Annualised passing rent of £95.5m in December 2022 (end-H123) was up by 36% y-o-y and 23% versus H222, reflecting acquisitions and indexed rent uplifts. As this feeds more fully into H223, and with all debt fixed/hedged, we expect full-year DPS now paid of 6.0p to have been fully covered. During H1, the portfolio value reduced by c 13% on a like-for-like basis as the topped-up net initial yield increased from 4.6% to 5.5%. EPRA NTA per share was 92p (end-FY22: 115p). Since end-H123, the sale of SUPR’s highly successful JV interest has completed, generating total gross proceeds of £431m. The proceeds have been partly used to repay debt and to fund acquisitions. In addition to the £38m acquisition of an omnichannel store at a net initial yield of 6.0%, SUPR has exercised its option to acquire the four remaining stores from the JV portfolio for £28.3m, net of its existing 54% interest. Based on the last published end-FY22 portfolio valuation, pro forma LTV reduced to c 33%.