Good afternoon, everyone, and thank you for your time. It is really exciting to be presenting Eureka's 2026 results and discussing our plans for the current year.

I think the numbers we have released earlier today are very strong: guidance achieved, revenue up, underlying earnings up, cash flow up, and a balance sheet well-positioned for sustainable growth. You can really get a sense of the momentum building in the business.

Out of the gate in the current year, today we announced our third acquisition in the first 6 weeks of the year. These three acquisitions add nearly 600 additional income-collecting homes and sites to our portfolio, and add another 180 development sites to our pipeline.

When we wrote the strategy for Eureka 18 months ago, it was predicated on delivering fairly priced rental homes in community settings located in outer metro and employment-centric regional markets. At no stage did we think the federal government would look to blow up the housing market, but the demand for fairly priced rental homes has never been stronger.

Demand greatly exceeds our capacity to supply, and we have strong pricing power. The sales journey for our customers is not measured in months or years; it is measured in hours and days.

Literally, what do you have available? Our residents don't want wellness centers, concierges, or dog-walking services.

They want secure long-term leases, security, fair rents, clean and fit-for-purpose housing, and somewhere to park their car. The market opportunity is immense, and there is virtually no other institutional capital in Australia looking at this space.

This is not a niche market. Over 30% of Australian households rent, and that proportion is increasing across every age group every year.

Eureka has established a reputation as a reliable counterparty, and our deal flow remains significant. Whilst demand is incredibly strong, there do remain some areas for improvement.

We still have a few communities in regional Victoria and South Australia which are trading below expectations. We have much to do in procurement across energy, waste, and construction, and our customer journey can be improved.

I can assure everyone on the call today that we are working incredibly hard to address these challenges. Joining me today on the call is Shiv Shrestha, our CFO, and Mike Heffernan, our Head of Capital Transactions.

This presentation should go for 10 to 15 minutes, and then we'll jump into some questions. Moving on to the map of Australia on page 2.

Eureka is Australia's only ASX-listed rental specialist. 67% of our portfolio is weighted to the high-growth states of Western Australia and Queensland, and that is a deliberate weighting.

Compared to 2024, our portfolio is now 60% larger than where it is today, and we have more growth to come along. Jumping now onto page 4, Eureka's business is underpinned by resilient cash flows, and we have multiple levers for earnings growth.

The structural tailwinds driving our business forward are underpinned by a significant shortage of affordable housing, and demand is driven by the housing crisis, migration, changing household formation, and the aging of the population. One of the most pleasing aspects of our results today is that net operating cash flow is up 41%, driven by the expansion of our rental base, and we have multiple growth levers in place.

In 2026, we settled on seven properties at an 8.1% weighted average yield and an $86,000 average cost per site. Our acquisition pipeline, even after today's announcement, remains at over $120 million of deals.

Now jumping forward to page 6, some of the key achievements and priorities, and Shiv will talk more on what we've delivered in 2026, but the focus for the next 12 months is in development, we want to deliver on 150 new rental homes, which will all be built by modular construction, and we'll accelerate the lease-up across the portfolio. We want to convert the $120 million acquisition pipeline into earnings.

We want to broaden our access to capital, including the use of joint ventures and capital partnerships. We want to hold our overhead growth below revenue growth as the portfolio rapidly scales.

Most importantly, we want to deliver underlying EPS growth of at least 13% on the year that we've just delivered. I'll now jump forward to page 9, which is the operating performance by segment.

In our seniors rental business, which remains the core platform of the business, our underlying EBITDA margin is now 52% and not far below our target of 53%. In the all-age, which is our key growth platform, our underlying EBITDA margin was 53%, and our target over the next couple of years is to grow that to 55%.

Across funds, JVs, and partnerships, our annualized fee revenue from that business is now $6 million. Earlier this month, we closed our first new all-age fund with two assets that we seeded off our balance sheet, which freed up around $14 million of capital for reinvestment in development and acquisitions.

We're also finalizing an asset swap, which I'll talk about shortly. I'll now jump forward to page 12 and just talk a little bit about what's driving the rental market in Australia.

This slide was shown before, but in the 20 years to the start of COVID, broadly the rate of rent increases year on year, broadly tracked wages. What we've seen since COVID is that the cost of renting has increased by 2 and 1/2 times wage growth over that last 5 or 6-year period.

More concerningly, that divergence is accelerating. With some changes in government policy are likely to put an even bigger fire under rents, but this has been a decade in the making.

Now moving forward onto page 13, our same-store rent growth for FY '26 was 6%. As the relative weighting of all-age grows across the business, will likely our same-store rent growth.

I'll now move on to page 16. This is some new data which Eureka specifically commissioned.

This page here, I think, is really interesting. It shows how rents have grown since COVID compared to the last six decades.

Rents in Australia, which are measured by the blue bar, over the last six decades, rents on average grew by around 6.5% per year, but post-COVID, those rents for a two-bedroom apartment have grown by approximately 17%. What this is saying is that rents in Australia post-COVID are growing at approximately three times the average rate over the previous six decades.

Residential building costs in Australia, and I'm just on page 17, residential building costs in Australia continue to rapidly grow. The average cost for building an attached dwelling is now around $637,000.

That's just the cost of the unit alone; that doesn't include land, finance, the developer's margin, or government charges and levies, which typically add another 40% to 50% of the price. If you're building a new property, let's say, your unit, including the government, the land, the financing, the developer's margin, if you build an $800,000 unit, you would need a rent of approximately $923 per week just to cover the interest cost.

It just doesn't work. Whereas, for Eureka, we are able to deliver a two-bedroom brand-new prefab modular home for between $150,000 and $180,000, and we're getting a yield in excess of 12.5% on our modular expansions.

Now just touching on page 18, and again, this is some unique Eureka-commissioned data which we is the releasing to the market for the first time. Australia's rental market relies on private investors.

Approximately 83% of Australia's rental dwellings are owned by private landlords compared to across the key OECD countries, 53% of rental properties are owned by private landlords. In Australia, the rental market relies on private landlords.

Private landlords have substitution: they can sell their home, and you cannot replace that stock easily. It's hard for institutions in Australia to build scale in rental housing in Australia because the yields are too low.

Eureka has identified a unique, scalable, and highly accretive market opportunity, which we are executing on rapidly. On page 20, what could Eureka look like in 2 to 3 years?

We have upscaled this a little bit compared to the last 6 months. In FY '25 sorry, FY '26, we added 937 homes and sites to our portfolio.

In the first 6 weeks of this financial year, we've added another 550. I think getting to 6,000 homes over the next 2 to 3 years is not going to be particularly taxing.

The other key takeaway here is that the use of partnerships and funds management, where accretive to scale, is going to be a critical part in how we fund that. On page 21, today we're pleased to announce our third acquisition, which is in Western Australia, and that is the acquisition of the Sunset Beach Holiday Park and Lifestyle Village in Geraldton.

Geraldton's located about 4 hours by car north of Perth, and it's a key regional center with a population of over 42,000 people. We've purchased this community off-market for $16.8 million, which provides us with a 10% ingoing yield and a 17% targeted 5-year IRR.

We've acquired it significantly below replacement cost at less than $69,000 per home site. In Geraldton, where I was a couple of weeks ago, the vacancy rate in Geraldton is 1.1%, and in the last 12 months, rents in Geraldton were up by 19.4%.

This is another straight down the fairway acquisition for Eureka. It's got a very strong local economy underpinned by a large port, transport operations, minerals processing, energy, and renewables.

Pleasingly it also has an amazing coffee culture. Jumping now on to page 23, capital partnerships.

I touched earlier that we closed our first new all-age funds several weeks ago, and today, we are also working on an asset swap. We currently have two high-occupancy communities in Townsville where we are only the manager; we have no underlying equity interest.

What we're doing is we're converting those low-profitability management contracts. We are buying a 50% equity interest in both of those communities, and we're transitioning to a much higher profitability management contract.

To fund that transaction, we're going to sell down a 50% interest in our two Cairns rental villages and establish new high-profitability management contracts for both of those. That's another way we can grow our portfolio in a very capital-efficient manner.

Jumping now on to disciplined capital deployment on page 25. Over the last 12 months, we've deployed more than $80 million in immediately accretive acquisitions.

The weighted average acquisition yield on these seven properties exceeds 8%. We're buying at an average of $86,000 per site, which includes the land, it includes the building, it includes all the roads, piping, and infrastructure.

We're buying these assets significantly below replacement value. Our ability to originate off-market deal flow is a critical competitive advantage for Eureka.

The vast majority of the deals we're closing on and the $120 million in additional deals we have that we're working on at the moment, the vast majority of these are off-market. We're not in a competitive process.

We're dealing directly with the vendor, and we're not having to compete with people who might have a lower cost of capital than us. To jump on to page 26, again, this slide here shows our ability to originate significant off-market deal flow.

In FY '26, acquisitions alone expanded our portfolio by over 26%. We have another $120 million of deals that are either under due diligence or in advanced price discovery.

On page 28, modular construction delivery. I know there's a lot of companies in Australia which talking about we should be looking at modular, but Eureka is already doing it.

In FY '27, we already have over 200 one and two-bedroom prefab modular homes locked in. We have eight communities at the moment across Australia, where we are delivering prefab modular homes, and these homes are either being built in factories at the moment or in the process of being installed.

Eureka is an advanced user of prefab modular construction, and for Eureka, it delivers high-quality housing in a much quicker time frame than if we were to use traditional on-site construction. Furthermore, in a lot of the regional markets we are operating in, it is actually very hard to secure a trade.

This is a way, at a great cost, we can quickly scale our portfolio. Now I'm going to hand over to Shiv, who's going to step through the P&L, which is on page 31.

Thanks, Simon, and good day, everyone. I'm pleased to be presenting our results with Simon.

On page 31, the profit and loss. Revenue of $56.7 million, up 24%.

Rental income, which is our recurring component, was up 32% to $44.9 million. This is the full-year impact of our FY '25 acquisitions and organic growth.

Underlying EBITDA of $21.7 million, up 29%, against a guidance range of $20.2 to $21.1 million. Underlying profit before tax of $14.7 million, up 23%.

Underlying earnings per share of 3.45 cents, up 10%, against a guidance range of 3.37 to 3.44 cents. The full-year dividends is 1.46 cents with a final dividend of 0.73 cents.

If you can please move to slide 33, cash flow. Operating cash flow of $15.2 million, up 41%.

This is on the expanded rental base and rental growth across the portfolio. Adjusting for investment in inventory and GST, the underlying cash generation is stronger than the headline.

Moving to slide 34 is capital management and covenant headroom. The key numbers which represent our strong balance sheet position: loan-to-value ratio of 34.2% against our internal ceiling of 40% and a bank covenant of 55%; interest cover of 3.5 times against covenant of 2 times; and a facility limit of $185 million with a documented $200 million accordion.

At 30th June, the undrawn headroom was $48 million, and we had $39.5 million of capacity against our 40% ceiling. This was increased by $15 million after we launched the all-age fund and seeded Brassall and Benalla Tourist Park.

Our toolkit is wider than the facility. We have the accordion, we have capital coming back from home and unit sales, and the funds and JV platforms, which give us which grow assets under management.

Thank you. I'll hand it back to Simon to go through the priorities and guidance, and then we'll take questions.

Thanks, Shiv. Then the last slide to talk through today is page 36, which is our priorities and guidance.

Across operations and development, this is going to be the key focus for the business as we look to continue to drive occupancy and rent growth across the portfolio. As I outlined before, we do have a small number of communities where we do have some further work to do.

We're looking to deliver over 150-plus new rental homes, which will all be built with modular construction, and focusing on accelerating lease-up at some of our key communities including Emerald and Kingaroy, which are in Queensland; Hillsider, which is in Perth; and Benalla and Nagambie in regional Victoria. We're going to continue to progress DAs across our pipeline, and we're going to look to continue the all-age cost normalization program.

As I mentioned before, we do think there's some significant opportunities in the growth across procurement. From a capital and growth perspective, we do have another $120 million of acquisitions which we're looking to work through that pipeline at the moment.

Divestment of noncore and remote communities is going to continue. We're looking to exit low-profitability management contracts where there's no pathway to ownership.

We're not interested in managing other people's assets and making them money unless we have a meaningful equity interest and a profitable management contract. We will happily hand those contracts back.

We're looking to maintain balance sheet discipline and keep LVR well below 40%. We're looking to continue to diversify our capital base, including joint ventures and capital partnerships, and we're going to deliver on guidance and build the earnings base to achieve our medium-term target of greater than 6,000 homes and a 40% operating margin.

We're delighted to announce guidance for underlying EPS of at least 3.9 cents per share for the year, representing at least 13% growth on FY '26. The key variables there is rent growth and occupancy, the scale of further acquisitions, how quickly we can ramp up development, and our discipline around costs.

With that, that's the end of the presentation, and we're happy to move to Q&A.

Hi, Simon, Shiv. Congratulations on a strong year and a strong start to this year in terms of the acquisitions.

Just a couple of questions from me. Just first one around a bit of noise on CGT hearing and the like, and sort of property prices moving around a bit.

Any comments on kind of the change of shape of discussions and negotiations in terms of the $120 million pipeline that you're having with the vendors and perhaps any sort of impact this is having on potential entry and prices and the like on that pipeline?

Yeah. Hey, James, thanks for your feedback.

Look, I think the changes that were announced by the federal government several months ago has definitely changed market dynamics. It's made some vendors sit back and consider whether now's the right time to sell.

I think thinned out the ranks of prospective purchasers in the market. One of the last three acquisitions we made was by a person retiring, and that was definitely CGT-driven.

We were able to move really quickly. Without going into details, we were able to secure what I think is a pretty attractive outcome.

The point is that our earnings guidance that we've given for FY '27 doesn't rely on a huge amount of additional acquisitions. To come out of the gate and close three deals in the first 6 weeks of FY '27 really sets us up for an incredibly strong year.

We've got eight communities where we're developing at the moment. When I joined Eureka a couple of years ago, we didn't really do development.

We didn't have a development pipeline, and development for Eureka is incredibly profitable. We're just dropping in homes on existing streetscape where all the existing services are in.

Where we see value, we'll continue to buy. We've got a strong pipeline.

I can't overstate the importance of being considered a reputable counterparty. We're not a tire kicker.

When we turn up on settlement day, we've got a check. We're not trying to do a New York close and renegotiate the price.

We have an incredibly strong deal flow in place. A lot of people come to us.

We've also mapped out another 40 towns and cities across the country where we want to build our asset base. Acquisitions an important part of the business, but it's certainly not for the next year going to be the key driver in whether we can achieve guidance.

Excellent. That makes sense.

In terms of a particular focus on states, I think you're doing a bit more in WA, any comments around where that pipeline's kind of focused on a state perspective?

Look, we are underweight New South Wales, and so New South Wales traditionally has the highest rents in the country, but it's also probably the hardest state in the market in the country to do development just because of the planning. I think you'll see us look to grow our business in New South Wales.

We're very happy with Queensland and WA. Those markets have performed the strongest, they've got the strongest economies, both underpinned by renewable energy, minerals and minerals processing.

Both are struggling with affordability issues, rents in the past 12 months in Queensland and WA have gone up mid-teens. So 2/3 of Eureka's portfolio is based in those high-growth resource states, and we're really happy with that weighting.

Yeah.

Certainly. Just on the occupancy as well, that's very strong, sort of 97% in the seniors and 95% on all-ages.

Can you maybe talk towards confidence in holding these levels and maybe waitlists and things like that sitting behind those numbers that really support that trend?

Look, I note that two of the largest developers in Australia reported yesterday, and they talked about a significant drop-off in levels of inquiry. We are categorically not seeing any of that.

The demand for rental housing remains incredibly strong. In the seniors portfolio, around 70% of our vacancies are concentrated in five or six markets.

That's in places like Whyalla, Shepparton, Horsham, and a few other locations where there's structural issues at play. If we can't get those occupancies up to a level that we need to be, then we will look to divest those communities.

In the all-age space, the level of occupancy at the moment is more driven by as we acquire a community and convert what's previously been short-term or tourism stock across to long-term residential rental, we typically have to upgrade the kitchen, put in some additional storage, and that takes a bit of time. But 6 months ago, I think the weighted average occupancy for our all-age was 87%, and now up to 95, which is in line with where I said I thought it would close.

We should be able to close that occupancy even closer to 97%, 90% 97%, 98% over the next 6 to 12 months. We've got more work to do, but the underlying predictability of cash flow in Eureka is incredibly strong.

There's no new supply coming on at the price point where we typically operate. What's going on in the residential market in Australia, I think is going to end up with more and more people renting because there's going to be less new supply delivered because the economics don't work.

It's definitely looking that way. Maybe last one for me, just on same-unit kind of rental costs.

What are you kind of seeing on back book, front book, and obviously continued tightening of the market, what can we expect to see on that trend moving forward?

I might get Shiv to answer that question, James.

James, thanks for your question. On the delivery of modular homes for us that's done by a trusted partner, especially in Queensland, which supplies around 80% of our new modular homes, we have seen about 5% increase in the cost of modular homes.

Then there's an increase in cost like transportation, but then makes up a small percentage of the full impact. We're seeing there between 5% and 10% in increase, but not a major increase.

Cool. Excellent.

That's it for me. Congrats on the result, guys.

Cheers.

Good afternoon. I'm just wondering, in terms of your financial year '27 guidance, what's assumed there, in terms of acquisitions, funding, or how much you're spending on development?

Hi, Leanne. For acquisitions, we assumed a total of around 50 $50 million of acquisitions.

We're largely complete on that. If we make any additional acquisitions, we have a strong pipeline in place, and that'll all be funded internally through operating cash flow, through available debt facility, and through capital partnerships.

In terms of development, we are looking to build around 150 new homes, which we expect the vast majority of those to be leased up in the same financial year. Then we'll have another 50-odd homes that will be built this year, but will only be delivered in the last couple of months of the year, which is why I spoke about we've committed to 200 one and two-bedroom modular homes this financial year.

We've got eight communities currently where modular homes are being delivered, and the vast majority of those will be rented, but there are maybe a dozen or so homes that we may also sell as well, if that represents the highest and best use.

Just a follow-up on the modular homes. I think on the last script, you said that you hadn't secured a supply for WA.

Can you provide an update on that?

Yep. We recently have delivered four prefab modular homes with a new builder to our Hillside Village, which is in Armadale in the southeastern suburbs of Perth.

We have a DA there for another 19 homes, and we're just out to tender for that project. Then up in Geraldton, with the acquisition we announced today, we're about to put in another order, we're just working through the supply chain in WA.

It's fair to say that in Western Australia, whether it's a cup of coffee or a modular home, everything costs more and takes longer to arrive. We're probably looking at a 25% increase in the cost of a modular home in WA relative to what we can get them delivered in Victoria or Queensland.

We've probably got maybe four or five builders we're working with in WA at the moment. The largest prefab modular builder in the country is headquartered in WA, which is Fleetview, and we're talking to a few smaller groups as well.

Pretty comfortable that we've got good optionality in prefab builders in Western Australia.

Yep. Just my last question.

I notice that you increased your hedging. Could you just provide, I guess, some guidance on what you're assuming in terms of your cost of debt for financial year '27?

Hey,

Leanne. Shiv here, and thanks for your questions.

Yes, we did increase our hedging position post-year-end as well. Internally, we target between 30% and 50% of the drawn debt to be hedged after the new hedge.

Instrument would be about 28% or 29% of our drawn debt being hedged. On the cost of debt, and I'm talking about all-inclusive, which is the line fee as well, in our guidance, we've assumed about 6.4% to 6.5% is the all-in cost of debt.

That's, obviously, higher than what we had for FY '26, which was around 6.1% to 6.2%, given the rate rises during the year.

Leanne, I can't tell you how excited is Shiv for someone asking a question on hedging.

Thank you.

Afternoon, Simon, Shiv, Mike. I had just a question on FY '27's guidance.

It looks like you delivered about 2 cents of earnings in FY '27. Sorry, you delivered about 2 cents of earnings in the second half of FY '26.

It looks like guidance implies more or less a similar run rate per half over the course of FY '27. You've obviously done quite a bit in the way of new acquisitions over the course of the last 6 months and a few more announced in recent weeks.

I was curious as to why there isn't more half-on-half growth embedded. I suppose, is there a bit of repositioning works at play through some of these new acquisitions?

I suppose, can we expect a stabilization towards the back end of FY '27?

Hey, Murray, yeah, thanks for your question. No, look, we definitely had a very strong second half, and we did end up selling 14 homes across a couple of communities for the first time in the second half.

Half of that is broadly we've got two communities which we previously outlined, one in Eagleby and one in Bundamba, both in Brisbane, where their strata villages where we don't own all of the units, and we've been over the last 4 or 5 years gradually buying back the units that we don't own with a view to owning the village outright, collapsing the strata, and making it a wholly owned village. Given the rapid step-up in what it's costing us to buy those homes, we're now only getting a 3% or 4% ingoing yield if we buy, we've stopped buying them back, and we've started selling those homes on the market in a staged manner because that represents we basically could have sold either one of those villages in one line for $9 million, or we can break them down and sell the units off individually and potentially realize double that amount.

That had an impact, which was a bit over $1 million in the second half. We're continuing with that sales program, but probably not to the same extent.

Then for the first time ever, we also sold a couple of homes in Nagambie and Benalla, so that probably had a more noticeable impact. There's probably just a lot of uncertainty in the market at the moment, Murray.

Murray just being, I guess, cautious, probably being a little bit cautious around what we're assuming for the cost of debt. I can't really disagree with the maths you've outlined.

Got it. That's clear.

Thanks, Simon. Then just looking at the balance sheet and, I suppose, your plans for growth going forward, you obviously had a pretty active start to the year, and it sounds like you've already done pretty much all of what your targeted acquisitions were at least in guidance.

If we look at the four things that you've acquired so far this financial year already, it looks like gearing goes from sort of low 30s into the high 30s as these acquisitions stabilize. I was just wondering what your thoughts are for capital management going forward.

Are there more divestments that you're planning, or is the acquisition pipeline going to be a bit more measured going forward?

Hey, Murray. Great question.

A few things to highlight, post balance sheet, we did do the all-age fund, which did create additional capacity on the balance sheet for us to acquire more, which is about $15 million. Then a couple of other pieces Simon mentioned the asset swap, which we'll do relatively soon, which will create further capacity on the balance sheet.

We've got a few assets which are on the asset divestment list, which will create more capacity. Then the home and unit sales as well, then give us a higher margin, which will create capacity as well.

There are multiple sources where we are either selling down or diversifying our capital, which will give us the facilities we need to or the headroom we need to execute on the acquisition pipeline, which we have.

Got it. Thanks.

Then just lastly, on the dividend payout ratio, it looks like that has fallen in the last year from about 46% to about 42%. I was just wondering how you're thinking about that going forward, please?

Yes, I think around the dividend, again, that's correct. We're just trying to get the right balance between showing, growth in dollar value, a dollar-value increase in distributions, but a payout ratio that will likely gradually decline.

We have a significant pipeline of highly accretive acquisition and development opportunities which we want to fund, and we're really focused on funding that internally. So, paying out a a lower proportion of earnings is a key part of that, along with the other initiatives that Shiv outlined.

In addition to that, in the, the second half of this financial year, we will likely launch another seniors or another all-age fund. Really focused on, I guess, using the balance sheet as hard as we can.

Got it. Thanks, Simon.

Thanks, Shiv.

Thank you.

Congratulations on the results, guys. Just a couple of quick questions.

Did you quantify dollar millions what the size of the divestment portfolio sort of looks like?

We haven't, Liam, but so there's two components to that. We have four or five villages that we're looking to exit, and that would be worth probably in the region of $25 to $30 million.

Then we have five or six management contracts, which is where we manage other people's rental villages and we have no equity interest and no pathway to an equity interest because all of the units in those communities are basically owned by individual owner-occupiers, and we're looking to exit those. That will probably free up another $5 to $10 million.

Excellent. Obviously a big focus on the results presentation just around the demand for rental accommodation.

Can you just sort of maybe point to a couple anecdotal instances around that market rent reversions that you're seeing when the units sort of come up for releasing? What's that reversion looking like?

Probably quite different than retail, but our average period of tenure is around 4 years. Every year, give or take, we have turnover of a thousand or so rental contracts, and then you add in this year we expect 150 first-time lease-ups.

The average rent reversion that we're achieving in the seniors rental space is probably somewhere between 10% and 12%. It does vary by location.

We have a number of communities in Brisbane, Brassall and Wynnum, and so the reversion there would be in the mid-teens. Then we have other communities which might be in regional New South Wales like Tamworth or regional Victoria like Shepparton or Horsham, and the rent reversion there would be maybe in the mid-single digits, 5% or 6%.

In the all-age, we've only been in that space for not even 18 months. What we are seeing with some of our longest owned communities, which would be Burrum River in Hervey Bay or Kingaroy up in Gladstone, that, again, rents are growing incredibly strongly in those markets.

That's probably looking at mid-teens rent reversion as well. I think in the all-age community, we should be looking at stronger same-store rent growth because a significant cohort of our residents are not pensioners, they're people who are in the workforce, who are receiving wages, and have a greater capacity to pay a little bit more.

We are seeing quite strong not only same-store rent growth, but when there's a turnover, having effectively a market review.

Maybe just one final one, if I may. You flagged 40 towns or cities that you're not currently in.

How many towns or cities is the portfolio currently spread across? Do the characteristics of these target towns and cities differ to what is the average in the existing portfolio?

Yeah. It's a great question.

As I mentioned, we are significantly underweight New South Wales. In places like New South Wales, places like the Hunter, Port Macquarie, Coffs Harbour, Ballina, then heading south, Nowra, Batemans Bay, heading inland, Wagga.

They're sort of towns where we want to be where there's strong residential market, where there's jobs. We don't have anything in Sydney as an example.

At the moment, we would love to be in Sydney. When I joined the portfolio, we had 50 assets, probably across 41, 42 different locations because we had quite a strong presence in Brisbane and Perth.

Everything we've bought then has really been underpinned by there's got to be jobs, and so that's the key screen for us. The acquisition we announced today in Geraldton, Geraldton's a town of 42,000 people, it's quite large in the context of New South Wales, it's probably not that much smaller than like a Port Macquarie or an Orange.

It's quite a large town, significant industry, major port operations, minerals processing, it's got an airport, it's a very attractive retiree destination, it's pretty easy 4 hours driving into Perth, basically, no new residential housing stock being delivered. We think this is an incredibly prospective opportunity, and we see huge opportunities in the west.

Equally, in Victoria, we've got four communities down there that we bought in the last 12 months, and it is a bit challenging in terms of what's going on there at the moment, but the fundamentals are very strong. It's cheaper than Sydney, Brisbane, Adelaide, and Perth, which I can't think of Melbourne ever being in that situation.

There's strong jobs creation. It's the second-most popular destination for people migrating to Australia, and there's a lot of industry in Victoria.

We see that as an attractive market. We're not looking at moving into the territory at the moment, and we're not looking to really expand our presence in Tasmania or South Australia.

I think between Queensland and WA, they're the two key markets that we're really keen to grow, as well as get to a more balanced weighting in New South Wales.

Perfect. Appreciate it.

Thanks, guys.

Thanks, Liam.

Thank you.

Thank you, everyone, for being on the call today. We're really excited about the numbers we presented, and Shiv Shiv and I look forward to catching up with you all one-on-one over the next few weeks.

Thank you for your time today.

Thank you.