on-year growth of 1.2% [13] Other Important Information - The company maintains a carbon-neutral position across controlled assets and engages with tenants to support their ESG objectives [6] - Environmental initiatives are integral to development plans, including EV charging bays and renewable energy sources [7] Q&A Session Summary Question: Can you walk us through the bridge in FY '26 regarding key moving parts and drivers? - Management indicated that like-for-like NOI growth will be similar, offset by a moderate increase in the cost of debt and dilution from asset sales [16] Question: Are you assuming any more capital deployment during the period? - Guidance does not assume capital deployment beyond the Glasshouse Mountains northbound project [17] Question: What is the focus on the pipeline for restocking? - The focus is on convenience retail hubs and highway sites with truck stop facilities, with ongoing discussions with developers [18][19] Question: How much are you willing to spend on new projects? - The company has a buying capacity of approximately $50 to $60 million while remaining within the target gearing range [20] Question: What are the key metrics for the development project? - Expected development IRR is around 20%, with a long-term hold IRR of about 10% [22]