Mark Allan
CEO & Executive Director

Very good. Well, ladies and gentlemen, good morning, and welcome to the presentation of Landsec's 2026 Full Year results. Landsec is in excellent shape. Customer demand for our places remains very high and with supply increasingly constrained, occupancy across our portfolio has risen to its highest level in more than 2 decades. As a result, rental values continue to rise, now at the fastest pace in nearly 20 years. And we have carried this momentum into the new financial year with 1 million square foot of active occupier demand across our recent office projects, a record leasing pipeline in retail and no signs of weakening demand arising from the Middle East situation. This supports continued strong income growth from here. And with that, an acceleration in EPS growth in both the near and medium term.

For this year, as we've previously guided, we expect reported EPS to be stable due to the impact of last year's sale of Queen Anne's Mansions, offsetting strong underlying growth. But based on our current momentum, we expect EPS for FY '28 to grow by a high single-digit percentage. And this means that we remain on track to deliver compound annual growth in EPS of around 5% between now and FY '30, which on top of an existing income return NTA of 5.8% implies an attractive low double-digit total return annually to shareholders. Our operational performance has shown consistent growth over the last few years despite