We are Underweight despite having upside to price target as we expect the shares to lag the broader property sector. 3Q operational highlights. Like for like revenue for 3Q increased 3.4% year on year (we note the May-July quarter is a seasonally strong quarter), mainly driven by higher like for like average rent, up 2.8% year on year, while average occupancy increased by 1%. Like for like closing occupancy rate, as per the company's new calculation, was 81.8%, up 0.4pp year on year. Total revenue for the first 9 months was up 3% like for like and up 4% on absolute basis, reflecting the contribution from newly opened stores. We note that the company has previously guided to like for like operating costs increase at the lower end of the 7-8% range for FYOct25. Performance by region.