...Good morning. Thank you for joining us this morning for the Schroder European Real Estate Investment Trust half-year results for the period ending March 31, 2025. I'm Jeff O'Dwyer. I'm the Fund Manager of the Trust. I'm joined by Rick Murphy, who's the Finance Manager. Just a bit of housekeeping first. (Event Instructions) Equally, there's an opportunity to download the results, whether it'd be the RNS or this presentation, so feel free to do that. And then finally, if you get a chance, there is a little sort of feedback at the end, so welcome any comments or feedback that you have. So just sort of dealing with sort of where we are and what's happened over the period. Obviously, we started the period with a very different market perspective, and we were very much quite positive about where things were going. There was a sense of optimism that was really underpinned by reducing inflation, which is flowing through to sort of falling stance on interest rates. And obviously, sentiment was improving...
