The company will issue interim results to 31 December (H123) in late March. We expect income earnings before valuation movements to reflect the positive tailwinds of continuing inflation-linked rent uplifts and a growing contribution from FY22/early FY23 acquisitions. Rent reviews completed during H123 were at an average annualised 3.7%. With debt fixed/hedged, income growth is protected from further interest rate rises. Meanwhile, SUPR’s investment grade credit rating has been reconfirmed. As the market adjusts to higher capital costs, the portfolio value reduced by c 13% on a like-for-like basis during H2, with the topped up net initial yield increasing from 4.6% to 5.5%. This will negatively impact NAV and gearing ratios, but with the mid-year return of cash from the SRP joint venture SUPR retains significant financial and strategic flexibility. We will adjust our published NAV forecast and review our estimates fully with results.