The manager has developed a “through the cycle” approach. This is being evidenced here. Fundamental strength is evident in these interims and operational KPIs. Headwinds come from a more challenging macro backdrop in terms of capital deployment and valuations with a 10bps widening in yields. We exercise caution in our forecasting around deployment and valuation which drives a reduction in both our EPRA EPS (-13%) and NAV (-10%) forecasts. We continue to see an attractive rental growth profile in a sector with attractive dynamics. We reiterate our BUY with a 190p 12m Target Price (from 210p, using FY23e EPRA NAV).