Redefine Properties Limited is a Real Estate Investment Trust (REIT) with a sectoral and geographically diversified property asset platform valued at R103.2 billion (FY24: R99.6 billion). Redefine's portfolio is predominantly anchored in South Africa through directly held and managed retail, office and industrial properties, which is complemented by a strong presence in retail, logistics and self-storage property assets in Poland. Redefine's purpose is to create and manage spaces that transform lives. This goal demands more than a business-as-usual approach. It requires an integrated strategy that prioritizes people and purpose, guiding our decisions to ensure sustainable value creation for all stakeholders. By focusing on what matters most and executing on our strategic priorities, we aim to make a meaningful and lasting impact. Redefine is listed on the Johannesburg Stock Exchange (JSE) with a market capitalization of R36.0 billion. By volume, Redefine's shares are among the most actively traded in the SA REIT sector, making it a highly liquid, single-entry point for investors to gain exposure to the South African and Polish real estate markets. Redefine's local property asset platform is valued at R66.8 billion (FY24: R64.7 billion). The offshore real estate investments are valued at R36.4 billion (FY24: R34.9 billion), representing 35.3% of the group's total property asset platform, which provides geographic diversification through retail, logistics and self-storage property assets in Poland. The 3.6% increase in the value of the property asset platform during the year was primarily driven by fair value gains of R2.0 billion on investment properties and the depreciation of the rand. These gains were partially offset by the disposal of non-core properties.