H123 delivered strong financial and operational performance with indexed rental growth continuing to drive earnings and support property valuations. For tenants, strong fee growth and rising occupancy continues to offset inflationary pressures, with underlying rent cover remaining strong at c 1.8x. H1 DPS of 3.85p (+3.5%) was in line with the full year target of 6.77p and was 109% covered by adjusted ‘cash’ earnings and 123% by EPRA earnings. With property yields stabilising, 2.7% like-for-like rent growth fed through to valuation gains and NAV per share increased 3.2% to 113.6p. Including DPS paid, the total accounting return was 6.2%. Completion of additional interest rate hedging arrangements, with interest costs on 92% of drawn debt now fixed or hedged, provides visibility over debt costs and Impact’s ability to continue to pay fully cash-covered progressive dividends.