H124 EPRA EPS was up 12% to 4.07p and adjusted ‘cash’ EPS by 13% to 3.44p, with fully covered DPS and LXi is on track to meet its full-year DPS target of 6.6p (+4.8%), fully covered by cash earnings. Earnings are being driven by rent growth, a low sector-leading EPRA cost ratio of 7.1%, and fixed borrowing costs. Contracted rental income grew to £204.2m pa, with rent reviews in the period at an average 3.6% uplift. As guided, EPRA NTA fell to 112.4p (FY23: 121.1p) including a 4.1% l-f-l property valuation loss, following the sector-wide trend. The portfolio yield rose to 5.7% vs 5.35% in March. If completed, agreed property sales, primarily the £210m disposal of Travelodge hotels, will lower LTV (from 38% to 34%), reduce tenant concentration and confirm property values. LXi sees opportunities for accretive investment and hopes to benefit from further sector M&A activity.