...Good morning. Thank you for joining us for the annual results for the Schroder European Real Estate Investment Trust for the period ending 30 September 2025. I'm Jefficient O'Dwyer, I'm the Fund Manager. I'm joined by Rick Murphy, the finance manager. Just a little bit of housekeeping to start with. You should be able to download the annual results, including the annual report and this presentation on your screen. Secondly, we welcome questions. There's an opportunity for you to answer ask questions. We'll answer those at the end of the presentation. And then finally, we welcome any feedback, and there's an opportunity to give some feedback on the website. Just dealing with a number of the points that we want to sort of touch on, I will address the key factors currently influencing the share price and also the market perception of the European REIT before I'll hand over to Rick to run through the financial results. My main aim is to outline the main issues affecting the business and to...
