Strong leasing activity continued to support rental growth through Q124, providing an offset to increased interest costs on the 20% of borrowings that are at floating rate. Annual rental income of £2.2m was secured, in aggregate in line with estimated rental value (ERV), through leasing, renewals and rental uplifts. Occupancy was maintained at 90%. ERV has continued to increase, by 1.2% like-for-like in the period, driven primarily by capital expenditure in refurbishing industrial assets. DPS of 1.375p was in line with the full year target of no less than 5.5p and was fully covered by EPRA earnings of 1.5p. Portfolio valuation showed a modest 0.5% like-for-like decrease, with asset management driven gains of £2.0m providing a partial offset to slight yield widening. NAV per share was 98.6p (end-FY23: 99.3p) and NAV total return was 0.7%.