Good stuff, my numbers are more or less in line with yours. One...

Good stuff, my numbers are more or less in line with yours. One thing to query is on is where you are drawing reference to the outstanding realisable value of the remaining projects at $759m? From the full year presentation, I'm seeing $602m with pretty much everything already contracted with the exception of Lanes West:



I've also assumed 20% development margins on the pipeline, although their multi-storey margins have been typically lower as they outsource development. Good margins reported in FY21, however it's not clear to me how much the non-core asset sales have helped that. Back solving between 1H and FY numbers i have the margin at 16.7% for multi-storey (~ incremental $6m segment profit on ~$36m segment revenue).