Unite Group Plc

Great, good morning everybody. Thank you all for coming along and those of us joining today. I see you fighting over the snacks on the chairs, so please enjoy that. And for those joining us online, sadly we won't be posting them to you today, but hopefully you can come next time and enjoy them. So this morning, I'm going to just run through what we're seeing in the markets and progress with our strategic priorities. Karen will then take you through the 26-27 sales position before Mike talks through the financials and property. And then I'll wrap up and open up for Q&A as usual. 2025 was a year of considerable change for us in our sector and whilst our performance was strong across the majority of the portfolio, we have seen that pace of change accelerate, which has impacted our occupancy. More students are opting to live at home and international postgraduates have declined again since their peak in 2022, which meant that occupancy was weak in three of our cities, which impacted the overall performance. And whilst it's still early, we are currently tracking three percentage points behind last year, which is all in the nomination space, which Karen will come on to talk about. We have seen the smart shifts like this before, and we know that we can respond positively. So we set out a plan in November to reposition the business, and I'm proud of the start we've made across the three areas. First, we've been accelerating the repositioning of the portfolio. We've got a high quality, well located portfolio at the right price points. and we've already started selling assets as seen by the USAF disposal announced today and we've launched a portfolio of £300 million just last week as well. Secondly, we will play to our strengths. We have unparalleled relationships with universities and we have NPS schools at record levels and we have an opportunity to deepen these relationships at a time when universities themselves are facing into challenges and we're excited about further joint venture opportunities. And thirdly, we will leverage our platform. Our integrated platform gives us that ability to react, to take share from our competitors, including HMO, and Empiric gives us the opportunity to do this. And we've already taken costs out and reduced capex spend at pace. And encouragingly, young people still see the value in a university experience, particularly at high-tariff universities, and supply constraints are having a real and lasting impact. The fundamentals of the HE sector remain strong, and where there are near-term headwinds, we are addressing them and facing into them. Demand remains robust. We've seen a record number of applications from UK 18-year-olds and international undergraduates also increasing, particularly from China. And growth is focused at high-tariff universities. We have seen a fall in postgraduates over the last three years, as I mentioned. but the US and Canada still have restrictive visa policies and the UK's international education strategy provides greater policy certainty and the prospect of growth in student numbers at top universities and we are positioning our portfolio where this demand, supply and balance is most favourable and universities are still targeting growth and the growth ambitions remain core to their strategies When I'm speaking to the Vice-Chancellors at the likes of UCL, King's, Leeds, Liverpool and the rest, growing UK and international undergraduates is a priority for them and we're seeing that come through in their numbers. They're committing to long-term campus investment and you can see that at universities like Bristol and Glasgow and also through their investment into joint ventures with our partners at Newcastle and Manchester Met. Universities recognise that they, like all industries, do need to adapt to AI, but educating young minds will be more important than ever, and over the next 20 years it is estimated that there will be a 10% increase in jobs needing a degree. And so we do see that there will still be more opportunities to grow nominations and joint ventures with high-tariff universities. And we are positioning the business to face into the near-term challenges, As young people are being more rational in their choices, they're prioritising on value for money and the investment they're making, particularly given the cost of living pressures and the graduate outcomes, meaning that more students are opting to live at home and students are again booking later to try and secure the best deal. And this is driving the continued focus onto high tariff universities where students sees the value of a residential degree. and this continues to see us concentrate into more cities and the opportunities to capture share from HMO and grow our overall addressable market. On the supply side, the viability challenge is real across PBSA, built to rent and new housing and new starts have largely ground to a halt. The Renter's Rights Bill becomes effective in May 26, and we've already seen around a 10% reduction in HMO over the last few years, and we'd expect the Renter's Rights to continue to play into this. So what does this all mean for us? High tariff is growing at the expense of low tariff, so we are growing our exposure there. Universities will commit to high-quality PBSA, either through nominations or joint ventures, and we are well-placed to play into this. and whilst we outperform the market in 2025-26 it's clear that again we will need to take share from both HMO and PBSA and where we need to reposition the portfolio we will be proactive and pragmatic and we believe that this will drive a return to growth over the medium term in November we set out our revised strategy to respond to these shifts in the markets and as I say we are making good progress three months into this plan We're 68% sold for the next academic year, as I mentioned, three points behind last year. Universities are being more cautious on renewing nominations, especially at low-tariff universities. And whilst the applications data is stronger than we anticipated, and we're having good conversations with universities since that data was released at the end of January, as we saw last year, this does not always flow through to bookings, so we've been more cautious on our outlook in guiding to the lower end of our occupancy and rental growth range. taking action on costs or overhead rationalization completed in December delivering a 20% reduction in our central staff costs and we're close to completing our technology platform which will unlock seven million pounds of savings by the end of the year and the integration of the Empiric acquisition is well underway is really exciting to the opportunity for us to take share from HMO across both Unite and the Empiric portfolios and we're also increasing our synergy target today to 17 million pounds We're also increasing making progress increasing our alignment to high tariff from the best teaching universities already reaching 67% and we will achieve our 80% target through the pipeline joint ventures and disposals. We are on site with both of our joint ventures and the financial constraints on universities are increasing partnership opportunities at sensible returns and we're making good progress with our capital allocation. These have disposal showing our proactivity And we've been decisive in our approach to developments and using the proceeds from those developments to launch our £100 million share buyback programme earlier this year. And we do recognise it will take some time to reposition the portfolio, but delivering these priorities will underpin our return to growth. As we've got into the Empiric business, we really are excited by the extent of the opportunity, giving us a brand and a platform to compete with HMO, which is home to over 1 million students. And this will increase the size of our addressable market. I've been out visiting the properties. I've been to Cardiff, Birmingham, Bristol, and I've been impressed with the quality of the portfolio and the fit with the Unite portfolio, as well as the quality of the people in those cities. There are loads of opportunities for us to use our sales platform to drive performance. and yes the sales position is disappointing and that reflects some distraction from the acquisition as well as the market challenge and the fact they did not pivot away from their core market of Chinese postgraduates so the 25-26 income will impact our 26 earnings by 1 to 1.5p which Mike will cover and there is more work to do on our 26-27 sales and we are on it we will partially offset some of the shortfall by the increased synergies and driving our sales performance through both 26 and 27 to deliver earnings accretion from Empiric. In summary, this slide highlights our 2025 performance. We've delivered EPS of 47.5P, underpinned by the good performance in the majority of our cities, but at the lower end of our guidance due to the 95% occupancy overall. And the TAR of 2.1% is below our usual standards, driven primarily by yield expansion and also a slowdown in development activity. So I'll now hand you over to Karen who'll take you through the 26 sales in some more detail.

Thanks, Joe. As Joe highlighted earlier, on occupancy, we are currently at 68% versus 71% same time last year. Nominations are back 4% year on year, and I'll share a bit more detail on nominations on the next slide. On direct let, bookings are actually slightly ahead of last year, having adjusted prices and tenancy length to attract more undergraduates to compensate for the softness in the international postgraduate market. We're also making good progress in stabilizing our recently opened and refurbished properties, where bookings are up 25% year-on-year. This has been achieved on the back of strong student feedback, improved marketing, demand for nominations, as well as adjustments to tenancy lengths. Rental Group, which is on a REFBO basis, is currently at the lower end of our 2% to 3% guidance at 2.4%. Our inflation-linked multi-year nominations continue to underpin this rental growth, with some of it being offset by adjustments made to secure single-year nominations as well as more undergraduate direct-led customers. Like last year, we are seeing a later demand cycle as students wait to get the best deal possible. So we are preparing for a big push in the latter half of the cycle again. A bit more on nominations. As you know, with nearly 60% of our beds on nominations, of which 85% are on multi-year linked, inflation linked contracts with an average tenure of six years, they're a big part of what makes Unite successful. For the current sales cycle, which is still quite early, we are behind what we achieved last year. To add a bit of color on that, When we started discussions with our university partners towards the end of last year, we found that they were a bit more cautious in resigning to the same volumes that they took from us previously. Quite simply, to manage their financial risk, they needed clarity on their own student numbers before they could make firm commitments to us. The majority of these handbags, as you can see, were from lower and medium tariff universities which have been losing share to the higher tariff. Encouragingly though, since the release of the UCAS application data, we have seen an uptick in the requests from universities to take more rooms now that they know their application rates. The headline UCAS data shows continued positive trend in student number growth. Overall applications from 18 year olds was up nearly 5% as application rates held steady at 41%. Like last year, higher tariff universities continue to win share, growing applications at 6%. They now account for nearly 50% of all student applications. Additionally, higher tariff have seen an increase in applications from students who intend to live away from home, so effectively seeking accommodation. This highlights that students and parents continue to see value in the full residential experience at these universities, and it validates our portfolio strategy to align ourselves to these institutions. So our focus right now is very much to leverage our relationships to convert as many of these discussions into firm bet commitments and secure an additional one to two points of occupancy on our current position. That said, the low visibility we have in nominations at this stage and the continued late nature of the direct lead cycle is leading us to guide to the lower end of our 93 to 96% occupancy target. Stepping back, we are seeing three major themes come through our discussions with universities. Firstly, there is still strong demand from all universities, whether you are high tariff or low tariff, for well-located, high-quality accommodation at the right price points. The cost of living pressure on parents and students and the growing number of stay-at-home students means that universities are very keen to secure more affordable options. And this plays to our portfolio, which is 90% cluster flats, and in most cities we already have the price points and the tenancy lengths that these universities are looking for, compared to so much of what's been built recently, which is at much higher price points and full-year occupancies. Secondly, it is essential for universities that the partners that they work with share the same values they do on student experience with a strong welfare component that complements their own. Here again, the investments that we made in our 24-7 operating model in resident ambassadors who build great local communities in our student support framework, all of that has meant that we're at the front of the queue when universities are looking for accommodation partners, not just another supplier of beds. Finally, there is strong belief within the more selective universities that they will continue to be the net winners. And for them to continue to grow students student number sustainably, they need a pipeline of high quality accommodation for the long term. So we are actively working on renewing several of our longer term deals with universities. The alignment of our strategy with these trends is what gives us the confidence that we will remain the partner of choice for the best universities in the UK. So what happens next? I thought it might be worth revisiting the structure of a typical sales cycle. Firstly, we're just four months into the current cycle, so there's a fair bit of runway ahead of us. So far, our focus has been very much in securing rebookers and undergrad returners. We will start our new customer acquisition campaign from end March going into April and May. This is really when undergrads start to act on their offer letter from universities. On nominations, universities tend to firm up their commitments with us in June once their acceptances come back from students. Our goal is therefore to have 87 to 90% of our inventory sold by the time we get to clearing in August. Now clearing is always massive for the undergraduate segment. Between 65 to 70,000 students use clearing either to find a new course or to switch to universities or both. Last year, we did nearly 6% of our sales during clearing. We expect the strength of a larger clearing to continue. As we know, students are first waiting to secure the university place and then book their accommodation on the best possible offer out there. So far, we are seeing the market stay disciplined on incentives. They tend to be usually between 2% and 4% of the value of the annual contract, but this could increase towards the end. So we are keeping a close eye on it, and we will react accordingly. The postgraduate cycle actually does work a little bit differently. Currently, students are in the research phase and they tend to book later in the cycle with peaks really coming through July onwards, especially for international postgraduates who also need to secure their visas. While the Unite Students portfolio was historically mostly undergraduate, now with Hello Students, we do have a new offer to take to postgraduates and they will be a big part of our focus later in the cycle. Talking about Hello Students, I wanted to share a little bit more on how we're integrating Hello into the Unite operating platform. As Joe said, Hello Students provides students with a very different proposition to what we do at Unite. They have a high quality portfolio aligned to high tariff universities where they deliver an excellent experience. And we will be keeping them as a separate brand to address the returner's need for a more independent living experience. That said, their sales performance was below our expectations, but we are confident that as part of our platform, we can drive significant commercial improvements. One of the big areas where we will add value is through the scale of our international sales network. We work with three times as many agents as they do across multiple markets. We have a dedicated sales team, many of whom are native Chinese speakers, and also have a dedicated local office in China. All tools that the Hello team didn't have access to before. Additionally, we are already using our data and insights capabilities to help them make the right revenue management decisions, so where to adjust prices and tenancy lengths, and where to price recent refurbs so they can rebuild the base. We're also putting in place a cross-selling program, both to retain existing returning students across both portfolios, but also try and secure some norms for some of our Hello Student properties. Some of these will have a near-term impact, but the full benefit really comes from the next sales cycle when we will also have Hello Students on our technology stack. And talking about our best-in-class operating platform, a final bit from me. I know a lot of focus right now is on our sales performance, but we can only deliver that if we deliver a great experience to our students and HE partners. And here we've had another stellar year. Our student NPS is at a record high, and we are now rated gold by GSLI. Our higher engagement NPS is also at a record high, a reflection of how aligned we are with our university partners. And we're in the final stages of our technology upgrade program. We've already upgraded our finance service and people platforms, and the last piece of the jigsaw, which is our new booking engine and our new property management system, is due to go live in the second half of this year. Once the transformation is complete, we will deliver nearly 7 million of operating cost savings per annum. This, together with how students and universities feel about us, gives me the confidence that we will remain the best operating platform in the sector. And on that note, I'm going to hand over to Michael.

Thanks Curran, I'll now take us through a review of financial performance in 2025 as well as the outlook for income and earnings in the year ahead. We delivered like-for-like income growth of 4.9% in 2025 thanks to strong rate growth which more than offset a reduction in occupancy. Operating costs increased by 9% on a like-for-like basis primarily driven by higher staffing costs at property level resulting from increases in the real living wage and higher employers national insurance. We also saw cost increases linked to higher council tax liabilities from vacant rooms as well as building insurance. Property activity over the past two years added a net £15 million in net operating income as the impact of development completions and acquisitions more than offset income loss through disposals. The EBIT margin reduced to 65.9% as a result of lower occupancy and inflationary cost increases. Adjusted earnings increased by 9% in the year, reflecting like-for-like growth in net operating income and investment activity. Overhead's net of recurring management fees were broadly flat in the year. Adjusted earnings also included a non-recurring fee of 0.9p on formation of our Newcastle University joint venture. Finance costs increased as a result of higher borrowings and a 30 basis point increase in the average cost of debt to 3.9%. Capitalised interest was also higher, consistent with the pickup and development activity over the period. On a per share basis, adjusted EPS increased by 2% to 47.5p, reflecting the increase in share count from the equity issue in mid 2024. Net tangible assets per share reduced by 2% in the year to 955p. This reflected a 0.5% like-for-like revaluation deficit in the rental portfolio. where rental growth substantially offset the impact of an 11 basis point increase in the portfolio yield, which now sits at 5.2%. Our development portfolio also recorded a revaluation deficit linked to our decision to defer or exit projects. This included our TP Paddington scheme, for which we incurred a two pence write down, having taken the decision to not proceed with the scheme on viability grounds. Fire Safety CapEx, made of recoveries through our claims, saw a 3p reduction in NTA. This was in line with our expectations and we expect a similar impact in 2026. Total accounting returns were 2.1% for the year, reflecting the change in NTA and dividends paid in the period. We now move on to discuss the outlook for income, costs and earnings for 2026. As Curran discussed, we've seen a slower start to this year's sales cycle. This has been most impactful for nomination agreements, where we expect a reduction of around 1,000 to 2,000 beds. We continue to target additional nomination agreements and have various conversations underway with university partners. Where required, we will pivot these beds to our Direct Let sales channel. Rental growth for our bookings in the year to date is 2.4%. As expected, growth has been stronger for nomination agreements and lower for direct let beds, particularly in those markets where we've reduced price to drive increased occupancy and income. Based on current trends, we expect performance for the next academic year to be at the lower end of the guidance ranges provided at our investor event in November for occupancy of 93% to 96% and rental growth of 2% to 3%. Together, this translates to 0-2% expected growth in like-for-like income for the academic year, which is at the lower end of our initial guidance for 0-4% growth. There remain 6-7 months to go in the sales cycle and significant time to influence performance. While undergraduate student numbers look encouraging, we've learnt the lessons of last year and are calling the risks as we see them today. who will review guidance over the remainder of the sales cycle as we firm up university demand for nomination agreements and make progress with our direct sales, which are more heavily weighted to the end of the sales cycle. Cost discipline is one of our strategic priorities, and we're taking steps to right size our cost base to reflect a more competitive operating environment. We've identified 30 million of annual cost efficiencies across the United Empiric businesses, which will be executed by the end of 2026. Before the year end, we reduced our central team costs by approximately 20%, responding to lower income and making savings where we've invested in anticipation of stronger future growth. In addition, we're starting to realise the benefit of our investment in new technology platforms with £2 million of our £7 million annual savings expected to be realised in 2026. Together, these changes will help to offset the impact of inflation, meaning we expect to hold the Unite cost base flat in 2026. For Empiric, we're now one month into our ownership and have spent the time reviewing the synergy assumptions made at the time of our offer. Our original target assumed £13.7 million of annual cost savings on a risk-adjusted basis, through removal of duplicate activity and roles, and the benefits of our economies of scale. We've now confirmed those cost savings, giving us the confidence to increase our annual synergy target to £17 million. We expect to recognise £9 million of those savings in 2026 and achieve the full run rate from 2027. We have a strong balance sheet and we will ensure we maintain leverage appropriate for the operational and capital intensity of our business. Net debt EBITDA is within our target range of six to seven times following completion of the empiric acquisition and we will continue to manage leverage through our disposal programme so that we remain within our targets. This translates to a loan to value ratio of around 30 to 35 percent on a built-out basis. We expect a further gradual increase in our cost of debt as we refinance at higher marginal borrowing costs. We are forecasting a 40 basis point increase in the cost of debt to 4.3 percent in 2026 and then further increases of around 20 basis points per annum thereafter. Liquidity remains strong for new debt and we've seen the cost of new borrowing reduced by around 25 basis points over the past year through lower rates and tighter spreads. Joint venture capital is a key part of our capital structure and an attractive source of funding for the Group. Just under half of our operational beds are held through funds which generate recurring management fees equivalent to around two thirds of our overheads. We will look for opportunities to leverage new third-party capital and are pleased to have agreed the disposal of St Pancras Way to USAF. The £186 million disposal will be funded through £115 million of existing cash in USAF and an equity issue in USAF underwritten by Unite. The transaction helps increase USAF's exposure to London, the UK's largest and most liquid PBSA market, through acquisition of a prime central London asset. For Unite, the sale allows us to remain invested in a high-quality property and earn additional management fees. It also recycles capital to fund the costs of delivering our university partnerships and committed developments. The transaction will see our stake in USAF increase to a maximum of 32%, which we then expect to reduce over time. Our earnings guidance for 2026 reflects the outlook for income, costs and funding described on the previous pages. In November, we highlighted a 7-10% year-on-year reduction in EPS for Unite from a combination of factors. This included lower occupancy for existing properties and new openings, the loss of non-recurring JV fees linked to our university partnerships, the initial earnings drag from disposals, and the impact of higher funding costs. Since we issued that guidance, we've committed to an initial £100 million share buyback, which will deliver modest earnings upside in 2026. However, we've also seen the outlook weaken for 26-27 academic year income, meaning we expect earnings for Unite Business to be at the lower end of our previous guidance. Our 41½ to 43p adjusted EPS guidance also includes Empiric for 11 months of the financial year. As we said previously, Empiric's income was below our expectations for the 25-26 academic year, which will particularly impact earnings in the first half of 26. This impact is partly offset by increased cost synergies, however we still expect a 1-1.5p reduction in EPS in the year. Thereafter, we're continuing to target earnings accretion from Empiric through an improvement in income performance and the full benefit of cost synergies from 2027. We intend to hold our dividend flat in 2026, which would mean an increase in our dividend payout ratio just under 90%. We expect this to normalise back to our existing payout ratio of 80% over time. I'll now take us through a review of our investment activity in the Prophecy Portfolio. In November, we set out our revised capital allocation framework, based around four key priorities, and I'm pleased to say we've made good progress against each in the past three months. We've formed our first two university partnerships in Newcastle and Manchester and started construction of new on-campus beds. For our off-campus developments we've reflected a more challenging leasing environment which has seen us exit or defer future schemes. We're also committed to accelerating disposals and have today announced the sale of St Pancras Way to USAF. This capital allocation supported our decision to launch a £100 million share buyback in January. As Joe said out earlier, we see a clear trend towards the strongest universities outperforming and growing student numbers. These are also the institutions where students see most value in the residential experience and we see the most enduring demand for our product. Our target is to increase our alignment to high tariff universities to 80% of our portfolio over the medium term. Our investment activity in the past year has supported this goal by exiting lower growth markets, developing in our most supply constrained cities and acquiring Empiric's high quality portfolio, all of which have increased our high tariff alignment to 67%. Our future investment activity will see us focus our portfolio on fewer cities and the strongest university partners. This will be achieved through the delivery of our university partnerships and developments and by accelerating our exit from lower growth assets and markets. We've been delighted with our progress with the university partnerships over the past year. We're now on site in Newcastle and Manchester for the delivery of 4,300 new beds. Universities recognise the value we bring to our design, planning and development expertise, which has helped to unlock these substantial projects in a difficult environment for new development. There has been significant appetite to lend to our university partnerships, with Rothsay and PIMCO providing debt at borrowing costs below our initial underwriting. As Curran mentioned, the strongest universities want more high quality affordable accommodation on their campuses. As a trusted partner with a growing track record of on-campus deals, we have a significant opportunity to add future joint ventures. We have half a dozen live opportunities with high tariff universities and our target is to secure one of these deals per year. We're targeting low to mid-teens unlevered IRRs for future projects with demand underpinned by university partners who have an aligned financial interest in the schemes. I'll now turn to our off-campus developments. We delivered two new developments in 2025 in Bristol and Edinburgh, totaling 1,000 beds. And we have a third two schemes under construction in London and Glasgow for delivery in the next two years. The cost to complete our committed schemes are around 100 million pounds. Our 2025 deliveries were 65% less in the year of opening, and as Karen said, these properties are leasing up well for the 26-27 sales cycle. Our focus is on stabilising the 2025 openings and leasing upcoming deliveries. Together, this would add £27 million for net operating income from the end of 2027. At Hawthorn House in Stratford in London, we will complete construction in June for the delivery of 719 new beds in an academy school let to the Department for Education. The project is our first development delivery subject to approvals by the Building Safety Regulator. We recently secured the second of three Gateway approvals and are fully engaged with the BSR to de-risk opening in time to welcome students for the start of the 26-27 academic year. Our uncommitted pipeline also includes sites for an additional 2,400 beds where we own the land, for which the bulk of the value is in consented schemes in London. We will be highly disciplined over new development starts and recently took the decision to exit our TP Paddington project due to it no longer being viable. We've also deferred the development of our Freestone Island site in Bristol. We're currently exploring all options to realise value from these uncommitted projects, including outright sale as well as joint ventures where a partner would fund future capex. In the wider market, we see other developers facing the same challenges around development viability. New supply of purpose-built student housing increased in 2025, but remains around half of pre-pandemic levels. Net of beds leaving the market due to obsolescence, new supply remained modest at around 1.5% of stock. High build costs and longer development programmes due to the Building Safety Act gateways mean weekly rents now need to be at least £230 for projects to be viable. This is above the rents in 80% of our markets and runs contrary to what Curran said about universities focusing on more affordable product. When new supply is coming forward, it tends to be focused on more premium studio product and the small number of prime regional cities which can support rents at these levels. We expect new supply in 2026 at similar levels to 2025, with markets such as Birmingham, Leeds and Glasgow set to absorb the highest levels of deliveries. Looking beyond 2026, we expect to see a material reduction in new supply, as indicated by fewer new planning submissions for PBSA schemes over the past year. We also see the same viability challenges impacting development of built-to-rent, which has become a source of competition at the premium end of the student market. We saw good levels of investment activity in the student housing market during 2025, with just over 4 billion of assets traded. Interestingly, we've seen a change in the makeup of transactions, which has shifted from funding of new development towards purchases of standing stock. This reflects the viability challenge for new development in the current market. Institutional investors remain active, with the likes of Australian Super, Quadreal, LNG and KKR all deploying capital in 2025. After a year of softer occupancy, leasing performance for the 26-27 academic year will be key to pricing for upcoming transactions. We're targeting £300 to £400 million of disposals in 2026 from a combination of lower growth or mature assets that have made a good start through the sale of St Pancras Way. We will be bringing further assets to market in the coming months and have identified around £100 million of future disposals from the Empiric portfolio. Positively, we're seeing good interest from value-add investors for portfolios at affordable rents valued significantly below replacement costs. We expect further disposals to follow the conclusion of the 26-27 sales cycle in the autumn. This reflects the importance of current leasing performance as well as the time required to complete technical due diligence linked to fire safety. We are fully focused on deploying capital where it delivers the strongest risk adjusted returns. This was demonstrated in January through the launch of a £100 million share buyback programme to return surplus capital to shareholders. This is funded through reduced off-campus development. Looking ahead, we expect to generate around 100 to 200 million pounds per annum of surplus capital as we execute on our disposal plan and development capex reduces over time. Shared buybacks and university partnerships remain the best uses of our capital and we will decide how and where we invest based on the opportunities we have available to us. New investment must demonstrate clear accretion to both earnings and net tangible assets and we will not compromise on maintaining a robust balance sheet. This means future investment will need to be funded out of disposal proceeds. And with that, I'll hand you back to Joe.