Positive operational and financial trends continued through H124. Rental growth is driving income and capital values, while the performance of tenants has continued to strengthen, reflected in a record level of rent cover. With cash flow remaining strong, the H1 DPS increased in line with Impact’s full-year target of 6.95p (+2.7%). Including DPS paid, the H124 NTA total return was 5.5%, building on the 10.5% FY23 return, the highest since listing. Across the portfolio, tenant operators have benefited from the continuing post-pandemic recovery in occupancy. With the performance of the turnaround assets improving, the operation of three (of seven) assets has been transferred to a new long-term tenant, paving the way for a resumption of rent payments in Q125. The sale of five non-core homes enhances the quality and long-term sustainability of Impact’s overall portfolio, reduces tenant concentration and provides the opportunity to recycle capital.