Good morning, everyone. I'm Andy Fay, Chairman of Growthpoint Properties Australia. On behalf of the board, it's my pleasure to welcome you to the Annual General Meeting of Growthpoint Properties Australia Limited and the meeting of the unit holders of Growthpoint Properties Australia Trust, which are being held concurrently as a hybrid meeting in person and online. With the quorum present, I'm pleased to officially declare the meetings open. I'd like to acknowledge the traditional owners of country throughout Australia and recognize their continuing connection to land, water, and community. Today, we join you from the traditional land of the Gadigal people of the Eora Nation. We pay our respects to elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples joining us in person or online.
Today, I'm joined by my fellow directors, Michelle Teaney, Panayiotis Theochrides, Josephine Sukkar, Estienne de Klerk, Deborah Page, they're on my right. On my left, we've got Norbert Sasse, Tonianne Dwyer, and of course, our CEO, Ross Lees. Sorry, that's terrible, isn't it? Sorry, Ross Lees, yes, who's Managing Director and Chief Executive Officer. We will hear from Michelle, Panayiotis, and Josephine later in the meeting in relation to their reelections. Members of the management team in attendance include Menelaos Frangoulis, our Company Secretary to my left, and Jacqueline Jovanovski, the rest of the management team's in the front row, Jacqueline Jovanovski, our Chief Operating Officer, Sean Scallion, our Interim Chief Financial Officer, Michael Green, our Chief Investment Officer, and Sam Sproats, our Executive Director, Funds Management. Katie Struthers also joins us as the lead audit partner from EY, or Ernst & Young.
Turning to the agenda for today, I will begin with a few procedural items and then say a few words before handing over to Ross for his presentation, and finally move to the formal business of the meeting. The notice of meeting and explanatory notes have been made available to all security holders, and I'll take them as read. By participating in today's hybrid meeting, security holders and proxies can vote, can ask questions, and cast votes in person or online. Questions will be addressed after the CEO's remarks and during each item of business. Online questions can be entered from now on and will be addressed at the relevant time. To ask a question through the online platform, use the Q&A icon, select your relevant topic, type your question, and press send. Questions may be moderated for clarity and to avoid repetition.
For security holders online who wish to ask verbal questions, please follow the instructions on the online platform. In-person attendees should raise their red or yellow security holder card to ask questions and wait for a microphone. When asking a question, please state your name, the company you represent, if relevant, and identify yourself as a security holder or proxy. Questions from the floor will be addressed first before moving to the online platform. I may redirect questions to the relevant person as appropriate. All eligible security holders, their attorneys, proxies, and representatives can vote on the resolutions. Voting will be conducted by way of a poll on all items of business. Christina Piccolo from Computershare is the returning officer. Online attendees eligible to vote can use the vote icon to cast their vote, which are recorded automatically. Votes can be changed until voting is closed.
In-person voters will complete their voting cards after all items of business are discussed. Voting is now open online for all items of business. I will advise you before I move to close the voting at the end of the meeting. The recording of the meeting and presentations will be available on the website after the meeting. The 2025 financial year was defined by volatility and uncertainty in our operating environment. Elections in both Australia and the U.S., random tariff settings, heightened geopolitical tension, and ongoing cost of living pressures, and the renewed political debate around flexible working arrangements all influenced sentiment and activity through the year. Despite this backdrop, investment markets focused on the emerging positives: easing inflation, associated interest rate cuts, and the transformative potential of artificial intelligence and its emerging real-world implications.
The property sector is not immune to AI-driven shifts, and I'll touch on this shortly. Amid these conditions, the team delivered significant leasing success, maintaining high occupancy rates and strong weighted average lease expiry. As a result, funds from operations exceeded initial guidance, and ordinary distributions were in line with forecast. During the year, we established two new Growthpoint funds, adding meaningful assets under management. These initiatives, combined with asset recycling and disciplined capital management, enabled us to reduce gearing despite a portfolio devaluation of 3.5%, most of which occurred in the first half and primarily related to Victorian office assets. Pleasingly, Growthpoint total security holder return of 16.7% outperformed the S&P ASX 300 index, which returned 13.8%. In February, we announced our refreshed purpose: creating value beyond real estate.
Our vision is to create sustainable value in everything we do, to be the forward-thinking and trusted partner of choice as we deliver growth through funds management partnerships underpinned by the income-driven returns from directly held high-quality real estate assets. Ross will outline some of the initiatives already underway that bring this vision to life. As noted in the annual report, the board undertook a comprehensive review of our executive remuneration framework during the year. The updated structure, effective from FY26, aligns more closely with the strategic pillars shown on the screen and supports our focus on attracting and retaining high-performing talent while strengthening alignment to security holder outcomes. Looking forward, artificial intelligence will continue to influence our industry, from increasing demand of data infrastructure to higher energy costs, shifts in employment patterns, potential productivity gains, and changing capital flows. These dynamics will create new challenges and opportunities for Growthpoint.
We remain confident that the population growth, a resilient economy, and the emergence of new industries will underpin the medium-term demand. When combined with the constrained supply, particularly in the metropolitan office sector, where reduced capital allocation and ever-higher replacement costs are limiting development, we expect conditions to become more favorable across our portfolio over the coming years. We enter FY26 with considerable momentum across leasing and funds management activities. We have recently reconfirmed our earnings guidance and distribution guidance for the year. On behalf of the board, I'd like to thank the leadership team and acknowledge Dion Andrews, who stepped down as Chief Financial Officer in August, and Michael Green, who after 16 years has announced his resignation as Chief Investment Officer. Dion and Michael have both played pivotal roles in the Growthpoint journey, from a AUD 744 million portfolio to the AUD 5.4 billion platform we operate today.
We thank them sincerely for their significant contributions. I also extend my appreciation to my fellow directors, our talented employees, there's quite a few here, and our valued tenants, suppliers, and stakeholders for their ongoing support and commitment. The Board and management team remain focused on executing our strategic priorities and maximizing outcomes for you, our security holders. Thank you for your continued trust and investment in Growthpoint, and I'll now hand over to Ross who will provide an update on the business.
Thank you, Andy. Good morning to everyone joining in person and online. Today, Growthpoint manages AUD 5.4 billion of assets across our three target sectors of industrial, office, and retail. Our directly held portfolio of AUD 4.1 billion comprises high-quality metropolitan assets with strong sustainability credentials and modern industrial assets anchored by leading tenants in prime locations.
The portfolio is geographically diverse and predominantly leased to listed companies and government entities, providing a resilient and stable income foundation. Within our stable, scalable funds management platform, we manage AUD 1.4 billion of assets on behalf of our institutional and wholesale syndicate partners. Our national footprint, exceptional people, sustainability focus, and target strategy set Growthpoint apart. Financial year 2025 was my first full year as your Managing Director and CEO, and I'm proud of the progress we've made. Despite the volatile operating environment, we delivered strong portfolio performance, launched our first new funds under the Growthpoint name, and strengthened our balance sheet. From a financial perspective, we delivered funds from operations of AUD 0.233 per security ahead of our guidance, and we distributed AUD 0.182 per security, plus a special distribution of AUD 0.021 to aid the payment of capital gains tax associated with the GALP transaction.
Finally, we generated AUD 335 million from asset recycling, reducing our gearing to 39.7%. These results reflect the strength of our refreshed strategy: growth through funds partnerships underpinned by income-driven returns from high-quality real estate assets. The strategy is built on four pillars, and we made measurable progress against each throughout the year. First, our portfolio performance: strong leasing execution in our directly held portfolio of office of over 23,000 sq m, delivered above market occupancy of 92.92%, a weighted average lease expiry of 5.5 years, and like-for-like growth of 2%. Specifically, within the office portfolio, we have focused on directing capital into our vacancies to create turnkey solutions and deliver leasing on vacant space. Leasing of over 100,000 sq m within the industrial portfolio saw the WALE increase to 5.8 years with 98% occupancy and 6% like-for-like growth.
Importantly, our customer focus drove our landlord satisfaction scores of 8.2 out of 10 for office and 7.9 out of 10 for industrial. Second, on our growth with partners, we launched the Growthpoint Australia Logistics Partnership and the Growthpoint Canberra Office Trust, adding AUD 328 million in new assets under management and growing our funds management revenue by 20% over the year. We raised AUD 170 million in equity from new fund investments, and over 45% of this were investors that were new to the Growthpoint platform. Co-investment is one of our key differentiators in our approach to funds management, aligning us with our partners and creating value for security holders. We've co-invested AUD 37 million with our investor partners during the year.
Third on capital management, we proactively deleveraged, selling assets in line with book value to generate AUD 335 million in net proceeds and negotiated AUD 645 million in bank debt, extending our nearest maturity to December 2026. We closed the year with 84.8% hedging, providing increased certainty in a volatile interest rate environment. Our debt book remains diversified with 22 lenders, and we have significant headroom in our covenants, giving us flexibility and optionality. Fourth and finally, sustainability. We achieved net zero on 1 July 2025, and our continued focus on NABERS and GRESB, as well as further sustainability-linked loan issuance, bringing them to 68% of our debt book, delivering both margin benefits and reinforcing our commitment to sustainability. As we look to FY26, our priorities are clear. We will maintain our customer focus to deliver both high occupancy across our portfolio and continue to de-risk near-term expires.
We'll deliver new fund products and provide liquidity for maturing funds, continue our disciplined capital management and sustainability initiatives, and support the ongoing development and capability to execute our strategy. Since July, within our direct portfolio, we've executed or agreed leases for 32,000 sq m of office space and over 88,000 sq m of industrial, lifting our pro forma occupancy to 94% and 99%, respectively. We've recently expanded the Growthpoint Australia Logistics Partnership, and we continue to pursue new opportunities for new fund creation with both institutional and wholesale syndicate investors. We're concurrently managing fund realizations to secure liquidity for those investors in line with our existing fund terms. Our people are central to our success, ensuring we can deliver our vision of being a forward-thinking, trusted partner.
Our team engagement score in FY25 was 75%, above the property sector average of 71%, and 21% of our team received internal promotions through the year. We are investing in leadership and culture to support our growth, challenging our ways of working to ensure we can deliver for our customers and foster collaboration and innovation within our business. I'd like to echo Andy's sentiments and acknowledge the contributions of Michael Green and Dion Andrews, and thank them for their tireless efforts during their time at Growthpoint. Nick Cost will join our leadership team as Group Executive and Head of Property in December, and Nick has ably led our property team since 2021, and his elevation to the executive team ensures seamless continuity for our customers and team.
Looking forward, we expect to see limited supply across the office, industrial, and retail sectors, a stabilizing valuation environment, and more positive operating conditions. We reaffirm our FY26 funds from operations of AUD 0.228-AUD 0.236 per security and distributions of AUD 0.184 per security. I'd like to extend my thanks to the entire Growthpoint team, whose dedication and hard work continue to drive our success. To our security holders, thank you for your support. We are pleased to have delivered positive total security holder returns in FY25, and we are committed to continue to create value for our security holders and all stakeholders beyond real estate. I will now hand back to Andy for the formalities of the meeting.
Thank you, Ross. Before we move to the formal part of the meeting, I would like to address any questions in relation to Growthpoint or our presentations.
I can confirm that we received no questions in advance of the meeting. Are there any questions from the floor? Back then.
Hi. Hi. My name is Elle. I'm here as a proxy. I represent the Sustainable Investment Exchange, which is a shareholder group. Sorry, juggling the microphone. As a group representing shareholders, we are concerned about your exposure to gas risks, and I have two questions regarding how you're addressing them. In Australia, sharp price increases are highly possible, as the East Coast gas market is predicted to face a shortfall in supply by 2026. In states where you have numerous facilities, exposing the company to gas price increases and potential operational disruptions. You've mentioned a focus on sustainable growth at the beginning of this meeting.
Last financial year, Growthpoint also said a key focus on reducing emissions was doing feasibility assets for the five commercial assets to replace gas boilers with electric heat pumps. Growthpoint also said where gas was used in buildings because abatement is not feasible, carbon offsets would be prioritized over electrification. My two questions. Firstly, can you tell us why this assessment was limited to only five out of 66 total properties that Growthpoint owns, considering heat pumps are generally one of the cheapest ways to reduce emissions in the real estate industry due to their cost competitiveness with gas boilers?
Okay. First of all, thanks for coming to the meeting, and thank you for your question. First thing I'll say is that we have a very strong focus on ESG.
We've actually gone to net zero 1 July this year, and we do that primarily by buying real green electricity. We actually, I think we've only got the five gas boilers left. I think everything else has been virtually transferred. I want to check with my team. Where we have gas, it's only because we haven't been able to transfer across to electrification. What we do there is we buy high-quality certified offsets, and that's what we use there. The exposure to the total portfolio is not huge. The number, I think the green offset, 76% of our electricity is actually green power. We have 10% that's solar on the roofs, and the rest is the offsets. It's a relatively small portion of our book.
As to exposure to the cost of gas, I don't think it's going to be significant across the portfolio, but I might hand over to Okay, listen. Just in relation to the cost of gas as it comes through our portfolio, a lot of that utility cost is actually borne by the tenants within the portfolio as a direct consumable from their tenancy. For exposure to Growthpoint and its security holders, we're obviously looking to manage those, how that renewable energy is coming into our portfolio and that electrification process, but the cost escalations are typically borne by the tenants within our assets. Just on the electrification piece, it is an expensive time-consuming method to roll out into your building. You need to make sure that you've delivered the assets, which it also makes sense.
On some clients, it's very difficult to use heat pumps because they can't effectively heat buildings. Where we have been working on it lately is ahead of the curve, essentially, and we're likely to have the first fully electrified buildings in the market. There is some working through. As far as across the 66 problems, we need to be mindful that a large portion of those are also industrial companies where we don't control the procurement of the power or gas inside. That is the tenants' domain, and our focus really is where we're controlling that procurement, we make sure we're doing it very effectively.
Wonderful to hear about Canberra as well. The second question is following up on something you also mentioned.
In what ways do you investigate the offsets that you prioritize for the other companies when there have been publicized failures of the effectiveness of carbon offsets, even supposedly high-quality Australian ones, to actually reduce emissions?
I might hand it across to Ross, but we have a dedicated internal team. We have processes that we follow, and we make sure that they are verified. I'll just hand it across to Ross.
The offsets we use aren't significant in relation to the overall method of getting to net zero. Insofar as the process for investigating those offsets is something that the team monitor, I'll have to come back to you specifically on the details of the exact procedure we go through, but it is something that our committees consider when we're looking at those offsets and making sure they're sourced appropriately.
Thank you very much. Thank you.
Any other questions for the floor? Can we just make sure when someone's answering also, they get a microphone as well? Any other questions from the floor? No? Are there any questions online?
Yeah, we have an online question from Cartier Bazile from the Australian Shareholders Association. The question is, given the scarcity of market transactions, has there been any sign of increased activity in either commercial offices or industrial property, and what impact, if any, will this have on December 2025 valuations?
I'll hand that across to Ross.
Thank you for the question, Cartier. Your comment there is about office and industrial transaction activity in the market. I think starting with industrial, there's actually been significant industrial transaction activity in markets. There hasn't really been a shortfall of evidence for valuers to rely upon.
Looking within our portfolio, we saw valuation steadiness or gain over the 12 months to 30 June 2025. The office sector probably has had more patchiness to it, and valuers have had trouble sourcing a higher level of transaction evidence in which to bring valuations through. I'm sure, as you can appreciate, we can't comment on the forward outlook for our valuations as we come towards December. I think as a market statement, overarching within the market, people believe that there's a stabilization of the valuation outlook as it relates to commercial office. We have seen transactions through the market this year that's giving valuers more comfort to base their assumptions on.
Any other questions?
Thank you, Chair. We have one further question from Cartier Bazile from the ASA.
You provide an update on the progress being made with the funds management business, which you acquired in September 2022, please.
Yeah, look, it's been a fairly successful year. I think the total fund, AUD 328 million, has been added, including the two funds that we mentioned. One of them was in Ross's speech, but the diversified assets across the industrial portfolio with Angelo Gordon, a client. Then we've also had a Canberra office building that we've bought in. We are looking at another and expect to close on a portfolio, another opportunity fairly soon, and hopefully we'll have some good news there. We feel like the business is in a good place. We've got the right team, and we're actively building it out. Do you want to add anything else, or?
No further questions on this item, Chair.
Okay. All right.
As there are no further questions, we'll move to the formal items of the business. The first item of business is to receive and consider the financial reports of the directors and the auditors in respect to Growthpoint Properties Australia's financial year ended 30 June 2025. There is no vote on this item. A combined annual report of the company and trust was mailed to the security holders who elected to receive it and is also available on the ASX platform and on the group's website. Representatives of the company's current auditor, EY, are here today to answer any questions on the audit, auditor's report, the accounting policies adopted, and the independence of the auditor. Security holders were invited to submit questions in advance of the meeting, and I can confirm none were received. Actually, there were none for any of the items of business.
I will now invite questions on the consideration of the financial reports. Are there any questions on the floor? No? Any questions online?
Chair, we have one online question from Cartier Bazile from the Australian Shareholders Association. The question is, today I hold proxies for approximately 250,000 shares in Growthpoint Properties Australia to a value of approximately AUD 0.63 million based on yesterday's closing share price. Mr. Chairman, we note you have amended your LTI award ROE measure from a relative basis to an absolute basis. Can you please explain what impact this has and why this change was made? Thank you.
Okay. The first thing is what we did, and I mentioned it, we actually brought in a, you know, we hired a remuneration consultant, and they looked at our scheme. When we looked at our competitors, most of them looked at an absolute rather than a relative ROE.
In fact, there was only one other, I think, in the whole market that looked at relative ROE. To be able to attract talent and reward them, we want to have a scheme that works there. That said, it's still a very good measure, and it's about returns that shareholders actually receive. We see it as an alignment to the shareholders. The targets that we've set are aggressive, and the team will have to do well to achieve them. It was one of the three measures that we moved to. We see it as both a benefit for the shareholders, but also an attracting staff. Any other questions?
No further questions on this item, Chair.
All right. There are five remaining items of business today in today's agenda set out in the notice of meeting, which require a vote.
As set out in the notice of meeting, I'll vote all available proxies in favor of each resolution. The first of the voting items of business are security holders to adopt the company's remuneration report. Although this resolution is a non-binding advisory vote, the board will take due consideration on the outcome of the vote when considering future remuneration arrangements. The proposed resolutions and the proxies received are now on your screen. The directors recommend that security holders vote in favor of the resolution. I will now invite questions or comments from the floor. Any questions from the floor? Any questions online?
Chair, there are no online questions. All right. I think that was okay.
The next item of business relates to the re-election of directors. Josephine Sukkar, Panayiotis Theochrides, and Michelle Teaney are standing for re-election today.
Details of their qualifications and experience of each director's standing are set out in the notice of meeting. A separate resolution will be put to each director, and I'll start with item 3A, and I'll ask Josephine to come up here and say a few words.
Thank you, Andy, and thank you to our stakeholders here today for the opportunity to address you and seek your support for my re-election as an independent non-executive director of Growthpoint Properties Australia. I joined the board in October 2017, and over that time, we've seen the organization navigate COVID, a change of chair and CEO, we've welcomed new directors, and have continued to involve the board and the organization in step with contemporary governance practices. I thought it might be useful to provide you with a brief summary of the relevant skills and experiences I believe I bring to the Growthpoint Australia board.
I own a construction company with my husband that we established 35 years ago, BuildCorp. We have 600 staff and will turn over a billion dollars this year. I've been involved in construction and the broader property industry for over 40 years. That makes me sound old when I say that. I've been a listed company director for 15 years, and through BuildCorp, I built exactly the type of office, industrial, and retail assets that we hold in the Growthpoint portfolio, which has added to my deep understanding of the market that Growthpoint operates in. I'd like to say that this is the first economic downturn I've had to steer a business through, but it's around the fourth or fifth. I, like my colleagues, understand how to navigate organizations through property cycles and bring the breadth of this and my other board experiences to our collective deliberations as directors.
I am also currently a director of Solpaks, the Green Building Council of Australia, and I'm very proud of the Growthpoint team's achievements to date in sustainability. A trustee of the Australian Museum and chair of the BuildCorp Foundation, which funds suicide prevention programs. I previously served as a non-executive director of the Lister Trust Company, Opera Australia, Parramatta Park Trust, and the YWCA New South Wales. Just over a year ago, I retired as chair of the Australian Sports Commission. With that and the other government boards that I've served on, I understand the requirements of government agencies and bring these considerations to board discussions where appropriate. As chair of Growthpoint's Nomination, Remuneration, and Human Resources Committee, it's a pleasure to see the team grow while maintaining the strong culture and quality of people.
With the momentum that's building within the funds management and broader business under Ross's leadership, and the stability that will continue to stand Growthpoint in good stead, I confirm I have sufficient time to honor all of my Growthpoint commitments and will be honored to receive your support for my re-election to the board today. Thank you.
Thank you, Josephine. The proposed resolution and proxies received are now on your screen. Yep, there we go. The directors, with Josephine abstaining, unanimously recommend her re-election. I'll now invite questions or comments from the floor. No questions online?
C hair, there are no questions.
Okay. Congratulations, Josephine. It's safe to say yes through. Moving to item 3B, the re-election of Panayiotis Theochrides. I now invite Panayiotis to say a few words.
Thank you, Andy, and good morning, everyone.
It's a privilege to be here today as I look forward to an exciting chapter ahead for Growthpoint Properties Australia. I'm grateful for the opportunity to address you and seek your support for my re-election as a Non-Executive Director. I'd like to share a brief overview of my background and experience. I currently serve as the Group Head of Investments for Growthpoint Properties South Africa, which is the largest listed REIT on the Johannesburg Stock Exchange and, of course, the majority security holder for Growthpoint Properties Australia. Since February 2023, I've been a member of Growthpoint Group Executive Committee and was honored to join your board in April 2023. My executive responsibilities at Growthpoint Properties South Africa include overseeing our various international investment portfolio together with looking after our investments in our own funds management business together with our African property interests.
With over 20 years of experience in listed property and investment banking, my expertise includes corporate finance, operational leadership, and cross-border property investment capabilities that I dedicate to supporting Growthpoint's success. Prior to my current role at Growthpoint South Africa, I held senior financial and operational positions at Investec Bank and Sasfin Bank in South Africa, and I also served as the joint CEO of Inuity Properties Limited, which was also a REIT listed on the JSE, on the Johannesburg Stock Exchange. My board experience includes serving as a non-executive director of Transcend, which was a residential property fund also listed on the Johannesburg Stock Exchange. I also chaired its audit and risk committee. Until recently, I served as a non-executive director of Capital & Regional, which was a company that Growthpoint South Africa controlled that was listed on the London Stock Exchange.
In addition, I also served as a non-executive director of GlobalWealth Real Estate Limited, which is a company that we have a significant interest in, which is also currently listed on the LSE, on the London Stock Exchange. I feel that I bring the board robust experience in corporate finance and in listed property with many years of executive leadership experience and broad international property experience, all of which I'm committed to applying to the benefit of Growthpoint Australia. I think under Ross's leadership, Growthpoint has established a very clear strategic direction underpinned by a very strong team and a commitment to culture and capability development. We recognize that the past few years have been difficult for many REITs and property companies, specifically those with exposure to the office sector such as ours.
I'm confident that we're starting to see some tangible momentum across the sector and within Growthpoint itself. Thank you for your time and for your consideration for me as a non-executive director.
Thanks, Panayiotis. Thank you, Panayiotis. The proposed resolution and the proxies are on the screen, I believe. The directors with Panayiotis abstaining. You can obviously recommend his re-election to the board. I'll now invite questions on this resolution. Are there any questions from the floor? Any questions online?
Chair, we have no questions.
Okay, thank you. Moving to item 3C, the re-election of Michelle Tierney. I now ask Michelle to say a few words.
Thank you, Andy, and good morning, ladies and gentlemen. I'm honored to stand before you this morning to seek your support for election as non-executive director of Growthpoint.
I've had the great privilege of serving on this board for the last two and a half years, having been elected by you all in April 2023. In my role of Non-Executive Director, I bring to the table more than 10 years' experience as a listed Non-Executive Director and more than 20 years' experience as both a Non-Executive Director and an executive in roles across New Zealand-listed and Australian-listed property companies. My experience has traversed funds management, investment management, property asset management, and operations. I currently serve on the boards of Sydney Water, Stride Property Group, a New Zealand real estate-listed organization which owns one of the largest property portfolios of commercial office, retail, and industrial properties in New Zealand, and which my term will conclude next July after 12 years of tenure on that board.
I also have the privilege of serving on Peet Limited, one of Australia's leading residential developers, creating master plan communities, townhouses, and apartments. Assemble as HESTA Super nominee, a living platform developer and manager creating affordable and social housing projects backed by two of the largest super funds here in Australia, Australian Super and HESTA Super. Uniting New South Wales ACT, which is one of Australia's largest not-for-profits, with a very large aged care portfolio, retirement village pipeline, and extensive portfolio of community services. Finally, the Cotton Research and Development Corporation. My passion projects, I'm also involved in two very important personal organizations being Career Trackers, which puts First Nations university students into paid internships across corporate Australia, and also Message Stick Foundation, which seeks to create place-based hubs for Aboriginal at-risk youth. I'm committed to upholding the highest standards of corporate governance.
My focus is on providing insights, fostering strategic discussions, and contributing to the overall and long-term value creation of Growthpoint. I'm genuinely excited about the opportunities and the challenges that lie ahead for our company. As we navigate the dynamic landscape, I look forward to working collaboratively with my fellow board directors, the fabulous executive team, and all the stakeholders to ensure the sustainable growth, prosperity, and shareholder value creation, of which I am a shareholder, of Growthpoint. My continued commitment and focus will be on ensuring strong and contemporary governance to promote enduring growth and investor value creation. I confirm I have sufficient time to commit to this organization, and I thank you for your trust and support for my election. Thank you.
Thank you, Michelle. The proposed resolution and the proxies received are now on your screen. The directors, with Michelle abstaining, unanimously recommend her re-election.
I now invite questions or comments from the floor. Any questions, comments? No? Any online?
Chair, there are no questions online.
Okay. Thank you. Congratulations, Michelle, and the rest of the directors. Items four and five relate to the remuneration of Ross Lees as Group Growthpoint CEO and Managing Director. Item four relates to the grant of performance rights to the CEO and Managing Director to a maximum opportunity of his FY26 long-term incentive opportunity. These performance rights will vest after a three-year performance period, subject to achieving the performance conditions outlined in the notice of meeting. The proposed resolutions and proxies are now on the screen. The directors, in the absence of Ross Lees, recommend that the security holders vote in favor of the resolution. I'll now invite questions from the floor. No? Online?
Chair, there are no questions online.
This is quite easy, isn't it? Okay.
Item five seeks approval of the CEO and Managing Director's performance rights as deferred equity component of his short-term award for FY25, subject to the terms outlined in the notice of meeting. The proposed resolution and proxies received are now on the screen. The directors, in the absence of Ross Lees, recommend that security holders vote in favor of the resolution. Are there any questions from the floor? Okay. Any online?
Chair, there are no questions online.
Okay. That brings us to the end of the formal business. In a couple of minutes, I will close the voting system. I ask that those of you who have not completed your voting do so now and vote on your card. I'll pause for a moment to allow you to finalize your votes.
For those in the room, please provide your voting cards to the Computershare team who are now collecting them. Okay. Voting is now closed, and the results of the votes of each poll will be released to the ASX later today. I now declare the meeting closed. I don't know why we have the time, but I'll work out the time. 10:40 A.M. Thanks, everyone, for attending. Thank you to Herbert Smith Freehills and Kramer for providing the room. Please join us for a cup of coffee and something to eat, I think, at the back after the meeting, and feel free to ask questions of the management team or directors. Thanks very much.