Q323 NAV total return (TR) was 2.8%, taking the TR in the first nine months of FY23 to 9%. The 1.3% increase in NAV per share reflected a similar like-for-like gain in property values, driven by rent reviews, with the EPRA topped up and net initial yield broadly flat at 6.91% (Q2: 6.95%). For tenants, strong fee growth and higher occupancy continues to offset inflationary pressures and IHR expects Q3 data to show a further increase in underlying rent cover (Q2: 1.8x). Q3 collection of rents due returned to 100%. Quarterly DPS remains in line with IHR’s full year target of 6.77p (109% covered by adjusted ‘cash’ earnings in the first half and 123% by EPRA earnings). With higher property values and reduced borrowing, Q3 loan-to-value was slightly lower at 27%. 98% of drawn debt is now fixed/hedged with an average cost of 4.5%.