Good afternoon and Ramadan Kareem. Thank you for attending Emirates REIT annual results and the presentation of the financial year 2022. I will first start by giving you a quick overview of the highlight of past year and also a market update. Alain, who is the head of our portfolio management, will go into the portfolio details and the asset management updates. Moeen, our Finance Director, will go through the financial statement. We will conclude by a Q&A session. Now let's go through the key highlights. First, the occupancy. You see that the occupancy is reaching 85% at the end of the year, which is a 12.7 percentage point increase compared to the year before. I have to highlight that this is despite the sale of Jebel Ali School. If you remember, Jebel Ali School was sold in May 2022, if we look at the occupancy on a like for like basis, the occupancy actually improved by 15 percentage points during the year. Now let's look at the income. The net property income was $55.3 million for the full year. That's a decline of 1.3%. By the same token, if you look at the like for like, excluding Jebel Ali School, actually the net property income has increased by 15% over the year. This was driven mostly by an increase in the occupancy mentioned above, also an increase in the rents and a higher recovery of our costs. Ultimately, the net property income margin has improved to 94%. The portfolio value has increased to $785 million. That's a 6.5% increase over 2021, and that's also discarding the sale of Jebel Ali School. If you look again on a like for like basis, the portfolio value has increased by 10% or roughly $75 million. The net profit was of $82 million, which is a 30% improvement year-on-year. It is mostly driven by the increase in the portfolio value by $83 million and by a reduction of our Islamic financing by roughly $18 million. This is an earning per share of $0.25. At the end of December, the net asset value per share reached $1.17. If we look at the Dubai office market, you see that 2022 was a very favorable year. The occupancy has increased quite significantly to 88%, and especially in the prime sector, where the rents have also increased by 25%. The expected supply for 2023 is expected to be between 1%-2% of the nine million sq m of offices, which should really help to continue to increase both the occupancy and the rents. If we look at the education sector, which is one of the pillars of Emirates REIT, here again you see a very positive picture. There are currently 216 schools in Dubai and with overall 17 curriculums and more than 300,000 students. With the demographic trend and the growth of the population in Dubai, we expect a significant number of new school required over the next years. Now Alain will go into more detail, asset by asset review of the portfolio. Good afternoon. I will be taking you through the operational highlights. In general, 2022 was a strong year of recovery. Occupancy across the portfolio increased by 12.7 percentage points to 84.5%, of which 2.7 percentage points during Q4 alone. The passing rental rates across the commercial portfolio increased by 12.7% year-over-year, benefiting from the market upward rental trends. Owing to the rent ramp up and the rent-free period granted to Durham School, the passing rental rates across the education portfolio decreased by 15%. On a like for like basis, the WALE increased from 5.8 years- 7.1 years during the period. Our main focus remains on leasing, taking good care of our clients and optimizing performance through contracts and greater recovery of the service charge. Throughout the year, the leasing activity was really strong as we secured 106 new leases for 22,395 sq m and continued to enjoy a solid level of renewals with 160 leases renewed for 25,721 sq m, which is a good retention rate over 75%. That takes the total number of tenants up by 14.1% to 372 clients. The market was really characterized by strong demand in the DIFC benefiting Index Tower in the first place, the REIT's largest asset. Combined occupancy at Index Tower offices and retail increased by 18.4 percentage points to 80.7% with a blended rate increase of 4.5% driven by the lease of larger shell and core space. Occupancy at our properties in Dubai Media City, Internet City increased by 11.8 percentage points to 73.2% with a sustained level of inquiries. In our education portfolio, the works on phase III of Lycée Français Jean Mermoz are progressing well and scheduled to complete during the first half. The school in DIP was leased to Durham School and works were completed there, and the school opened as scheduled on 5 of September 2022. Jebel Ali School was sold in May 2022. Starting with Index Tower. Index Tower offices had a strong growth in occupancy to 86.4%, which is a solid year-over-year increase of 19.9 percentage points, with 52 new leases, 60 renewals, and 21 exits. There was a continued strong demand throughout the year for larger, fully fitted and furnished offices, driving the opportunity for higher rates. Both our micro offices and our premium offices are now fully leased, and we have remaining availability in the shell and core space. We are very optimistic and there is a sustained level of inquiries with limited availability in the DIFC, which should enable us to maximize revenue opportunities this year, whilst also optimizing performance through a greater recovery of operating expenses through the service charge. Moving on to Office Park. If you recall, occupancy at Office Park really suffered in 2020 and 2021. We have had a strong recovery in 2022, with an increasing occupancy of 15.8 percentage points to 88.1% occupancy with 13 new leases, 13 renewals, and seven exits. Generally, the property is well positioned to compete as it was refurbished in 2021, we have been successful in converting new inquiries and keeping our clients with a good level of renewal. The demand is very much for offices which are 300-500 sq m, we have secured new clients by subdividing large offices to meet the demand. Overall, there is an encouraging level of demand and interest in Dubai Media City, Knowledge Village and Internet City, which should see the occupancy improve further. At the nearby Dubai Media City and at The Loft Offices, we have a really unique and attractive offering. The loft one, two, and three offer 131 offices, which are all 60 sq m-250 sq m, catering to SMEs and creative companies. There has been a notable market recovery in Dubai Media City since quarter four. We have a good conversion of inquiries. During the year, we have secured 80 new leases, 31 leases have been renewed, and we have had 10 exits. Occupancy at 31st of December is at 46.4%, which is an increase of 8.1 percentage points. If you recall, we had regrouped our clients in Loft 1 and 2 in 2020, and both buildings are now occupied at 68.8%, which is an increase of 12.1 percentage points year-on-year. The Loft 3 remains vacant with the project to create larger units to cater to larger corporate clients, offering offices of 300-500 sq m by combining various units. Moving on to the European Business Center. Our property in DIP is probably one of the best options in the area, just adjacent to the metro station. Occupancy has increased by 6.5 percentage points to 68.5% during 2022, with the exits of one large construction company and various project companies linked to Expo 2020 vacating the premises. During the period, we signed 19 new leases, 42 clients renewed, and we had 16 exits. At European Business Center, we have large and flexible floor plates with demand for small and medium offices for project and FMCG companies. Most of our small offices are now leased, and we are looking into subdividing some of the larger units. In Dubai Internet City, at Building 24, the property enjoys an excellent location next to Meta and Mastercard headquarters. The occupancy at Building 24 was impacted by new competition and refurbished properties within the free zone, but has now increased back to 53.3%, which is 8.6 percentage points year-on-year. With three new leases, 13 renewals, and four exits. Earlier in 2022, we announced that we had amended the PMLA with TECOM, which enables us to take an active role in leasing and directly managing the property. It is however an aging property in need of a soft refurbishment to remain competitive, which is something we are assessing at the moment. Moving on to Indigo 7. Indigo 7 is our property on Sheikh Zayed Road, which enjoys an excellent location and where occupancy remains at 100%. It is a well-established property with high demand, the focus there has been to improve the recovery of the operating expenses through the service charge. Moving on to the retail portfolio, starting at Index. Occupancy for Index Retail is at 48.5%, which is an increase of 10.5 percentage points year-on-year. Excluding level 28 and 29, occupancy at Index Mall is now at 55.5% with 19 shops leased. The opening of Smart Salem Medical Fitness Center has really helped to drive increased traffic and the attractiveness to the retail area. We have also signed a Bateel Bakery, which is due to open mid-2023, we have an increased level of interest for the four units on the second level as the retail market rebounds. At Trident Mall in JBR, occupancy, excluding the terraces, increased by 4.3 percentage points to 75.8%. We're assessing their sort of refurbishment and working on the optimization of operational costs and the improvement of service charge recovery. Finally, on the education portfolio, GEMS World Academy. GEMS has continued property improvements, maintaining amazing facilities at its flagship school. At the Lycée Français Jean Mermoz, the Lycée continues to enjoy a strong demand with a wait list across all the grades. The phase three is under construction and expected to complete during the first half of 2023. At Durham School Dubai, a new lease was signed on eighth of March 2022, and Durham School opened as scheduled in September 2022. There was a good intake and a good level of interest as the school is building a solid reputation in the market. This conclude the operational review. Thank you. Now Moeen will take us through the financial highlights. Thank you, Alain. Good afternoon, ladies and gentlemen. Allow me to start by the income statement highlights for 2022. In line with the growth in occupancy levels, the rental fee and other income for the year 2022 amounted to $68.8 million. This is an increase of 10.8% from $62.1 million that was generated last year. Incorporating the effect of asset sale, the total property income for the year 2022 amounted to $67.3 million, which is 1.8% lower than $68.6 million generated last year. As a result of continued improvement in operating efficiency, the property operating expenses recorded a decline of 4.3% on year-on-year basis and amounted to $12 million in 2022. Consequently, the net property income for the year amounted to $55.3 million, which is lower by 1.3% from the net property income reported in FY 2021. Disregarding the effect of asset sale, and on like-for-like basis, the net property income will reflect a growth of 14.6%. Bond expenses for the year amounted to $21.7 million, which were up by $7.1 million or 48.3% when compared to previous year's expenses. This increase was mainly driven by the one-off fees and costs incurred in connection with Sukuk refinancing. Provision on expected credit losses for the year amounted to $1.4 million as compared to a net recovery of $5.2 million that was booked last year. This was mainly due to specific provisions that were made during the year as compared to a net recovery from a large challenge booked in 2021. The net finance cost for the year increased by 2.9% to close at $29 million, slightly up from $28.2 million posted last year. This is a result of multiple factors which included overall reduction in financing facilities, countered by rate increases and higher cost amortizations booked during the year. Effects of the rate increase will be more visible going forward in 2023. Reflective of the positive sentiment on UAE real estate market, Emirates REIT property portfolio also recorded improvement in 2022. This resulted in a substantial rise in unrealized revaluation gains, which increased from $44.7 million in 2021 to $78.8 million in 2022. Consequently, the net profit for the year amounted to $82 million, translating in a growth of 29.9% from $63.1 million posted last year. Moving on to the next slide, we would see the statement of financial position of the REIT. Here we would see that led by improved property valuations, the fair value of REIT investment properties grew by 6.5% and amounted to $784.9 million as of 31st December 2022. This factor, along with the improved liquidity at the year-end, led to a growth of 8.9% in total assets of the REIT as of 31st December 2022, which amounted to $929.6 million. Total Islamic financing as of end of 2022 amounted to $462.9 million, which is 3.7% less than what it was last year. This is reflective of the $20 million Sukuk repayment, scheduled facility amortizations, and a draw down of a new facility for settlement of an existing facility. This reduced facility level, coupled with the improved asset base, resulted in an FTV or an LTV of 49.8%, which is 6.5% lower than last year levels and well within the prescribed regulatory ratios. As a result of above, the net asset value per share as of December 31st, 2022 jumped up by 22.6% to close at $1.17, as compared to net per share of $0.95 recorded last year. The next slide shows the quarterly and annual evolution of net property income, exhibiting the effect of the asset sales done in current and last year. Going forward, the REIT plans to continue its focus on further increasing its operating efficiency, improving the sustainable revenue flows, and cash generation from its asset portfolio to be able to withstand the pressure expected from the rising profit rate environment. Thank you, Moeen, for the updates and the explanations. As you've seen, the Dubai market is very attractive at the moment, and we believe this will continue over 2023. We are also very happy to welcome Thierry Delvaux in the team. He will join us shortly, and we believe his skill and experience will allow us to report even better results in the future. With this, I would like to thank you for your time and now open the Q&A session. Please remember to identify yourself and your capacity when submitting your question. Thank you. We have a question from Mohammed regarding the FFO. It's true that rental market is significantly better and very favorable at the moment. As you stated in your question, there's also higher financial costs. At the moment it's quite difficult to have a clear view on what the FFO at the end of the year will be, because it's really clearly a balance between those two forces. We cannot comment at the moment on the FFO. We expect income to grow and we expect the occupancy to continue to grow, however. We have a question from Rakesh, say, "Congratulations for the good set of results. Can you please talk a bit about the change of CEO, and do you have any further divestment plan?" First on the divestment plan, we are always looking at divesting assets at the right price. Historically, we've done that. We usually have done it at a significant premium. The market is quite positive at the moment, and we are indeed exploring options on that front. On the CEO, well, Thierry Delvaux is going to bring a lot of skills to the company. He has a lot of commercial knowledge here, technical knowledge. He has a very deep local understanding of the market, and we really expect him to help us grow the REIT forward. There's another question on the $56 million partial Sukuk redemption. Maybe, Moeen, if you want to come and answer this question. Yeah, sure. This partial redemption of $56 million, in fact it was $57.1, it included the profit element, was made possible through bilateral funding, which was arranged by two banks, Ajman Bank and CBD, in December and first quarter in 2020 to 2023. Thank you, Moeen. Okay, we have another question on the occupancy in Index and whether we will increase the rates. Indeed, Index has a quite healthy occupancy today at more than 85%. I believe we're at 86% as of today. Recently, as soon as we started to reach more than 70%, we started to really try to increase the rates as much as the market can support, and we are really monitoring the market and increasing our rates in line with the market. I must say also that the increased occupancy overall in DIFC is helping us very significantly at the moment. That's what we are actually monitoring. Trying to find the right balance between the occupancy and the rates, so that we maximize the income of the property. I missed also there's a question on the dividend and dividend payments. As per the Sukuk agreement, we have a cash sweep on the Sukuk that is not going to help us to allow us to pay dividend except in shares until the Sukuk is fully repaid. That's why we are working also very actively with banks to find bilateral loans to repay the Sukuk as soon as possible. There's another question on what are the plans for refinancing as the bond is very expensive. As I said initially, that's what we started to implement with the earlier $57 million repayment. It's through bilateral loans, and that's exactly what we are working on at the moment with other banks as well. I think Ramadan is taking a toll on all of us. Thank you very much for attending this conference call and this Q&A. If you have further question, don't hesitate to reach directly to us. We'll be very happy to answer your questions or to meet with you. Thank you very much, and have a good evening.
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