H124 adjusted cash earnings per share increased by 31% to 2.74p compared with H123, and fully covered DPS. Indexed rent uplifts, improving rent collection and reduced rent provisions drove the earnings growth, while expenses were well controlled and long-term borrowings are all at fixed cost. Two-thirds of FY24 rent reviews were settled in H1, at an average 6.1% uplift. Rent collection increased to 93.3% (FY23: 90.2%) and SOHO expects this will improve further following the lease transfer from Parasol to Westmoreland. Discussions continue with My Space, where a further lease transfer is a possibility. Property valuations fell as yield widening more than offset rental growth and NAV per share of 112.4p was 1.2% lower, but the progress with problem tenants and lower interest rates should provide support. The agreed sale of a £22m portfolio of assets is expected to complete in November, paving the way for accretive share repurchases.