Let's kick off with interest rates and what we're seeing on yields in Q3.

Yeah, well, Phil, these, uh, recent interest rate moves have definitely not been good for my nerves, and I'm doubling down on my magnesium intake and Pilates sessions.

But there's broad consensus that higher interest rates are being driven by three factors.

We've got these persistent budget deficits.

We have sticky inflation rates, and also sort of bond issuance associated with the Australian data center build-out.

Aussie bond yields now are into the 5% range.

They're up about half a percentage point just in that third quarter.

So Sameer, why aren't cap rates expanding for prime assets, or is it just a case of it will come later with a lagged impact? And also, you know, how's it flowing into valuations?

Yeah.

And so, you know, I kind of go, it's got to put a serious handbrake on the amount of supply that's coming into the market.

I think...

Our own guesstimate kind of thing.

Before the Iran conflict, we thought housing supply would be about 20% down in the next five years compared to the last 10 years.

Supply.

Supply, yeah.

subletting,